My First Steps
The last past months I have started my journey to become FIRE (Financial Independent and Retire Early)…… And to reach my goal I have learned a whole lot of new things;
– Investing in the stock market
– starting High Dividend Investing
– learning about being frugal to get a higher Savings Rate
– And lots more
Now it’s time to make my First Steps Into CryptoCurrency.
And with all this new knowledge my horizon has got larger and my eye has fallen on this “new” thing called CRYPTOCURRENCY and the BLOCKCHAIN.
For me, it’s not totally new. Because when I was much younger ;-), Bitcoin got to my attention… But I wasn’t ready to understand the potential of Bitcoin and the BlockChain.
Never the less, the years have passed and I can only guess what financial status I would have now if, and only IF…. I would have invested a few my earnings into Bitcoin.
But for now, I will start my journey into Bitcoin / CryptoCurrency…… But What Is Bitcoin / CryptoCurrency??
What are Bitcoin and CryptoCurrency
Sometimes you don’t want to explain it in your own words when someone else has explained it really clear. So a shout out to www.buybitcoinworldwide.com/beginners-guide/ for the explanation of Bitcoin.
Bitcoin was invented as a peer-to-peer system for online payments that do not require a trusted central authority. Since its inception in 2008, Bitcoin has grown into a technology, a currency, an investment vehicle, and a community of users. In this guide, we hope to explain what Bitcoin is and how it works as well as describe how you can use it to improve your life.
What is Bitcoin?
Since anything digital can be copied over and over again, the hard part about implementing a digital payment system is making sure that nobody spends the same money more than once. Traditionally, this is done by having a trusted central authority (like PayPal) that verifies all of the transactions. The core innovation that makes Bitcoin special is that it uses consensus in a massive peer-to-peer network to verify transactions. This results in a system where payments are non-reversible, accounts cannot be frozen, and transaction fees are much lower.
Where do bitcoins come from?
We go more in-depth about this on the page about mining, but here’s a very simple explanation: Some users put their computers to work verifying transactions in the peer-to-peer network mentioned above. These users are rewarded with new bitcoins proportional to the amount of computing power they donate to the network.
Who controls Bitcoin?
As we mentioned above, there is no central person or central authority in charge of Bitcoin. Various programmers donate their time developing the open-source Bitcoin software and can make changes subject to the approval of lead developer Gavin Andresen. The individual miners then choose whether to install the new version of the software or stick to the old one, essentially “voting” with their processing power. It is in the miners’ best interest to only accept changes that are good for the Bitcoin currency in the long run. These checks and balances make it difficult for anyone to manipulate Bitcoin.
How to get started with Bitcoin
The best way to learn about Bitcoin is to get some and experiment. We have written articles about how to set up your own Bitcoin wallet, how to acquire bitcoins, and how to use bitcoins to help you get going. We have also written about a number of other Bitcoin topics if you prefer a hands-off approach to learning. If your questions remain unanswered, please contact us and ask us anything you like.
With Bitcoin/CryptoCurrency explained let’s go over my new investing pilar. And that is called Bitconnect.
What is BitConnect Coin
BitConnect Coin is an open source, peer-to-peer, community-driven decentralized cryptocurrency that allows people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on investment. This means anyone holding BitConnect Coin in their wallet will receive interest on their balance in return for helping maintain the security of the network.
Lot’s of technical stuff but in essence, it’s an investment opportunity. And, in my opinion, not very different than the Stock Exchange in which lots of FIRE enthusiast have given the money to.
And because it’s an investment opportunity… You must realize that you never put money into investing programs unless you can miss that amount of money. And that’s because every investment comes with a certain risk.
I’m I scared to lose my money….. Absolutely not!!!! And that’s because I’m doing my research in Bitcoin, CryptoCurrency, and Bitconnect.
If you want to know more about Bitconnect…… I just started my own YouTube Channel…..
Here are (at this moment) 2 video’s which let you see how my journey goes with Bitconnect. Unfortunately for the English speaking persons who are reading this, the videos are in DUTCH – SORRY. Maybe in the future, I will make some videos in English as well.
The coming days, weeks and months I will upload more video’s to keep everyone posted about my progress with Bitconnect.
Also, there will be regular updates here on my site about the interest payments, referral income and much more.
For those who want a brief introduction in Bitconnect just GO HERE!!
It’s a page I created to let you know what Bitconnect is. And if you are willing to start with Bitconnect….. Just click the link on the page. This will bring you to the registration page of Bitconnect and you are ready to start investing!!!!
If you have more questions? Please let me know in the comments below!!