When you know the strategy for how to pick cryptocurrency and investments, you are winning.
While I was on the CoinsBank Cruise earlier this year, I had the opportunity to sit down with Roger Ver, who is a Bitcoin expert.
If you want to become a player in the crypto market, you've got to get clear on what type of investment you are after. More importantly, you need to understand the basic fundamentals of cryptocurrency and investments.
Are you ready to learn from one of the most successful Bitcoin investors in history?
Watch the video below:
(Click here to watch on YouTube)
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Are you ready to store your Bitcoin money in a safe place? CLICK HERE to get the Bitcoin wallet!
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Cryptocurrencies are the future of money.
As a tool, I believe that it has the power to bring more economic freedom to people around the world. However, it's not always easy to decide which cryptocurrency to choose from, in large part because there are so many options. In March of this year, there were 1,556 cryptocurrencies in circulation with a market cap of over $397 billion.
With numbers like these, it's easy to get overwhelmed. This is why I was eager to connect with Roger Ver and pick his brain on how to pick cryptocurrency and investments. Roger Ver is a well-known player in the cryptocurrency game.
He is the Founder of Bitcoin.com and one of its early investors. He claims to have discovered Bitcoin in 2011, calling it “the most important invention in the history of the world since the Internet.” Roger was also the first investor in a number of blockchain projects, including Kraken and Ripple, which is currently the third largest cryptocurrency.
Here is a sneak peek of my interview with Roger. Although he is considered to be a controversial person in the cryptocurrency space, his insights are definitely worth paying attention to.
Can you share a little bit about your background and how you got started as a Bitcoin investor?
I was born and raised in Silicon Valley, California. I've been around computers my whole life. In junior high school, I was studying Economics. If you think about it, Bitcoin is a convergence of Computer Science and Economics. I heard about Bitcoin for the first time on a Libertarian-leaning show in reference to the Silk Road.
The first thing that came to mind was, “What kind of money could they be using for this sort of thing?”
I had the exact technical and economic background to understand how Bitcoin worked and why it was going to work. Back in 2011, I said that Bitcoin was going to outperform everything by more than 100 times over the next two years. I made a public bet with the world for $10,000 that this would happen.
At the time, everyone thought that I was nuts. Sure enough, here we are today. I sure called that one! Today, I'm predicting that Bitcoin Cash is going to pass the BCT version of Bitcoin in the future. I'm looking forward to being right on that one as well.
Do you remember how much you originally bought Bitcoin for?
My very first purchase was $25,000 to the personal account of the guy that founded Mt. Gox. At that time, Bitcoin was valued at less than $1 each, so I did alright on that one. Everybody that follows the Bitcoin space assumed that it was Mark Karpeles that founded Mt. Gox, but it was actually Jed McCaleb. Jed went on to become the creator of Ripple.
Why do you think that more people should start paying attention to and investing in cryptocurrency?
Since 2011 I've been saying that the invention of cryptocurrencies is the most important invention in the entire history of humankind. That's how big of a deal this is. It holds the same level of importance as the Internet, the transistor, and the wheel.
For the first time ever, Bitcoin and digital currencies allow anyone to send and receive any amount of money, with anyone, to anywhere in the world.
More importantly, you don't need permission from anyone to do so.
Digital currencies help bring more economic freedom to the entire world. From studying Economics, I came to realize that countries with more economic freedom have a higher standard of living. Countries like Hong Kong, Singapore, and Switzerland are great places to live.
If you want everybody to have a higher standard of living, you should be promoting economic freedom. The best tool that we have to do that are digital currencies, Bitcoin Cash specifically. However, there are thousands of other currencies that are great as well.
Take a look at them and use whichever one is most useful to you. If you shop on Amazon, you can save 30% off of every single purchase by using Bitcoin Cash on a website called Purse.io. This means that if you want to buy a product that is normally $50, it will only cost you $35. That's a big deal.
Amazon has another platform that's part of their business group called Amazon Mechanical Turk.
This platform allows businesses in high-wage areas like NYC, SF, or London to hire people in low-wage areas to do work online. Amazon handles all of the payments for that sort of thing. However, Amazon only pays these people on Amazon store credit.
For example, if someone is from India they can own a bunch of Amazon store credit. They can make far more on Amazon than they ever could working locally in the domestic job market. However, the store credit may cost a lot of money to ship to them. Basically, this entire problem is caused by a lack of economic freedom.
With a platform like Purse.io, someone can convert Amazon gift card balances to cryptocurrency. Essentially, Amazon will ship a product directly to you. From there, Purse.io acts as the escrow company. Once you've received the product, they will release the Bitcoin Cash to you. You get your Amazon product at 30% off. It's a win-win situation for everyone involved.
What is your mindset when it comes to investing in cryptocurrencies?
The price of everything is set by supply and demand. You probably heard that in your high school Economics course. With Bitcoin Cash, you know exactly what the supply is going to be. The only other variable there to affect the price would be the demand.
You have to stop and think, “What would create a demand for these cryptocurrencies?” For me, it's very clear. If you can make cryptocurrency useful, people will use it. I think saving 30% off of Amazon is useful. I think being able to send or receive money to anyone, anywhere in the world, is useful.
If you make a digital currency incredibly useful, that will increase the demand for it.
If the supply is the same, the demand goes up, which means the price goes up. A lot of people look at Bitcoin and think, “I wish I had bought it when it was so much cheaper.” Well, there's been a feud within the Bitcoin camp and the BTC version of Bitcoin. These people don't want Bitcoin to be used as cash. Rather, they think that it should just be a store value.
In their eyes, it's a good thing that the fees are high and the transactions are slow and unreliable. Anybody that stops and thinks for themselves, will realize that a fast, cheap, and reliable version of cash is better than a slow, expensive and unreliable store value.
I wish them luck, but from an investor perspective, it's so clear that Bitcoin Cash has more potential. The exact reasons why I was investing in Bitcoin 2011 are the exact same reasons that I'm investing in Bitcoin Cash today.
What's your opinion when it comes to the debate as to whether or not Bitcoin is too risky?
Cryptocurrencies are incredibly risky and volatile. However, if you know that they are going to become more useful over time, which means that the demand will increase, then they are great. As an investor, I want to be exposed to as much volatility as I can over as long a period of time as I possibly can.
There have been a lot of ups and downs with Bitcoin over the last 8 years.
However, I held on the whole way through. I saw the writing on the wall with the Bitcoin BTC version. Recently, I sold most of my BTC to buy more Bitcoin Cash. I'm very confident that this will be a fantastic investment over the long-run because Bitcoin Cash is as valuable as real cash.
I don't recommend that you put all of your net worth into cryptocurrencies. Similarly, don't put all of your investment into one cryptocurrency. The key to investing is diversification.
Can you tell us a little more about the app that you developed?
If you head over to Bitcoin.com, you can get the Bitcoin wallet for free. We will give you some free Bitcoin cash and send it directly from our computer to your phone, anywhere in the world.
If you want to be able to send and receive cryptocurrencies to anyone, without permission, you need to be using a wallet. This means that you are holding your private keys, just like the Bitcoin.com wallet. Our wallet supports both Bitcoin Cash and BTC. You don't need to give any personal information in order to download the app.
These are Roger Ver's insights on how to pick cryptocurrency and investments.
It's fair to say that cryptocurrencies are the future of money. I hope that our interview has inspired you to start creating your investment portfolio. It's all about making smart investments and choosing a cryptocurrency that best suits your needs. Happy investing!
To learn more about Roger, follow him on Twitter.
Are you ready to store your Bitcoin money in a safe place? CLICK HERE to get the Bitcoin wallet!
The post How To Pick Cryptocurrency and Investments By One of the Most Successful Bitcoin Investors in History appeared first on Project Life Mastery.