This recent article was published in the Courier Mail in Australia yesterday. The author wrote about how he had bought $300 worth of bitcoin and how he immediately regretted it.
I wanted to respond to the article but of course I have to pay a subscription to be able to comment. So here is my response to the many ignorant views this author perceives in this article for those that would like to know a little more about investing in Bitcoin.
The first thing I thought when I read this was “Wow, this person didn’t do their research and knows very little about the cryptocurrency world”.
So firstly, he didn’t do his research into the exchanges before buying.
Coinbase is an international exchange – not sure where they are based but yes, they have very high fees. They probably don’t allow a “sell” button for international customers because they don’t want to pay the fees to pay out to an international bank account.
We use an Australian exchange which has one of the lowest fees that we’ve found. You can contact me via this website if you wish to know more.
You pay 1% transaction fee going in or going out. So when you buy, you pay 1%, when you transfer to a private wallet, you pay 1%. The idea is that you keep fees to a minimum by not transferring backwards and forwards.
Whoever wrote this article didn’t get ripped off. They just didn’t do their research.
The Value of Bitcoin
I guess the value of Bitcoin (BTC) is volatile. However it has been extremely stable this past week up holding up over US19k and has gone to over US20k this morning. Prior to that it did have a small dip of a few thousand. This was due to the major influx of investors driving the price of BTC up by almost $6k in a matter of days. It was expected. It was also expected to come back up in a matter of days also which it has. You have to expect to ride out some dips for a longer term gain.
You also have the option (if you can estimate what the coin is doing) to hedge your coin in USD during the dip and when it’s at it’s lowest, buy some more and you’ve just made yourself a quick few thousand! Risky and you need to be on your game, but it can be done.
Making payments with Bitcoin
More and more companies and suppliers are starting to accept Bitcoin. Hell, you can even buy a house with Bitcoin!
In regards to making payments with BTC, yes, you pay a fee. But really, in the big scheme of things, what’s a 1% fee when you’ve made a hefty profit? And you can pay your bills using that profit?
In USD it’s worth a lot more than AUD! We just paid our rates and water bills this month with BTC. It cost me a lot less in BTC to pay my bill, not to mention paying it out of profits.
We also plan on using BTC to pay our credit card bills and anything else that uses a BPay biller code.
Governance and Regulation
Governance problems – yes I guess so. I’m sure in time governments and the ATO will work out a way to regulate it. But again, who cares about paying taxes when you are making crazy profits!
I’m so grateful to be paying taxes because it means I’m making money!
Trading and Mining Bitcoin
Finally, we trade our Bitcoin on a trading platform with a company who trades on your behalf. I can help you get set up when you are ready. Just contact me for the link.
This is essentially mining BTC without the equipment and costs of mining machines and electricity. You earn 140% ROI over 140 days at which time your investment expires. You can get started for as little as 50 euro for 1 package which buys you a portion of BTC.
Your BTC gets traded on your behalf and you earn anywhere from 0.75% to 1.25% every business day Monday to Friday. But you are guaranteed 140% over the 140 days.
You can set it up so that any daily earnings you make can be automatically reinvested to buy more packages, or you can set it at a lower percentage. Currently we have ours set at 50% so we can withdraw 50% to claw back our initial investment. We are still earning between US$80-100 per day. Crazy!
I don’t know much about Bitcoin mining machines but we are currently looking at an opportunity to purchase 3 machines through our business coach. He is hosting the machines in his facility and setting it up so that a portion of the profits are used to pay the operating expenses. Not sure if we’ll do it yet but seriously considering it.
If you’re interested in this opportunity to buy in to mining machines at a fraction of the cost of operating them, please contact me via this website.
Do your research
I cannot reiterate enough though that this ill-informed individual who wrote this article clearly didn’t do any research before buying his BTC. It sounds to me like this was a set up story. You just wouldn’t go buy BTC through an international exchange without researching and comparing fees or rates first. Just like you wouldn’t buy international currency at an exchange without comparing fees. Or buying stocks without researching the company you were buying stocks of.
People, do your research. Bitcoin is not going away any time soon.