The moment of truth has arrived for Bitcoin. Born out of the GFC, how's it going to perform now? Janine Grainger is my special guest today to discuss. Note - this episode is great for those with some, or very little, understanding of Bitcoin.
Janine Grainger, the co-founder of online crypto-retailer, Easy Crypto, is my special guest today.
If you'd like to set up an account (I did - literally took me 4 mins 34 sec!)... Go here to set up an Easy Crypto account. We'll get a very small slice of the action which could be a great way for you to support this podcast.
Last week, I shared a quote from Jerry Garcia (The Grateful Dead)
"Stuff that's hidden and murky and ambiguous is scary because you don't know what it does."
Bitcoin is one of those hidden, murky and sometimes ambiguous things - it can be harder to understand than say, KiwiSaver by contrast. For some of us, it's certainly more complicated than owning property or having a term deposit. Just because there's much to it that's unknown though (and I put this down more to a UX problem to solve more than anything else), it doesn't make it wrong. In fact, I'd like to go on the record here for what it's worth - If you're reading this, it's possibly one of the best times to get into Bitcoin right now.
In this episode you'll learn a bit more why I believe this is the case.
Now, if your sitting on the fence still because this still feels a bit scary, can I encourage you to part with $50 as a first attempt? If you can afford to lose $50, then consider it an investment in education. Yes, there's a bit to learn, but you're knowledge will come partly by doing, so make a start today by setting up an account with Easy Crypto.
As Janine mentioned in the show, here’s 3 things to keep in mind, when investing in Bitcoin, especially if it’s your first time.
Do your research. There’s no shortage of places to go to learn stuff. This podcast is great to a certain extent, but check out ‘The Crypto Conversation’, a great NZ-based podcast also. If it’s questions around how to ‘be your own bank’, lean on the retailer you’ve used to purchase your assets also. The more you invest into Bitcoin, relative your wealth, the more seriously you should understand how it all works.
Remember you never need to send Bitcoin anywhere to get your Bitcoin. Many of the scams out there ask for some of your Bitcoin, in order to release the Bitcoin that’s already yours – once you have it, you have it, and you don’t ever need to pay to get to it.
Manage your Bitcoin yourself. If you’re cold-called by a Bitcoin broker offering you their services, don’t blindly trust them! Ideally, don't leave your Bitcoin on a 'hot-wallet' (aka online) either (especially if you have a decent amount of it). Learn a bit on how to use 'cold-storage' options like the Trezor wallet.
I'm always happy to chat also - as I think any authorised financial adviser should be, about whether or not investing in crypto-assets is right for you.
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