Everything you need to know about Bitcoin
Is BitCoin going to hit critical mass and end up going mainstream? Is it possible that BitCoin goes up another 10-fold or more if all these BitCoin investment business get approval?
As I noted in this week’s Revolution Investing, I’ve had BitCoins in my portfolio since earlier this year, but I don’t know anybody but me and maybe a couple of my TradingWithCody.com subscribers who own any BitCoins $BTC. I don’t know anybody else who’s even considering buying BitCoins right now or ever.
I see BitCoins on the front page of Marketwatch a lot lately and there’s a lot of debate about BitCoins on Scutify/$BTC. But most all the comments and debates are skeptical and dubious about there being any value in BitCoins.
Is anybody out there reading this already long $BitCoins and/or planning to buy some?
Even if you’ve been a BitCoin skeptic so far, what would it take for you to change your mind? I’ve written about Bitcoins quite a bit in the past year here on Marketwatch’s The Cody Word, and you can see my evolution skeptic to buyer. Maybe I’m nuts, but if you’d moved like I did to put 1% of your portfolio into BitCoin when I first suggested doing so, you’d already have more than a triple on your hands. I’ve been slowly but surely buying more BitCoins when its crashed and I have been accepting BitCoins as payment at a discount on TradingWithCody.com to build up even more. Obviously, I think there’s still more upside and potential for BitCoin in years to come.
In an article back in July called Expect fireworks in gold heading into expiration I wrote: “I think there’s plenty of room for both physical gold/silver and bitcoin in our portfolios.” Still do.
In a tweet on October 2nd I wrote “Nothing’s changed for Bitcoin $BTC on this news. It’s a rogue currency. I’ll hold my tiny $BITCOIN position probably 4ever.” I still do.
And in an article back in May called Save your portfolio from the currency wars I wrote: “That’s why you have to not just buy gold, but also silver, a little bit of BitCoin, etc.”
We’ve spent a lot of time building up the Scutify Forex page to include BitCoin and its quickly becoming one of our site’s most popular pages, as interest climbs. Click on the last item on the right of the top menu bar to stay up on the very latest Bitcoin news, tweets and prices.
I promised my readers an overview on the been working on methods of buying Bitcoins, and let me tell you first and foremost — it’s not easy to buy BitCoins yet. It might get harder before it gets easier too, as regulations and systems are created in coming months and quarters. Like I said though, I actually could picture BitCoins going up another 10-fold versus the dollar if all those BitCoin investment businesses and systems get approval and go mainstream. If not, there’s certainly downside potential in BitCoin versus the dollar so let’s no speculate very aggressively no matter what. Currency speculation is risky, always. Certainly this BitCoin stuff is extra risky while it remains so cutting edge.
To buy Bitcoins, we’ve used several different platforms, but Coinbase.com will allow you to buy them directly from your bank account. Signup for an account then follow the Quickstart Guide for buying your first Bitcoin through the account. You will need to first verify and link a bank account and a phone number to your new Coinbase account before buying any Bitcoins.
To verify your bank account, click on the button to link either a checking, savings or business checking account to the new Coinbase account. Enter the routing number and account number of the bank account and click Next. On the following screen, select the option for either Instant Verification or Deposit Verification. For instant verification, just enter your bank account’s online login credentials and click on Verify account. It will take about 2 minutes then your bank account will be linked to your new Coinbase account.
The next step you need to take to buy Bitcoins is to verify a phone number. Click on the Verify Phone number button, then enter your phone number and click Next. You can then have Coinbase verify the phone number through an SMS text message or by a phone call to the number.
Once your bank account and phone number have been verified for your new Coinbase account, your ready to buy Bitcoins. Simply enter the number of Bitcoins you wish to buy (the current exchange rate for dollars is listed next to the Buy amount), then click on the Buy Bitcoin button.
It will take up to 4 business days for the Bitcoins to be available in your Coinbase account. We’ve also used Blockchain.info and MtGox.com and a even others, but they are equally as difficult to initially set up.
I’ve not got any relationship with any of the BitCoin markets, although I obviously am deeply involved with both TradingWithCody.com and Scutify. I also, as I have made clear, am long BitCoins and I feel a bit nutty even admitting that much. On the other hand, it makes me sad that I know lots of middle class folks here in my hometown who speculated on Iraqi dinars but NOBODY here has caught this huge move from $BITCOIN speculation. Sigh.
