During a 7-day Business School with Marshall Thurber, I met a group of highly talented and driven people, all whom have challenged my mindset. We discussed and shared about ideas, dreams, theories and techniques that we learnt from Marshall, and I had an opportunity, to share about Bitcoin with my fellow course mates onstage.
Since then, many have asked for my opinion on Bitcoin and cryptocurrencies. We've compiled a list of the 9 most frequently asked questions received, along with our answers below
1. Is it safe to invest in Bitcoin
• The price of Bitcoin goes up and goes down. As with all investments, there will be some form of risk involved, before the reward comes. The key is to take Risk, but not to become Risky. Be wise and invest what you can afford to
2. A Bitcoin now costs over US$2500, do I need to buy an entire Bitcoin?
• The answer is nope, you can buy Bitcoin in smaller denomination. So for example, if you want to invest $250, you may purchase 0.1BTC ( BTC = Bitcoin )
3. What kind of investment returns can I potentially get from Bitcoin
• It's subjective. If you were someone who had invested in Bitcoin when it was $25, it would have given you a 10,000% return. For more recent investors, BTC is up more than 100% this year (2017). I’ve personally experienced a 120% for my own investment portfolio
• As with all answers to such question, Do note that past performance may not an indicator of future outcomes
4. What is the best exchange to use?
• There are potentially hundreds of exchanges, and the last I checked, there is at least 12 exchanges in Singapore including Bitcoin ATMS. Different exchanges have different advantages and disadvantages
• I personally use CoinHako and CoinBase due to their ease of use and reputation
5. Can Bitcoin be used to purchase things?
• Yes of course, just this year, Japan has legalized the cryptocurrency as a payment method with major retailers backing the new law. For e.g. consumer electronics retailing giant Bic Camera began accepting bitcoin
• The number of merchants accepting Bitcoin is increasing. I have recently reposted a write-up on “Bitcoin Accepted Here: Where to Spend Your BTC”. You can find it at 👉 www.cryptotrader.sg 👈 and navigate to the Blog section
6. What is the difference between Bitcoin and the other altcoins like XRP and ETH
• Bitcoin is the first decentralized cryptocurrency and the most well known, while "altcoins" are alternatives to Bitcoin. Each have their own individual characteristics and algorithms
7. Where can I learn more about Bitcoin and blockchain? Is it really a structural change?
• There are many resources online that you can find. A google search should give you more than enough information
• The challenge is the complexity of the information and the time required for you to read through and understand it
• An alternative is to attend talks or trainings so that you can leverage off the expertise of qualified trainers
8. What strategies should I use to invest in Bitcoin or other alternative coins like Ether
• Like the above answer, there are many resources online and strategies that can be found
• Find a person who has invested in Cryptocurrencies successfully before, to filter the strategies and teach you the methods that they have used to invest. That way, you will potentially duplicate their success
• And like the previous answer, you can attend talks and trainings to leverage off the experience of qualified experts
9. Should I invest in Bitcoin? What if it is just a bubble?
• What if it is not?
We hope the above have been able to answer some of the questions you might have, and should you be keen to know more, feel free to reach out. We also conduct regular workshops on cryptocurrencies and you can find the latest preview by clicking and registering on the link below.
Looking forward to meeting all of you !
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