12 Months of Bitcoin – November 2017. #32

Tim said: ‘I tried working with Dogs Trust for a while.’

‘How’d that go?’

‘Not great. Hard to get bank details off people. Then I dd the thing with the catalogues.’

‘What’s that?’

‘It’s when you drop around catalogues to people’s houses and then come back a week later and ask if they want to buy anything….if they do you get a commission on the purchase.’

‘Did you make much at that?’

‘Not a lot. Hard to get people at home and to close them down when they are.  Then I set up an online shop with Shopify and I was dropshipping from China. I used to design custom made t-shirts, mugs, biros and hats. It went ok for a while then it just got too competitive. Bitcoin’s where it’s at now though.’

‘I heard that. Apparently it’s going up in value.’

‘It just hit $14,000.’

‘So you need $14,000?’

‘No. You can buy as much as you like. It’s like gold. You don’t have to buy a whole bar. You can buy an ounce, a nugget, a kilo, but in Bitcoin’s case it’s digital. The denominations are called Satoshis which are worth a fraction of  cent.’

‘So you can buy what, 10 dollars worth of Bitcoin?’

‘Exactly – and when Bitcoin goes up, your 10 dollars goes up accordingly…..people think you need thousands. You don’t. There’s people that invested $100 in Bitcoin in 2010 and it’s worth $75 Million now.’

And so the conversation went. Tim was an entrepreneurial type for sure. He went on to tell me about many more businesses and jobs he’d tried from Alarm Systems to selling Electricity, Insurance, Tourism Start-ups and Disruptive App revolutions awaiting the right investor. However, he’d found the key with Bitcoin and was eager to spread the good news. Although he was talking in Dollars, I preferred Euros as we’re in Ireland, and I asked him how much he was making.

‘€50 a day. Passive income.’

‘How?’

‘It’s a site called – Bitconnect. You invest your money with them for a specific amount of time and they pay you a daily return based on your investment.’

‘How much have you invested?’

‘€2000.’

‘And how much have you made back?’

‘€750 so far – and my €2000 is still safe. I can withdraw any time.’

That night, I went home and did some research. Bitcoin had arrived sometime in late 2008 or early 2009. It coincided with the financial crash and was apparently founded by the mysterious Satoshi Nakamoto. By all accounts, the founders name was a pseudonym for a person or persons that didn’t want to be identified and it’s still unknown to this day who he/she or they were. Also, there had been previous attempts at creating digital currencies before but they had ultimately failed due to poor technology and lack of mass adoption. Bitcoin had an advantage at this time because the majority of the world was now connected to the internet, making it easier to create a digital network, and publicise it’s existence. The recent crash helped too as there was a growing distrust of banks and financial instituions and people wanted a safe, decentralised place to store their money. Effectively, Bitcoin promised to cut out the middleman – the bank – and allow regular people to trade, move and spend their money without paying high transaction fees. It also abolished the waiting times in sending your money to other countries. Suddenly you could send money to another country in a matter of seconds instead of hours or even days, and for a fraction of the price.

Intrigued, I messaged Tim and asked: ‘So where do you start with buying Bitcoin?’

Seconds later he replied. ‘I’ll send you a referral link to Bitconnect.’

 

 

Mick.

 

 

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