Mrs Brain Fart: December 2017

Since I bought and sold bitcoins for a Fiji luxury holiday and wrote a blog about it, I'm getting all my friends and families asking me what the hell Bitcoin is.

"Should I buy it?"
"Where can I buy it?"
"Is it too late for me to buy?"
"What if the price crash to zero?"
"How come I don't see people using bitcoin to buy coffee?"

I would tell them the below 3 golden rules:

1. I'm not your financial advisor
2. You should do your own research, trust no one, including me
3. Only invest in what you can afford to lose

Next follow these steps:
1. Talk to 10 people who made profit from bitcoin and ask them why they have bought/sold it.
2. Talk to 10 people who doesn't believe in bitcoin, "nah, won't buy it", ask them why.
3. Talk to 10 people who bought bitcoin but somehow lost their money
(either they buy high panic sell low when dip and couldn't buy back, or they day trade, or they simply lost their wallets/passwords)

If your risk tolerance is low, don't do it.
Yes it is like GAMBLING,
Yes there is a chance that you may LOSE EVERYTHING. (don't invest EVERYTHING, period)
Yes, there is always some RISKS when investing, or gambling, or life in general.

You could get hit by a car when you cross the road: stay home, keep safe.
You could get sacked, lose your job and lose your income: get another income stream.
You could choke on rice and die: don't eat rice, too risky.

If you can't afford to lose, don't do it.
If all you focusing on is "losing", don't invest in anything.
Put your money in the bank and good luck with catching up the inflation.

You don't have spare money to invest? Don't buy bitcoin.
If you only have enough money to get by payday to payday? Please start saving.
If you don't even have enough money to get through the end of the month?
Please start think about how to earn more money or spend less money, start saving.
If you have debts? Clear them first please, then start saving.

Get income > Saving > Investing > Financial Freedom

Now, if you are ready to give it a go but Question of the day:

"But I don't have $15,000 AUD to buy bitcoin, it's too late for me now."

Did you know that you DON'T have to buy ONE whole bitcoin?
Did you know that you can buy $100 worth of bitcoin?
Yes, you can buy $500 or $1000 or $3000 or $10 worth of bitcoin.

My story:
After spending 4-5 weeks studying this whole crypto thing back in 2015, I wanted to believe.
I decided to just give it a try. Yeah sure, why not? It's just a game.
Reading all these articles & forums doesn't make me an expert but a speculator.

I have some spare money that has been sitting in the bank doing nothing back then.
So I took $300 to buy my first share, testing the process of buying, transferring and selling.
Then bought another one from a difference trading site to compare fees, speed and service.

It's a learning curve, not easy baby.
That's why you don't see busy people buying it cuz they ain't got the time.
That's why you don't see lazy people buying cuz they ain't got the time.
That's why you don't see poor people buying cuz they ain't got the money.

Took me 2 weeks just to set up a trading account:
transfer money from the bank to the trading account, and start trading AUD / BTC.
However, once it's set up, the rest is easy and fast.
You can "TEXT" your money to your distant uncle overseas almost instantly.
No more queuing up at Western Union / Post Office / The Bank, fill in hundreds of forms, pay 20% or $100 in fees / low exchange rate...

Last month I put a $100 bill into a Birthday card ($8), go to the post office at lunch time, queue and spent $12 postage fee sending the card to my Grandma in Taiwan, she got it in 2 weeks (After her birthday).
I could have just "Text" her $100 worth of BTC with my birthday message on the day.
One day, it will happen.

For me, I'm young, healthy, no kids, financial stable, has a job and a business, it's easy to earn back that capital.
I'm willing to pay for a "hope" - my investment could go double or zero (so far is 10x actually)
I have read all the potentials about the whole block chain technology.
This is like discovering "the internet" back in 1980s.
Once the Block Chain is out, there is no return.
Decentralized / Distributed technology is the future.

You wouldn't know which one will win back in the 90s:
Apple or Microsoft? Yahoo or Google? Facebook or Snapchat?
Youtube or Steemit? Ebay or AliExpress or Amazon? Play Station or Xbox?
Netflix or Stan? Uber Eats or Foodora or DeliveryRoo?

All of these companies needs space & time to grow.

GOLD vs BITCOIN
At the same time I bought the same amount of money in a tiny little finger nail size of gold chip in 2015.
I want to see who will win, the real gold or this digital gold?
Then I forgot about this whole thing.

Until last Xmas (2016) I've got an email notification telling me that I have sold my bitcoin @ $1200.

What?

Thought my account was being hacked, I have never even logged into the trading site for a year!
~~(Yes, I left it in the trading site, please don't do it)~~

Then I realised that I have set an "AUTO SELL" to when it reach @1200 a year ago as a test.
Then I also realised that I have made $900 for no reason. woohoo ka-ching ka-ching
I bought back @ $1500 this Feb 2017 using some money that "~~I thought it's gone~~" and eventually got myself a holiday 7 months later. :)

By the way if I want to sell that little piece of gold chip today?
I will lose money in fees and Myki to the city. (Unless I walk)

Now, you all know that I'm a Bitcoin believer, thou I'm still a safe person.
I'm not spending a lot of money so doesn't matter if I "LOSE IT ALL", happy to have a little holiday here and there.
Even if bitcoin go up to $79,876 does not make me a millionaire anyway.

And yes there will be corrections in this journey.
Up & down 40% is not "CRASH" or "SOAR" in the crypto world.
Unlike the stock market where you only see 0.02 - 3% up/down daily.
Be prepare for all the scary news and catchy headlines.
Keep calm

Don't get obsessed with prices up & down daily / weekly / monthly.
Don't be greedy and sell your house or borrow money to buy bitcoin.
If you need money in the next 3 months? Keep your cash.
Don't buy or sells into emotions.
Don't buy just because your "Fear of missing out".
Don't sell just because some major financial news said something bad is gonna happen.

"OMG Bitcoin Crashed 30% in 3 hours!!!" - Means flash sales time.
"OMG Bitcoin Price up 300% in 3 months!!!"? - Means harvest time.
Green day is good; Red day is good.
However, I'm not even be bothered trading, not worth the time & energy studying and predicting the chart.
If you buy then do nothing, in 6 months it's gonna go double anyway.

Overall I believe Bitcoin price will reach @ $100,000 in less than a few years.

The only advice I will give is: DON'T DAY TRADE

So for me, the questions of "when to buy bitcoin?", "Where to buy?", "How to buy?", "How much should I buy?", "which trading site has the cheapest fees?" Doesn't matter, just buy whatever you don't mind losing.

Diversify
Let's say you are already going to invest $10,000 of your SAVINGS / SPARE MONEY,
maybe split 50/50 into Crypto and traditional options.

From that 50/50, you then split again maybe 70% BTC, 20% ETH, 10% Alt coin...
Have a play, get your experience, learn something, find yourself.

I used part of profit from BTC to trade 10 other "promising alt coin" like Lisk, civic, Neo, Stratis, Golem, UBIQ, Monero... they all "crashed" lol
Again, doesn't matter, I don't need money right now so just keep them there.
You never know, 2019 one of them may suddenly roar to the moon.
Even if they fell out the Coin Market Cap chart, gone off the face of the earth, it's ok, only $100.
I get it back for not going out dinner.

If you are really scared, like 95% of the poor people in the world are.
You can create a "hypothetical portfolio" excel sheet.
I created one for my father-in-law.
He's retired, can't afford to risk his retirement money, has been "watching" for a while.
So I pretended that he invested $15,000 in a few difference CC back in Aug, and watch his money now gone up to $35,000 in 3 months.
All on the excel, some coin gone up, some gone down, no money ever been exchanged.

WALLET
Moving on, the "HOW TO STORE MY BITCOIN" is my biggest research.
I have tested on multiple types of desktop wallet, mobile app wallet, paper wallet, hardware wallet...
Once you have bought your first share of bitcoin, join the game,
SECURITY should be your question. How to keep them safe?
Bitcoin doesn't get hacked.
Your computer can get hacked.

Cash is innocent, just don't flash your wallet full of cash in public.
You lose your sack of gold? you lose your sack of gold.
You lose your stack of cash? you lose your stack of cash.
You lose your bitcoin private key/password? you lose your bitcoin.

Protect them.

I'll make videos to explain later.

Until then, let's HODL on to the moon!

Friday 29 December 2017

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Tuesday 12 December 2017

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Tuesday 5 December 2017

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Sunday 3 December 2017

"Is it too late for me to buy Bitcoin for Xmas 2017?" | 3 things you need to know before investing into Crypto Currency