What Are Bitcoins Used For – It Will Make You Want To Change Your Banking!
What Are Bitcoins Used For – It Will Make You Want To Change Your Bank!
- In 2007 and 2008, there was a global financial crisis.
- On 15th September 2008, The Lehman Brothers shut down
- The financial system is based on trust
- We CANNOT control our own money
- Bitcoin was created to prevent, fraud, greed, corruption and financial crash in our financial worlds and give control of our money to the individual.
The problem?
We no longer trust the financial institutions to control our money. Bitcoin allows us, to take control of our money. Below, we’ll explore these steps a bit further.
If you ask most people the question, what are bitcoins used for, they will probably tell you that you can use bitcoin in the same way you use fiat money, for investing, for buying and selling of products and for saving (also known as HODL).
It is true that you can do those things…
But it is not the real truth of what bitcoin is really all about.
The story of bitcoin starts in 2007 and is surrounded by a wave of corruption, theft and what could be known as the biggest institutional failure (or fraud) of all time!
This story, will make you look at your governments, banks and financial institutions in a completely different way and will make you want to change your banking system…
So what are bitcoins used for?
What Are Bitcoins Used For – How It All Began!
Source: Gdp_real_growth_rate_2007_CIA_Factbook.PNG: Sbw01f, Kami888, Fleaman5000, Kami888
In 2007 and 2008, there was a global financial crisis. This crisis came to be labelled by the IMF (International Monetary Fund) as the worst financial crisis since 1930.
In the image above, the countries in brown suffered negatively from the crisis!
It is amazing to look back on it all now, but the trigger to this amazing story of fraud and corruption started in 2007 with a concept known as ‘Subprime Lending’.
Subprime lending is when loans are given to people who are known to possibly have a problem paying the loans back.
These people are often struggling financially, but they are given loans anyway in the theory that the lender is actually giving people who would otherwise be excluded, access to loan facilities.
The lender is actually taking a huge risk as the borrower, may not be in a position to pay back.
This is exactly what happened in the housing market in the USA.
According to Economist.com over a period of about 8 years, the price of a house rose in The USA by about 124%.
Many homeowners, refinanced their homes at lower interest rates.
By September 2008, the price of a house had declined by about 20%.
In fact in 2007, The Housing Wire reported that Foreclosure Filings were Up 93% From July 2006.
As prices fell, the borrowers who were considered high risk in paying back, began defaulting and by September of 2009, 14.4% of all US mortgages were delinquent or in foreclosure.
In addition to this, weak and fraudulent underwriting practices took place with some companies giving loans to cases that did not meet underwriting standards. In fact, some institutions did this to about 54% of all loans.
A practice called Predatory Lending also took place. This is when financial institutions advertise falsely and lure borrowers into unsafe contracts.
In fact one bank employee said, “If you had a pulse, we gave you a loan!”
In the end, of course, it all collapsed.
Banks who were thought to be ‘too big to fall’, came crashing down, and on 15th September 2008, The Lehman Brothers, with $619 billion in debt, shut down and started the world-wide financial breakdown.
The greed of the financial institutions we trusted to handle our money, caused a worldwide financial crash that affected millions of people.
What Are Bitcoins Used For – Bitcoin To the Rescue!
So one of the fundamental problems of the financial system, is that it is based on TRUST!
We have to be able to trust our financial partners with our money.
But as history has shown many many times, the governments, financial houses and banks, CANNOT be trusted with our money and they use it in ways, we do not want or worse, for total greed and fraudulent practices.
And WE CANNOT CONTROL OUR OWN MONEY!
At that point in history, there was no way for us, to transfer money, pay for things and basically operate financially without a bank or financial house.
In other words, we were at the mercy of these financial institutions…
We had no control over our own money and we were in a financial prison.
And then in 2009 a small team of developers, known as Satoshi Nakamoto, released a white paper offering a solution to these problems.
The 1st sentence of that paper explains, exactly what bitcoin was created for:
“A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution”
Bitcoin therefore, gives us, the ability to transfer cash, using electronic methods to anyone we want, without the need of any other financial permission.
This is amazing…
Have you ever:
– Wanted money but the bank was closed;
– Tried to transfer internationally and told to wait 3 to 5 days and charged a fortune;
– Had to fill out stupid forms to avoid money laundering claims;
– Been asked endless questions about your personal life when opening bank accounts;
– Had to show proof of income to get an account;
– Been denied an account or credit card for some reason;
Bitcoin removes all of these problems.
The paper goes on to explain:
“Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model.
Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non-reversible services.
With the possibility of reversal, the need for trust spreads.
Merchants must be wary of their customers, hassling them for more information than they would otherwise need.
A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.
What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third-party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.”
Now that may sound confusing to you, but what it basically means is that bitcoin does not need TRUST to operate.
It is a trust-less system that uses cryptographic proof to transact.
This removes the ability for users to fraudulently or greedily exploit other users.
And if you remember, the financial collapse of 2007-08 was caused by “The greed of the financial institutions, we trusted to handle our money, causing a worldwide financial crash that affected millions of people.”
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So What Are Bitcoins Used For?
The real reason, we want to use bitcoin is to prevent, fraud, greed, corruption and financial crash in our financial worlds and give control of our money to the individual.
And in my opinion, giving YOU control over YOUR money is a good thing!
Agreed?
What Are Bitcoins Used For – Conclusion
Bitcoin was originally intended to offer us a peer-to-peer online system that removed the need for 3rd party approval or hindrance.
It allowed us to take control of our money.
As a result, as you can imagine, as users became to understand the real use for bitcoin, demand increased.
Consequently, as a result of the demand, trading of bitcoin started.
The ability to make money, simply by buying and selling of the coin became possible.
As a further result, demand grew and therefore, value increased!
Bitcoin rose to a staggering $USD20,000 a coin by the end of 2017.
But, do you think that banks, financial institutions and governments want to lose control of money?
Do you think they want us to have control over money?
Absolutely NO!
With that in mind, do you understand the constant pumping of negative media, you see everywhere about the dangers of using bitcoin?
They are trying to scare us into not using bitcoin, so that they can keep control of money and use it fraudulently as they have been doing so for years.
Is bitcoin perfect?
No, but it removes many of the problems that come from banking systems and different coins are cropping up to remove the other problems that bitcoin cannot remove.
Bitcoin and crypto are here to stay…
The price is kinda irrelevant. If it goes up in value or if it goes down in value…
The price is actually NOT the key issue.
The key issue is that it gives us control of our money…
And for me that is worth investing in!
By now, you probably want to change your banking system to bitcoin…
And if you agree that it is time for you to
take control of your money then
About The Author: Tim Bennett, The #1 Authority in Bitcoin Training – I help entrepreneurs profit with bitcoin. I think bitcoin is the most important tool that has ever been created in my life.
I have been on a 13-year quest to find a tool to give us freedom of control over money. Bitcoin is it!
I am not a financial advisor. all content on this website is provided for informational purposes only. The information does not constitute investment advice, financial advice or any sort of advice at all. NONE of this website’s content is advice of any kind and you should not treat is as such.
We do not recommend that you invest. We do not advise you to buy, sell, trade or hold (HODL) cryptocurrency, altcoins, bitcoins, tokens or any form of cryptocurrency.
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Conduct your own due diligence and consult with financial advisors, business advisors and any other kind of professional that you deem fit, before making any investment decisions.
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Much of what we share is experiential. It is our experience. We cannot guarantee your experience. We have taken every step to ensure that the information given is correct. We will not be held responsible for any missing or wrong information. You understand that you are using any and all information available here AT YOUR OWN RISK.
Price Risk
We discuss bitcoin and cryptocurrencies on this website. They are highly speculative and volatile. Prices can and do change incredibly fast and it is common to see massive high and low swings. Massive losses can be incurred. You use this website accepting all losses as your responsibility. NEVER invest any more than you can afford to lose. Minimize your losses. DO NOT invest all your money in bitcoin or cryptocurrencies. Do not borrow money to invest. Do not sell valuable items to invest. Do not use pension funds, school funds or any other fund to invest. Only invest money which you can afford to lose.
It is possible, that bitcoin and cryptocurrency is not for you. Consult a fully qualified professional financial advisor before investing.
“What Are Bitcoins Used For? It Will Make You Want To Change Your Bank!” was written by Tim Bennett exclusively for www.Bitcointrainingcamp.com ©2018
Remy
I am only very new to this very complex world of crypto so bear with me while I throw my comments into the ring.
I recently got caught on the wrong side of a government sting whereby they proceeded to devalue most of my money then just flat out take the rest (thats a story for another day). Now I strongly see the need for a deregulated financial system that cannot be artificially inflated or deflated by any one centralised entity.
From what has happened to me I have now come to the conclusion that fiat money is a lot more like shared money, it can be taken away from you at any moment without much opportunity to protect yourself.
The little bit of money I have squirrelled away into bitcoin is at least secure. I know that the biggest risk of losing that money is not some government or some central banking taking it away but the risk of me losing codes and not being able to access the my part of the blockchain.
simple enough problem to solve though.
Do you have recommendations on soft wallets vs hard wallets?
cheers.
Tim Bennett Live !
Hello Remy,
First thank you for leaving a comment on the site. I really appreciate you taking the time to do so.
Secondly, I am really sorry to hear your story. It seems governments no longer work by the rule “by the people… for the people!” and it seems like they are simply out to get us.
Quite honestly, this is why bitcoin was created.
To take the power away from the governments and give us the people control over our own money.
I believe it is a good thing that you are looking at crypto as a solution. I also believe that as more and more people experience the same as you did they will also look at crypto as a solution.
This will increase vale and of course price follows, so I would expect a steady climb over the coming months.
With regards to wallets, I almost store no bitcoin on any online platform other than bitcoin that i am using for transnational purposes.
Although there are security systems in place, one cannot be to careful. In my opinion wallets are no different from banks. Banks sometimes close down and you lose. I see wallets as no different.
However, that being said, just because a wallet has an issue, does not or should not reflect on the coin, in the same way as bank closure do not make the dollar a bad thing.
So I use external wallets. My wallet is an Ledger Nano S and it works in a very similar way to a USB. All my bitcoin is stored on is very securely and I only connect it online when I need to transfer.
You can find out more info and buy a Nano here.
If you need any further help with this, or if you would like to grow your bitcoin, feel free to contact me here anytime.
Thanks again for dropping by and look forward to hearing your success stories in bitcoin.
Tim Bennett
Turn Your Computer Into A Crypto Trading Machine
Sujandar Mahesan
BITCOIN has shook the investment department for the past few years. It is an awesome idea that this modern world has created. The main thing is that two consumers can transfer money and do all their financial stuff without a bank. This article gives you more precise information about bitcoin. For people who wants to know about this I recommend reading this. I will share this article with my friends so they can know what a bitcoin is. Thank you for the article.
Tim Bennett Live !
Hey Sujandar,
Thank you for visiting another of my posts!
I really appreciate you being part of the team here!
Thank you again for another awesome comment and you absolutely get the point of bitcoin.
It was created to do what you said, shake up the financial world and stop the banks, financial institutions and governments from holding all the control over money.
We should be allowed to control our money!
And bitcoin does, as you stated, allow us control to send our money to whom we want, when we want, without the need for 3rd party interference.
I appreciate you sharing this with your friends.
The more people that really understand what bitcoin is, the better it will be for everyone!
This is a movement for FREEDOM!
No one should oppose freedom and if they do (the governments and financial institutions try to stop bitcoin), you have to ask why are they trying to stop freedom!
I appreciate your comment so much!
Tim
PS If you ever need any questions answering or need more help with bitcoin you can contact me at tim@bitcointrainingcamp.com anytime!
jessie palaypay
I am curious as to how bitcoin stays in limited supply and not get affected by inflation. In other words, how does the bitcoin supply not get manipulated like the traditional dollar? I know that traditional gold can’t manipulated as there is only so much on earth. How does it work with bitcoin when I hear of things like bitcoin mining?
Tim Bennett Live !
Hi Jessie,
What a great question and thank you so much for asking it.
I appreciate you being here!
Bitcoin is actually very similar to gold.
There is only a limited supply of bitcoin. in fact there can only ever be 21 million bitcoin. The way it was created and programmed, it is not possible to create more.
Bitcoin is released over a specific time, so the flow rate cannot be changed. Right now the bitcoin miners (who simply verify transactions) are rewarded with bitcoin. Right now bitcoin is released at 12.5 bitcoin per block. A block is released every 10 minutes.
Miners are rewarded for their work and it is not a high enough amount to create an over supply (demand has to be higher than supply), but not so low as to make it unworthy of their time.
Every 4 years the amount of bitcoin released is halved. So in 2020 the amount of bitcoin will reduce to 6.25 btc. The last halving was in 2016 when it went down from 25btc to 12.5btc.
This controlled flow makes the whole system self-sustaining.
The halving of bitcoin reduces the supply, but demand is increasing and this should increase the price value of bitcoin.
It is estimated that all bitcoin will be mined by 2140.
So we have a way to go yet!
First and foremost, it’s a means of controlling the amount of new bitcoin that hits the markets each day. It’s intended as a way to prevent hyperinflation from ever occurring.
Sadly, the dollar does not have (or any fiat currency) this control. Governments print money whenever they want. Basically rendering it useless and creating massive inflation.
I hope this helps answering your question!
If you have anymore, I would be happy to answer them. feel free to contact me any time at tim@bitcointrainingcamp.com
I look forward to lots more conversations with you.
Tim
Brandon Pierce
Bitcoins is a term you hear thrown around all the time on the Internet and even in the news, but I never really was all that sure what it was or if it was something I should even care about. Boy does it look like I was wrong. Your site has really opened my eyes to the bitcoin revolution that is taking place. It would have really been something to have been one of the lucky ones that was onto this at the beginning, but I guess every business has those ones that are there at the start and reap the benefits. The rest of us have to figure out where we fit in. This was a great introduction, and I can see that I have made a mistake ignoring cryptocurrency.
Tim Bennett Live !
Hello Brandon,
Thank you for your comment. It’s great to hear from you.
Oh I totally agree with you, I wish I could get in my time machine and go back to 2009 and get some bitcoin!
How different life would be now!
But everything comes to us when we are ready!
Last year I was ready…
Today you are ready!
It’s a great place to be. I truly believe that bitcoin and crypto is just in it’s infancy, so we have not been left behind.
I also believe that right now bitcoin could be at a price we may never see again after 2018. Once institutional money pours in (and it’s getting ready to) prices will rise like we never have seen.
I am happy to help you with the introductions. If you would like more help, then I would love to be able to guide you as best I can.
Feel free to contact me at timbennettlive@gmail.com anytime.
I will be more than happy to answer any of your questions.
Thanks again!
Tim
Hari S Nair
Thank you for this wonderful and much needed piece of information. Today we can see a lot of people investing in cryptocurrencies and so am I wanting to. Many people don’t know the facts that you mentioned here and I totally agree that this might be one very effective methods to reduce corruption, fraud etc. As I told you that from a long time I wanted to go deep into the cryptocurrencies but my parents were very paranoid about it (due to their old mentality I think). Thank you for this informative article, I think now they can understand the importance and benefits of these once I make them read this.
By going through your website, I totally get that you have pretty much expertise in this field. If I need some help or suggestions can I contact you and how?
Tim Bennett Live !
Firstly Hari, thank you for your awesome comment.
I really appreciate you taking the time to not only read the post, but leave your thoughts.
You inspire me to do more!
I would absolutely love to help you get started should you wish to do so. We can do it in safe environments so you don’t panic your parents to much.
Also you can start with small amounts and grow it very effectively and we have many techniques to help you do this without fear.
To contact me the best way is either here at Facebook: https://www.facebook.com/TimJohnBennett
Or email at: tim@bitcointrainingcamp.com
andrejs
Great article Tim. Actually, you have collected my thoughts into the one perfect tutorial. I always trusted in Bitcoin despite of the negativism and rumors around the net. Maybe I have lost a bit when purchased Antminer back in last December, and I am not digging anymore due to high electricity rates and difficulty, but I still have almost a BTC in my wallet. I am absolutely sure that the best is just around the corner.
Tim Bennett Live !
Hello Andrejs,
Thank you for your inspiring comment. I appreciate it.
I believe it is good you are still holding on to your btc.
I truly believe that we are only at the beginning and over the next few months the sleeping giant will wake and bitcoin will leapfrog ahead.
Institutional money is coming and when it comes it will be amazing!
Whatever you do, don’t let go of that btc until it at least doubles!
Thanks again…
Tim
Vaughn
I recently watched the a very good movie regarding the US housing crisis and the lending situations, very interesting. So you say the Bitcoins are mined and given out at a limited rate, can anybody do this? or do you need to be spending more and setting yourself up with equipment to do this? I never realized the Bitcoin was limited to a certain number, and I thought the comparison to gold makes a good way of understanding it. Do you think the stability will increase over time or will the value drop once more is mined over time?
Tim Bennett Live !
Hi Vaughn,
Thank you so much for your awesome post!
It is possible for bitcoin to be mined by individuals, however you need specialized hardware and the running costs are also high.
In fact right now (Oct 2018) the price of bitcoin makes it unprofitable to mine. Miners who are mining now are in the process for the long haul and are thinking ahead.
Everyone is pretty sure the price value of bitcoin will go up.
Personally I will not mine bitcoin. I think there are easier methods to get bitcoin and increase it.
To answer your final question, bitcoin will eventually stabilize. it might be sometime for this to happen though.
I believe that as more bitcoin is mined, the price will go up as access to new bitcoin become harder. The rules of supply and demand would normally drive price up.
We expect no less with bitcoin.
If you would like and help along the way, I would be very happy to help you. you can reach me at tim@bitcointrainingcamp.com anytime and I will be happy to jump on Skype to have a quick bitcoin chat!
Look forward to hearing from you.
Tim
Laura
Nice historical write-up. Indeed, the banks will not give up easily their control of money. That’s why they’ve tried to kill Bitcoin multiple times, but they haven’t succeeded. Now, more and more governments are catching up and they know they can’t stop it, so they will try to regulate it.
I’m curieus what’s next for Bitcoin and the many other cryptos out there. I’m sure we haven’t seen the last of it!
Tim Bennett Live !
Hi Laura,
Thank you for leaving your comment.
I appreciate you as part of the team so much.
Sadly the banks, seem to want total control. It’s a monopoly for them. He who controls the money controls everything!
Bitcoin and crypto give us the ability to control our money…
So you can easily see why they tried to stop it.
Now they realize they cannot stop it, they want to regulate it. It seems crazy that the people who broke the financial system want to break another one!
Bitcoin and cyrpto could be the 1st global currency. It has the ability to do so and is inflation protected by its controlled supply.
Institutions are about to pour in. Dec 12 could be a big day for 2018 as Bakkt launches.
This is a platform that would greatly lower the barrier of entry for those who are confused about the crypto technologies. Companies such as Starbucks and Microsoft are part of Bakkt.
I think exciting days are ahead for us and we will see lots of changes in the coming weeks and months.
Now is the time to get in. Before it all happens.
Thanks again for joining me here and if you have more questions feel free to contact me at tim@bitcointrainingcamp.com
I am happy to help you.
Tim
Florence Ki
Hi Tim, thanks for the introduction of Bitcoin. I’ve been investing in Bitcoin since last year, bought at highest price and not sure whether I should go into Bitcoin again. I heard there is a safer way to invest in Bitcoin like earning dividen. Is there really such a method. Of what about mining? I am still skeptical about cryptocurrency and hope you can provide me more information here.
Tim Bennett Live !
Hello Florence and thank you so much for your comment.
I appreciate your valuable time and your questions.
It sounds like you bought bitcoin in November or December of 2017. It is good you have not sold it yet. Had you done so, then you would have lost your investment.
Bitcoin price value is expected to rise for many reasons.
Institutional money is coming into bitcoin, global acceptance is happening, understanding of bitcoin is happening, demand is increasing, supply is going down, difficulty is up…
All of these reasons and more should push the price up substantially in the next few months.
So hang in there!
Right now, bitcoin mining is not attractive. Mining is not very profitable right now and will stay like this until the price goes back up. I would stay away from mining right now. It is expensive to setup and returns low.
I do have a couple of programs that might interest you.
I am having great success with them and if you would like more information about these feel free to contact me at tim@bitcointrainingcamp.com
I would be very happy to answer any questions you have.
Thank you so much!
Tim
Paul
Hi Coach,
Thanks a lot for the detailed and in-depth information about Bitcoin.
Everyone is amazed on the growth of Bitcoin and experts are predicting cryptocurrency is going to be the future currency and Bitcoin is going to play a vital role. The stats you shared is an eye-opener for me, and I realize the importance of using Cryptocurrency compared to the fiat currency.
For many Bitcoin is like an investment and to be honest I too thought that way. After reading your post I got a clear picture.
Unfortunately in the part of the world where I live, Cryptocurrency are banned. When do you think it’s going to be universal?
Tim Bennett Live !
Hi Paul,
Great to hear from you again and you make some great points indeed.
I believe the underlying culture of bitcoin is FREEDOM…
Bitcoin aims to give the people control over their money and with it financial independence and freedom…
It is sad to see governments, such as yours, clearly making it difficult for people to create their own wealth.
A massive part of the population do not qualify for banking in India and this prohibits them entering the world of entrepreneurship and commerce…
Bitcoin allows the unbanked to have accounts and begin to create some kind of wealth…
So the question has to be asked…
Why does your government not want that?
When will bitcoin be universally accepted?
I do not have an exact date for that, but with countries such as China creating their own coin…
I believe we are not so far away…
Tim
Stratos K
I think the problem is that we in general do not trust currency. With all this financial crisis the last few years have made people think twice before they use anything new. And with bitcoin being a “new” relatively speaking among this crisis we live in doesn’t make things easier for it to expand among people. Trust needs time to build and I believe bitcoin will become more important in the future.
Tim Bennett Live !
Hi Stratos…
Thank you for your very on point comment…
People are generally slow to change…
There is comfort in what we know…
Especially when what we believe that ‘new’ has bad experiences attached to it…
But I agree…
With time, the transition will complete and mass adoption will occur…
It’s only a matter of time…
Tim
Gomer
I believe in the purpose of Bitcoin and in fact, those who were playing with it and using the cryptocurrency to start scam investment companies, which some of my friends on Facebook were able to do so, I discouraged them and told them to just treat Bitcoin as a means to pay for goods. As an entrepreneur, I first-hand experienced many hardships in money transfer and have encountered people who are considered “un-bank” for lack of valid IDs they can present in banks and other money transfer companies. Bitcoin has offered an alternative to that which anyone with the knowledge of how it works can use the system to send money to people they’re transacting with.
My last involvement with Bitcoin was 3 years ago. How is it now? Are there any changes or improvements that occurred since then?
Tim Bennett Live !
Hello Gomer
Thank you for taking the time to be here…
Bitcoin is indeed growing up and is becoming a more widely understood product and adoption is beginning on a larger scale…
I believe that 2019 while tough on price for bitcoin, was a great year for foundation building for the new systems that bitcoin is bringing about.
I expect 2020 to be a much better year for price…
I also agree with your comments about bitcoin being to able to help those individuals who cannot get access to banks…
It is relatively easy to get into bitcoin without all the tough data and privacy requests banks want.
Great points indeed
riverdogg
Hey again. Speaking of controlling Bitcoin.. What about places like South Korea and China that are trying to control crypto currency? I like the idea of we the people having control and manifest destiny over our own financial system and currency but I’m really worried. Can Bitcoin remain decentralized or is inevitable that some bad actor government will centralize it some day? Thanks.
Tim Bennett Live !
Great question Riverdogg…
Bitcoin cannot be centralised…
However, China is bringing out it’s own coin… This will be a centralised coin…
Facebook is bringing out Libra… this too is centralised…
So there are two different types of coins coming into our life…
Remember centralised coins are controlled by an entity and we have no control…
Decentralised gives us control…
What would you prefer?
Control or no control?
Tim
Gomer
I’m glad to hear that. I operate several e-commerce sites and thinking of including Bitcoin in the methods of payment customers can use to pay for the goods I sell. I will check if Woocommerce allows this. Maybe just some simple tweaks, plus the basics of providing the receiver’s Bitcoin wallet will do. Thanks for the reply to my question.
Tim Bennett Live !
Hi Gomer..
Thanks for stopping by again. It’s really great to see you as a regular contributor to the conversation.
I believe there is a plugin for woocomerce and bitcoin…
You may also want to look at https://bitpay.com
Let me know if that works for you.
Tim
Luigi vP
The life of bitcoin when it started to date. Great website , very informative and looks very professional.
If you didn’t know anything about Bitcoin then this is the ideal site that presents as best it can be with the information. Also highlights very well the reason of Bitcoin creation. They make you think if you are banking well or perhaps you should look alternatives of banking. Will appeal to a lot of people that not sure about current banking systems.
Tim Bennett Live !
Thank you so much Luigi for the nice thoughts…
I hope to stop using traditional banking by the end of 2019…
I am switching to online services and apps that give me control over my finance…
Thank you for being part of the conversation here
Tim
Nate Stone
Hi Tim,
Thanks for sharing, your article has made it very easy to understand the benefit of bitcoin. For a long time, I just assumed it was anew currency introduced for people to trade and make money from as a result.
The freedom to use as you wish and without the need of a third parties involvement makes sense and is very appealing, as banks can be very frustrating to deal with & in some scenarios, the charge are ridiculous. How much “expendable” money do you think someone needs to purchase bitcoin, as I’d first like to try with expendable finances.
Tim Bennett Live !
Hi Nate…
How much you would need really depends on your personal spending…
If you are purely wanting to pay for things or transfer bitcoin to others then ideally you would buy bitcoin and immediately transfer it so there would be minimal price change to the receiver…
If you want help with this, reach out to me at tim@bitcointrainingcamp.com and I will do my best to point you in the right direction
Tim
Jessie
Again, another great article that has caused me to be even less skeptical over bitcoin. I like how you were saying that with bitcoin, we are in control of our money, and not the bankers. In fact, the best part of the article, in my opinion, is the part that talks about not needing proof of income, or I’m assuming, for credit issues. I’m actually going to check bitcoin out today. What’s a good way to start an account to bitcoin in?
Tim Bennett Live !
Hi Jessie…
As you get started, you will probably use an exchange to buy bitcoin.
The exchanges usually ask for proof of identity such as passport or ID and often they will ask for proof of address.
Other than that, there are very few privacy issues.
I am not sure exactly which country you are in so it is difficult to say which is the best exchange for you to use.
If you want specific help, please contact me at tim@bitcointrainingcamp.com
Thanks
Tim
vza Original
This is the most trustworthy page I could find on the Net when it comes to Real Information on Bitcoin and its’ Investment opportunities! It really helped me to understand the whole Crypto currency Market and its’ Benefits. Thanks to bitcointrainingcamp I have already increased my BTC earnings tremendously! Can only Recommend it !
Tim Bennett Live !
Thanks so much for the nice words and I am happy to see that the information I share helps you.
Tim
JealousLi
In the past few years, some of the friends I have known have made a lot of money by buying and selling Bitcoin, but some friends have lost money. Although I always hear friends talking about bitcoin, I never got to know what it is.
When I saw what you mentioned in this article about What Are Bitcoins Used For – It Will Make You Want To Change Your Banking, I think I should carefully understand and learn what Bitcoin is, and Bitcoin Use, your blog, I think it’s great, I got the knowledge I need.
Tim Bennett Live !
Thank you JealousLi for taking the time to leave your comment and be part of the team here.
In some ways bitcoin is just like anything else…
Some will want it, other will not…
Some will make money, others will not…
I kinda look at it like dating and marriage…
Just because someone else had a terrible marriage doesn’t stop me wanting to fall in love!
Actually I am with a wonderful girl…
Finally…
The best way to make money is to educate yourself about bitcoin…
I hope this site gives you a better understanding of the basics…
If you need more help reach out to me here:
https://bitcointrainingcamp.co…
Tim
Himson
It is a fascinating topic. Bitcoin is a very popular and common nowadays. It changes our life, like payment, buying, and banking. Thank you for helping me more with bitcoins. Sometime I will confuse about what is bitcoins. I agree with you that bitcoin can’t take over the money, at lease the government and some company won’t let that happen. It was like gold. It was what I think about bitcoin and gold. Do you believe that bitcoin can increase criminal rate since it is untraceable?
Tim Bennett Live !
Hi Himson,
Contrary to popular belief bitcoin is actually not untraceable…
It is more difficult to trace, but a user now has to provide ID with all local exchanges…
Think back also to when the internet started, institutions warned that we would be opening Pandora’s box to crime…
Sure a new crime emerged due to the internet as will with bitcoin…
But then cars are not being banned because they can be used in get-a-ways…
Everything can and will be used incorrectly…
However, new safeguards will come in to protect us…
This is also true with bitcoin
St Paul Severe
Thanks a lot for the clarifications coach, very helpful as always.
Tim Bennett Live !
Always welcome Paul…
If you need help, just let me know..
Tim