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So let’s get this straight: you should be a bitcoin millionaire right now only you’re not because you a) sold too soon b) bought too late c) disregarded your mate’s advice d) lost your hard drive e) went all in on feathercoin. Welcome to the club. You’re not alone, but that knowledge will come as little comfort when you’re lying awake at night cursing your stupidity. We can’t turn back time, but we can dispense some sound advice that should help put your hard luck story in perspective.
Missed the Boat and Skipped the Party
If you’re late to the bitcoin party – or worse still, if you left before the party got truly started – the regret can be crippling. Every new all-time high drives another dagger into your stricken heart, while the sight of young bucks who’ve never read Satoshi’s white paper drunk on bull market gains is sickening. At least one story has surfaced of an early adopter spiraling into depression after losing all their bitcoins and eventually committing suicide.
But this is meant to be an uplifting piece, not a morbid one. Thankfully, most people who missed the boat suffer nothing worse than a bad case of hindsight. If that’s you, stop beating yourself up. There are three reasons to be cheerful, but before we consider them, let’s consider the psychology of luck.
Queuing Theory Said This Would Happen
You’re shopping for groceries and pick the queue that looks fastest. To your chagrin, the one next to you turns out to be quicker, leaving you waiting in line behind the old lady clutching over 9,000 coupon codes. Sound familiar? There’s a simple reason why, statistically, you’re more likely to pick the slowest queue: with a queue on either side, the odds of calling it correctly are just one in three.
What’s that got to do with cryptocurrency? Well, if you bought bitcoin in 2013, for example, the odds of having hodled till now are much lower than one in three. In fact they’re more like 1 in 20. When you see bitcoin whales screenshotting their phat portfolios, it’s easy to assume that this is the norm; that everyone else is getting served fast in the store but you. The reality is that most people are in the same boat as you – one which is several lengths behind the boat they’d rather be in.
Reasons to be Cheerful
Knowing that most bitcoiners have screwed up just as bad as you will provide scant consolation. The following points should provide succor, however, and double your resolve to make amends.
1. We’re priviliged to live in a time where it’s possible to acquire wealth through little more than pushing a few buttons and waiting a while. There’s no need to climb chimneys, descend into coal mines, or go to war. You might not make it to Lambo-land, but with a sensible buy and hold strategy, there’s every reason to be confident of turning a profit. You know how all those early adopters from 2013 and prior got rich? They bought bitcoin and then held on tight, through times of low income and 80% crashes and lean years where nothing happened. They’ve earned their success. Have some patience and you might just earn yours.
2. If bitcoin continues on the trajectory that many have predicted, missing out on the first $ 10-$ 15k will be like grumbling because you bought bitcoin when it was a dollar instead of a cent. Sure, there are no certainties in this game, but presumably you knew that and accepted this risk before you signed up.
3. There are other crypto assets which “do a bitcoin” every single week and go stratospheric. Even if the bitcoin boat is out of reach, there are plenty of other ships departing on a regular basis. Succeeding with such an enterprise calls for doing your own research, being patient and – crazy as this might sound – actually putting in some work. Your judgement may be vindicated or you may get it horribly wrong, but provided you’re not betting the house and the car on black, so to speak, there’ll be other chances to get in on the ground.
Finally, if you’re in bitcoin solely to get rich, you’re doing it wrong. Ask not what your cryptocurrency can do for you: ask what you can do for your cryptocurrency.
What’s your biggest bitcoin regret? Let us know in the comments section below.
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All eyes have been on Bitfinex in recent days, with the exchange experiencing dramatic flash crashes on select altcoin markets after having been the subject of a distributed denial-of-service (DDoS) attack last week. A quarterly shareholder update from the company has also been leaked, evidencing that Bitfinex is one of the major institutions purchasing USDT from Tether – intensifying the controversy and scrutiny surrounding the relationship between the two companies.
NEO, ETP, and OMG Experience Severe Flash-Crashes on Bitfinex
On the 29th of November, several altcoin markets witnessed extreme flash-crashes on the Bitfinex markets. Metaverse (ETP) lost more than 98% of its USD value in a single 1-minute candle. ETP immediately recovered from the crash, however, it quickly showed more signs of weakness, eventually leading to a secondary flash-crash that saw metaverse lose more than 60% of its value in less than ten minutes. NEO experienced a similar crash, losing almost 90% of its value in less than five minutes, whilst OMG lost over 60% of its value in under five minutes.
Although most of the markets have since recovered, many margin traders have complained that they were liquidated as a consequence of the sudden price movements. Brett Kruger, a customer of the exchange, told media that the exchange was “lagging” and “unresponsive” during the flash-crashes – asserting that the technical difficulties left traders unable to react and manage their positions once the crash began, in some cases resulting to stop orders being executed at prices significantly lower than those set by the user.
The crashes occurred just a couple of days after the exchange suffered a DDoS attack. The attack caused Bitfinex to go offline for less than an hour, sparking a brief dip in the price of bitcoin to below $ 11,000 USD. At the time of the attack, the exchange went offline before tweeting “The cause is a DDoS attack. A person or group is intentionally trying to cause the platform to not operate normally.”
A Leaked Quarterly Update Has Evidenced That Bitfinex Is Purchasing USDT From Tether
The recently leaked quarterly report for Bitfinex shareholders has intensified the scrutiny surrounding Bitfinex and Tether. The report states that “Since April, the vast majority of all Tether issuances have been occurring through Bitfinex […] Because Bitfinex and Tether have common principles and banking, there is no limit to the timing or amount of money that can flow between the two entities even if inbound and outbound customer wires are limited. Bitfinex holds the vast majority of its customer USD balances in the form of USD bank balances. Bitfinex typically only holds less than 20M Tethers for customer withdrawal. When that balance approaches zero, Bitfinex moves money (typically $ 20M) from the Bitfinex bank account to the Tether bank account at the same bank in order to purchase additional tether from Tether Limited. To be clear, when this happens, cash is credited (or removed) from Bitfinex’s balance sheet and debited (or added) to Tether’s.”
The report asserts that the reason behind “the continuing creation of Tethers is […] demand from verified customers,” adding that “Bitfinex simply acts as an aggregator of customer demands for bulk creation and acquisition of Tethers.” The report claims that the creation of USDT “has nothing to do with the USD lending market” – addressing speculation that many of the Tethers recently produced have been used to fund margin trading on the exchange. However, with the company still failing to provide evidence of their associated banking partners, going as far as agreeing to provide such information to a reporter on the condition that they sign a non-disclosure agreement, many traders have continued to express skepticism regarding the operations of Bitfinex and Tether.
Lastly, an exhumed Bitcointalk thread from 2014 in which Giancarlo Devasini, widely considered to be Bitfinex’s chief financial officer, called an aggrieved customer a “retarded prick” and publicly disclosed their account balance, has circulated recently. In the same thread, Mr. Devasini also responds to a question asking if Bitfinex can develop a “bot [… to] take [bitcoin] to 10,000?” by stating “Currently working on it… :-P” – calling into question the professionalism of the conduct displayed by the exchange’s top representatives.
What is your opinion on the recent controversy surrounding Bitfinex and Tether? Share your thoughts in the comments section below!
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The post Leaked Report to Shareholders Renews Concerns Surrounding Bitfinex appeared first on Bitcoin News.
Two major firms, Chicago Mercantile Exchange (CME Group Inc) and Chicago Board Options Exchange (Cboe), are set to offer bitcoin futures this month. One grave fear is price manipulation, as the industry’s principal regulator, Commodity Futures Trading Commission (CFTC), explained in an interview this morning.
Bitcoin Futures “A Unique Animal Unlike Any Commodity”
Affable CFTC regulator, Chief Market Intelligence Officer, Andrew Busch described this morning the coming futures scenario as “a pretty exciting time” on CNBC’s Squawk Box.
The CFTC is the main regulator of industry contracts, and is anticipating cryptocurrencies into its policy scheme.
“I think it’s really important for people to understand,” Mr. Busch continued, “the process by which a new contract gets created, by the CME and other exchanges, there are two paths you can go down: a self-certification process and then there’s a written approval process,” he clarified.
CFTC has been on the defensive for a while, as market heavies such as Interactive Brokers and its chairman, Thomas Peterffy, took a full page advertisement to warn against and actively urge such contracts be separated from the rest.
“Most of these guys come through with self-certification,” Mr. Busch noted. “We get involved and take a look at things because bitcoin is so unusual. Our chairman has said this is a unique animal unlike any commodity we’ve looked at before.”
“We got involved with them earlier in the process. We modified, or encouraged them to modify, parts of the contract. The margin is much higher than what they originally came to us at,” Mr. Busch acknowledged.
An interviewer interrupted, “Is it safer? Will it be safer?”
“What we’re trying to do is show people that the exchanges,” he answered, “they’re the ones looking at the underlying cash contract to make sure it’s not manipulated. Our role as a derivatives regulator is to make sure the futures contract is not manipulated. We’re going to do that for sure. And we’re going to continue to work with the exchanges just to make sure bitcoin is not manipulated in its use on the exchanges.”
“This is really important for people to understand looking at bitcoin: the underlying cash market is not regulated at this point,” he emphasized. “And I think it’s important for investors and everybody else looking at bitcoin and other currencies to keep that in mind when they’re trying to make a decision on what to do with it,” he said.
He was asked about the risks with a commodity trading within unregulated and highly regulated markets.
“It’s a green field for sure. If we talk to anybody within the agencies, they say, one of the biggest challenges is the price volatility,” he said, noting other products within the same markets are themselves volatile. “We’ve run stress-tests on them, and we’re moving ahead with it. I think the exchanges are comfortable with it as well.”
The regulator was put in the awkward position of defending bitcoin, and for the rest of the segment he actually did a pretty good job. The appropriate level of margin, hedge funds salivating at cornering bitcoin in order to bet against it, arbitrage opportunities, all of it, he said, were market mechanisms designed to mature this “unique animal.”
What do you think about futures and their impact on bitcoin’s price? Tell us in the comments below.
Images via Pixabay.
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The price of bitcoin has once again reached a new price high on December 6 touching $ 14K across exchanges worldwide. The value touched an all-time high of $ 14,047 and quickly dropped to the $ 13,500 range shortly after. At the moment order books across exchanges are going wild.
The bitcoin price locomotive continues to truck upwards and steamed past the $ 14K region on December 6. Bitcoin’s value had touched $ 14,047 per BTC at approximately 8 pm EDT. The price already reached the $ 13,000 region earlier in the day for the first time. The currency has increased by 20 percent from the start of the day’s trading sessions and currently commands a record global trade volume of over $ 13Bn over the past 24-hours. At $ 14,000 per BTC the decentralized currency captured a massive $ 235Bn market capitalization.
Currently, South Korean markets are pushing the volume to extreme levels as Bithumb is commanding the top exchange position today. The Korean trading platform is followed by the exchanges Bitfinex, GDAX, Binance, and Bittrex. The Korean won has taken a large chunk of the Japanese yen’s dominance over bitcoin markets. At the moment the Japanese yen only captures 48 percent as the KRW has pushed up to 7.9 percent behind the USD.
The $ 14,000 range didn’t last long but bulls still have a lot of pressure pushing up the price. Above the $ 14K area is a lot of resistance with gigantic sell walls between the $ 15-16K territories. In the background, however, buy walls are much thinner showing that very large and quick dips like the one that took place earlier this evening could happen quite easily. After dropping to the $ 13,500 region bulls have already pushed the price back above $ 13,900 only a few minutes later, proving anything can happen going forward.
The fact that the price of bitcoin had moved over $ 1,000 in one day from $ 13K to $ 14K has been astonishing, to say the least. But everyone involved with bitcoin knows the honey badger of money doesn’t care what any of us think and keeps on making its mark on the world.
Where do you see the price of bitcoin heading from here? Let us know in the comments below.
Disclaimer: Price articles and bitcoin markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
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The post Bitcoin Rockets Past $ 14,000 Astonishing Everyone appeared first on Bitcoin News.
Apple is one of the most successful companies in the history of Silicon Valley, revolutionizing and dominating market after market from graphic design to music and mobile phones. It is also one of the most powerful companies in the world right now, expected to be the first to reach a trillion dollar market cap. As such, one might expect Apple Pay Cash to obliterate the competition, but bitcoin can change that.
Apple Pay Cash
This Tuesday Apple Pay Cash and person to person payments were made available to Apple customers in the US. The company promotes this service as the simplest way to make person to person payments on iPhone, iPad and Apple Watch.
Users can now get paid right within iMessage, or by just asking Siri to pay someone. They can use the debit and credit cards they already have added to Apple Pay, so there’s no need to install an app or create another account.
While most analysts see this as a response from Apple to Venmo or Square’s Cash App, it is hard to believe Apple hasn’t also noticed the millions of bitcoin wallet apps downloaded recently. It’s easy for some of us to forget these days that the cryptocurrency wasn’t created just to store value but also to act as a P2P cash system.
Mobile Money Apps Turn to Bitcoin
While Apple is promoting its propitiatory fiat-only service, more and more mobile app developers are giving-in to user demands and adding support for bitcoin. Just two notable recent examples are Square’s Cash App and mobile banking app Revolut.
On Tuesday Square said it was rolling out its buy and sell bitcoin feature to a substantial amount of new users. And Today Revolut announced that customers will now be able to use the app for instant purchases of cryptocurrencies via Bitstamp or transfer their bitcoin, litecoin and ethereum to other Revolut customers instantly and for free.
“This is something that our customers have wanted for a long time,” said Lewis Tuff, Revolut’s Chief Platform Engineer. “We think Bitstamp is the perfect partner as we provide Revolut customers with the ability to convert fiat money to cryptocurrencies, making the process much faster and much more accessible.”
Should we expect Apple Pay Cash to add bitcoin support eventually or is Apple planning its own iCoin? Tell us what you think in the comments section below.
Images courtesy of Shutterstock, Apple.
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The post Apple Pay Cash Launches as Users and Developers Turn to Bitcoin appeared first on Bitcoin News.
Crypto’s nouveau rich finally have a way to splash their digital cash. The White Company, “purveyors of luxury to the cryptocurrency world” will furnish buyers with everything from fine art to fine automobiles. The high-end goods can be paid for anonymously in cryptocurrency and delivered anywhere in the world. The company claims to have already concluded a number of major sales.
The Memes Are Real
Cryptocurrency traders have long dreamed and memed of making enough to afford a Lambo. Well now they can – and without needing to cash out into fiat. As The White Company explains:
We offer a wide selection of authenticated items, from fine art to luxury automobiles. Our clients can purchase any item, delivered to anywhere, with complete anonymity using their Bitcoin or other cryptocurrency wealth.
Items for sale on the site include a Lamborghini Huracan LP-610-4, currently priced at 19.6 BTC, and also denominated in ETH and LTC. Buyers concerned that a brilliant green Lambo won’t create enough of a statement can follow this up with an 18K gold Rolex – a snip at just 1.28 BTC – and an intriguing piece of fine art by Peter Beard dubbed “Double Exposed Horny Rhino”. It’s a real looker, but comes in at 6.4 BTC, or about a third of a Lamborghini.
The Fast and the Furious
The White Company’s CEO, Elizabeth White, told the Washington Examiner that the New York firm pays sales tax, but that it is the duty of buyers to comply with applicable laws in their territory. For the ultra-discreet, encrypted transactions and worldwide delivery are all part of the service. Cryptocurrency whales may find the temptation to put a down payment on a luxury sports car too much to bear.
As a press release for prospective customers explains: “If there is anything a client wants to purchase with bitcoin, we will be able to get it for them. Just yesterday we had a client wanting a suite at the Super Bowl and we made that happen.”
The majority of bitcoin millionaires seem content to hold onto their portfolios in the hope that their assets will grow further. Those tempted to realize some of their wild gains, however, finally have a means of doing so without needing to jump through hoops or reveal their identity. This might not have been Satoshi’s vision, but it’s a dream that a handful of the crypto rich will be only too happy to embrace.
What luxury goods will you be buying when your crypto bags reach the moon? Let us know in the comments section below.
Images courtesy of Shutterstock, and The White Company.
Disclaimer: Bitcoin.com does not endorse nor support this product/service.
Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Singapore International Commercial Court (SICC) has refused summary judgement, sending litigants B2C2 and Quoine to trial in order to sort out the gory details involving $ 36 million (at press time) of bitcoin. It’s a case bound to be watched around the world, as cryptocurrency begins to enter mainstream business life and establish legal precedence.
A First for Singapore
The Straits Times’ Grace Leong reports “Electronic market maker B2C2 sued bitcoin exchange operator Quoine in July over trades that were allegedly wrongfully reversed, which resulted in the proceeds being deducted.”
B2C2, a London-based company, claims “Financial institutions and large volume traders trust B2C2 for seamless cryptocurrency trading, with plug-and-play connectivity, short selling, and post-trade settlement.” Quoine, which has bureaus in Singapore, Japan, and Vietnam, bills itself as “a leading fintech company that provides trading, exchange, and next generation financial services powered by blockchain technology.”
The two reportedly are battling over B2C2’s attempt “to recover 3,084.78582325 bitcoins from Quoine, alleging Quoine’s breach of trust ‘deprived it of the opportunity to sell the proceeds on the date of their highest intermediate value,’” Ms. Leong details.
Proceeds were near $ 4 million in bitcoin at the time, but thanks to the price skyrocketing, stakes are approaching ten-fold higher. No doubt sensing the complexity of cryptocurrencies, Judge Simon Thorley refused to pass judgement, and instead kicked the case to determine “whether B2C2, if it prevails, is entitled to recover the bitcoins itself, or the value of the bitcoins taking into account any increase in value since the alleged breach,” The Straits Times reported. The case is a first for Singapore.
The SICC “serves as a companion rather than a competitor to arbitration as it seeks to provide parties in transnational business with one more option,” the Singaporean government agency asserts.
Are Filled Orders Irreversible?
B2C2 is asking for “the highest intermediate value of the proceeds in US dollars between the date of the breach and the date of the judgment,” Ms. Leong notes.
For its part, Quoine explains such was a “technical glitch,” and that B2C2 is exploiting it for unfair gain, according to attorney Paul Ong. He said the difference was “more than 100 times higher than the actual market price of ethereum/bitcoin,” and as such, “is a highly material question which cannot be determined without a trial.”
What are your thoughts on Singapore’s first major crypto trial? Tell us in the comments below.
Images via Pixabay, SICC, Quoine.
The post Over $ 36 Million Worth of Bitcoin at Stake in Singapore’s First Ever Crypto Trial appeared first on Bitcoin News.
It appears that South Korea is bowing out of the race for bitcoin futures trading, leaving the field wide open to the Americans and Japanese. This is not because established financial companies are reluctant to offer the new instruments in the bitcoin obsessed country, but due to another official ban.
FSC Futures Ban
After securities brokers in South Korea were already gearing up to introduce bitcoin futures trading to their clients, the country’s top financial regulators have decided to place a ban on the practice. The Financial Services Commission’s issued this directive on December 5, applicable to all the members of the Korea Financial Investment Association.
In response, Korean brokers such as eBest Investment & Securities and Shinhan Financial Investment had to cancel pre-planned client seminars for bitcoin futures trading, this according to a report by The Korea Herald.
South Korean authorities have already banned the practice of ICO, started looking into taxing bitcoin payments and established a governmental task force to regulate trading. And the local industry is not willing to take all this laying down.
Kim Jin-hwa, the former head of Korbit is reportedly working on bringing together the country’s leading bitcoin venues Bithumb, Coinone and Korbit to establish an association to represent the interests of the industry. “An entry of new technology into Korea is hamstrung by the regulation,” he told the newspaper.
The Race Is On
While South Korea might be leaving the race for now, other countries are moving full steam ahead with bitcoin futures trading.
Cboe is preparing to launch its offering on Sunday, and CME Group will follow the week after. Meanwhile in Japan the Tokyo Financial Exchange won’t be left behind for long and is now planning to launch its own bitcoin futures.
Retail brokers have already started to prepare their clients for the new exchange-traded bitcoin instruments, beginning with TD Ameritrade and Ally Invest.
What does a ban on bitcoin futures trading mean for Korean investors? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
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This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
Blockchain for Referendum and Election Voting
Biafra Coin launched Initial Coin Offering (ICO) from 01 December 2017 to 31 December 2017 selling 9 million BFC Coins The Biafracoin ecosystem is a unique blockchain technology with BFC Tokens to run smart contracts for elections and referendum voting globally, Biafracoin “Peer to peer” network will allow citizens of each countries run smart contracts on their computers or phone using BFC Application either in Referendums, Elections Voting or Transfer of Tokens and 300,000 Biafra Coins will be sold every day as per the schedule.
Project Name Biafracoin
Project Type Blockchain
Category Trading & Investing
Location United Kingdom
Total Supply 29000000
ICO supply 9000000
Token/Coin Name BiafraCoin
Algorithm Scrypt (instead of SHA-256)
Start Date December 1st 2017 21.00 (UTC +1)
End Date December 31st 2017
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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New technology can be intimidating. With the holiday season in full swing, a topic of conversation around the family table is bound to be bitcoin, especially as its price continues to the moon. And remember how last year mom finally got around to upgrading to a smart phone, her first iPhone? Well, now is the perfect moment to introduce her to a hinge of human history, cryptographic currencies, … and you can do it in three easy steps.
Step 1: Quick! Get Mom to the App Store!
Flipping through mom’s iPhone, immediately noticeable are applications (apps) she’s already found: Pinterest, Netflix, Groupon. Clearly she knows her way around the App Store. Ask her to click the A icon (fig. 1).
In the Search Bar, thumb the phrase “bitcoin wallet.” That should list multiple wallets, handily rated to grab her attention, and just a click away from download. For mom’s purposes, suggest three popular choices: Airbitz, Bread, or Bitcoin.com. Each has an intuitive interface, and each is beyond easy to use.
Airbitz, now called Edge (in beta), is just lovely. It offers discounted gift cards, and merchants who accept bitcoin, along with the usual wallet features (fig. 2). Bread is great in its own way as well, and might be less cluttered. It has simple Send and Receive functions as its only options. Both are wonderful choices.
We’re going to walk-through Bitcoin.com’s wallet. It is streamlined and incredibly useful for newbies. It’s also closing-in on a million downloads. Mom will dig it.
Step 2: Download a Wallet
Before any next step, get mom a piece of paper and a pen.
Mom then should click Bitcoin.com’s wallet for iOS (near the Apple logo), the operating system undergirding iPhone. The wallet was actually updated just days ago, and version 4.0.4 includes bitcoin and its most-popular ”fork”, bitcoin cash, capabilities.
Right after she presses download, “get,” “install,” a corresponding icon will appear on the phone’s home screen. It should also show a progress bar as it loads. This shouldn’t take more than a couple minutes depending on mom’s internet connection.
Ask her to click the icon (fig. 3). From there, she’ll be prompted through the very basic setup procedures. A snazzy aspect of the Bitcoin.com wallet includes, at every new juncture, a principle or hint as to why what is prompted is being prompted. Mom is receiving an education as she installs.
Click “get started.” Three ‘pages’ of simple instructions follow. Click “create bitcoin wallet.” It should then confirm her wallet has been created. It should ask for an email notification. Enter her favorite email address. Click “continue.” Click “confirm.”
Now is perhaps the most important part. Remember that paper and pen you gave her? She should see “No backup, no bitcoin.” Click on “backup wallet.” She’ll be warned about what she is about to do. Click “got it.” No screenshots, click “I understand.”
It will then give mom a 12 word seed, a randomly generated set of words, to use as a recovery phrase. Have mom write down these words in order. Click “I’ve written them down.” She’ll then be re-prompted to confirm her recovery phrase in the exact order given.
She’s now setup to send and receive bitcoin. Be a good lad, yeah?, and send her a few Satoshis to get her excited.
Step 3: Getting Bitcoin
The best way mentally to grasp cryptocurrency is to use it. The holidays give bitcoiners the perfect chance to spread crypto literacy and offer something probably no one else will even consider when it comes to mom.
Sitting there, transferring money from your phone to hers will delight her to no end. And doing it more than one time will allow her to see how addresses are refreshed and regenerated to facilitate pseudo-anonymity. Cool stuff.
If she gets the bug and wants to dive right in, an easy to use site that doesn’t ask for too many personal details is Localbitcoins. And, unlike exchanges of the formal variety, she keeps her key/seed to herself. But, tag along with her the first time she meets up with a bitcoiner on a café to exchange some old fiat to shiny new crypto.
Well, you’ve done it now. Mom can brag to her friends she is riding the wave of financial freedom, becoming her own bank. Soon, she’ll be wearing crypto-gear around the house, using lingo such as “Hodl,” and will probably run circles around you pretty quickly.
What do you think about all this? Is it a good idea to help the elderly get into bitcoin? Let us know in the comments below.
Images via Apple, Pixabay, Shutterstock.
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