What You NEED To Know Before Buying Bitcoin In 2020

What You NEED To Know Before Buying Bitcoin In 2020

What You NEED To Know Before Buying Bitcoin In 2020
What You NEED To Know Before Buying Bitcoin In 2020

stocks gold real estate and ETFs

everyone's talking about that but what

about the Forgotten child cryptocurrency

what's up everybody I am just buddies

sing and welcome to the minority mindset

one of the biggest things that this 2020

economic crash taught us was the

importance of having a savings cushion

wait didn't we also learn that in the

2008 crash in 2020 businesses that were

making billions and billions of dollars

a year were forced to close for just two

weeks two weeks and they couldn't find

the cash to pay their employees likewise

it became painfully apparent that six

out of ten Americans don't have $1,000

saved up to protect them from an

emergency like what we're seeing right

now that's when the savings crisis

pushed the government and the Fed to

print trillions and trillions and

trillions of dollars to help keep

businesses afloat and to give people

money to eat but there's a cost to

printing all this money I've already

talked about that cost but our

paper dollars aren't backed by gold or

silver or anything tangible our dollars

have value because the government says

they have value and people have faith in

the dollar I mean it costs 12 cents to

print a $100 bill but basic economics

will tell you that if you pump up the

supply of something like you print

trillions and trillions and trillions of

dollars the value of that thing in this

case our dollars will come down

that's what inflation is as the value of

each dollar comes down the price of

everything around you you ran to

groceries your medical bills go up and

that's why savers become losers and your

paycheck loses buying power and that's

also a big reason why the rich continue

to get richer and the poor will continue

to get poorer because the rich

understand this and they grow their

money with or faster than inflation

while the poor don't have the financial

education they need and so they continue

to get screwed over by the system

traditionally investors would protect

their cash against this type of

inflation by turning their cash into

gold but

now there's a new digital gold on the

block cryptocurrency  I'm gonna be talking about

cryptocurrency Bitcoin and what you need

to know before you buy any Bitcoin so

make sure you watch this video until the

end because I'm gonna be talking about

how cryptocurrency and Bitcoin applied

during this economic crisis . 

the original goal of cryptocurrency was to

create a decentralized worldwide digital

currency I know that's a mouthful but

let's break it down decentralized means

it's not controlled or run by any

individual government it's supposed to

be run and managed and controlled by

people the owners and users of the

cryptocurrency it's worldwide

meaning it's supposed to be used and

accessible anywhere over the world it's

digital meaning you don't have to carry

around huge chunks of gold you could

just carry around your phone because you

can access your cryptocurrency online

and it's a currency meaning it's

supposed to be used to buy goods and

services let me give an example of how

it's supposed to work if I flew today

from America to India the very first

thing I would do is first probably buy

some gloves and a mask but then I would

have to go and exchange my United States

dollars for Indian rupees because in

India they exchange rupees and in

America we exchange dollars with

cryptocurrency you wouldn't have to do

that because one Bitcoin in America is

the same as one Bitcoin in India which

is the same as one Bitcoin anywhere in

the world in theory that sounds like an

obvious solution but there are still

some pretty big roadblocks ahead I mean

for one if people started to widely use

cryptocurrency that would mean that

governments would lose their power and

governments don't want that I mean

remember cryptocurrency is meant to be

decentralized meaning not controlled by

governments and two people aren't widely

accepting cryptocurrency as a means of

exchange yet if any government lost

control over their monetary system that

means they would lose their

power and influence over the world and I

don't need to tell you that no

government would want that secondly if

you go to a Walmart in Alabama today and

you picked up a roll of toilet paper

that cashier is not gonna accept gold in

exchange for the toilet paper that

cashier is not gonna accept Bitcoin for

the toilet paper that cashier is going

to accept dollars or digital dollars

through your credit card for that toilet

paper so while the concept of

cryptocurrency makes sense intuitively

it's not there yet practically speaking

however that doesn't mean that

cryptocurrency won't be used in the

future somebody say back to the future I

mean you can just see how cryptocurrency

has evolved and changed in people's

minds just over the last few years like

back in 2016 and 2017 cryptocurrency was

almost taboo like even JPMorgan Chase

Bank CEO Jamie Dimon came out and he

said that cryptocurrency doesn't make

any sense and everybody who owns Bitcoin

is stupid and then a couple years later

that very same CEO Jamie Dimon secretly

changed his mind on cryptocurrency and

he spent tons and tons and tons of money

creating his own cryptocurrency the JP

Morgan coin yep

Plus Facebook is creating their own

cryptocurrency Libre and Amazon isn't

talks of creating their own

cryptocurrency and now pretty much every

banker and politician takes

cryptocurrency and Bitcoin a lot more

serious now

this drastic shift in thinking makes

cryptocurrency investors really excited

because this opens up the possibility to

using cryptocurrency as a real currency

in the future plus unlike our paper

dollars which can just be printed at the

click of a button

many crypto currencies like Bitcoin

can't like there's a limit to how much

Bitcoin can be created or mind and right

now that limit is 21 million bitcoins so

after 21 million Bitcoin are mined there

is no more Bitcoin that can be created

that's it that's the maximum number of

coins that can be mined that means

there's a limited supply of Bitcoin and

certain cryptocurrencies out there so

you can't just print a whole bunch of it

like you can a dollar making

cryptocurrency sort of like gold in that

sense so what people are they

is if the demand for cryptocurrency and

Bitcoin goes up well there's a limited

supply of Bitcoin out there that would

make the value of each Bitcoin go up -

by the way if you were wondering you

don't have to own a whole coin you can

own just a small fraction of one coin

now on the flip side remember

crypto currency like Bitcoin is supposed

to be a currency something that you use

to buy goods and services with but many

people treat it like a get-rich-quick

scheme so make sure you're aware of what

you're trying to do can you make a lot

of money with crypto sure I mean lots of

people have made a lot of money with

crypto and people have made a lot of

money trading currencies but like any

other investment it comes with risk and

you can lose money too cryptocurrency is

still a very new concept which is one of

the reasons why it's so volatile that's

why you can see crypto currencies like

Bitcoin skyrocket and then come down

just as fast before I get into buying

cryptocurrency during this environment

you're probably wondering how do you

actually get your hands on Bitcoin or

cryptocurrency well you have to use a

crypto currency broker which is similar

to a stock broker

but cryptocurrency brokers aren't as

regulated as stock brokerages so you

want to make sure that the

cryptocurrency broker that you're using

is one not a scam B not gonna screw you

over and C will protect your investments

your assets or your cash that's why if

you are interested in purchasing Bitcoin

or cryptocurrency I recommend our

sponsor coin base because they are

actually insured their accounts are safe

and they're one of the largest

cryptocurrency platforms on the planet

all you have to do is create a free

account fund it and then you have a

whole list of cryptocurrencies as you

can buy like Bitcoin and the best part

is that right now coin base has a

promotion going on where they are giving

minority mindset fans ten dollars worth

of Bitcoin for free when you invest a

hundred dollars into Bitcoin so if you

all learn more get started and get your

free ten dollars I got the link tor you

can do that in the description below

minority mindset is a partner with coin

base so if you use them we will get

compensated but there's no additional

cost to you it's free to open an account

so if you want to get your ten dollars I

got the link to where you can do that in

the description below now let's talk

about how cryptocurrency matters in

today's economy the United States and

countries all over the world are

printing tons and tons of cash to keep

their businesses and people afloat right

now but like I said in the beginning of

this video this printing of cash has

consequences for one the United States

is racking up trillions and trillions of

dollars worth of debt that they'll

probably never pay off and two people

are worried about the devaluation of

their currency

remember our paper dollars aren't backed

by gold or silver they're backed by a

promise and faith behind our US dollar

right now there is a ton of faith behind

a United States dollar which is great

news for people who have the United

States dollar but there's no guarantee

that this faith will always be there in

the future especially if the United

States government and the Fed keep

printing an unlimited amount of cash the

last thing you want to happen is you

spend your whole life working for

dollars saving dollars and investing

dollars thinking that's the right thing

to do and then you find out that dollars

have become worthless I know it's an

extreme example but it has happened in

other countries and it pays to be


like I've said and other YouTube videos

a smart financial planner will always

hope for the best but be prepared for

the worst and as much as people ask for

the United States to go back to the gold

standard it will never happen I mean if

that happened the Fed would lose their

power to print an unlimited amount of

currency and it would be nearly

impossible to get the government to

agree to that

that's where cryptocurrency comes in to

kind of fill that void if it ever got to

the point where people just got so fed

up with the system that they started to

use cryptocurrency amongst themselves as

a means of exchange so not through the

government then that would kind of be

like the people creating their own

digital gold standard from the bottom up

from the people up instead of from the

top government down again that's just a

hypothetical remember the point of

crypto currency like Bitcoin was to

create a decentralized currency that

can't be printed with the click of a

button that's what makes crypto currency

like Bitcoin more like gold than paper

dollars and environments where the Fed

is printing trillions and trillions and

trillions of dollars makes


more attractive to the general public

it's kind of like what happens when oil

prices go up when oil prices go up the

price of gas goes up and people get

upset when they have to pay $100 to pump

the gas and that makes the demand for

alternative energies go up too when the

government prints huge sums of cash that

makes people really worried about the

value of their savings because they

don't want to see their savings go to

nothing with huge inflation and that

makes cryptocurrency more attractive you

should also understand that all

cryptocurrencies aren't created the same

like bitcoin is the poster child of

cryptocurrency but bitcoin isn't a very

practical currency because it's slow and

expensive to exchange however because of it

is the poster child of capital currency

if the demand for cryptocurrency goes up

there's a good chance that the value of

Bitcoin would go up too but even if

cryptocurrency becomes more attractive

you still have to deal with the

roadblocks like you have to deal with

the government you have to deal with

people and businesses not accepting

cryptocurrency yet and you have the

the learning curve just like how people were

very skeptical and hesitant to buy

things and spend money on the internet

back when the internet was becoming

popular people still don't trust the

Internet as a place to store their money

like you can see and touch gold you can

even see and touch your cash even though

it's not backed by anything but you

can't see or touch your cryptocurrency

or Bitcoin so there's still a learning

curve involved does that mean it's

impossible no I mean people thought that

the idea of an automobile was silly if

you could just ride around in your horse

so there's a lot of potential upsides

with cryptocurrency, if it becomes widely

used and the demand for cryptocurrency

goes up but like with any other

investment it comes with this fair share

of risk to that means don't get

emotionally attached do your research

and make financial decisions.

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