What do you think of bitcoin?
Mr. Hogue, what do you think of bitcoin?
Where do I start, first, thank you for your question. Bitcoin is an electronic currency, which means it is a current way to exchange value in some markets. Current means not permanent. Like many other currencies Bitcoin will come and go. Gold on the other hand has always had value, it is not a currency, instead it is a real and tangible asset. So are silver, real estate and commodities.
There are some interesting differences in Bitcoin and traditional currencies, like paper money, but there is really nothing behind it tangible. Of course you could have made money in it by investing early and even now with the ups and downs you could buy low and sell high if the opportunity presents itself. However, governments will eventually regulate and some will ban Bitcoin for the very reasons it is attractive.
Practically all governments operate on debt and taxes. They can't create more debt or collect taxes on a free and independent currency. Even now states in the United States are trying to tax the internet in more and different ways. The general trend for all government spending is up and they will seek new and greater taxes to cover that spending. Bitcoin as it is now keeps the government out of your pocket when you do business with another company or individual. The governments know they can't survive without getting into your pocket.
Up until recently the bad press and backlash would have been worse than the threat of Bitcoin, but as it grew in value and acceptance governments are tempted to squash it. You actually have some pretty big players invested in it that will make their returns before the governments clamp down on it. They are connected to the very bodies that regulate them.
A larger question is how do we invest? First, never invest any money you can't afford to lose. In general, risk and return go hand in hand. Second, don't invest in anything you don't understand. If you don't understand it how are you going to make sound decisions?
Don't let those two points keep you from investing. Just as there is risk in investing, there is risk in not investing, just be sure you know what you are investing in, understand it, have an exit strategy and can afford to lose the money if something unexpected happens.
Your financial decisions should be made from a position of strength, not greed or desperation. Until you are on solid ground, invest in yourself, that always has a positive return. If you have money to play with, then realize that you are playing with it.
In time we will see a more uniform one world electronic currency. I don't know what they will call it, but the governments will regulate and tax it. They have no choice if they wish to exist in their current form and human nature will prevent our governments from leaving deficit spending and a monetary system they can control.
Always consult with a competent professional when there is risk.
Scott Hogue CChH
"I don't understand all of this, how do you make money?"-RS
Thank you for your question. First, let's get our terms straight so we can be clear in our communication.
I know what you mean by making money, but there is a way of looking at this that is more helpful than thinking in terms of making money.
Governments actually make money or their branches such as the treasury or mint. It is illegal in every country for a citizen to make money. We call it counterfeiting.
The good news is the money is already made. You want to gain it, not have to make it. So how do we gain money? By exchange. We exchange something of value to the person that has the money, then we get the money.
My grandfather was a wealthy man. One day I asked him where he got all of his money and he said, "From people, cats and dogs don't have much money."
I teach this by breaking down what we can exchange for money into six categories:
1. What you can do.
2. What you have.
3. What you know.
4. What you can get.
5. A promise.
6. A lie or fraud.
Can you flip a hamburger? Do you have some extra jewelry? Do you know how to tie your shoes? There are actually shoe tying coaches that make a living teaching children how to tie their shoes. Can you get something for someone they want? Car dealers order cars for people, real estate agents find them houses. We have what we call options and they are basically promises bought with money.
You must find what you can exchange for money. The thing that appeals to you. Art, repair, antiques, cars, food, jewelry, skills, the list is limitless.
Find what you can enjoy exchanging for money and you will have the foundation to wealth.
Hope this helps,
Look around the site for more on this and the Three Steps to Wealth,
best Scott Hogue CChH
Scott Hogue has been teaching people how to change their lives for decades. Isn't it time he helped you?
Since your circumstances are unique, you must see professional advice where there is risk. The information and ideas that Scott Hogue teaches is not a substitute for such personal advice.