Bitcoin was something I’d heard of years ago, but it was never something I actually participated in until recently. With new media attention and the value of bitcoin rising significantly, the idea of a truly digital currency captured my interest.
Currency has always felt digital to me. Sure, dollars are little notes of paper…but my paychecks are electronically deposited into an online bank account, and I use a 16-digit number every time I need to pay for anything. Every couple weeks I log onto a web site to reset the credit on my 16-digit number by transferring funds from my online bank account. I haven’t written a paper check or touched a paper dollar bill in nearly a decade! Physical currency seems obsolete, and can be such a headache when traveling. An open, digital currency makes sense for the future. Bitcoin may be exactly what we need.
After assessing the risks and benefits, I decided to set up a bitcoin wallet with Coinbase. The service was highly recommended by some friends of mine. Coinbase is a legitimate business operating from the United States. International sellers at online auctions have scammed me out of money before, and when that happens there is literally nothing I can do to get my money back. No one likes to be scammed, and no one likes to feel helpless when it comes to their finances. I feel relatively safe dealing with Coinbase because I know they are subject to the same laws I’m subject to. I don’t have to feel helpless anymore.
Before I knew it, my bank account was linked to my Coinbase account and I had purchased my very first bitcoins. How exciting! I suspect the value of bitcoin will fall again in the near future, but to me this is another investment. I have a stock-based retirement account that has less value every year, even though I put more money into it every single month. It feels like such an accomplishment to finally have one account actually growing in value. While bitcoin will surely rise and fall, I believe it will trend upward and become stable as more people adopt the truly digital currency. I’m kicking myself for not getting involved sooner, but I’m here now. Someday I will tell my grandchildren about how I became a self-made #bitcoinionaire!