"The Promise of Bitcoin"
"The Future of Money..." by Bobby C. Lee
At Bitcoin Conference 2022 in Miami Beach, I was fortunate enough to see and to meet a lot of the rock stars of the Bitcoin and investment worlds. Saifedean Ammous, author of The Bitcoin Standard, Kevin O’Leary of Shark Tank fame, Michael Saylor, Jimmy Song, Peter McCormack and Anthony Pompliano, among others. I also got to chat with Bobby C. Lee, who was signing and giving out free copies of his 2021 book: “The Promise of Bitcoin - The Future of Money and how it can work for you.”
The Stanford-educated Lee is a pioneer in the Bitcoin space, having founded BTC China, the first cryptocurrency exchange in that country. After a successful run with the company, Lee sensed crackdowns coming on crypto from the Chinese government and was able to sell the company in 2018. After a stint as director of IT at Walmart, Lee founded the Ballet Crypto Wallet company, the venture that he is promoting now.
For those who are somewhat new to Bitcoin, there are some outstanding sections in this book. Chapter Three lays out the fundamentals of what Lee calls “The Three Horsemen” of Bitcoin, the three rails if you will. In Lee’s words, these are the “building blocks” that will enable you to invest in Bitcoin and participate in the cryptocurrency economy. The Three Horsemen:
Mining. What is means, how to get started in it, and similarities and differences between Bitcoin mining and gold mining.
Wallets. The need for crypto wallets, the various types - desktop, mobile, hardware, paper, and more. Pros and cons of each, and costs.
Exchanges. Why exchanges are needed, capabilities of each platform, security concerns, KYC issues, and decentralized exchanges.
“Ignore the Turbulence”
Chapter Seven contains great advice for any cryptocurrency investor, especially newbies. Major announcements, macro economic events, and other “big news” will influence the price of Bitcoin. On a daily basis. Lee’s advice is to ignore the day-to-day headlines, the price swings of Bitcoin, and just zoom out. If you believe in the technology of Bitcoin, then read about it, study it, but don’t get caught up in the daily “white noise.” The kind of noise that makes traders either euphoric or suicidal. Invest in Bitcoin for the long-term, always keep a long-term focus.
An example of turbulence that you could encounter, according to Lee, was the announcement that Tesla would accept Bitcoin for buying one of their electric cars. Nice, and it made the price of Bitcoin jump, but really nothing to buy or sell over. Also, the COVID-19 pandemic, when prices of all investments dropped by major percentages. It wasn’t a Bitcoin event, and sure enough, prices quickly rebounded. Another item, certain Bitcoin exchanges have, over the years, been hacked, and customers lost some Bitcoin. Thankfully, not the major exchanges and not really here in the US. Still, it’s not a reason to panic sell your Bitcoin. Keep calm, zoom out, and HODL on.
Fifteen Predictions for Cryptocurrency, per Bobby Lee
Warren Buffett, or another large investor, will come around.
Bitcoin will continue as the leading cryptocurrency.
People will stop using the terms Bitcoin and crypto interchangeably.
Governments will work out some regulations.
Some Bitcoin bears will remain bears - to their loss.
More institutional investors will participate.
Bitcoin futures trading will expand.
A Bitcoin ETF will be approved in the US.
Everyone will use Bitcoin by 2050.
China’s domination won’t continue forever. (It hasn’t)
There will be more women in Bitcoin.
People will appreciate a permissionless system.
Mining will continue to be robust.
Wallets and exchanges will be easier to use.
The US and others will create new crypto agencies.
This is such a great list, and I could expound on every one of them. But read it for yourself, Lee does a great job with it.
Another great section for newer Bitcoiners is the chapter where Lee dispels five great myths about Bitcoin, the FUD that you often hear in the media. (Fears, uncertainties, doubts.) That’s Chapter Nine and it talks about: Loss of coins, FDIC insurance, Regulation, Governments, and Mining concerns.
“The Promise of Bitcoin” is available at amazom.com for $19.59 in hardcover.
304 pages, first published in May, 2021.
This Month in Bitcoin History:
On June 1, 2021, at the Miami Bitcoin Conference, El Salvador President Nayib Bukele announced plans to adopt Bitcoin as legal tender, the first country to do so.
In June 2017, the Bitcoin symbol was encoded in Unicode version 10.0 in the Currency Symbols block. In 2019, this Bitcoin symbol was added to Microsoft Excel.
Recommended Bitcoin Tools, Platforms, Podcasts:
Gemini - My choice for buying and HODLing Bitcoin, rated tops for safety and security. User-friendly platform and phone app. Earn Bitcoin rewards as well with the Gemini Credit Card.
Arculus - The crypto hardware wallet from Arculus is one of the best products on the market for storing your coins. Very easy to set up and to use, and very affordable.
Lolli - The Lolli shopping app lets you earn great Bitcoin rewards on practically everything you buy, whether you’re shopping on your phone, computer, or in-person.
Twitter - Follow The Bitcoin Files on Twitter at @BitcoinNewslet1 for all of my articles, commentary and links to my contributions to Bitcoin Magazine.
Medium - Check out my writings on Medium, including articles not featured in the newsletter. Join my 500 other followers who read and write about crypto. medium.com/@rickmulvey
Podcasts - To hear the top names in Bitcoin, and learn more than you could imagine, check out The Pomp Podcast with Anthony Pompliano, What Bitcoin Did with Peter McCormack, and The Wolf of All Streets Podcast with Scott Melker.
Issue No. 59, June 3, 2022
Rick Mulvey is a CPA, forensic accountant and crypto consultant. He writes about all things Bitcoin, and yells at the Yankees and Giants. He also runs marathons and makes wine, neither professionally.
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