He decided to come out with podcast series which he mentions that he enjoys doing. In a recent episode, he invited Michelle Phan, an American makeup artist, entrepreneur, and voice actress who became notable as a YouTube personality.
Michelle has set up many businesses and in the videos, she talks about Bitcoin and why she feel that it is the future reserve like gold is.
I like how the information about Bitcoin in the video is delivered, Michelle explains everything as simplified as she can. You guys can listen to the podcast below:
Summary points of the video:
1. Not build on trust
Michelle mentions that Bitcoin is not build on trust, Bitcoin has a time stamp and can be verified as compared to money.And everything can be verified as there are ledgers and time stamp for all transactions. Not government regulated hence no taxes involved.
2. Bitcoin is finite
There is only 21 million Bitcoin created. Satoshi said that there is only 21 million Bitcoin.
No tax involved if you pay with Bitcoin. For example 4 million Bitcoin has been lost and can never be retrieved back making Bitcoin even more valuable as it becomes more limited.
3. Bitcoin is like gold working as a reserve
You can still protect your purchasing power with Bitcoin like gold is. For example during war, Bitcoin can be used to purchase stuff like gold as a reserve as money will become worthless.
First time I was exposed to Bitcoin
The first time I was exposed to Bitcoin was in 2017 when the price was about $2000. That was also when many people were talking about how they were earning a lot from buying bitcoin as the prices was going up rapidly. I did consider buying at that time and even set up an account with Coinbase.
But in the end, I decided to buy it later on when I had more money as I was still studying at that time. Boy, did I regret it. As of today, 13 July 2019, Bitcoin is valued at 15,356.54 Singapore Dollar.
Of course, I wouldn’t be going in now even though it is more legitimate and more people are saying that it will be be even higher in the future as the price is too much for me to afford and I also do believe that in the future, Bitcoin will be more valuable.
Will I be buying Bitcoin?
Definitely will be buying Bitcoin if the prices ever drops and I have some capital that is not needed. But this will definitely not be in the near future as my earning power is not high enough and I believe Bitcoin will not have any drastic fall in prices as more people are aware of it's uses and future value.
Of course, nothing is sure at the moment as no one can predict what will happen but yes, if I have can buy Bitcoin, I will. But learning how to buy and store it will be important as well.
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