Well, Average Joes, I have taken the plunge and bought into cryptocurrency. And, after extensive research, I think it is safe to recommend doing so for all the Average Joes out there. But, cryptocurrency is not for the faint of heart to be sure. But, I believe the fundamental arguments for cryptocurrency are enough to warrant taking the risk and I have jumped in.
So let me explain my thought process and where I am now with cryptocurrency.
Evolution of Money
How many of my Average Joes have bartered their services as of late for something they wanted or needed? How many of you have taken sea shells in as payment for their weekly paycheck? How many of you bought your Caramel Mocha Frappuccino with silver coins this week? How many of you have nice crisp freshly minted Benjamin Franklins tucked into your wallet for the weekend to spend on the ladies? And, who among us has checked their credit card balances as of late and wandered where did it all go?
Do you see a pattern of evolution here?
Money, and the way we transact our business, has evolved through the centuries and the millennia. Rarely do we barter for goods and services anymore, although there are a few clubs devoted to this. We don’t accept sea shells or silver coins as payment for services rendered. In just my generation, we evolved from using cold hard cash to credit cards as a normal way of moving money.
So, for us to sit here and argue, “Cryptocurrency is a fad that will eventually fade away,” is to turn a blind eye to the lessons of history that we have all studied and to ignore the changes that we are witnessing all about us.
History, is in fact telling us, and she is shouting it out to those who will listen, that “the world economy is evolving and YOU have to evolve with it.”
Backlash Against Institutions…
If you have ever owned a business and accepted credit cards, you know the pain that you experience as the banks take their hefty fees for you to accept payments using THEIR credit cards. It is painful. When I was just an Average Joe landlord, struggling to build my real estate empire, I opted to take credit cards from my customers. It was one of the worst mistakes I ever made. Each month, I saw the fees going to the bank would often be greater than the profits going into my pockets. And, I was the landlord.
And, my pain is shared all across the world by Average Joe vendors who are being nickeled and dimed to death as they struggle to pay their overhead costs to include the landlords, utilities, suppliers, bankers, and of course their countless taxes. Everyone in the business world is taking a cut from someone. And, for the hard working mom and pop who just want to sell their wares, it can be very difficult to manage all of these expenses and keep their business afloat.
And, it is here in the intersection of “nickeled and dime to death” and “anger with the system” that cryptocurrency has opportunity to take root and flourish. People are angry with the banks and angrier with their governments and now they are going to do something about it. By accepting cryptocurrency, business can reduce fees as they interact with other business and people can skirt paying taxes as cryptocurrency transaction are (often) not reported to the governments.
What’s more, more and more people are moving money around the world for many different reasons. Walk into a Walmart and one of the first things you will see is a money sending service. If Walmart is willing to send money to anywhere in the world on your behalf, you know there is money to be made in the process.
Now, those who are using and acquiring cryptocurrency, they can move money to friends and families, and cut out the Walmart’s of the world who want their share of there are earned cash.
Crypto is no longer a fad. It is now being accepted on a routine basis across all aspects of commerce. Pizza shops take crypto, landlords take crypto, and the common Average Joes are both accepting cryptocurrency and paying in cryptocurrency. The foundations of worldwide cryptocurrency being used as an acceptable method of payment have been laid.
Now, we are in the stage of worldwide acceptance and this “acceptance stage” is just beginning.
Should of, Would of, Could of…
Can you think of three companies you wished you had taken part in during the early stages of adoption and acceptance? I can think of three in just the last 20 years-
• Amazon – I should have bought into Amazon stock.
• Apple – I would have bought into Apple stock.
• Bitcoin – I could have bought into Bitcoin.
I believed in each of these when they rolled out, yet, I took a wait and see approach and took the conservative road. Where did that get me? Nowhere.
But, ask yourself, how accepted are these three now? I bet you bought something on Amazon within the last month. I bet your listening to music on your Iphone. And, I bet you have heard of someone who has obtained some cryptocurrency.
Each of the above companies represented a fundamental shift in the way we procure goods, we enjoy services, and the way we would pay for the first two. Commonality between the three? Each was derided by critics as being failures and not having any hope.
It seems the world is full of critics who don’t know what they are talking about but are happy to tell you what they think they know is fact and portend the future.
You could have bought into each of these for less than you would pay for a cup of coffee. And, I am not talking the expensive Starbucks coffee, I am talking the average diner cup of Joe, served hot and black.
Late to the Party…
When, Bitcoin was rolled out in 2008, I made excuse after excuse to avoid getting involved in it. That was ten years ago. When it was $.08 a coin. I could have forgone a beer, bought the equivalent amount of Bitcoin and retired almost a millionaire by now.
Case in point, recently, a friend’s son’s buddy just cashed out his Bitcoin stash. His take was worth a solid $500,000.00. He was just 26.
That was my last straw. I was going in….
Trading Cryptocurrency Begins…
To buy cryptocurrency, you have to belong to an exchange or work with a company who is part of an exchange. In the same way that you cannot just walk onto Wall Street and buy stocks. You have to go through a broker.
To accept or to buy goods with cryptocurrency, you need a “wallet,” which allows you to move cryptocurrency from point A to point B.
As my broker, I chose Coinbase, which is based out of San Francisco, California, for two reasons-
• United States Based – This means they have oversite by US regulatory agencies to include the Internal Revenue Service. Many exchanges are based elsewhere and much like Swiss Banks, they may or may not have regulatory oversite. If something goes wrong, I want someone to go to jail.
• Venture Capital Has Backed Coinbase – Brighter minds than mine to include the New York Stock Exchange have researched and vetted Coinbase, found it to have promise and they have invested lots more money than I ever will into Coinbase. These investors have far more skin in the Coinbase game than I do or ever will. And, they will keep a closer eye on the Coinbase operation than I ever can. I like that someone else is looking over Coinbase’s shoulder.
Here is where you have to proceed with caution. Cryptocurrency options are exploding. You can now buy, sell and trade hundreds of cryptocurrency. And, each has a compelling story as to why you should trade their brand of cryptocurrency. I am focusing my efforts on just a few which are offered through Coinbase-
• Bitcoin – Bitcoin is a bit like gold. Very limited supply, and once you see it, you covet it. You crave it, you want more of it. And, it is best hoarded and saved for an emergency.
• Bitcoin Cash – Building off of the Bitcoin fork, Bitcoin cash seeks to be used for everyday transactions.
• Ethereum – Ethereum is a unique cryptocurrency as it both serves as a currency and as a platform for decentralized computing.
• Ethereum Classic – A dispute among the Ethereum users gave us Ethereum Classic.
• Litecoin – A newer and faster cryptocurrency. It was designed to move faster than Bitcoin. It is often referred to as the silver to Bitcoin’s gold.
Average Joe Shameless Plug
You don’t see any ads on Average Joe. Instead I make money off of referral fees. In this way, you can trust that I am not hawking anything for anyone. And, if I am making the referral, you can bet I have ‘skin in the game’ like you will.
I have a Coinbase referral code – If you buy or sell $100.00 of cryptocurrency and use my referral code, Coinbase will give us both $10.00 in Bitcoin. That is a sweet deal! My referral code is –
Ways to Earn Cryptocurrency…
Now, that I have bought my first cryptocurrency, I want some more. Since I don’t have a product or service to sell, I have to think outside of the box to a certain degree. I have found three ways to do this and you can do the same. The fourth is a bit different. These include the following:
1. Coinbase – For each person I refer to Coinbase, and they buy or sell $100.00 of cryptocurrency, we each get $10.00 in Bitcoin. Not a bad deal! In case you missed it above, here is my referral code again, 5b78a6fdfa0880044755b53c?src=ios-share.
2. Earn – A social media platform that is a cross between Facebook and Linkedin, it is founded on the premises you should be paid for your time and energy for your social media footprint. Think about it, how much money did you get from Facebook last year. I bet nothing. Well, Earn has paid me $1.00 in Bitcoin to sign up. And, there is a potential for more. One of their interesting approaches is that we should be paid for receiving email. And, they are right! Why should we be spammed email? It takes time and energy to sort through all that crap. So, pay us. What is more interesting, is Earn was recently acquired by Coinbase. So, I think there will be some very interesting synergy coming out of this operation. Come find me on Earn.
3. Revolut – This a European based banking operation that is in the process of rolling out a credit card/debit card that offers cryptocurrency as rewards as opposed to cash back or points. I have emailed to be one of their first US customers.
4. Sweatcoin – Put this in the category of “Off Shoot Cryptocurrency.” Sweatcoin is an app that allows you to walk or run in exchange for “Sweatcoins.” The more you walk or run, the more you earn. With your accumulated Sweatcoins you can then trade them for goods or services, thus we have the beginning of a market exchange. Furthermore, I have found people who will buy your Sweatcoin for as much as $.02 a coin. Now, considering I am overweight and I need to walk, and walk lots, this was just a fun way for me to get my sweat on AND make a little money on the side. Here comes a referral code, eric901108. I think we both get 5 Sweatcoins upon you joining. Join in, sweat and focus some on your health!
Other Cryptocurrency Earning Venues…
My research has led me into a rabbit hole of opportunities to earn cryptocurrency. These include playing games, taking surveys, investing in mining operations, setting up mining operations, and many others. But, at present, I am not pursuing them. Other than the three noted above, none have intrigued me enough to trade my time and cash for their potential rewards. If I find something otherwise, I will let you know.
So, there is my Average Joe take on cryptocurrency. Let me know your thoughts!
Average Joe Arbitrage
Average Joe Arbitrage was founded by Eric Wynn, an average guy who has made lots of money when he was younger and then lost all of it in the 2008 Great Recession. Now, Eric focuses on experiencing the world and using various hacking methods and apps to achieve a life of nomadic wandering.
This article is Bandit approved.
Bandit, the lovingness hound dog a guy could ever have.