Mostly I'm writing this to say I'm accepting Bitcoin for all Iron Lotus services.
This is not investment advice
Because I'm accepting it for health and fitness services it's obvious that I consider Bitcoin to hold value, BUT More importantly I feel strongly about what Bitcoin represents to me.
So let's get your Bitcoin fitness level up!
The best way to do that is to increase your understanding and participation in Bitcoin.
Recently I wrote a blog for Huffington Post titled It’s 2017, Better Finances And Better Fitness.
Your fitness and finances don't necessarily have a strong correlation. However, human psychology is behind all of our decision making, and having the ability to see inconsistancies in the way we think can have a positive affect on the choices we make. Although I do want you to read my Huff Post article and get something out of it, I really mentioned the article because of the fundamental idea behind it and how it relates to our ability to take control of our health, fitness, and finances.
Just to be clear about what I wrote above...
HOW WE CAN TAKE CONTROL OF OUR HEALTH, FITNESS, AND FINANCES!
It comes to my attention everyday that so few people even know Bitcoin exists, let alone how to obtain or use it. And when I say few people I mean very, very, very few. As in there is only an estimated 10 million people engaging with Bitcoin. When you consider the world population, that's nothing.
In some ways the fact that so few humans know about Bitcoin makes me sad, and in some ways it's exciting. Sad, in that so few people seek out new ways to solve problems. Exciting, because it means there is a tremendous amount of opportunity for growth.
Above: In my opinion what the Bitcoin enviornment looks like *not what it's capable of....This is important*
Below: How Bitcoin "works"
Looks complicated? Maybe? It's not...Let's break some things down.
Bitcoin was "started" or "invented", or however you'd like to put it, by an entity (an alien, a human, a group) called Satoshi Nakamoto. No one knows (or admits to knowing) this entity's actual identity. Bitcoin was launched in 2008 in the wake of the financial crises. Here's a link to Satoshi's white paper all about Bitcoin.
Regardless of whether you understand how our current monetary system works, have understood it for a long time, or are just now realizing it, you cannot argue that your MONEY...
The thing you spend too much time working to "earn", "gain", "acquire", or save...
So you can stop having to work (hopefully sooner rather than later)
is held by (and so really controlled by) and manipulated by a centralized (controlled by few) entity (likely a bank).
Literally the bank takes a $10 deposit from you and turns it into $100 for lending. That's magic! It's also over leveraged risk in my humble opinion.
This is the part where I address reader A: person who thinks I'm attacking government backed money and monetary systems blindly and without cause. I'm gonna do it quick though...
Money is possibly one of the most important inventions of all time. The barter system sounds ideal but it doesn't work for a bunch of reasons. Consider this example as a big one...
I want to exchange personal training for food. I find a farmer who is willing to do that. They agree!
Now I get food which I need and the farmer gets fitness which she needs but... there's a problem. I need a car and equipment too.
While you might say "just trade services with a car maker and dumbbell dealer" because that sounds obvious, it's not possible because of that lovely thing called time. So even if I find all parties that want to trade services and/or goods with me specifically, none of us can really spread ourselves out that thin because eventually we're going to need clothing, heat, power, gas, shelter, etc, etc you see where I'm going with this...
In comes m-o-n-e-y MONEY yay! A medium of exchange we all decide is valuable. It works great.
Ok so now we know money is great. We need it and it has been the catalyst for many awesome things.
Problem...Money is controlled very centrally. Yes, the dollar is backed by the U.S. government and yes most accounts are FDIC insured BUT it is possible that if many people needed to get money from a bank at the same time there wouldn't be enough.
You know like a "run" on the banks as in the one that happened just 2 years ago in Greece. Or the one that happened in the 30s in the good'ol U.S.A.
I'm not gonna go all anarchist here and completely shit on the system. In fact I believe most of the time for me banks have worked well.
There's always room for improvement.
And in many ways I think Bitcoin offers improvments.
Some improvemnets I believe Bitcoin brings to the system
- Bitcoin offers lower transaction fees.
- Bitcoin offers decentralization (you hold your Bitcoin and transactions are verified by many and are logged)
- My exposure to bank failure and loss of value is limited when holding Bitcoin.
- Speed of transfering funds is faster (move value and use it immidiatly you don't have to wait for clearance or permission to send or recieve)
- You can have anonymity if you want.
- When you hold your Bitcoin in a wallet "offline" or in "cold" storage it can't be hacked/stolen...Unlike a bank holding your 1s and 0s
- There will only ever be 21 million Bitcoins created. It's basically inflation proof.
8. Bitcoin is revolutionizing how people think about the Internet...That's awesome! Smart contracts? Proof of work? Open source?
How did I get my Bitcoin?
There are many ways to get a bitcoin. I got mine through an exchange called Coin Base.
You simply open an account, attach a bank account, and/or a credit card and buy Bitcoin.
Coin Base has an app or you can use your comp to access their exchange. Coin Base is Legit!
There's your basics on the what, why, and how.
More about how to get your Bitcoin Fitness pumping to come!
Filed under: Bitcoin