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Hi!

In today’s lesson, we’re talking cryptocurrency and how entrepreneurs can use it.

Cryptocurrency like Bitcoins are digital currency that can be “mined” and collected like fiat money.

According to Bloomburg, as high as 80% of all transactions on Bitcoin trading exchanges consist of bots.

These are automated, computer-driven programs that buy and sell cryptocurrencies for their human designers.

And here’s a fact: human traders just can’t outperform the bots.

Trading is where 90% of us lose our money.

So what’s the answer? Buy and HODL.

No, that’s not a typo (although it may have started as a mis-typing of the word “hold”).

It stands for Hold On for Dear Life and it means you should purchase and not sell, no matter what’s going on in the market around you.

Let’s look at an example from Think Maverick:

If you had invested $1,000 in Amazon ten years ago, you’d have around $20,000 today!

If you’d invested the same amount in Microsoft, you’d have around $8,000!

If you’d invested the same amount in Netflix, you’d have around $100,000!

If you’d invested the same amount in Apple, you’d have around $9,000!

But if you’d invested the same $1,000 in Bitcoin, today you’d have around $1,000,000,000!

(That’s 185,185 Bitcoins times $9,800 per Bitcoin)

“Bitcoin has been the best performing asset over the past decade,” says Jenny Tan of Think Maverick, “blowing away stocks, startup, bonds, gold, silver, and any other precious metal or commodity.”

And although we’re still at the early stages of cryptocurrency, many people (including investors, merchants, and financial institutions) are demanding Bitcoin.

Andreas Antonopoulos, a Bitcoin expert, once said, “Bitcoin won’t necessarily be the shopping coin. It won’t necessarily be the day-to-day transaction coin. It will be the coin you invest for your retirement.”

So buy Bitcoin and store it safely in your online wallet.

Do nothing for decades, then access it to find it’s worth millions.

However, HODL-ing isn’t as easy as it sounds.

Always do your research before you invest in any cryptocurrency.

There are lots of scammers out there on the internet.

As with any investment, educate yourself before you spend your hard-earned dollars.

In our next lesson, we’ll talk about Microtasks for Bitcoin.