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Steph Wynne is an entrepreneur, writer, author, filmmaker, teacher and resides in Los Angeles

All photos via my Canva subscription

Self-Edu10X 

Special Report!

Bitcoin Digital Currency Explained!

Get out of bed and off the couch! 
It's time to Live or die in your mind!

By Steph Wynne

I have some good news and some bad news.

The good news is that there are plenty of jobs in the cryptocurrency world. 

The bad news is most people don't know about cryptocurrency. 

You don't realize it, but in the next few minutes, you're going to learn about cryptocurrency and in particular bitcoin. 

Here's a fact for you, most people think bitcoin is an actual coin. There is a "bitcoin" but it's for novelty only ask Mike Caldwell.

Would it be ok if I drop a little intel on you?

Since September 2020 I've been telling folks to drop just $100 on some bitcoin and a few folks did. If they did they would have earned a few thousand dollars.

So what is bitcoin? 

It's a digital currency. It's not paper, silver, or gold it's a private string of numbers like an account number that you can use on the internet.

Bitcoin has been around since 2009 officially, but lately has caused a frenzy! 

Bitcoin is considered digital money and has the same properties as physical dollar bills. Meaning you can buy stuff if they take bitcoin.

When I first invested in bitcoin it was about 10k per coin. 

But let me confess something, I thought bitcoin was a "coin" because of all the gold bitcoins everywhere.

Even though I had an ebook about bitcoin I never researched bitcoin.

I was going by the hype and personal experience.

But now after researching bitcoin for a book I'm writing I've found out more.

Have you noticed all the hoorah around bitcoin?

Let me explain why I think it's part hype.

Below is a pie chart I put together to help you understand bitcoin.


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Previous Whitepapers

Who Controls Your Money?

Whitepaper 4/13/21

Is bitcoin hype? Do you even know what bitcoin is?

The 4 quads of bitcoin is what I call my pie chart.

1) bitcoin the digital currency

Bitcoin is not owned by a company or anyone. 

Bitcoin is not a bank, middleman or 3rd party processor.

Bitcoin boasts transparency and lets everyone see the transactions (think about your bank statement but with bitcoin you don't get one). There are fees depending on how you buy, sell, and trade bitcoin.

Bitcoin allows you to instantly send money to anybody in the world provided they have an internet connection or cell phone and the bitcoin app.

Bitcoin hopes to one day be like cash so when you walk up to the counter the clerk will ask "will that be cash, visa or bitcoin?"

Bitcoin is the first cryptocurrency which is basically money for the internet....now there are many cryptocurrencies.


2) bitcoin investing

Bitcoin investing is the frenzy you are hearing or reading about. 

If you hear a news reporter or someone talking about bitcoin they are talking about investing in bitcoin not if you can buy cigarettes with bitcoin. 

The bitcoin investment tide is rising daily. As of this white paper 4/13/21 it's 63k a bitcoin.

It sounds like a lot and it is. But if you realize that if you can only get a piece that's better than nothing.

If the frenzy continues you will make money! (bitcoin you can exchange for dollars and then buy something in the real world that's what I do).

I still tell people to invest as little a $100 because if the value goes up to six digits and you buy in at five digits you will make money.

I call bitcoin hype on some level because if they can get investors like Elon Musk and others to invest into bitcoin and the average person doesn't know what bitcoin is, when the bitcoin digital currency option pops up when you want to buy a big mac you will know the hype has won.

Go for it!

Invest in bitcoin you might as well because the banks ain't giving you nothing.

I invested $100 in bitcoin and $50 in Ethereum in September 2020. In February 2021 my account was as high as 1,850. 

Since I'm not a gambler, when my bitcoin dropped to 1,635 I converted $635 into dollar bills and left 1,000. I took the dollars and bought camera equipment in the real world.

I'm not a gambler so I'm not letting anything ride.

It's now April 13th and I take out an average of $200-$250 a week while staying steady at $1,000 bitcoin.

As I convert the bitcoin into dollars the taxman will look for me sooner or later.


snapshot of my February coinbase account - I know it's not much

3) bitcoin blockchain

This is where bitcoin gets interesting and confusing for people.

The blockchain is the road that bitcoin rides on. 

Every investment and everything bought with bitcoin digital currency is stored on the blockchain road.

The blockchain road is wide open for everyone one to see. 

If you were to go inside of the blockchain alley you would see zillions of numbers which are the actual bitcoin purchases and investments since bitcoin's inception.

This is what's supposed to make bitcoin valuable. These numbers are like account numbers. The only difference is if you lose these account numbers there is no one to help you.

The blockchain is basically a ledger of every transaction. Meaning every time you fill up your bitcoin car the receipt stays on the blockchain.

This is a simple analogy and is actually much more complex.

In the end bitcoin is a mathematical equation because it consist of numbers. Just like your debit or credit card, but without the middleman.


4) bitcoin miners

The 4th and probably the most important part of bitcoin are the miners. 

Think of the goldrush miners. They got their pans and picks and was digging for gold.

These new miners are digging for bitcoin with their monster computers.

Huh?

Actually, the vocabulary with bitcoin doesn't fit so it's confusing.

Anyway, these miners are what keep the blockchain going. These miners are the gas stations on the blockchain road. They make sure that all the bitcoin cars on the blockchain are correct. They verify that they can ride on the blockchain highway.

When the miners verify that the transactions are good they are awarded bitcoin and other trinkets. 

This is all digital.

So when the miners create the bitcoins by verifying transactions more bitcoins go into circulation.

Huh?

No worries what a blockchain is as soon enough you will be affected and won't even know it.

This was just a summary of our new digital age that isn't going anywhere!

Don't get left behind!

-Steph


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