There are quite a few reasons I am bullish on bitcoin. I will go over some of them here with the help of some of the high level people in the bitcoin world. But before I do that I have to say this about bitcoin...
For the first time in a very long time it is possible for someone on the bottom of societies totum pole to be able to get involved with something that is changing the world and bringing some of the power in the world back to the average person.
For way to long our western society has been living in a world were most people go to work at jobs they don't like and try to scrape out a living, maybe have some rrsp savings automatically taken off their paychecks to save for retirement. Aside from that investing in stocks can be a tricky thing for someone just getting into it and then the next best thing is owning a house and paying it off over 15 to 30 years...at least owning a house allows some appreciation in value that someone could then use to invest in other ways or even in purchasing a second home as a rental property.
The big point to it all is that the typical path of going from teenager hood to full time employment is usually get out of high school and into a half decent job or go to college or university for 2 to 8 years, rack up lots of school debt and hope to get a job out of it.
With all that said, there is absolutely no doubt that we need experts in finance, medical fields, engineering and many other areas, however once a person is off the school track it is a challenging thing for them to get back on once life has started to happen.
If someone goes from highschool to a job, and a few years later buys a house, gets married and has some kids the pressure to make money to pay for everything outways the pressure to go take more school to get a highly skilled (educated) job with excellent pay. Some people fall off the school path for things that just happen in life and some just don't have the guidance and support needed to complete it all. And for many people, if they are artistic, they school system likely doesn't help them.
I have some friends that are phd students and they are making out just fine...but it is definitely a long road for them to take. A bunch of my other friends have their own businesses and some have made a nice chunk of money doing it and some are financially independant and others still have to keep working on their business to make even more money to pay for things like their houses and cars and family life.
With all that said, the typical way to get ahead, or at least get ahead buy increasing your wealth instead of going into debt to get started in life has changed slightly with the advent of bitcoin...cause now anyone can download a bitcoin wall on their smart phone or pc and start using bitcoin and other currencies.
So how does bitcoin give a lot of power back to the average person? Let me tell you a story...
Essentially I got started in bitcoin cause a friend was into it and did some research about it and was very interested and excited. So when my friend started buying bitcion I simply downloaded a bitcoin wallet and handed him a Canadian $20 bill to get my first bitcoin from him.
Once we had some bitcoin, I bought another $100 Cdn from him and later even did some work for him and he paid me with another $100 in bitcoin. Then I talked to another friend about bitcoin and he sent me $100 and I sent him $100 in bitcoin.
Once that was all done, my friend wanted to get into miners. In case you don't know what miners are, essentially when someone sends bitcoin to someone their are computers that process the transaction and to keep it secure the transaction if verified by a bunch of computers before the transaction is considered complete. So the computers that process the transactions are called miners. Simply because they are paid in bitcoin for the transactions they process. So its kinda like mining in the ground to find gold, when the computers find the right transactions and put them together and confirm them the system rewards them with the fees paid for the transactions and the bitcoin network itself gives out bitcoins to the miners on top of that.
Here is where a lot of power is taken from the big guys and given to the little guy:
In our usual daily lives we spent money every where, at the grocery store, the gas station, bill payments, online purchases and to buy a cup of coffee. In everyone of these transactions companies are making money off of us all. Even using a debit card for all of these purchases results in the business taking the payment paying a fee to the bank to process the transactions. And in the case of credit cards, typically 2 to 3 % is going to the credit card company on top of the fact that consumers are likely to be paying interest on their credit card balances as well.
Then there is the case for cash, even when we pay a business in case they have to pay someone to count the cash and take it to the bank and there are of course bank fees when the business deposits the cash in the bank.
So all the money we are spending each day means the banks are getting a cut of it every single time, in one way or another.
Now with bitcoin, when I send money to another person the fee goes to the miners. Which means if I want to be a part of getting the fees we pay everyday all I have to do is start mining and I will have fees put into my pockets each day just like the banks do.
Then the next question is how to start mining and getting the fees!
There are two different ways to get in on the action. First you could mine by using your own computer or you can do it online.
Mining started years ago and many people were successfully mining with their home PC's and later on by utilizing GPU (graphic cards processing power). As time goes on the processing power needed to mine efficiently is leading to needing higher end computers to do the job.
Today there are many people using multiple graphics cars on their desktop computers to mine various crypto currencies and also people that have bought computers that are specifically designed to mine for bitcoin and other currencies.
The dedicated miners are in the range of $1500 usd to $2500 usd or more. So it has turned the mining industry into a bit more of a professional thing then a hobbiest thing...however their are still many people buying their own Antminers or Avalons and mining from home.
As the cost of mining hardware has increased, the demand for hardware has also increased as well, so now hard ware companies are pumping out products as fast as they can and they can not keep up with the demand.
The same friend of mine that I purchased my first bitcoin from actually went and bought 4 avalon 741 miners and an Antminer S9. And when I helped him sound proof a room for the avalons he paid me $100 in bitcoin.
Being as I was looking at these things in person I started to think that I wanted to get one, and the price tag was gonna be $2000 to get in on the action at that level... So I thought about it for a while and took a second look at cloud mining.
Where the average guy can get in on the action... starting at $2.20 usd (at the time of this post).
I did some research and found a mining company called Hashflare. (affiliate link). I had looked at cloud mining before but started to lean in the direction of actually purchasing hardware but after seeing how long the wait was to get hardware, the electrical upgrades required and the noise to deal with cloud mining was much more appealing. After all, the only thing I need to do is send a payment and then sit back and get paid.
So I decided to go with a test and purchase 400 MH/s for $60 USD on hashflare. I sent the payment in via BTC and in about 30 minutes it was confirmed and my mining contract was in place...so effectively I was mining for BTC...and also raking in the fees (instead of the bank).
The day after I purchased cloud mining I was making money. I received my first ever BTC mining payout in Dec. 2017 of approx. $0.88 usd from the $60 usd contract. A couple of days later I purchased another 320 MH/s for $70.20 usd (yes the price per hash increased, but thats alright).
Now I am mining at 0.72 TH/s which is about the equivalent of approximately 5% of an antimer S9. And considering the returns on an S9 after paying for hydro the ROI on cloud mining is pretty good, and then considering I don't have to get a special psu to run an S9 on 120 volts and I don't have to build a sound proof box or deal with the noise or the heat of the S9 I am extremely happy to be using cloud mining.
On top of all that, with HashFlare, the first package starts at $2.20 usd, so when i get a payout I can automatically reinvest the payout into more hash power on a daily basis (provided the payout is at least $2.20 usd). So the return I received on $60 is 1.4% in BTC. This can pretty much be reinvested daily and if all factors are the same, the return is 50% in one month. And the return in one year is $9535.38 usd*. These results are not guaranteed by the way. And the value of btc is definitely not guaranteed. This is all risky.
*Disclaimer: This does not take into account that some days the reinvestment will not equal the $2.20 usd per 10 GH/s and also that bitcoin difficulty level will vary and the fees paid to miners will vary, pool fees will vary, and the price of btc will vary. All of this BTC investing, mining, buying and selling is very risky and it could all go to nothing, nobody knows. I am not a financial advisor and you need to do your own research and consult with a financial advisor.
If things stay the same then the result would be thousands of dollars returned for a $60 usd investment, so I put in another $70 to give it a boost and see some results sooner.
So, in many ways anyone can get a bitcoin wallet, get some bitcoin and purchase a mining contract for $2.20 usd and start collecting fees. For anyone that is able to invest $2000 the daily return at these rates is about 1.4% so that means a payout of $28 per day. If you reinvest the payouts for one month the $2000 turns into approximately $3000. And if you are able to reinvest that amount for a year, the principle will turn into over approximately $300,000. Of course that is if everything stays the same (which it won't) and these results are not likely to happen.
So that is my case for why bitcoin will be a success...there is a lot of opportunity in it just on the mining side of things and the little guy gets an opportunity to play as well...so everyone could be playing the same game with the same rules.
If you want to take a look at the cloud mining HashFlare has available click here. It is an affiliate link which means I will receive some extra has power as a commission if you purchase through that link, which I will definitely appreciate.
If you have any questions please post them in the comments and I will respond asap!