It’s not exactly like the wild west right now with crypto, but we’re at the beginning of the digital currency revolution. Yes, digital currency is going to be a big deal! How soon and how big is yet to be determined. How much government regulation helps or hinders is another factor. One thing is certain, it’s not going away. Play around with it and get used to using it now and you’ll be ahead of the game.
I wrote post a while back about Crypto Currency to describe what digital currency is and does. There have been a lot of ups and downs since I wrote that article. However, Bitcoin remands the standard and is kind of used in a generic sense, like Xerox is used to mean “make a copy” in as much as it’s also a brand. Altcoins are digital currency other than Bitcoin, such as Zeitcoin which I’m holding and will tell you why a little later in this post. As of the date of this posting, Bitcoin is trading at $315 per coin, it’s been as high as $1200. Crypto coins are traded and paid using fractions of a coin, and can be divided down to 8 decimal places. This is called a Satoshi (0.00000001) when it’s a fraction of a Bitcoin.
What happened in Crypto in 2014?
- Some people made a lot of money with Bitcoin and Altcoins.
- Some people lost a lot of money with Bitcoin and Altcoins.
- Some exchanges (websites where you to buy, sell, trade crypto) went under and customers were ripped off (Mintpal & Coinex come to mind)… I lost a LOT of Zeit at Coinex!
- There was a Bitcoin Bowl Football Game!
- More and More people, organizations, and companies are using and accepting Bitcoin and Altcoins for goods and services.
- More and More people are becoming aware of Crypto Currency – but it is still at it’s infancy!
- So why aren’t you using it or accepting it?
How Do I Accept Bitcoin and Altcoin Payments?
It’s very easy now. As easy in fact as putting a Paypal button on your website. Simply go to CoinPayments.Net and setup an account.
- Select which coins you’d like to accept,
- fill in the form for creating a button,
- paste the code on your website/page and you’re done!
I’ve added the CoinPayments.Net form to my Donation Page… try it out!
What about Zeitcoin for 2015?
Zeit coin started out as a lot of Altcoins start out… a group of people decide to start an altcoin, either based on an organization or cause that they’re part of, or, in this case want to “ride” the excitement of a group, organization or crowd. In this case, the Zeitgeist Movement. I’m not a part of that movement, nor do I embrace what they stand for – some parts seem OK, others I disagree with – I’ve not really studied the movement, just the coin! The original developers of the coin failed in getting support from the movement, however, this particular coin garnered a supportive community. For a while the community faltered after attempts to attach itself to the Zeitgeist movement failed, but a group of dedicated supporters and a new group of developers have kept the coin going.
- They’re not in this coin for a quick buck, they’re in this for the long haul.
- Zeit has a group of dedicated supporters and new developers.
- They have plans for helping others, not just making money.
- I’ve seen Zeit Coin listed on other recommended lists to buy and hold as well, so it’s not just me recommending it.
Zeit coin is not a quick, make money overnight scheme. This is something you hold for 6 months to 5 years! I’ve been sold on Zeit since it’s inception due to it’s community support. In fact, I mined it during the launch and for a little while afterwards, but I don’t have a decent mining rig so I stopped mining.
So how does one go about buying Zeit? As with any Crypto Coin, they’re traded, mined, or bought (see my previous article on it linked in at top of this post). Not all exchanges trade all coins, so you have to select an exchange that has what you want. I recommend Cryptsy as of this blog posting. If you verify your account, you can send them US Dollars and then purchase coins. Zeitcoin started out as a POW coin but is now a POS so it can no longer be mined (see my previous post on What Crypto Currency is to understand what I mean).
After you purchase the coins you can leave them at the exchange (very bad idea), or, download them to your digital wallet (very good idea). Each coin has it’s own digital wallet. Download it from the coin’s website and install it. Then you can initiate a transfer from the exchange to your wallet. Backup your wallet and store the backup somewhere safe. Image how you’d feel if you purchased a couple hundred dollars worth of an Altcoin such as Zeit (currently this would be millions of coins) and a year later found it was now over a dollar a coin? You’d be a multi-millionaire… but only if you could still access the digital coins in your digital wallet! This has happened with Bitcoin and people lost millions because they no longer had the hard drive with their wallet, or, they lost the passwords, etc.
Until next time,
Fred
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