Put a top in the cryptocurrency market; just bought $250 worth of ETH. View it as cost of education to learn more about actually owning it.
— Justin Castelli (@jus10castelli) June 19, 2017
Updated on December 9th, 2017–new additions represented by *.
I remember first hearing about Bitcoin a few years ago–it was the infamous days of people beginning to use Bitcoin to buy trivial things like pizza. At the time, I was busy planning the start of RL Wealth Management and didn’t have the time to really look into it, and to be honest, I didn’t really have the interest. But, as Bitcoin and Blockchain continued to show up in my social media and blog feeds, I became more interested, and I decided to start learning more about this new phenomenon. It didn’t take long before Bitcoin, and more so Blockchain, had my attention. It took some time before I began to understand the opportunities held within this new way to conduct business. I’m still not sold it will work the way the cryptocurrency enthusiasts suggest, but I think there is a chance–it’s certainly worth paying attention.
I’ve had an outline for this post in WordPress for over a month now, but I’ve been holding out for a few reasons.
- First, I didn’t want it to appear as if I was writing another Bitcoin/Blockchain/cryptocurrency post in response to the recent excitement around Bitcoin. I’ve been researching the currency and underlying technology for almost a year now.
- Second, it has taken me almost a year to become comfortable discussing what I’ve learned–I’m a tech guy, but more along the lines of using tech, not writing code or creating programs; needless to say it’s been a steep learning curve for me, and I have so much more to learn. I’ve just scraped the surface of what there is to learn–better yet, I’ve just entered the Blockchain/cryptocurrency rabbit hole.
- Finally, I didn’t want my post to come across as an endorsement for readers to go out and invest in something they do not understand. Disclaimer: This post is not a recommendation for investing in cryptocurrencies. Consult your financial advisor.
So, instead of listing reasons why you should or should not invest in Bitcoin and other cryptocurrencies, I’ve decided to provide some resources for you to decide for yourself.
To get started check these out:
- It may not make sense at first, but for historical purposes, begin with the Whitepaper that started it all, at least for Bitcoin. Don’t worry if you finish reading it and have no idea what you just read–that’s why I have the additional resources. Satoshi Nakamoto: Bitcoin- A Peer-to Peer Electronic Cash System
- After you’ve finished Satoshi’s Whitepaper, listen to this Tim Ferris Podcast with Nick Szabo
- And then watch this video (shoutout to Josh Brown for putting this on my radar):
Ok, you should now have a basic understanding of cryptocurrency and the underlying Blockchain technology. You should also have an idea if you care to continue deeper into the rabbit hole. For those wanting to continue, here are some other resources I’ve found to be helpful. I’ll provide updates as I find more–I’ll do this in new posts so you don’t have to keep checking back to this post.
These are listed in no particular order, but I have grouped them by their source type:
Articles & Blog posts:
Beginners Guide to Investing in Digital Currency by John Westbrook (You’ll have to Google this one on your own. The author moved it offline, and you have to email to request to purchase it. I personally did this and did not have any issues, but I am not comfortable linking you to a website that isn’t Amazon for purchases.)
The Unchained Podcast I’ve enjoyed all of the episodes I’ve listened to on this podcast, but start with the episode contained in this link.
Pete The Planner Show: Episode 210 Cryptocurrency* (there is both a video and podcast version).
In no way is this list meant to be the end of your research. I’ll keep sharing the good sources I come across, so stay tuned…
Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.