What are the dollars in your pocket? It’s paper that the government prints. This paper is called fiat currency, and this fiat currency is money that the government decides to be legal tender for us to pay for things, but it’s not backed up by any physical commodity these days.
America got off the gold standard with Nixon back in 1971, back when I was busy spending all my quarters in the bowling alley playing Asteroids. Government-issued money is not fixed in value by any objective standard unless you want to say the US dollar is the standard.
The dollars in your pocket are worth less today than they were 5 years ago, and 5 years ago they were worth less than 10 years ago. Time erodes the purchasing power that the paper in your pocket has.
In the last few years, digital currency has become a thing known as cryptocurrency. It’s a new way to exchange value. It’s bank-less banking, much like how Email disrupted the post office and broke the value chain of the post office by not needing a stamp to send a letter, Cryptocurrency gives you the ability to send money without using a bank. That’s disruptive to the banks.
Cryptocurrency is getting rid of the middle man and giving you more control of your money.
I always tell you to control your finances. Cryptocurrency can also be used as a hedge against the inflation of the dollar. This chart highlights the insane growth of a crypto currency in just the last year:
Don’t chase trends, though, but understand what’s in play and keep an eye on technology.
When it comes to selling, I want to transact with as many people as I can. That’s why I accept Bitcoin as a method of payment at my website, and why I might have Ethereum in the future as the world gets onto cryptocurrency.
I’ve always tried to be innovative and stay ahead of new technologies. Cryptocurrency is another form of money that can help me generate revenue. As a bitcoin merchant, I want to make the payment experience easy for all people, so if you don’t have fiat currency, that’s not going to stop you and me from doing business together.
It is exciting to have alternative payment options besides the dollar, so I’ve officially gone crypto.
I did a speaking engagement last year and got paid in Bitcoin. That’s when it was worth $700/coin… now it’s worth $2,400/coin… You do the math.
I accept Bitcoin now on my store PLUS you can use the code VERIFIED to get 20% OFF today at the store. Make sure to enter the code at checkout.