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how to become a Bitcoin billionaire on today's episode. Today's episode is brought to you by ECM Rush started in 2008 with one mission to make online competition fair and transparent, with equal opportunities for all. To find out how SCM Rush can help you compete with the big boys. Go to serve no master dot com Backslash ECM rush today. Are you tired of dealing with your boss? Do you feel underpaid and underappreciated? If you want to make it online, fire your boss and start living your retirement dreams Now then you've come to the right place. Welcome to serve no master podcast where you learn how to open new revenue streams and make money while you sleep. Presented live from a tropical island in the South Pacific by best selling author Jonathan Green. Now here's your host. A few years ago, I wasn't conference and one of my friends and I have been friends for a long time was telling me how just he was killing it with Bitcoin. You made all this money and he put together the software that was an auto Bitcoin success software. Basically, you would tell it whenever Bitcoin gets this low by and whenever he gets this high. So and you said these two parameters so would automatically run and take care of your Bitcoin investments so you could move money in and out of Bitcoin all the time and take advantage of the fluctuating market Now, this was actually at the time Bitcoin was peeking in the value of a Bitcoin right then was around $1100. And in the year since, Bitcoin has been dropping and dropping and dropping at certain points. In the last year, Bitcoin was in the 5 to $600 range, so it would have been like taking every dollar and turning into 50 cents. No matter how good your strategy is, if you buy it $1100 Bitcoin never goes back to that price, you have no chance now. Yesterday, I talked in the previous episode, we talked in the webinar about Webinars and how you can say certain things to date when a lesson takes place and unfortunately I'm gonna do that now. But it's because we're talking about currency markets With the recent election, with the election of Donald Trump of the United States, the entire economic system has been changing over the last month. Where I live abroad, I can tell you right now my money is worth 5% more. Every dollar I have is now spending like a dollar five in the month since he was elected. That's a massive shift, an economic value. And I never talk about politics on this show, and I never will. I don't care about politics. What I care about, it's how things affect me. And I care that instead of getting 34 Thai baht to the dollar or 35 I'm getting more than 36. That's a huge bump. If you think about that, that's a one at a 33 change, more than 30% change when you move one bought difference, and I'm not talking about the exchange rates. If you exceed dot com, they show you the official exchange rates, but you'll never get that number. No matter where you go in the world, you can go to any bank, any exchange shop, and they give you a different number. They never give you that website number, So the number I'm talking about is when I actually have been withdrawing money from ATMs and when I've been moving money around. Just last night I bought a pair of slacks. I haven't bought a pair of pants and five or six years because where I live, it's too hot. But and for this conference, I need one pair of khakis just in case. And they showed me to prices. They offered me the price in dollars or the Tyson bought. And then the exchange rate they offered me was about 35. And I said, Well, I know that it's more than 36 right now, so I'm certainly not falling for that. I'm not gonna pay in dollars. I'd rather let my own bank give me the better exchange rate. Following that understanding, strange rates will allow you to spend your money more. But if you're not traveling abroad, one of the ways you can get into the foreign exchange game is by Understand? Bitcoin. Let me give you a real brief Simple. Over your Bitcoin is a currency that is created when certain mathematical formulas are met so you could actually become a Bitcoin miner. You could buy very expensive computer that does operations all the time, and when it completes a certain number of mathematical formulas. It generates a single Bitcoin. That's how Bitcoin farm works. That's how that whole system works. So computers often work in parallel work together, and they each earned part of a Bitcoin with Bitcoin first started, it was like a dollar to the Bitcoin. And now, with having to the election, Bitcoin is on the way up for the first time in a really long time. As of right now, Bitcoins are $770. If you bought your Bitcoins two months ago or even the day after the election, you would have seen a nice bump in your value. Very similar jump. So what's interesting to see that all currencies right now are being affected in the same way the dollar is getting stronger and it's affecting the value of everything. So the value Bitcoin has really gone up, which is very nice if you recently bought Bitcoin. Now I know this episode is called How to Become a Bitcoin billionaire and understanding how Bitcoin works is so critical. See the people who first made tons and tons of money with big. There's only a few people that made a ton of money with Bitcoin. There were people that got in very early when Quinn was a dollar $2 they bought a $1,000,000 worth of Bitcoins. That turns a $1,000,000 in the $770 million doesn't it? Those are the people that made huge amounts of money. Other than that, there was the guy who ran Silk Road, which was a dark Web Web site that let you buy and sell drugs and assassins. And he got caught trying to hire three different hitman. And so, when he was arrested, all of Hiss Bitcoins, his Bitcoin currency, was confiscated by the United States government's you know, the United States owns off a couple $100 million in Bitcoins. It's one of the reasons that even though United States that I will never admit this is a real currency, they're kind of stuck in this situation because they also possess a bunch of it. So they either have to say, Hey, we have $100 million we want to throw away we Actually, it's more than that. We actually have almost a $1,000,000,000 were thrown away. We don't want this $1,000,000,000 anymore or they have to try and sell a currency or something. So it's an interesting situation. Most people think of Bitcoin is Super Anonymous, which is a total lie. In order to anonymous your fund, you have to go through multiple steps. For example, the platform that I use and I'll post a link below. When I buy Bitcoins to sign up for the account, had to send in a copy of my passport, and I had to Whatever you buy stuff, used a credit card. Okay, so when you're buying the currency, there's no privacy. No. How could it possibly be privacy? If you're buying the currency with dollars and with your identity now, you can then take that money and anonymous. If you move it into a separate Bitcoin wallet whenever money is moved around by Bitcoin, it can't be traced. There's no traceability. So if I give you $5 in Bitcoin, no one can ever tell that was me that gave you $5 or that you received my $5. There's no way to see the connection between the two of us, so if you have multiple Bitcoin accounts and you move from one account to the second or third. That's when you start to get a little bit anonymous. We have to move it into an account that you've never used for the same computer. So if you use the same laptop from managing all three counts, guess what your I P is on all three. You're not anonymous anymore, the way they caught the Silk Road guy. Okay, this is someone who had made hundreds of millions of dollars having the eBay for drugs on a hidden website 15 years ago. He posted a question on a forum using the same email address, and it had an I p from a coffee shop. 15 years later, that one little post is how he got caught asking a simple question. Setting up something in the back end of a website. That's all it takes is one little glitch. So to be completely untraceable is nearly impossible. You have to use air gapped computers. You have to use multiple computers in multiple locations. You have to hide your I P. You have to do all of these really complicated technical steps. And if you ever log into the Internet without doing one of these steps, your Security's broken, so the obsession with security of Bitcoin is not something that I'm really caught up in. I'm not a big believer that because I think there are a lot of ways to trace you with your Bitcoin. And if the government really, really wants to find you, they will. So I understand the idea of having a bit of protection. I also understand the idea of having a currency. It's not tied to a nation. No one knows who invented Bitcoin and got frustrated, claimed he did. Turns out he probably did it because he couldn't prove that he did. There are some really amazing shifts, and block chains are becoming a really powerful thing. There's more than 50 cryptocurrencies now. There's like coins there steam coins, all these other currencies and people get really into them and you could make a lot of money. You have to be very mathematical. It has to be the whole thing you focus on which I'm not ah, big fan of because at the end of the day there will always be an element of gambling because of the currency drops. If the market drops out of the currency, for example, the United States federal government said, You know what Bitcoin is illegal in the United States, the currency market would drop out and your your Bitcoins are going back to work being worth a dollar. You'll lose more than 99% of the value of your money overnight, so there are single points of vulnerability whenever business has seen point of vulnerability. I'm not a big fan, but the way to use Bitcoin is when you want to hire people or when you want to do transactions, that you don't want to be super public, where you want to have a little bit private records or avoid things appearing on your taxes that some of the benefits the idea that you could become a Bitcoin billionaire these days is pretty much a fallacy. The only way to make money is to treat it as currency speculation. It's the same thing as for X. If you see it in the same way, that's an approach, and if you're very good at foreign exchange markets, you can do well. Some of the things you could do with Bitcoins the value of having Bitcoins and I need to move more and more into doing this is that you could move money from one bank to another internationally without paying any fees. It's a way to bypass currency exchange markets. I don't actually do this. I'm a friend who's an expert, always promising the teacher had to do it. How to move money from a foreign make account to a bank account in Asia without having to pay any of those fees and its wayto move your money around and take more control of your money. That's the area where you can become really successful with Bitcoin. So as I move forward and as I get my friend to teach me how to do that, I'll eventually share that through some block posts and step by step, showing how you could move your money the same way. That's a really valuable thing, and it can allow you to move money in certain ways. You can also get paid in Bitcoin, which is really non taxable. Unless someone is actively trying to find and go through all of your accounts and go through a laptop and everything. You do have a high level of anonymity, so understanding Bitcoin and having a really basic understanding and this is really, like the most basic way of explaining Bitcoin just to get you a little bit of a taste, you kind of understand the way this currency works. I'm not a big fan of jumping deep at first into this market because if you're trying to make profit purely from Bitcoin speculation, then it's all about luck. And yes, right, a time right now in Bitcoin is back on the way up. But if I'd gotten in with my friend tried to talk me into it, he was like $1100. They're gonna hit 2000 I'm sure of it starting about a week later and for the past three or four years, Bitcoins. But on the way down, Yes, there's a little bump right now, but the odds of Bitcoin going back up to $1000 are very slim and again, you're dealing with exchanges and you're dealing with people just guessing what they think it's worth. And as long as you're kind of end that type of game, it's very hard to be a winner. Adding Bitcoin to your business does allow you to do some pretty interesting things. There are a larger segment of people, especially younger people under the age of 30. There do most of their online shopping via Bitcoin. Now this is where the profit lies for people like you and me. If you're targeting people under the age of 30 many of them don't have credit cards. They don't feel comfortable doing credit cards online or any of those things. You sell your products and offer Bitcoin as a purchase option. 30 to 40% of the market that no one else is reaching opens up to you, and this is where you can make real money. You can get access to a customer base that your competitors won't touch because your competitors don't understand big when you can't buy on Amazon Bitcoin Yet now eventually, they may open it up. Some of the bigger companies out there have started opening up Bitcoin options. Now. I currently don't directly accept Bitcoin to my shopping cart, and that's because my shopping cart doesn't have the technology set up. Once they do, I will accept it as a currency because it's all the same to me. I have a little Bitcoin wallet. I have less than $20 in it I don't keep a lot of money and Bitcoin I keep it because sometimes we want to get paid for micro tasks. Some of the people that I hire for micro tasks would rather be paid into Bitcoin and a dollar in Bitcoin. It's something like 200.88 So whenever I send the money, it's such a small fraction of a Bitcoin. But it's how people like to do transactions in certain areas. And so it's one of ways you can pay people to do micro tasks. When you're looking at taking and accepting this new currency, you want to understand the complexity. There's basically Bitcoin exchanges where you store where you buy your Bitcoins, and then there's your wallet where your store, your Bitcoins. There are several different ways you can store your money. You can store the money inside of USB key. You can store it inside of your laptop or you can store on a remote server. Beyond that, I would love to explain it to more detail, but the science is a little bit beyond me. I have to admit to you, when we reached the edge of my knowledge, The danger of keeping all of your Bitcoin in an exchange is that a few years ago, in exchange got raided and no one knows how much money was stolen except for the victims. And even then, it's hard to tell because everything's anonymous. If someone's ableto hack in and break into an account because there's a vulnerability, there's nothing you can do. You can't prove your money was stolen because it's anonymous, so there's a profit and loss of benefit and a negative toe having your money store this way. Now, if you store your money in a USB key, the benefit is that you're protected from any type of hacking. No one. No one could breach that. However. Someone steals your USB key or if it gets wet, your money's gone. So there's a vulnerability. No matter how you store your money because it's not protected like a bank account, there's no FBI see insurance. There's no one to go to and say, Hey, my Bitcoin got stolen. None of that's riel. You don't have that option. That's the price of being anonymous, right? You want to be anonymous, so you're always anonymous, even if you want to get your money back. So when you're looking at Bitcoin, I do recommend if you're accepting Bitcoin, and I think it's a very smart move going forward. I think it's the one currency that more, more people like to spend using. It helps them feel like they're anonymous. Really. I think when people are spending money, Bitcoins just makes them feel cool and futuristic. And why not let people do that? Who cares? But I do recommend that you move your money out of Bitcoin once a week or every few days. I don't really recommend keeping like 80% of your currency and Bitcoin, I do think there's a lot of value diversification. Now you can convert Bitcoin into physical coins and you convert into gold quite easily. So there's something cool you can D'oh! Let's say you just have a killer month and you sell $10,000 worth of stuff At $4000. It was in Bitcoin. Now there's no record. Financially, there's no record in your bank account or anywhere else of that $4000. You don't want to leave in a Bitcoin because it's there's vulnerability. You can lose it in several different ways you have USB key, where have you have it stored? Right? Anything could happen. You could lose access to your money. You can directly spend Bitcoin and by gold, and now you have a physical thing. So what's interesting is you turn a very digital anonymous currency into a very physical, anonymous currency, and that's one of the ways you can really protect yourself. And I think there's something about it that's really cool. When you're doing that, you can have money received anonymously, and you can put it into a storage place. So if you're one of those people that's thinking about surviving it coming apocalypse or zombie apocalypse or protecting yourself, I have a lot of friends who store money and go. This is one of ways to do it so you can go from something totally f a moral and just numbers on the inner to something totally riel, which is a bar of gold in your fist. That's what's really cool, and that's what I recommend you start thinking about. If you're thinking about how to stay anonymous, E want to kind of protect yourself from currency markets. Gold always stay strong. I'm not into gold speculation, either. I don't do that. I know some people who do, and they're like, Oh, I made $100 in gold speculation of the last six months. Well, it's six months. Work for $100 is not very good. Are why there are plenty of people that teach precious metal speculation in foreign exchange speculation. All those things that's not something I'm personally into. It's very complicated to learn. You could certainly make a lot of money. Whatever I know lost a lot of money doing it. So you'll notice that I never recommend for ex courses. No matter. Even when I recommend other people's stuff. I never recommend for X because I don't understand it. And if I don't understand something that I don't do it, I don't feel comfortable talking to you about it. Anything I share with you is only something I've done an actual made money from. So I have used Bitcoins to make a little money in the past, and that's the techniques that I'm sharing with you. Currency speculation is something that I I'm not comfortable going into, because to me it's just gambling where you have to do lots and lots of math, but you still aren't told in control. I don't like having luck as an element of my business and gambling always includes. Luck is an element. I'm gonna post a couple of links below this episode in the show notes and into ways you could integrate accepting Bitcoin payments into your business and that will allow you to open up your market to people that no one else is reaching. There are also some Bitcoin exchanges that can show you all of the different Bitcoins in their current value. So there's right now exchange. I check out or the tracking side and look at shows you the top 50 cryptocurrencies and you could be someone who hops from currency to currency as well. You could move from this going to that coin to this, going to that coin and make money that way. Going through all these different exchanges. It's not something that really excites me. It makes me nervous because all these other coins I don't really know anything about I only know about Bitcoins like coins and steam. Those are the three currencies I'm pretty familiar with, and even then I wouldn't feel comfortable jumping into speculation simply because the one time someone tried to talk me into it, the money's lost 40% of its value since then. So accept Bitcoin open yourself up to a Newman market, Maur more millennials. And now that I know that I'm a millennial now that I found that out recently, I feel very comfortable advocating and speaking on the behalf of the rest of my generation of millennials. Everyone else's. The millennial is younger than me, so I'm the leader of my generation, it turns out. And if you want to get access to those 20 somethings, access to those parts of the economy accepting Bitcoins were really open something up, especially because many people they bought Bitcoins when they're worth a lot more so they don't want to move it back $2. So they have Bitcoins sitting frozen in their account, and there are a lot of really cool things you could do in the Bitcoin market, and I really recommend that you take the time to look at those opportunities. I think setting up accepting Bitcoin as payment option will really make some cool things happen, even if you don't feel ready to accept it as direct with your shopping cart, you can simply say email me. If you want to pay via Bitcoin, you can have them. D'oh! Point to point purchased via Bitcoin and then you give him access to manually. And now that I say that, I realize I probably have to set up the same option on my website. I'm actually gonna email my service provider and see when we can start accepting Bitcoins and mentioned to a few weeks ago. So it is a feature that I'm eventually gonna be accepting. It's just a matter of setting up the technology. As you know, I'm always setting up in updating technology and try to make things better and better and better for your experience. So do expect. And maybe by the time you hear this episode, I'll be able to finally accept Bitcoin really easily. Just Aziz legs. Accept credit cards, think about ways you can use technology to grow your business. Whenever you see something new, enter the market whether it's a new social media platform, a new wave money moving around any of these things, you always want to think How can I profit from this rather than the most obvious things of currency speculation. Simply accepting the currency opens up a new direction. That's thinking to living outside the box because so few people accept the currency still very, very view. Few people accept Bitcoin and part of it. The reason a lot of big corporations don't do it is because they're afraid of storing a huge amount of money and Bitcoin in case Bitcoin gets declared illegal or debts declared. You're not allowed to own it in the 19. I think forties or thirties, definitely the first half of the 20th century. The night it's federal government said it was illegal for people to own gold. Most people used to have their savings in gold and precious metals, and it became illegal. So I don't think the federal government's never done it before. They, they've done it before. They took away everyone's money. That's when they switched dollars and made it a floating currency. See, the value of the dollar on Lee comes from how much trust people have in the federal government. So whoever becomes president, whatever decisions the federal government make those change the value of your money. That's why the dollar's going up and down. The dollar used to be tied to a certain amount of gold $1 worth this much gold and was a fixed value that's gone. In fact, the dollars lost about 98% of its value. Since then, the price of gold has gone up. The Valley of the Dolls got way, way down. It's called Floating the Currency. What can you do? It's what the government makes, and that's what they did. And so, as much as I understand totally believing in dollars, the dollar can crash, too. I've been in situations, and this happened. Two Australians and Australian dollars lost about 20% of its value in the last few years, so they watched a lot of their money disappear. It can happen with federal currencies when they're tied to the wrong thing. The reason Australia suffering is because their dollar, their money is actually tied to oil and some other natural resource is the price of oil is gone down between the value of Australian dollars going down what it's tied to because most of their international money comes from their natural resource. The same thing for Canada. So yeah, I only understand a little bit about currencies, but I do understand a little bit. I know a little. I think so. Justus, much as the Bitcoin value is very fluid, the dollars, the exact same thing. So it's still speculation. Keeping all of your money in dollars is still a form of speculation. And whether you keep your money in dollars or Bitcoin is simply and what do I have more faith in my government or this anonymous money currency that no one knows who made it because shrouded in mystery, those are two ways to look at it, and that's really what it's all about. So I think there's a value in storing some of running different currencies. If you want to see if you're ready, can go up. Yeah, keeping something Bitcoins worth that I would never do more than 10% of what you got coming in. But if you want money that won't go down, gold's really good way to do it. Gold might not double in value, but it will stand the test of time so it depends what you're preparing for, what you want to be ready for sea. If you have all your money in Bitcoin and a massive MP goes off in Internet collapses. Well, that money's worthless, but you have gold. It's still the value the gold will go up in that situation. If you don't feel ready for gold, you can also get into the Silver Game or some other precious metals. These are things that again I'm not really big into. It's not really what I do with my money, but I just want to give you a little bit of feel for Bitcoin and how you can bring Bitcoin into your business. What I do recommend is accepting Bitcoin right now as a payment, and I'll share some links with you below this episode for ways you can accept payment and wasting, get into the Bitcoin game to at least let people pay you that way. If that's the preferred payment method, why not? That's really valuable. And that's the real secret to becoming a Bitcoin billionaire. Thank you for listening to this week's episode of Serve No Master. Make sure you subscribe, so you never miss another episode. We'll be back tomorrow with more tips and tactics on how to escape that rat race. Head over to serve no master dot com forward slash podcasts Now for your chance to win a free copy of Jonathan's bestseller Serve No master. All you have to do is leave a five star review of this podcast. See you tomorrow. Thank you for listening. To serve no master podcast, head over to serve no master dot com back slash podcasts right now to find out how you can win a free copy of my brand new book.