Bill Michelon is a savvy internet marketer and business consultant. He has an impressive track record helping business owners and entrepreneurs learn how to leverage the internet to market their personal brand name and reach customers.
Lately, he’s taken an interest to cryptocurrency trading and investing. With so much to offer, cryptocurrencies are positioned to disrupt the traditional banking system in the near future. We had a chance to sit down with Bill recently. Here are some of his fascinating thoughts on the cryptocurrency and what it has to offer.
What is cryptocurrency?
Cryptocurrencies are alternatives to national currencies that are owned by central banks. Unlike traditional currencies, such as dollars, Euros and the Yuan, cryptocurrencies are generated using specialized encrypted programs. Those who purchase a cryptocurrency store their cash online and can use it to purchase goods and services from anyone who accepts the cryptocurrency in question.
How did you get involved with cryptocurrencies?
I have always believed that it’s important to never get sucked into complacency. I have always had a hunger to learn new things and grow in new ways. That is why I remain a highly successful internet businessman in spite of the fact that there are many people entering the space every day.
I truly believe that creativity and learning should not be limited to a single field. Cryptocurrencies have fascinated me for some time and I started learning all I can about them. The more I learn, the more I am amazed by their benefits and the potential solutions they can provide.
What kind of solutions do you see coins providing?
Cryptocurrencies such as Bitcoin and Ethereum are already providing a number of solutions to longstanding problems. Bitcoin is particularly effective in helping individuals transfer money from one country to another in a timely yet secure manner. Bitcoin transfers, unlike bank transfer and Money Orders, don’t require those transferring money to pay a fee. What is more, you can transfer money via Bitcoin at any time of the day or night, 365 days a year. The markets never close. It’s a 24/7 system controlled from person to person – or P2P as we say.
Cryptocurrencies also protect buyers from having their financial information misused by hackers or unethical businesses. All financial information is private, which means that hackers cannot access your personal data. This protects not only consumers, but also businesses that may be vulnerable to a cyberattack.
Nothing is foolproof however. There are scammers out there that will try and phish for your information. The same tricks still hold true so you have to keep your wits about you as always.
Will cryptocurrencies change traditional banking?
Cryptocurrencies are already changing traditional banking and will continue to do so in even more drastic ways in the near future. Banks are controlled by numerous legal regulations in any given country; cryptocurrencies, on the other hand, are not controlled by anyone. People who appreciate privacy and financial freedom will continue to flee the banking system in favor of an anonymous, yet highly effective, currency system.
Banks are still dominant in fields such as providing loans and offering credit; however, it is important to note that cryptocurrency markets are just getting started. I predict that cryptocurrencies will, in the future, offer new, innovative services that would be in direct competition with those provided by the banking system.
What’s the best way to learn about the crypto market?
I would suggest starting with a single crypto currency and learning all you can about it. Bitcoin is perhaps the best one to start with as it is the most common crypto currency in the world today.
How you learn about a crypto currency is up to you. Some people absorb information best from books, others from podcasts and other audio files and still others from video. Choose a learning medium that works best for you and go with it.
Should people start investing in cryptocurrencies? If so, what’s the best way to start?
Investing in crypto currencies can be extremely profitable. Both Bitcoin and Ethereum have risen in value since the beginning of the year. However, I would caution investors to be cautious as the crypto currency market has not totally stabilized. Investing in cryptocurrencies is a great idea but don’t put all your eggs in one basket.
I recommend that first time buyers buy the cryptocurrency of their choice using either Coinbase or Gemini. Both services are easy to use, offer various payment options and allow you to buy as much or as little of any currency as you would like. There is a small fee involved in the purchase but the fast, effective, secure service is well worth the small extra cost.