By Neenah Payne
The August 2020 video You Might Have Missed it, but Blockchain is Now Mainstream warns that while bitcoin and the blockchain on which bitcoin runs may still be off the radar for many Americans, they have quietly gone mainstream. It discusses the Fourth Industrial Revolution based on the blockchain and cryptocurrencies. It explains why it’s time to take central banks’ digital currencies seriously now. It says that 15% of Americans now own cryptos – and half of those bought in the first six months of 2020.
Dr. Garrick Hileman warns in The Coming US Digital Dollar (Part 1): What it is, and Why it Matters that the replacement of the US dollar by a centralized digital dollar is now inevitable and imminent – possibly as early as January 1, 2021. Americans who are not prepared for this shift may be left in a precarious position. Yet, many Americans still don’t know that the dollar is in danger. Many Americans are still invested in the stock market – not realizing that no matter how much money they make there, it’s still all in petrodollars that could be replaced in a matter of months.
Digital Dollar | Cashless Society | WHAT YOU NEED TO KNOW says a digital dollar is inevitable. The video explains that 92% of our currency is already digital through our use of credit cards and apps. It recommends diversifying your net worth by adding bitcoin and holding some physical gold and silver.
Government Digital Currency: Why You Should Be TERRIFIED! explains that once the US digital dollar is introduced, it may no longer be possible to protect your savings. So, the time to consider adding bitcoin and other cryptocurrencies is now – before the end of this year.
The Fidelity PDF BITCOIN INVESTMENT THESIS BITCOIN’S ROLE AS AN ALTERNATIVE INVESTMENT shows that one of the world’s biggest investment firms just greenlighted bitcoin for institutional and retail investors. The October 2020 report says it is now inevitable that retail investors will jump into bitcoin. It says, “In a world where benchmark interest rates globally are near, at, or below zero, the opportunity cost of not allocating to bitcoin is higher.”
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The Dangerous War THEY ARE HIDING From You | Lines Are drawn links to the free online course on October 22: Survive And Prosper Through The Economic Downturn and Economic Power Grab. Mark Moss says the course will show you how to protect yourself through these tumultuous times. He says: “Your actions in the coming months could determine which side of the FINAL wealth transfer you will be on.”
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Inflation is class war. And it’s not just between two classes, those who depend on wages/earned income and those reaping the trillions in unearned income and wealth. There are warring classes fractured by age, demographics, political loyalties, and issues of who’s hoarding what. Those who don’t see the battle lines being drawn will be surprised by the acceleration of the unraveling and those not preparing right now won’t have many choices or options as it all comes crashing down.
Fourth Monetary Shock: End of Physical Currency
The War On Cash Is Over – Do This Now is a July 2020 video that discusses the financial shocks in 1907, 1933, and 1971 when President Richard Nixon severed the dollar from gold. Are You Prepared For Imminent US Digital Dollar? points out that since the establishment of the Federal Reserve in 1913, the value of US dollar has declined so much that it is worth almost nothing now.
When President Richard Nixon severed the dollar’s final link to gold in 1971 explains that Nixon’s decoupling of the dollar from gold in 1971 had major consequences that will shock most Americans. 1971: The Year That Changed Everything links to the informative site WTF Happened In 1971?.
Mark Moss warns that the Fourth Monetary Shock – the end of physical currency – is imminent and could devastate people who have not prepared and diversified.
Death of the US Dollar
This Timeline Shows The Death Of The US Dollar As World Reserve is a 2013 video presentation by Mike Maloney who warns,
We are entering a period of financial crisis that is the greatest the world has ever known. The wealth transfer that will take place in this decade is the greatest wealth transfer in history. On the opposite side of every crisis, there is an opportunity.
Maloney discusses the risk of holding the dollar now as the world is increasingly abandoning it. He says the collapse of the dollar is going to be devastating for most people, but “All you have to do to turn this greatest crisis in the history of mankind into your greatest opportunity is to educate yourself.”
Ron Paul and others have proposed a return to the gold standard to restore a sound US dollar. However, the video interview at the bottom of the WTF Happened In 1971? site explains why gold might no longer be the best choice for a sound currency. The interview is with Ben and Collin Prentice who created the site. These savvy Millennials are advocates of bitcoin which they believe solves many of society’s problems. Ben says that, contrary to what boomers believe, gold has failed as a currency because a politician like Nixon could decouple it from our money supply at the stroke of a pen — and one politician destroyed the world’s economic system. So, they believe that bitcoin may be the only chance for sound money because it cannot be controlled by anyone and turned into a fiat concurrency.
Maloney is not in favor of a gold standard. He advocates a sort of digital gold. Interestingly, bitcoin has been referred to as “digital gold”. Many wise investors have diversified their portfolio with gold. However, since the introduction of bitcoin in 2009, even more savvy people have also hedged their bets by getting into cryptocurrencies. The chart below shows that was a profitable choice. As gold rose about 30% from March to August this year, bitcoin soared about 130%.
Imminent Currency Regime Change
In Lynette Zang – Signs of Past Currency Regime Change Are Repeating Today, Zang (Chief Market Analysts at ITM Trading) warns that the coming shift is more fundamental than a stock market crash.
It is a monetary regime change that will catch many Americans by surprise. She recommends holding physical gold and silver. Zang warns “If you don’t have gold and silver, what on Earth are you going to convert into the new currency?”
However, while gold can be a great store of value, it can be difficult to store safely. Gold is also difficult to carry (especially across borders) or to use in making purchases. If it is cashed out into a digital dollar, your transactions will be subject to surveillance. Fortunately, gold can be converted to bitcoin.
The 2018 documentary How cash is becoming a thing of the past foresaw this coming shift. It shows that much of Europe has already shifted to a near cashless society – especially among younger generations who pay with their credit cards or mobile apps. The documentary explains that India was forced to go digital overnight in late 2016 as the government removed about 85% of its bank notes! Without notice, the Prime Minister suddenly announced a program called Digital India.
The video explains that the Better Than Cash Alliance operates under the umbrella of the United Nations and works closely with international organizations. The alliance wants to see people around the world living in cashless societies. It collaborates with credit card companies, corporations like the Gap, and with organizations like the Bill & Melinda Gates Foundation.
The video explores concerns about the growing surveillance, loss of privacy, and how data collected by online payment systems is used. It shows that people who use PayPal, for example, must agree for their data to be used by for advertising purposes. The list of third parties to whom PayPal’s data can be given is over 40 pages and includes big data collection companies like Google and Facebook whose goal is personalized marketing. Payment data combined with search and location data can be used to create a comprehensive profile of a person’s interests, beliefs, and activities. The video explains that China is using this kind of data to create a Social Credit Score for each person which facilitates total government control of every individual. PayPal also can terminate access to their service at any time and for any reason, as Activist Post and other independent media outlets were subjected to recently. Funds can also be frozen by PayPal up to 180 days.
Paypal terminated our account last week. No reason given.
Paypal also terminated @UnleashMind and their site is offline.
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So, aside from any potential for financial profit, Bitcoin offers a censorship-resistant method of peer-to-peer exchange that is going to become essential as centralized systems choose who can and cannot participate in the economy.
China Has Gone Fully Digital – No Cash
New Money: The Greatest Wealth Creation Event in History (2019) – Full Documentary discusses the radical transformation of China in the last 30 years. It shows Pudong, Shanghai’s Financial District, in the late 1980s when there were almost no buildings above a couple of stories and Pudong today which resembles Manhattan. The video explains that no one in China uses cash today. Instead, they use WeChat or Alipay on their cellphones. So, Chinese physical currency and credit cards have completely disappeared and have been replaced by a digital currency.
Microstrategy CEO Invests $425 Million in Bitcoin
MICROSTRATEGY CEO: WHY We Bought $425 MILLION Worth Of BITCOIN & Why Other Companies Have NO CHOICE is a video in which Michael Saylor, co-founder and CEO of Microstrategy, explains why he invested nearly half a billion dollars of his company’s assets in bitcoin in August when just a few years ago he was saying bitcoin was going to die. Saylor says you can’t keep your money in cash now because of hyperinflation and low interest rates. The video points out that bitcoin has been the best-performing asset over the last decade. Saylor describes bitcoin as “the most magical, hardest-working security in the world”. The video discusses the surge in bitcoin since 2017.
Why This CEO Made a Bold $425 Million Bet on Bitcoin is another interview with Saylor. He explains why he chose bitcoin over gold and points out that bitcoin is “digital gold”.
US Digital Dollar vs Bitcoin
In the video Dollar Coin vs Bitcoin | USD vs BTC | What Is The Difference? | Future of Money, Rob Soltan says that a US digital currency is imminent now. The video explores how a US dollar coin will differ from bitcoin. The dollar would be a centralized, controlled government-backed currency that would allow the government to see every transaction you make. Since the government could create any amount of USD coins, it would be subject to inflation just like the dollar. It would be a fiat coin – backed by nothing, just like the dollar.
However, bitcoin is a decentralized, private currency that operates peer to peer around the world. Bitcoin is similar to gold in that both are valuable in every country. In addition, bitcoin is finite because only 21 million can be created. So, bitcoin cannot be inflated. Soltan recommends bitcoin as an insurance play in addition to the potential upside value if much wider adoption takes place.
Kraken: First Crypto Bank
The First Massive Change To Banking in 100 Years | What You Must Do Now addresses the concern many people have that the US may ban bitcoin. It explains that in September 2020, Kraken became the first crypto exchange to become a US bank. Kraken is the first digital asset company to receive a US bank charter. As stated in its announcement, “Kraken’s vision is to become the world’s trusted bridge between the crypto economy of the future and today’s existing financial ecosystem.”
As a state-chartered bank, Kraken now has a regulatory passport into other states without having to deal with a patchwork state-by-state compliance plan. The video explains why Kraken is a better option than traditional banks or cryptocurrency exchanges for both individuals and businesses.
Origin and Purpose of Bitcoin / Blockchain Revolution
Banking on Bitcoin provides the best and most comprehensive understanding of the origins of bitcoin. It says that bitcoin is beyond a currency. It is a monetary revolution! It explains that money is an accounting system to keep track of who owns what and who owes what to whom. It is a way of recording transactions and value. Banks served as the trusted third party to guarantee the money was real and to maintain the ledger. While governments and banks have been the issuers of money, inflation and depressions have been common occurrences.
Bitcoin is also an accounting system. However, it records the value and transactions digitally on a consensus-based ledger (blockchain) which removes the middle man – banks and governments. The video explains that bitcoin is the largest socio-economic revolution the world has ever seen. However, the video points out that the most important thing about this revolution is not bitcoin, but the blockchain!
The cypherpunks who inspired the creation of bitcoin did not do it to make money, but to create a decentralized financial system that offers more freedom to the world. One of the cypherpunks was Julian Assange who later founded WikiLeaks and transformed the world of journalism. These are true pioneers, visionaries, and revolutionaries who have disrupted the global financial system in an attempt to make it inclusive and more accountable. They are freedom fighters, fighting for freedom of information, truth, and accountability. They are fighting for humanity.
In the 1990s, cypherpunks were exploring ideas about cryptography that laid the foundation for the blockchain and bitcoin. However, those ideas weren’t fully developed until after the 2008 financial meltdown. While Satoshi Nakamoto’s name was on the white paper that introduced bitcoin and the blockchain in 2008, no one knows who he is. The name may even be pseudonym for a group. The blockchain/bitcoin revolution sprang out of a desire to rescue the world from the banking catastrophe that brought down the world economy. It is a catastrophe for which no American banks or bankers have been held accountable. In fact, they were rewarded with trillions of bailout dollars.
Important First Steps
The number of Americans invested in cryptocurrencies almost doubled from 7.95% in 2018 to 14.4% in 2019, an increase of 81% in one year. However, it can be daunting figuring out how to get started by relying books or online videos. The best approach might be to find people who have invested and ask them for help getting started. It’s remarkable how easy it is then. Finder’s Guide to Cryptocurrencies may be able to help with key terms, providers, and players in the crypto world.
Online Bitcoin Crash Courses can also help. Hardware Wallets Explained, Reviewed and Compared explains what a cryptocurrency “wallet” is. The video BEST Crypto Wallets 2020: Top 5 Picks explains the importance of choosing the right wallet for your goals. Its top recommendation is the Ledger Nano X, a hardware wallet. In addition to being the most secure wallet, the Ledger Nano X allows you to trade on the go. See the unboxing tutorials and How To Use A Bitcoin Hardware Wallet: Ledger Nano X. A back-up pack provides extra security. While the videos stress the importance of buying from the manufacturer, Amazon has several videos and lots of information about the Ledger Nano X. It also sells a case for the Nano S which may be good for storing the Nano X.
After you get a wallet, you can buy cryptocurrencies. It is not necessary to buy a whole bitcoin – which costs over $11,000 now. See the current price at CoinMarketCap. The satoshi is the smallest unit of the bitcoin currency recorded on the block chain. It is a one hundred millionth of a single bitcoin (0.00000001 BTC). So, one bitcoin is 100,000,000 satoshis. The unit was named for Satoshi Nakamoto who is credited with introducing bitcoin in 2009.
You can take your first position with Activist Post’s recommended source, Coinbase. It’s a much easier way to get started, but your funds are not as secure as on the Ledger Nano X. If you use a private wallet like Jaxx.io, make sure you secure your 12-word Back Up Phrase! Since you are the only one who has that password, if you lose it, you will lose all your cryptocurrencies in that wallet! There will be no way to recover your password or your money! So, keep a printed copy in your safe or another secure place you will remember. See the Jaxx Wallet Beginner’s Guide. DeFi vs CeFi: How DeFi Measures Up discusses some of the risks.
The purse.io site offers a minimum 5% discount for purchases on Amazon made with bitcoin (BTC) or bitcoin cash (BCH). When you sign up, you get $5 in bitcoins with your first purchase of $100. How To Invest in a Bitcoin IRA: The 5 Best Crypto IRAs says you can shelter up to $7,000 tax-free in a bitcoin IRA each year.
You can also join the Counter Markets Newsletter to keep up-to-date on the crypto world. Bottom line: if your financial advisor is not at least telling you about bitcoin as a means of diversification, you may need a new advisor! People who fail to get into cryptocurrencies now to protect their savings may come to regret that decision — possibly starting as early as January 1, 2021.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex, and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators’ websites before making any decision. The author may have holdings in the cryptocurrencies discussed.
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