My efforts are not getting results… This is frustrating!

I have just had a team member contact me and they said the following:

I’ve spoken to 37 people and only got 5 people to join. Everyone agrees this is a wonderful system but they just don’t go to the registration part. I do follow ups and told them I will not bother them again. They must contact me once they are ready. Was that a mistake?
So frustrating.

Firstly speaking to 37 people and getting 5 people to join is an amazing achievement. The average person will get approximately 1 person to join for every 10 people they speak to, so this is a fantastic result.

This member did not mention that he has not even been in the business for a month yet and he already has 11 people in his weakest leg!

Doing follow ups is great, but allowing people to contact you when they are ready is a great approach, as it tells the people you have spoken to that you are not desperate. That is no mistake and it allows you to focus on finding other people to speak to.

It is vitally important to remember that consistency creates results. As you will see in this member’s case, the momentum that was created in the first month is already duplicating in his team.

The frustrating part is that we are building a weekly residual income and the results may not be impressive yet, but over time the results will astound you. As Eric Worre says ‘It’s gonna take some time. This isn’t Get-Rich-Quick, but it is ‘Get Rich’.

Image: https://pixabay.com/photos/lights-night-scenery-teardrop-788903/

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I can’t find people… once was a relevant excuse!

There is an old saying that says ‘If you are not selling, you are not growing’. Life is about selling ideas to each other and if you have an opinion you are selling it to someone else. You learn how to package your opinion so that it will be accepted by the person you are sharing it with. This is the starting blocks of success.

In our business I often hear the excuse ‘I can’t find people’, but what does this statement really mean and reveal about the person who is giving this excuse? Firstly what do they expect me or their family at home to say? Am I supposed to say ‘It’s okay, not everyone can be successful and it’s okay if you disappoint your family’. NO, it is not okay and you will need to work harder at becoming successful.

The average expectation of anyone starting is that success will be easier than it has been made out to be, when in fact the direct opposite is true. It will be harder, much harder than expected.

With that in mind I will not be mincing my words and if I stand on your foot, you will need to ask yourself why you were not moving in the first place.

Why can’t you find people? Are you able to find yourself, do you actually know what you want? If you don’t know what you want and you have no idea of how you are going to accomplish what you want, then how can you expect others to join you in whatever you are doing?

Our business is easy from the point that people will earn just from their investment and recruiting is not necessary, do you know how unique that is in our industry? In 99% of the businesses out there and in life, you will not earn a cent unless you expand your customer base.

Use that to your advantage, no one has an excuse not to join, but realise that everyone’s time is different and not everyone will join. However when I say that, don’t use that as your excuse for not being successful, so get out there and do some work and never stop until you have reached your dreams.

Are you focused? If you are not focused on one opportunity people will immediately know that and they will lose interest in you. Decide what you want to do, then laser focus on that single thing and do it properly.

What about diversification? They say you can’t have all your eggs in one basket. Really? What if you only have one egg? Or perhaps are you saying you have a design flaw, you already have two eggs in one basket and that seems to be working just fine. Until you have more than enough eggs you cannot diversify, and you cannot make a success of more than one thing at a time. Never believe all the bull§£&t you hear.

Are you trying to be different? Surprise them and be a leader, leaders do things differently. If you are predictable you are failing, so be kinder than people expect you to be and always think of new ways to do what you are already doing.

They don’t believe you are a leader – Prove them wrong! Remember they are not doubting the opportunity, they are doubting if you will be the leader they are looking for. Will you be able to focus and stick to one thing and become successful? If you don’t do that they had no reason to follow you. Decide to be a real leader and stick to your decision, as you will need to prove them wrong.

They are always watching you and if you believe no one is watching you then you are mistaken, you have this amazing opportunity and you are experiencing results. They have an idea of what may be expected and they are waiting for you to show them your results. Share what you have experienced with people whenever you can and always remember to be professional.

Reading this article you are probably thinking I am over opinionated and unreasonable. You are 100% right, reasonable never paid the bills. It was only when I decided to be unreasonable with my own stinking thinking that I could overcome the excuses, actually work and achieve some level of success. I am still on the journey just like everyone. I advise you to get going on your journey, move fast and remember if everything is under control you are definitely not going fast enough!

Image: https://www.pexels.com/photo/apple-business-computer-connection-392018/

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What Is A Bitcoin Wallet?

by Bontle Moroka

There are many types of wallets used to store Bitcoin, the main ones being web, mobile, desktop, hardware, and paper. A Bitcoin wallet is a program that is used to send and receive, store, and monitor balances of your Bitcoin. Just like you need an email program to manage your email, you need a wallet to manage your bitcoin.

Wallets integrate with the Bitcoin blockchain. They monitor bitcoin addresses on the blockchain and update your balance with each transaction. What defines a wallet is where its key is stored.

What is a Key?

A private key is a long string of numbers and letters that acts as a password to your wallet. This key gives the person in possession of it the power to send bitcoins to other people. You can think of a private key as secret coordinates.

The key is used to generate an address, which, like an email address, is what you give out to people who want to send you Bitcoin. There is no way to figure out your key from knowing the address.

As time went on evolved, HD wallets were created. They generate a phrase or seed, which is a string of common words you can memorise instead of the numbers and letters that make up your private key. HD wallets can also create many addresses from your seed. These addresses all form part of the same wallet.

Because keys and seeds have power, they must be kept secret and safe. Failure to protect them could lead to the loss of bitcoins.

Types of Wallets

A standard wallet creates a file to keep the key. This file should be backed up by copying it to a safe location. An HD wallet will supply you with a seed phrase of up to 24 words to write down in a safe place.

Some wallets hold a full copy of the blockchain to validate each transaction – this is known as a full node. SPV or Simple Payment Verification’s act as a type of light wallet. They don’t hold a full copy of the blockchain and rely on full nodes they are connected to validate transactions. SPV’s are fast and take up less space than a full node wallet.

Hot and Cold

A Hot wallet is any form of wallet that is connected to the internet. Web service, computers, or phones connected to the internet all fall under the description of a hot wallet. These are the most popular, but also the least secure types of wallets. They allow access to their inner workings through Internet connections.

Market exchanges and betting sites require you to deposit funds into their online wallets. Web wallets are the least secure option for storing Bitcoin. They are more vulnerable to hackers as they have many loopholes. Nevertheless, they are highly convenient, allowing you to buy, sell, and send Bitcoins immediately. Multi-factor authentication helps protect against hacking, but these types of wallets are not worth the risk for large sums of coins.

The most secure type of wallet is a cold storage wallet. This is any wallet that is independent of internet connection and cannot be hacked remotely. Hardware, paper and brain wallets all fall into this category. However, to trade and exchange Bitcoin, you need to connect to a computer and use a webpage that allows control over the wallet. Hardware wallets form the optimal mix between security and ease of use.

When deciding on what type of wallet suits you and your needs best, the scale of convenience vs security needs to be assessed.

Image: https://www.quora.com/q/passiveincome1/What-Is-A-Bitcoin-Wallet?ch=10&share=fb01cb68

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Bitcoin is in, Real Estate and Gold are out

by Trish Harris the original post was published on https://growyourbitcoin.co.uk/

Can property guru Robert Kiyosaki be right?

Bitcoin’s popularity among traditional investors has grown over recent months as governments and central banks take drastic measures to offset the economic damage wrought by the Coronavirus pandemic.

Now, ‘Rich Dad, Poor Dad’ author Robert Kiyosaki, who has previously praised Bitcoin for its scarce properties, has warned “real estate and gold guys are being phased out”—and “the Bitcoin world is coming into view right now.”

“I think it’s important, especially for old guys like me, to understand the ‘crypto’ world because that’s the world that’s coming into view right now and us real estate and gold guys are being phased out,” said Kiyosaki. His world renowned book, ‘Rich Dad, Poor Dad’ advocates the importance of financial literacy and became a bestseller, selling around 40 million copies worldwide.

Robert Kiyosaki Predicts Bitcoin Will Be Worth $75k in 3 Years

Robert Kiyosaki, took to Twitter once again to proclaim his bullish position on Bitcoin. He is predicting BTC’s price is heading toward $75,000 in three years.

Now, this isn’t just a random figure plucked straight out of the air. This is how he has been valuing core assets lately.

In a tweet earlier this year, Kiyosaki states that his fear of a dying economy has led him to purchase more of three assets that he ostensibly considers valuable outside of the traditional financial system: Gold, Silver, and Bitcoin (BTC).

“Bought more gold, silver and Bitcoin. GOLD [currently] at $1700. Predict $3000 in 1 year. Silver [currently] at $17. Predict $40 in 5 years. Bitcoin [currently] at $9800. Predict $75000 in 3 years.”

Based on his numbers this would be an expected yearly increase of approximately 76%, 19%, and 97% for gold, silver, and Bitcoin respectively. This indicates that Bitcoin has the most favourable profit potential out of the three.

A growing interest in Bitcoin

Robert Kiyosaki is fast becoming one of the most influential advocates of Bitcoin and the Blockchain. In recent months, the businessman has spoken out on his faith in the future of the tech numerous times.

In an April appearance on Anthony Pompliano’s podcast, Kiyosaki praised Bitcoin, saying:

“The reason I endorse Bitcoin is just for one frickin’ reason — you’re not part of the system”

Noting also that “gold and silver are God’s money, and Bitcoin is open-source people’s money”. He has been quoted as stating the USD a scam.

“The US Dollar is a scam. I think the dollar is toast because gold and silver and cybercurrency are going to take it out. The US Dollar is gone. In the year 2000, there was one currency; the USD. It was called the reserve currency of the world, and then came Bitcoin and cryptocurrencies” Robert Kiyosaki said.

The author of ‘Rich Dad, Poor Dad’ who is now working on a new book entitled ‘Fake: Fake Money, Fake Teachers, Fake Assets’ disclosed that in the upcoming book he discussed how gold, Bitcoin (BTC), as well as other cryptocurrencies represent the last resort, for the moment when the financial market – as we know it – would collapse. According to Kiyosaki, the “doomsday” of fiat currencies is imminent.

“I talk about the three types of money today: God’s money, which is gold and silver; government’s money, which is fiat currencies; [and] the people’s money, which is cryptocurrency on the Blockchain technology. Gold is a hedge, and I am expecting a collapse in the system, which is why you are into cryptocurrencies now, Bitcoin (BTC) and Ethereum (ETH),” explained Kiyosaki.

Earlier, Kiyosaki also stated in an interview that the upcoming imminent financial crisis would be “the biggest of all.”. However, he is not the only one who thinks that the fiat currency, especially the USD, and the conventional financial systems are doomed. Bill Gates and Nomi Prins, a former manager at Goldman Sachs, also believe a massive financial market crash is just around the corner. Furthermore, Steve Wozniak, Apple’s co-founder, stated that Bitcoin (BTC) is far superior to the USD which he described as a “phony”.

The takeaway from all of this is, that if world renowned business people are looking to BTC and other cryptocurrencies as the way forward, then surely we should be doing the same, even more so with this financial “Domesday Crisis” looming.

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Bitcoin – Is Crypto the next evolutionary stage of money?

by Trish Harris the original post was published on https://growyourbitcoin.co.uk/

By now, most people have heard of Bitcoin and/or crypto, but there is much debate about if it is here to stay, and indeed, is it really a currency? Does it have true value?

Well, the same could have been said throughout the history of money.  We may not have realised, but throughout time, there has been significant stages in the evolution of our monetary system. Realising this fact will help us to understand the concept of monetary evolution, and get our ‘heads’ around Bitcoin being the next logical step. So, let’s go back to the beginning…

Evolution of Money

It is generally believed that the evolution of money has passed through the following six stages:

  1. Barter; 
  2. Commodity Money; 
  3. Metallic Money; 
  4. Paper Money; 
  5. Credit Money;
  6. Electronic Money. 

Barter 

In the beginning of civilization, the needs of people were very limited and therefore they used to exchange their goods for other people’s goods or services. Nothing complicated; just a simple, effective way of fulfilling their everyday needs.

Commodity Money

Commodity Money was created to remove the difficulties of barter. In fact, money has evolved in response to the urgent needs of the various stages of economic growth. In the beginning of civilization, goats, animal-hides, axe-heads, knives, arrows, slaves etc., have been used as currency in many different parts of the world to perform the basic functions of money. It was, however, difficult to borrow and lend and it was more difficult to measure and store the value of goods and services – money had to evolve again.

Metallic Money

Money made of metal is called metallic money. In the beginning, pieces of gold and silver were used as money, but it did not solve the complicated problems of exchange. It was very difficult to measure the value of goods and services with these pieces of metal. Another problem was the transportation and storage of precious metals. This problem was solved by making standardized coins.

Paper Money

During the third stage of the evolution of money (metallic money), paper money was invented. It is believed that the start of paper money was issuance and acceptance of receipts of gold smiths who were acting as money lenders in old Iraq. These goldsmiths were rich, respectable and considered men of repute. They used to keep the valuables of the people in their safe rooms and issued receipts as a proof for the goods stored. These certificates became convenient credit instruments and were freely used for borrowing and lending and making payment. Back in the 1100s, the Knights Templar also had a similar system. The Temple Church could be argued as being the first bank in London. During the crusades, instead of carrying huge sums of coin with them across Europe, they would be given a promissory note. Look on our bank notes today and you will see almost identical wording – “I promise to pay the bearer…”. In the 19th century, commercial banks started issuing their own notes of different colours and denominations.

Credit Money

In the present day, modern economies or bank money is used for making personal and business payments. In the developed countries, transactions are taking place with the help of deposits or checking accounts with paper money. Demand deposits or money sited in current accounts are easily convertible cash, therefore they are convenient and safe.

Electronic Money

Today, with the invention of the computer and its application, the form and shape of business are changing fast. The concept of ecommerce is gaining vast popularity. The mode of payment is being transformed from cash to electronic transactions from one account to another. This form of electronic payment was referred to as electronic money. There are many problems in this type of transaction, but it is gaining popularity day by day. The evolution of money has not come to an end, it will never come to an end. As economies of the world are changing features and focus, money is inevitably changing.

Cryptocurrency

It is at this point the question, “Why was Bitcoin created?” becomes relevant.

In 2008, much of the global economy was in turmoil. On Wall Street, financial behemoths like Lehman Brothers, Merrill Lynch, AIG and others were literally melting down in what became the worst financial crisis since The Great Depression of the 1930s. 

Against this backdrop, a software developer by the name of Satoshi Nakamoto published a white paper outlining something called “Cryptocurrency” as a decentralized means of exchange that guaranteed user anonymity, provided a mechanism of incorruptible record-keeping based on cryptography, and limited the amount of currency available – Bitcoin was born!

In that paper, Nakamoto made the case for an internet-based currency not subject to the fees and permissions of a third party – such as a bank or financial institution. He devised a system that allowed people to send and receive value to anyone with a Bitcoin address, much in the same way we send and receive email.

Cryptocurrencies have a finite number of coins unlike government-controlled currency such as the dollar, Pound or Euro, which can be printed at will. The amount of a cryptocurrency that will be made available over a specified period of time is defined upon the release of a new cryptocurrency and cannot be changed. For example, there will never be more than 21 million Bitcoins. This feature helps cryptocurrency hold its value, mimicking the finite supply of precious metals like gold or silver. 

In 2009, Nakamoto (believed to be a pseudonym for an individual or a group) released Bitcoin and a very small group of early adopters began exchanging and mining the currency. However, from 2009 through early 2010, Bitcoins had no value at all. In April 2010, the first public exchanges for Bitcoins came online and the value of a single Bitcoin stayed below 14 cents. In 2011, as it became popular as a way to send money quickly and anonymously, the price of a Bitcoin hit $1 for the first time. 

Hundreds of cryptocurrencies started emerging, but Bitcoin was the original cryptocurrency. Others were quick to follow using the same principles as Bitcoin. Ripple launched in 2011 and Litecoin followed in 2012. There are now hundreds of cryptocurrencies in circulation. Some cryptocurrencies such as Ethereum have since joined the marketplace and are making innovative use of the blockchain technology (more on this in my coming blogs) at the heart of cryptocurrency to offer ‘smart contracts’ that cannot be altered or broken.

Merchants began accepting Bitcoin for payment in 2012. In 2012, WordPress became the first major merchant to accept Bitcoin for payment, followed by Expedia, Microsoft, IBM and other well-known brands. This adoption by companies like those shown above helped increase the credibility of cryptocurrency over time.

Governments tend to treat cryptocurrencies like commodities, while major corporations have begun adopting the use of cryptocurrency for payment. Governments have been more reluctant to weigh in (I wonder why?! They don’t want to lose the strangle-hold that they have now). In 2013, Germany became the first country to take a legal stance on cryptocurrency when it recognized Bitcoin for legal and tax purposes. In 2017, Japan became the first country to consider Bitcoin as a legal form of payment, with several public institutions accepting the currency for payment. India has recently begun regulating Bitcoin and may be the next to legalize it.

Here to Stay

Whether you love it or hate it, cryptocurrencies are here to stay. Their applications are already being utilised all over the world, and with the continuing uncertainty of the world economy, there is definitely a future for Bitcoin and some of the other cryptos – many believe it will be the currency of the future.

We must stop thinking of money as a tangible object – get past this and then anything becomes possible.

The only question that remains is, will you be one of the people to shy away from this enigma or will you embrace this technology and look to invest early? One thing is for certain, as attested in history, the early adopters are the ones who win out. They will have the potential to reap rewards far exceeding anything that we have ever experienced before, in the history of money.

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Belief can be your biggest enemy

What we believe is what has been handed down to us, we make these beliefs our own and we live our lives accordingly. It is a good thing to a point, but we always need to ask ourselves is that truly what we believe to be true for ourselves?

In life our success in anything can be determined by the belief we have. If our parents were successful does it make it easier for us to be successful? What of the reverse? If our parents were poor then is it easier for us to be poor? In both cases yes, if we believe that to be true.

There will always be certain beliefs that we will question and other beliefs become more difficult to challenge. For example if your parents were great athletes and you are a good athlete, then you must have inherited that ability from your parents. But what if you are a great athlete and your parents were not, was it your dedication and efforts that caused you to have faith in your ability as an athlete?

But we all know of rags to riches success stories, which means that someone was prepared to disregard the belief that had been handed down to them and take every opportunity to work hard and never give up.

This confidence that success can be yours is what is needed, together with the ability to not listen to those who like to remind you of where you came from, and what the opinion of your family or community is.

When you believe differently you are challenging the status quo (the generally accepted belief). By doing this you make others feel very uncomfortable and they will not like you, because you are showing them what is possible through dedication and hard work. They would rather be lazy and accept whatever comes their way.

Remember what people think of you is their business, not yours. Yes, too many people worry about what people think and are always looking for approval wherever they go. This herd mentality will only pull you down and force you back into your original belief system. It will not help you change and formulate a new idea of who you are and who you can become.

The real questions that you should be asking yourself are:

What is my current belief system, who gave me these beliefs that I currently live by?

What could I be doing differently right now?

What are the possibilities for success in my life, and do I need to change what I believe to be my truth?

Who influences me positively and who influences me negatively? Decide who you will listen to and who you will avoid, even if they are family.

What do you believe your success will look like?

Once you have answered these questions, you will need to work on changing the beliefs that were handed down to you, and start believing in what is possible for your life. Trust yourself, and move forward.

My wish for you is that you will find the strength to challenge existing beliefs, and the courage to discover what is true for your life, so that you may ultimately find the success that was destined to be yours.

Image: https://www.pexels.com/photo/boston-terrier-wearing-unicorn-pet-costume-1564506/

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What is your Belief about Success? Abundance vs Lack

Has our thinking been conditioned? I do believe so and perhaps it even goes as far as we have been taught to think that we can never get ahead.

Is getting ahead even possible or is there actually a limit to what is possible?

PART 1 – The Conditioned Mindset

Gandhi once observed that every movement/truth goes through four stages: First they ignore you; then they abuse you; then they crack down on you and then you win. This led to many people misattributing the following quote to Ghandi, “First they ignore you, then they laugh at you, then they fight you, then you win” when in actual fact this is a summary of what was said in a speech by an American labour union leader named Nicholas Klein.

In fact the schooling system that is still used today was invented to teach people how to be a consumer, and to believe the system rather than believing in their own ability to succeed and ultimately get ahead in life. The conditioning is so great that everyone will defend the system first, because the system is where the belief lies and we will always defend what we believe to be true first.

This has led to Herd Behaviour by sheeple which is the derogatory term for people compared to sheep in being docile, foolish, or easily led. Generally “by the time the sheeple wake up and try to change things, it will be too late”

If your desire is to be different, these Sheeple (I will also use the word they when referring to them) will ignore you, then if you still persist they will laugh at you. Then if the ridicule did not work on you, they will attack your character, fight you and try their best to get you to stop being different. If after this stage you still persist, quite simply you are a hero and they will build a statue in your honour simply because you did not give up on your need to be different.

PART 2 – Examples in History

It was believed that the car could never replace the horse, that radio was just broadcast to random people and no one would ever pay for advertising. Then came the idea that every household would have a computer. Ideas that were initially ridiculed and rejected that have become norms in our lives.

The rise of the small business and the business from home, has given many people who were not able to fit into the traditional system a chance to be different, and today we still find the Sheeple being over-critical of these entrepreneurs.

The reason is simple, they believe in the system and have invested their entire lives into it and are dead scared that you will prove them wrong.

Imagine what an idea like Bitcoin does to those who believe in the traditional financial systems, the possibility that the system could fail and that they may need to change the way they think is just too far-fetched.

PART 3 – Lack

We need to understand that if there is any possibility in life that we could do better than the established normal, then I guarantee you we will meet with resistance.

This is the challenge of success, because those who have something believe that they will need to lose something so that you can have something. This is the way the world generally thinks and that is what is known as lack thinking. There is so much lack in the world and that is something we can agree on, but the idea that if someone gets ahead I will lose something is flawed thinking, and in reality has its roots in greed and jealousy.

PART 4 – Abundance

Abundance simply means ‘more of everything’ and is often regarded as the ultimate success. When people have more than they need it often changes their lives, and they become givers rather than takers. Of course some people will always have a scarcity mentality and they may never reach that point of abundance.

Abundance is not about having plenty, but rather about having a lot to give. It’s about empathy for others, sometimes just giving people money will not help them. It’s the old story about rather teaching people how to fish for themselves, rather than giving them a fish every day.

We all have something to share with someone and that could change their lives forever. Will we be kind enough to help them and teach them even if it means that we could be ridiculed by our friends and family if we do that? If we truly desire success we will need to change our mindsets away from the way we have been conditioned and get to the point of abundance.

My Journey

A little over a year ago I found something different and I started to share that idea with family, friends and people I met. Without doubt I was ignored, laughed at and even attacked online, but I believed in the possibility, the difference and I never gave up.

I don’t think they will ever erect a statue in my name, but each person who believes in what I have found, and uses that to their advantage is enough recognition for me and hopefully will take that person to a point where they too can have abundance.

Image https://pixabay.com/illustrations/service-generosity-kindness-wealth-4739669/

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What’s your Long Game with Bitcoin?

crypto-currency-1823349_1280Do you own any Bitcoin yet? How much should you own? Will Bitcoin be valuable in the future? Will it be the currency of choice for global payments in the future? These are the common questions around Bitcoin and I will attempt to answer those questions in this article.

I am not a Bitcoin expert, but rather an enthusiast who believes in the long term advantages of Bitcoin.

Why should you own Bitcoin? Bitcoin has been around for more than 10 years and it has been declared dead by the mainstream media over 300 times already. When mainstream media gives so much attention to something, you need to realise that Bitcoin is more than a threat to the conventional traditional financial systems. As the infamous saying goes ‘First they ignore you. Then they laugh at you. Then they attack you. Then they join you and you win.’ This is becoming such a true statement for Bitcoin already.

Bitcoin is unlike conventional money and cannot simply be printed when a government runs out of money. There will only ever be 21 Million Bitcoin in the world and the final Bitcoin will come into existence in 2140. Eventually Bitcoin will be the scarcest commodity and currency in the world.

Bitcoin is unregulated and free from any government involvement and this makes the people in authority nervous as it threatens their very existence; if they cannot control your money, how are they going to control you?

How much Bitcoin should you own? As many as possible is the correct answer, but not everyone has enough to buy one Bitcoin which is currently valued at over $8500 per Bitcoin. Fortunately Bitcoin is digital and a single Bitcoin consists of 100,000,000 Satoshis or 1,000,000 Bits. So you could own as little as 10 Satoshi or 1 Bit.

Currently if you own 0.02 Bitcoin (which is equivalent to 20,000 Bits or 2 Million Satoshis) at a current value of just over $ 170, you would be better positioned than 99% of the world to take advantage of Bitcoin’s future growth.

What will the value of Bitcoin be in the future? There are many predictions and some people believe that Bitcoin will ultimately reach a value of $1 Million per Bitcoin and that could be possible in the next 21 Years until the last Bitcoin is mined. Shorter term predictions have Bitcoin at around $100,000 per Bitcoin by 2022.

Therefore the 0.02 Bitcoin you own today at a value of $170 could be worth $2000 in 2020 or ultimately could be worth $20000 in 20 years’ time. Then the next question should be: Why would you only want to earn 0.02 Bitcoin?

Will Bitcoin become a Global Currency that is the common choice of everyone? Yes it has the potential as it does what Gold could never do, and that is being able to be divided into small portions and used to send small digital payments. The fees on Bitcoin transactions are a fraction of what the banks charge and the speed of transfer internationally is within minutes as opposed to a bank that takes a few hours to a few days. As an example, on October 16 2019, a Bitcoin user moved 29,999 BTC worth $194 million with a $11 fee, a transaction which with banks would cost tens of thousands of dollars.

When people realise the advantages the Bitcoin then the rate of adoption and the demand will increase, thus pushing the price even higher. Ultimately predictions could be very low considering the real potential of Bitcoin.

Image: https://pixabay.com/illustrations/crypto-currency-block-chain-bitcoin-1823349/

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Leadership is not a fool’s game

Screenshot 2020-02-25 at 13.47.22The old saying goes ‘you can fool some of the people some of the time, but you can’t fool all the people all the time’, yet every day I see examples of leadership where the leaders believe that they are giving people an example, but they are not following this example  themselves.

The reality is that people don’t hear what you say, they do as you do. Yes, your actions speak so loud that people cannot even hear you.

Leadership is so predictable and people will do exactly as you do. Think of the most corrupt politician you have ever heard of; I bet you that if I asked if you thought he was a good leader you would probably say ‘No he is terrible’. Did I ask you if you thought he was a terrible person or did I ask you if he was a good leader? It will shock you to know that that corrupt politician is a fantastic leader, and all you need to do is see how many people are doing exactly as he is doing, and they will even try to steal more than he is. That is leadership, but you cannot tell people to be honest when you are trying to steal as much as you can.

In our lives we tell our children to be polite, patient and respect people, then we don’t seem to understand when they are rude to someone.

Leadership is not something that is reserved for a few, it is part of life and we are always setting an example for someone.

Your word may be gold, but your actions are priceless. Leadership is definitely not a fool’s game.

Image: https://pixabay.com/photos/carnival-lucerne-mask-panel-2100125/
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Bitcoin and Tax

Screenshot 2020-02-22 at 10.16.57You own some Bitcoin, but what are the Tax implications?

Firstly I must state that I am not a tax advisor and that you should get professional advice from a tax specialist in the country or state in which you pay tax.

When you buy bitcoin you are usually buying with money you have earned and already paid tax on. So there are no taxes when you buy Bitcoin.

Will I have to pay tax when the value of my Bitcoin increases? If you keep the Bitcoin and do not sell it there is no tax to be paid, however in some countries they may ask you to declare the amount of Bitcoin and other cryptocurrencies you are holding. If you are required to declare this you will need to consult with a professional tax advisor who can give you the correct information, as the price of Bitcoin fluctuates constantly.

Will I have to pay tax when I sell Bitcoin for FIAT Currency?  Yes, you will need to declare the income, when you sell Bitcoin it is like capital gains tax. You will need to pay tax on the profit you have made.

Is there a standard tax rate payable on Bitcoin profits? No, you will be taxed at your particular tax rate based on income.

Could selling a large amount of Bitcoin force me into a super tax bracket? Yes it could, you will be taxed at your particular tax rate based on this additional income.

What if I never sell my Bitcoin, will I still have to pay tax? No, but it will become part of your estate when you die. This is why you need some sort of succession plan regarding your bitcoin. Ultimately the passwords etc need to be stored securely.

You will probably have other questions that are not addressed in this article, and you are advised to contact a registered tax professional who deals with your region and country.

The information in this article was supplied by my brother Mike Simmonds, who is a business accountant with many years experience in individual and business taxation in South Africa. He can be contacted on mike@accountkeepers.co.za

 

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