My Thoughts On Bitcoin In November 2021

Bitcoin is unique because it is the most secure and decentralized digital asset.

At this point, Bitcoin cannot hacked, copied or banned. It has a strong first mover advantage and it has been “battle tested” for over a decade.

Moreover, here’s no other significant cryptocurrency that is secured by proof-of-work (i.e. instead of proof-of-stake). All of these distinctions make it the most reliable asset for storing wealth in the long term. See this video by Micheal Saylor for all the details.

Also, the Lightning Network is now operational, and this means Bitcoin transactions are now almost free and instantaneous.

I believe the price of Bitcoin will increase in price in the coming years. However, it will probably remain volatile in the short term and price could drop as much as 50% (as it did in May 2021).

In the long term, Bitcoin’s volatility should decrease as more individuals and institutions adopt it. If banks and institutions start buying Bitcoin in earnest — the price of Bitcoin will probably be in the millions.

If you are interested in trading for short term gains, I think it makes sense to buy and hold other cryptocurrencies like Ethereum and Algorand.

Decentralized trading on exchanges like Uniswap is possible but fairly complicated and the fees can be high. I don’t recommending using defi apps like MetaMask unless you are an trading enthusiast or expert.

Here are some noteworthy Bitcoin apps:

Strike App: Good For Purchasing Bitcoin Or Receiving Your Paycheck In Bitcoin

The Strike app offers an easy way to purchase and transfer Bitcoin. Strike uses Lightning Network — this means your Bitcoin transactions are instantaneous and virtually free.

Strike just introduced a “Pay Me In Bitcoin” feature that allows you to automatically convert your paycheck into Bitcoin (via an ACH transfer). You can also use this feature to automatically buy a fixed amount of Bitcoin each month — i.e. Dollar-Cost Averaging (DCA).

Zap App: Good For Purchasing Bitcoin On The Lightning Network

Zap is an open source mobile app. You can use this app to purchase Bitcoin on the Lightning Network directly.

Zap is a non-custodial and wallet. This means you retain custody of your Bitcoin (you keep the private keys).

Ledger Nano X: Good Storing More Than $20K Of Crypto

This is good place to store larger amounts of crypto. Ledger allows for true ownership of your coins, and it is very safe from hackers.

The Ledger Nano X is now my recommended hardware wallet because supports a large number of coins and it makes staking those coins easy. It can also be used to secure coins on a mobile device.

FixedFloat: A Fast, Decentralized Exchange

FixedFloat is a fast, automatic cryptocurrency exchange. There is no registration required to use this service.

The exchanges take place automatically after several confirmations of the blockchain network. The Lightning Network is used to make the exchange. You can track all stages of a transaction. Your funds remain in your custody and are not stored by FixedFloat.

The company offers two​ exchange options: a fixed rate (1%) and float rate (0.5%).

FixedFloat supports these coins: Bitcoin, Bitcoin Lightning, Ethereum, Tether, Binance Chain, Dogecoin, Maker, Chainlink, Tron, Stellar, Litecoin, Basic Attention Token, 0x, Bitcoin Cash, Bittorrent, Cardano, Dash, Paxos Standard, Ethereum Classic, Ripple, TrueUSD, USD Coin and Zcash.

Real-time support is available via Live chat, Twitter, Telegram among others.

FixedFloat is not currently available to persons in the U.S. — however it can be accessed via a VPN.

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