I pretty much agree with everything you said about inflation and I also acknowledge it’ll be hard to see exactly what happens next. We have no idea if consumer spending will go back as before, or even if people work in the office as much and a thousand other things. We’ll see.

However, I have to just address your comment about buying Bitcoin. I write about this often because Bitcoin’s biggest strength is also its biggest weakness, ie, the fact that it appears technical and is a whole new concept often puts people off. The analogy I often use is that it’s like driving a car — you can happily drive it without having to know how to service it or take the engine apart, and it’s the same for Bitcoin. It’s actually very easy to use even if you don’t want to understand the back end which IS necessarily complicated.

Setting up a wallet and buying Bitcoin is about as complicated as setting up an email account. They are entirely secure by the nature of the beast (and VERY technical reasons) and even if you lose your password, your Bitcoin can always be recovered via another wallet as long as you keep you private key safe somewhere, like in a safe. Literally create wallet, use your credit/debit card to buy Bitcoin and you’re done, that’s it. To convert back to USD, simply convert it back via the wallet and back on to the same card. Far easier than any other financial transaction on the planet pretty much, hence its accessibility and why anyone on the planet, truly, can use it.

Exchanges are different and only really used if you intend to trade Bitcoin for other currencies. I personally have never used an exchange and probably never will, I like to keep my Bitcoin securely in my wallet. Yes, exchanges have been hacked and most of those hacks were embarrassing! In many cases they simply hadn’t followed basic security in the rush to capitalize on a growing market and hacks were easy. It’s way better now, but still not great. Big hacks will happen again I’m sure. Keep your bitcoin in your wallet and trade, spend and access it only from there. The mantra is ‘not your keys, not your Bitcoin’

Hope that helps. I often run free webinars for people new to Bitcoin although usually on a company by company basis. This Thursday at 12.30pm GMT I am actually doing my first fully public event sponsored by Luno, a wallet with built in exchange, who will also give you some free Bitcoin (usually about $10–15) for attending to learn how it works on their dime. It’s a great system and allays people’s fears as they don’t have to risk their own money to learn it. You’re welcome to attend, here’s the link if you’d like to attend, the whole thing, including Q&A takes about an hour. You’re free to use this link to invite anyone else you think may like to attend!

Perhaps I’ll see you there and don;t be afraid to ask any questions you like, I’ll answer them live in the Q&A.

All the best

Jason

I blog on things I am passionate about: Bitcoin, writing, money, life’s crazy turns and being a dad. Lover of learning, family and cheese. (jasondeane@msn.com)

I blog on things I am passionate about: Bitcoin, writing, money, life’s crazy turns and being a dad. Lover of learning, family and cheese. (jasondeane@msn.com)