How to buy Bitcoin or any other crypto for zero commission ?

Hi there, I am glad that you are here. By now if you have heard about Bitcoin or any other cryptocurrency such as Ethereum or Lite coin or Bitcoin Cash, then you must have heard about Coinbase , Kraken and Gemini. Now I understand you are here to find out the place / site where you can go to buy crypto for 0 commission. Coinbase or those other exchanges where you can buy crypto for Fiat charge you a lot as commission. So my advise, do not buy from those sites since you have an better option.

Robinhood provides a great platform to buy US stocks for zero brokerage. Robinhood is extending the same service for bitcoin, lite coin and some other cryptoes. You can download the robinhood app on your smart phone and then sign up and start buying cryptoes.

zero commision bitcoin
Free brokerage account

If you want to know which crypto to start with, my suggestion would be to start with Bitcoin. And no you do not need to buy a whole Bitcoin, you can start investing for as low ass $10. You get a fraction of a whole Bitcoin for now.

Feel free to post any question below, I will get back to you as soon as possible.

Why did I invest in Monero?

Why did I invest in Monero or xmr is for a very simple reason, it has a property Bitcoin does not have yet. Anom coins or anonymity coins gives you full privacy.

Many of the crypto user ( I am not calling them criminal) are libertarians and they do not like Government tracking them. So they want anonymous monetary transactions and now it is established that bitcoin transactions can be backtracked. So BTC is not anom at all.

Hence I invested in an honest project like monero or xmr.

How to save and Grow Money?

My father opened a bank account for me, actually a saving account when I was 8. Well, my father was a banker, regardless it was a great gift, making me realize the importance of saving money. Over the years I learned how to save and grow money. I just want to share a bit of what I have learned over the years. So let’s see How to save and Grow Money.

How to save money? 

Saving money is a habit. If you have a social safety net, you might not realize how important it is to have your own safety net, so that on a rainy day you can relax a bit and may be enjoy the rain.

I am not your financial coach, so I am not going to preach, how much or how you should save money. You can read Tony Robbin’s MONEY Master the Game: 7 Simple Steps to Financial Freedom” and “Unshakeable: Your Financial Freedom Playbook” to understand the importance of saving vs spending and how you can save. Personally, I always followe Warren Buffet’s advise. I save a portion from paycheck, does not matter how big or small my paycheck was or is and then I spent the rest. Read the books and develop your own strategy.

How to save and Grow Money?

Now that you have developed a strategy of saving money, you need another one to grow your money. And how do you grow your money?

With bank CD rates going down and the interest rate you earn on savings from bank, keeping your money your bank means allowing inflation eat away your purchasing power.

So what do you do? Stock and bonds can be your friend if you know how to play the game. And the books I recommended will tell you why you have to be in it to win it.

But I am sure you have questions.

Where should you invest? How to maximize your returns?

Or, what should be your portfolio allocation based on your investment horizon and risk tolerance?

Low Cost brokerage and robo- advisers are life savers to keep overall cost low. And how do the robo advisers keep the cost low?

They have automated the asset allocation part and they invest your money in index fund. Why index fund or what is so good about the index funds? To know you can read unshakable by Tony Robbins.

Low or Zero Cost brokerages and wealth managers

IF you want to buy individual stocks or REITS or MLPS use Robinhood app, and I have reviewed it here, this is zero cost brokerage account. For more details please check here.

Now, my most favorite is Wealth Simple – because for first $5000 investment there is no management fee. So you can automate your saving with WealthSimple and forget about it. May be it will be your emergency fund. Based on your risk profile, WEalthsimple will allow you to choose portfolio and type of funds you want to invest your money in.

Nest is Betterment. They have earned a reputation for being low cost and they provider you a great comprehensive view for your portfolio. Moreover, you can rollover your IRA or 401K or start a new one with them. Since they are low cost you save a ton of money in fees over the lifetime. And if you need help they have people who can help you out too.

Just to recap, automate your savings ( you can use Wealthsimple or BetterMent to do that) and keep your fees to minimum , hence I use RobinHood, because I do not pay any brokerage fee while I purchase stocks.

I hope you have read MONEY Master the Game: 7 Simple Steps to Financial Freedom and Unshakeable: Your Financial Freedom Playbook and know why index funds are better. So just get in the game, because you have to be in it to win it 🙂

I hope you have better idea on How to save and Grow Money it, but if you have any questions, feel free to reach out to me. I would be more than happy to help you out. And thanks for your time

Why should you invest in Bitcoin?

In 2016, I really got into Bitcoin or BTC. I think I heard about BTC / Bitcoin in 2012 first and I had zero interest in digital currency / internet money. I had no idea that “internet money or nerd money” , might have any price in actual $.

How stupid was I? in 2016 Bitcoin was $650 when I started paying attention. So, you can imagine, what I have lost already. After financial crisis in 2008, one person known as “Satoshi” came up with the decentralized currency, for the people, run by people and to be used by people, it is borderless but not limitless, there will be only 21 million coins, unless the community decides otherwise. Nobody owns bitcoin, the network or Bitcoin community owns bitcoin.

I cannot tell you everything here, so here is a channel in YouTube that will help you understand why and what is Bitcoin – https://www.youtube.com/channel/UCJWCJCWOxBYSi5DhCieLOLQ

So in 2016, my first reaction was “how do I get bitcoin”? And second reaction was “what is it? How does it work? Why is it so exciting?” Any technology is costly because of the intrinsic value, the usage. Hence I needed to understand the usage of Bitcoin, how does bitcoin work? Why is it better than fiat money or USD or any other such national currency?

Why do I invest in Bitcoin?

The blockchain technology that makes Bitcoin possible, or exchange of value possible is not the reason why I am interested in Bitcoin. You need to understand, what inflation is and why people actually invest in precious metals? 

WE hear the the term every now and then, but most of us do not realize, how it impacts us. Say you have $10 in bank account and you can buy 5 breads today. The current inflation rate is 2%, so after one year these same 5 breads would cost you $10.20. Now, the problem is, you still have $10 in your bank account, hence you won’t be able to afford all 5 breads anymore. Same way every year your purchasing power will go down and you will end up feeling poorer.

Now, why do we invest in precious metals?

WE invest in gold and silver to preserve our wealth or to save purchasing power. Gold or Silver does not generate value but as any other commodity it preserves your wealth.

Ok, so why Bitcoin?

Precious metals are tangible, bitcoin is not, then how come both are similar? Well, to start with, bitcoin is mined, which is transaction validation using lot of computing power , hence using electricity. After solving these mathematical computation Bitcoin is found in blocks. But forget about that, here are my reasons-

  1. bitcoin is safe – right now almost 30 billion USD safe
  2. Bitcoin is not owned by anyone – no government, no single person owns bitcoin
  3. Bitcoin can be used as exchange of value – all you would need is a phone and internet
  4. You do not need a bank to exchange value with bitcoin
  5. Bitcoin is borderless – I can send bitcoin to India in 10 minutes 🙂
  6. Number of Bitcoin to be issued is 21 million, not like central bank issued currencies, so Bitcoin will see deflation , not inflation. Your purchasing power will go up, instead of going down.

These 5 reasons were good enough for me to believe in Bitcoin. But just because bitcoin is not backed by Bitcoin, you might not be convinced, so here is another video for you, Venezuela is going through hyper inflation, the example I gave you, it is just say 200% and you can imagine how fast you lose your buying power, so, Venezuelans are moving away from their national currency and using bitcoin – reason being no one can produce fake bitcoin and there is no inflation in bitcoin – now watch the video

If you have any question feel free to email me or leave a comment, I will be more than happy to explain more, if you are interested exchange some of your fiat USD for some Bitcoin then visit Coinbase.

High Yield Savings with Prosper and Lending Club

Since savings accounts in bank do not offer much interest anyway, here are few high yield savings options for you. Prosper and Lending club are peer to peer lending portal.

If you need to borrow for your home re-modelling or healthcare needs, you can go to these portals to borrow money. These sites take care of all paper works and checking your credit score and all other formalities and basically rates your credit worthiness and assigns the interest they are going to charge you.

Now, you need to lend money to earn high yield on your investment. You go to the market place of prosper and lending club and find notes. Note is nothing but the people who is looking to borrow. You can see the rating, that is essentially the credit worthiness. Based on credit rating, income, past payment history, total debt etc.

How these high yield savings work?

High Yield Savings
High Yield Savings

You can invest as little as $25 on a note. My advice you get notes with the highest rating, although the return on your investment would be low but at least your investment would not go bad and you will keep on getting interest payment along with principle balance.

High Yield Savings 2017
High Yield Savings

And every month you can withdraw those funds back to bank account or re-lend it.

The business model is, the borrower pays interest and some principle amount , prosper or lending club take their cut as processing fee and then you get part of your income from the interest the borrower has paid. Remember, the borrower can default. And lower the rating they got, higher the chance of defaulting it. So it is safer in low yield notes those have highest rating.

These is one more high yield savings option, DCU.org, for first $500 you will get 3% and then the interest goes down for rest of the balance on your savings.

If you are interested to invest in gold and worried about storing then try out goldmoney.

How I have wasted money purchasing cloud mining contracts

Whatever amount of money I invested in cloud mining contracts was a waste. And I highly recommend that if you cannot market the crap out of your referral link ( and get thousands of referral incomes) then do not waste your money.

How did I get in to cloud mining Contracts –

I started looking into Bitcoin last May ( in 2016) when Bitcoin was about around $600. I was kind of sad that I did not pay attention to this digital money before 2016, although I actually heard of Bitcoin way before, may be in 2011 or 2012.

What did I do to own Bitcoin

When I googled “how to earn bitcoin” , I came to know about mining bitcoin. With my i3 CPU and no GPU laptop it was not possible to earn much from bitcoin mining and I did not have time for Bitcoin faucets. These are 2 easy ways of making some Bitcoin.

Then what did I do next?

I was trying to understand more about mining, not in terms of why mining is required and what exactly mining is, I was searching for “how to make money by mining bitcoin”. So I eventually stumbled upon cloud mining sites those offer these cloud mining contracts.

From my basic knowledge about investing, I did not buy cloud mining contracts from same site. I spread my money among 4 different sites, just to reduce the risk.

I purchased cloud mining contracts from genesis mining, hashflare, hasheer and eobot. Hasheer is already gone, they are not coming back. I already told you why.

And here is what EOBOT is doing, there is no return on my investment, because the return is essentially covering their fees and now they want to ship an asic mining device to me. So basically 2 of my initial investments have turned into non performing assets / investments already, and rest 2 are not giving me any great return, but I will make another post for those 2.

Now, you might ask since cloud contracts sites are bad investments, then what should you do?

Well, these sites might not be that for for people who have long list of referrals. They get bonus hashing power that they did not buy. It is like a ponzi scheme to me. As long as you can get early and get lot more people to join under you, you might get some profit.

Otherwise, buy Bitcoin directly, and save it. Read my previous article, why you should not invest in cloud mining here.

 

Problems I face with Bitcoin wallet

https://youtu.be/kfLSwKhsflI?list=PLFtZcuTKDyM9drpoOsbyVHC6dj9GNxN1J

After touching all time high Bitcoin is trading below $1000 usd. Everyone is blaming the discussion about hard fork in Bitcoin, may be the hard fork will happen. And we will get bitcoin code and bitcoin unlimited. But, it is not just about forking the main blockchain. Although good news is, if the fork happens you will get both Bitcoin unlimited and bitcoin core in your bitcoin wallet.

What is the need to hard fork?

Well, longer time for confirmation on Bitcoin core and  High transaction fees – I think these are main problems.

Bitcoin unlimited wants to bring down the block confirmation time and the transaction fees. And I think that can be a better idea.

As a bitcoin user, the first problem I face is, the wallet. Wallets are not user friendly. The address or QR code is not super user friendly.

1.Opening wallet and paying with it takes a while, using  a credit card is way easier

2.Wallets do not have any easy to remember address or there is no easy passphrase to restore wallet

3.I do not use hardware wallet, so do not know much about those. But using paypal or credit card is way easier than using Bitcoin wallet. In fact, starbucks app is easier to use than a Jaxx wallet.

4. When I make a purchase using Bitcoin, I do not have any purchase protection. If someone wants to take my money for crappy service or product, there is nothing I can do about it.

5. I want to purchase something, and since I am a customer, I have to pay the premium also called transaction fee.

6. Due to smaller block size, a whole bunch of transactions have to be processed and that takes time, so in case I want to buy coffee with bitcoin, the line would move bit slow, well actually I will need to wait 10 minutes after placing order.

I do not use bitcoin to gamble to buy crap that is illegal, so I do not care about privacy much. I like the technology “blockchain” and decentralized blockchain is really exciting. But I am not so sure if bitcoin can ever be used as a currency. Although some might use it exactly as Gold, to store value. but then Bitcoin will never replace USD or any other currency for exact reason or other reasons I talked about above.Now the choice is yours if you want Bitcoin to replace USD or any other dollar or you just want to function as gold, and of course it does not really matter what bitcoin wallet you use at this time.

What is the future of blockchain?

Of Course I am huge fan of blockchain technology. After Internet I guess blockchain is going to revolutionize the way we do business. Not only business, our medical records, car maintenance, transaction financial or not every thing can be on Block Chain.  So let us discuss future of blockchain.

What is Blockchain?

For non technical people, it is a public ledger. So all transactions are registered on public blockchains. And , do not worry, nobody sees your name on any transaction, but I won’t go into those details, may be I will make a video about it some day, before that you can read this.

And yes, I strongly believe in blockchain, not sure if it has to be decentralized, and that one magic bitcoin has. Big companies and governments are already investing in block chain technology and it will grow.

Future of blockchain

Bitcoin introduced us to blockchain. All transactions are registered on public ledger, that is also known as “Block Chain”, and all these blockchains are residing in different computers, people on network dedicates their resources to host the blockchain, so this is known as decentralized.

So, say we want to replace, kelly blue book, you can put history of any car on blockchain,

  • when the car was purchased
  • when you changed the oil
  • did you get into accident
  • did your car have insurance
  • who were the owner of the car

all these information can be kept on block chain

Another example,  property records can be stored on blockchain

  • when was the building built
  • when was it sold
  • what was the price
  • then when was it resold and for how much

so on, records can be stored.

Bitcoin shows us, records can be made anonymous, or may be public, this can be changed per the need, I believe.

Can all these remain decentralized?

This is what I do not know, to keep these records decentralized, people lending their resources need to be rewarded. Some engineer will solve the problem of rewarding people who are lending resourcing. There has to a financial reward, otherwise why would someone let anyone use his or her computing resources?

I guess, these services won’t be free, and whatever revenue is generated that can be distributed among the network hosts who ever are hosting blockchain. Or may be this will be centralized, controled by one single body.

What is the benefit of blockchain?

Transparency, as the ledger is public, and information can be made public or private selectively, all transactions and records, when stored in blockchain, can end corruption. It will be harder to manipulate blockchain data, and hence the data maintained in public ledger may end bribery and corruption we know it.