Why I Sold All My Bitcoin
I sold it all.
Thousands in Bitcoin. Everything I had accumulated for little over a year now.
The only Bitcoin I currently own is $20 worth a friend sent me on the Cash App for drinks. That’s it.
So why did I do it? Easy. I’m interested in other investments; a few specific
“alternative coins” that I believe will have a far greater ROI. These altcoins have everything in place to make it big. Now all they need is time.
All this being said, Bitcoin is far from reaching its potential. It will overtake the $10 trillion market cap of gold and become the greatest store of value the world has ever known. Don’t ever let a few dips in price — or Peter Schiff — scare you, Bitcoin is not going away, it's going to explode into the hundreds of thousands.
And that’s a conservative estimate.
Bitcoin is the first cryptocurrency, but in doing so, has become an entry-level coin. It’s what I use to educate others about crypto. Always start with Bitcoin. But because we’re so early into this space, there are many altcoins primed for an outbreak.
While Bitcoin will decentralize currency, or stores of value to be more exact, these altcoins plan to decentralize social media, internet browsing, real estate, government, voting, music, art, video games, and culture to name a few.
Here are three altcoins I moved my Bitcoin holdings into.
1. Basic Attention Token
Google Chrome is outdated. This is because Brave kicks Chrome’s ass.
Created by the co-founder of Mozilla and Firefox, Brendan Eich, Brave is a lightning-fast, open-source web browser that pays you in its native token “Basic Attention Token” for using it.
Hey, are you listening over there? This browser pays you 𝕞𝕠𝕟𝕖𝕪 to use it. Not only that, it’s essentially creating a high-yield savings account in your browser where your Basic Attention Token can grow exponentially.
My BAT has gone from $80 to $200 without me lifting a finger.
Additionally Brave comes with a built-in ad blocker and prevents websites from tracking you and selling your data to slimy algorithms; unlike Google Chrome.
Here are some other cool things Brave does —
- Content Creators Make Extra $$$: Brave allows you to tip your favorite content creators in BAT on YouTube, Twitter, and a few other social media. I can’t wait until they bring this to Medium; I’ll become a BAT shill for sure!!
- Brave Pays You for Watching Ads: You can adjust how often you want Brave to send you ads, if at all, and they will pay you each time you view one.
- Your Chrome Settings Are Ported Over: If you used Google Chrome it will port over all your settings, bookmarks, passwords, and everything else under the sun. This made switching to Brave a no-brainer.
I highly recommend you download it.
2. Chainlink
The 2020 election proved why Chainlink has a future.
Chainlink makes decentralized elections possible. That means no tamper-proof voting; no fraudulent elections — or even the possibility that one could happen.
Can I get an amen?
Say it's 2024: Biden Vs. Donald Trump Jr. Not ideal, but it's the best I got. Chainlink would record all of the votes (no archaic system where we have to rely on potentially biased people to tally them) and then deliver results to Ethereum’s blockchain signed, sealed, delivered.
The results are immutable.
Chainlink is a system of “oracles;” that is a network of outside sources that provide external information to the Ethreum blockchain. In Chainlink’s case, these oracles are decentralized meaning a president arguing against their legitimacy or bias is absurd.
The system runs itself. Arguing against it would be like kicking a vending machine even though it just gave you the correct bag of chips you ordered.
The reason Ethereum needs oracles is that smart contracts (digital agreements that can be applied in many ways) act within a frame with no external influence. They were programmed to work towards a sole objective and avoid outside tempering. So that’s why Chainlink is needed to allow Ethereum to work outside the digital world.
A few other neat uses for Chainlink —
- Improved Options Trading: Chainlink can provide Implied Volatility (IV) data on various crypto assets, enabling investors to better calculate an option’s contract premium.
- Salaries in Real-Time: Chainlink coupled with Ethereum smart contracts can create employment opportunities where workers are paid in real-time. Imagine you finish a job — any job — input data that you’re done, Chainlink then verifies this, and an Ethereum smart contract releases funds to your bank account. Good golly.
- Better Utilities: When your internet, electricity, or hot water go down, no one is held accountable. You have to beg customer service for help and yell at a manager in hopes of some sort of refund. With Chainlink, however, outages can be monitored in real-time — and reimbursements can be connected through a smart contract — giving customers much more control over their utilities.
3. Ethereum and Uniswap 🦄
Ethereum is where the bulk of my Bitcoin holdings went. For good reason too.
Founder Vitalik Buterin calls Ethereum a “general purpose” blockchain, meaning it does anything and everything. He’s on the money as usual. Every altcoin discussed here — and the majority of crypto projects in general — work with Ethereum.
Ethereum could one-day eclipse Bitcoin in value as it becomes the backbone of all future technology.
Ethereum’s always stealing the limelight, so, let's talk Uniswap, Ethereum’s number one decentralized exchange, and a core program in decentralized finance.
Uniswap allows the trading and creation of Ethereum-based tokens without the need of other buyers and sellers to create demand. It accomplishes this using a pricing mechanism called the “Constant Product Market Maker Model.” Sounds sexy right? It is.
This is a fancy way of saying there’s always a liquidity pool in Uniswap. Moreover anyone can create a new Ethereum-based token, fund it through Uniswap, and sell it on that exchange.
Uniswap users have the easiest and quickest access to freshly launched tokens. You don’t have to wait months, even years before they hit Coinbase or Binance.
It’s also important to note that Uniswap’s fees are dirt cheap hovering around 0.3% fee per trade compared to 0.5% per trade of most centralized exchanges.
Crazy enough, Uniswaps' trade volume even outpaces Coinbase’s.
Here are some other advantages of Uniswap —
- You Hold Your Wallet Keys: While Coinbase and Binance technically hold your wallet and funds, Uniswap holds none of it. Your money is held in your own digital wallet. Think of Coinbase as a centralized bank that works with crypto and as a crypto flea market.
- Protected by Ethereum’s Blockchain: Uniswap is as secure as Ethereum’s blockchain itself. This is why the price of Uniswap’s tokens (UNI) correlates with ETH.
- Anonymity: Your wallet ID is the only identifying factor involved on Uniswap making it an ideal option for those seeking more privacy in their finance.
Final Thoughts
Selling all my Bitcoin made me think of an old Wall Street saying:
“Bulls make money
Bears make money
Pigs get slaughtered.”
You do not get greedy when it comes to investing. Unless you want to get slaughtered that is. This is something I thought about before pursuing an altcoin-only crypto portfolio. The thing is, however, I believe in these projects and wouldn’t touch the money invested in them for years.
In fact, it will take years for any of them to realize their true potential.
And I have no problem waiting.
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