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Unless you've been sleeping under a rock,
you've been hearing (more) about cryptocurrency.
Here's what we think you should know...
We, at ChiroSimple, want to help YOU stay informed, ahead of stress,
and prevent you from getting left behind.
[Disclaimer]: Nothing you will read below is investment advice, but my personal opinion. Investing (and not investing) is risky, please do your own research.
Patients will soon begin asking you if you accept cryptocurrency, so I thought I'd bring you up to speed in a single, simple newsletter. It'll be worth the
read...
What the heck is cryptocurrency?
Cryptocurrency is a form of payment that can be exchanged online for goods and services, or one in particular (bitcoin) is best used as a safe haven of wealth (like digital gold). Many companies have issued their own
currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange "real" currency for the cryptocurrency to access the good or service.
Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security. And, no, it's NOT getting banned, it's not illegal and it's here to stay.
Why should I care?
You should care, because it isn't going anywhere. In fact, not only is it here to stay, it's here to stay in a
BIG way! More concerning is that as a result of our federal reserve, printing trillions of additional dollars, our USD (and all other tied currencies) are debasing (losing value) at approximately 10-15%/year. Think of this as an accelerated "melting" of our dollar toward zero. This means, you'll have to work exponentially harder for a dollar whose buying power is becoming exponentially weaker. This is especially a problem for you, since animal chiros (whether you're a DVM or DC) are in a trading time-for-dollar service model. To solve this, you'll need to invest (save, preserve) your money somewhere to prevent this melting effect.
Most traditional safe-haven assets (mutual funds, bonds, treasuries, gold, etc) won't likely keep up with the debasement (melting), and even if they did, you'd only break even. You're gonna need a high-yielding vehicle. And, in my opinion, that's Bitcoin. (Note, I could talk for hours about "why", but for this newsletter, I'm only able to give you the cliff notes).
How many cryptocurrencies are there and what are they worth?
More than 6,700 different cryptocurrencies are traded publicly. Cryptocurrencies continue to proliferate, raising money through initial coin offerings, or ICOs. The total value of all cryptocurrencies on April 13, 2021, was more
than $2.2 trillion (with a "T"), and the total value of all bitcoins, the most popular digital currency, is around $1.2 trillion. To put this in perspective, the total market cap (how much money is the total of all its value) of Bitcoin is 5-times the size/value of Netflix!
What "should" you do?
Here are your options:
1. Nothing. Wait until you're forced to move toward crytocurrency, mainstream adoption and flow with it. Unfortunately by that time, you'll still still be working as hard as you are now, maybe
even harder (think treading water) to keep up with what's happening economically (more on this below).
2. Learn how to accept it as payment, proving you're on the cutting edge of technology, demonstrating you're "with it." (Who doesn't want a doctor like that!) This secondary benefit of this -
you're gonna own some sooner. Which leads us to #3...
3. Front-run it (by buying some today) and set yourself up someday to alleviate the stress of having to work yourself to death for a
dollar that's losing most of it's purchasing power.
Accepting it as payment, and investing in it now, is how you'll set yourself up for success (and less stress) later.
What are the risks?
You'll hear people talking about how people have lost money investing in cryptocurrency. Here's how they lost - they sold or the currency "project" (coin) failed. To protect yourself, do these 2 things:
1. Only buy Bitcoin (BTC) 80% and Etherium (ETH) 20% (the 80/20 is my recommended coin holding allocation for your portfolio). These coins aren't going anywhere but up (likely). Stay away from all other coins and
hype.
2. Never sell your Bitcoin or give it away. (Read that every day for 10-years and thank me later). Don't sell or give away your ETH for
many years, but someday, you likely will.
How will I benefit from Bitcoin if I never sell?
For starters, you'll hold an asset (think of it as digital gold) that will only go up in value and outperform the melting of your country's currency
Additionally, you can, as of today, leverage against your BTC for "real" money. Just like you can take a mortgage on your home, you can do so against your BTC. There are AMAZING benefits to this (If I get enough replies to this email, I can go
into more detail later).
How will I benefit from Bitcoin if I never sell?
For starters, you'll hold an asset (think of it as digital gold) that (is expected and has over time) will only go up in value and outperform the melting of your country's currency.
Additionally, you can, as of today, leverage against your BTC for "real" money. Just like you can take a mortgage on your home, you can do so against your BTC. There are AMAZING benefits to this (If I get enough replies to this
email, I can go into more detail later).
How can I get started and own some?
Use this link (only). Rest assured, you'll know this link is legit - there are many scams out there with crypto - this link is safe > SAFE LINK TO BUY CRYPTO
(You'll also get $10 free using this link, which someday could be worth a lot). (See disclaimer
above)
How can I accept it as payment?
Once you set up your Coinbase account and buy some, you'll have a wallet. Hopefully this article will help
you understand how this works.
I hope this newsletter has been valuable and has helped demystify cryptocurrency. At the time of this newsletter, a single Bitcoin is valued at ~$55,000. You can purchase fractions of a bitcoin, so don't
fret. Not that long ago, people thought it was expensive it $3,000. They said the same thing at $6k and at $24k. I expect a single bitcoin to be worth A LOT more than it is today, in the not-too-distant future. But, you never know...
Want to learn more and go down the rabbit hole?
Resource > https://www.hope.com/
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If you've found this newsletter helpful, please consider forwarding this email to a friend - you never know the difference it could make in someone's life...and it also helps spread the word about ChiroSimple. We're on a mission to help more animals by helping you experience less
stress running your practice.
Thanks for letting us be a part of your story,
Dr. Nevin and the Team
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