Crypto Investing #68 – Why I Put All My Life Savings Into Bitcoin & Proud Of It

CAUTION:  Keep in mind that I did extensive research into bitcoin and I was working at a bitcoin farm when I made the decision to invest my all my life savings into bitcoin because I saw the value of the bitcoin network to be able to clear and settle transactions quickly.  Just because I did it and was able to retire from it does not mean you should do the same thing!

Tai Zen: What’s up guys. This is Tai Zen again.

I hope everybody makes bucket loads of life-changing money from the cryptocurrency boom here, especially the ones that’s been following us for the past 3 or 4 years.

I hope those who are new the new subscribers make some life-changing profits soon, especially if you’ve been following us for the last 6 or 7 months.

In this video, I want to share with you why I put all my life savings into Bitcoin and cryptocurrencies in 2013, 2014.

I want to explain to you the main reason that I got into it, so you understand my decision.

When I first got into cryptocurrency investing, I did not do it because I thought that the Altcoins were going to go up in price or Bitcoin was going to be a new universal currency being used around the world or anything like that.

I was willing to put my life savings into it because of one reason only.

If you come from Wall Street or if you’ve been into trading and investing for a long time, especially if you’re an active trader, you’ll know exactly what I’m talking about.

I’ve been trading stocks and currencies for a long time. Now, I want to explain to you guys the concept of T+1, T+2, T+3 real quick,  so you have a basis to understand what I’m talking about.

Let’s say that I want to buy one share of Apple stock. I buy it for $130. It goes up to $150 and I make $20 profit.

Let’s say that I buy it in the morning, then I sell it in the evening, so I make $20 profit. In order for me to take that $20 profit out of my account, I have to wait 3 days for it to be settled and cleared.

There’s a clearinghouse called DTCC, which is the depository trust and clearing corporation, that clears all the stock transactions in America.

After that 3-day procedure is done, the seller gets his money and the buyer, which is me, gets my money. That’s how that works.

I am going to have to pause this video real quick because we’re going to go through a toll booth here. I got to figure out how to pay the toll here.

Back to what I was saying, the reason I put all my life savings into Bitcoin was that during that time I was when I wanted to take money out of my trading account, I had to wait for 3 days, which means T+3.

Due to the problem, when I saw Bitcoin and how fast it was transacted, I decided to download the Bitcoin wallet to see what it was like to have the entire copy of the Bitcoin blockchain on my computer

I think it was between 8 and 9 GBs of data, so it still made sense to download the entire Bitcoin blockchain at that time.

Now I think it’s like 140 or 150 GBs worth of data, so it does not make sense to download the entire blockchain.

At that time, they did not have a badass lightweight wallet like the exodus.io wallet or the jaxx.io wallet. Therefore, if you wanted to make Bitcoin transactions, you had to download the entire blockchain to your computer.

When I made a transaction to my trading buddy, LeoFu.com, he received it instantly. Then, when he sent it back to me, I got it instantly. Hence, we decided to send it back and forth to each other to test it out.

I couldn’t believe how fast the transactions were cleared and settled in the past. Now, the blocks are full and it takes you hours or even days.

Leon recently had to make a few transactions and it took him like 2 or 3 days for the Bitcoin transaction to be cleared. That’s a bunch of bullshit here. We had to solve that nonsense and I have faith that will get settled.

Anyways, back when we first got started, it was cleared right away. I said if they use this technology to settle the stock, forex or futures transactions, this entire Bitcoin ecosystem is going to be worth hundreds of billions of dollars.

At that time Patrick Byrne, the founder of overstock.com, was talking about using Bitcoin or NXT or something to settle stock transactions.

I said this was going to be a perfect system to settle transactions because there were billions and billions and billions of dollars trapped on Wall Street. Traders had wait for 1, 2, or 3 days so that they can move the money.

Once I tested the Bitcoin network with Leon and we saw that it does do what they claim it does, that was done for me.

Then, I heard Patrick Byrne talking about trying to start up a company to build a platform on top of the Bitcoin blockchain to settle transit stock transactions.

The final nail the sealed the coffin for me too to make me go all in and no turning back was when Coinbase was able to raise $75,000,000 from the New York Stock Exchange.

At that time, I trade tons of stocks that are listed on the New York Stock Exchange. If they are going to put $75,000,000 into a company like Coinbase that buys and sells magic internet tokens or whatever people want to call it at that time, it’s enough for me to put my money in.

For these reasons, I put all my money. I mean every penny that I could spare into Bitcoin and cryptocurrencies back in 2013.

Keep in mind that is was not a lot. I had a young wife and a 1-year-old son that I had to take care of. Then, my second child, my daughter Athena, was about to be born at that time. I was also in the middle of a buying house as well as in the middle of changing jobs.

I started working at the energy brokerage firm where I discovered Bitcoins because they had a Bitcoin farm there. Then, all these major life events were happening, so I was trying to budget my money.

I would put every dollar that was leftover at the end of the month to buy as many Bitcoin I could back then. Even when Bitcoin prices were going down, I would still buy it up because I believed in the technology so much.

Keep in mind that at that time I had no clue about cryptocurrency. I was not the expert that I am today because I hadn’t made all the mistakes that I need to make in order to become an expert at cryptocurrency investing.

I even shared it with other people, my friends, and colleagues. The only one that did not think that it was stupid and crazy was Leon.

Matter of fact, he thought that it was crazy that I put all my life savings into it, but he didn’t think it was crazy that I was a hardcore believer of Bitcoin.

The reason why I share this story with you is nowadays there are many people getting into cryptocurrencies and telling you that it’s risky. They want to tell you whether you should invest in it or not.

We even have diehard Bitcoin maximalist that will tell you that they are diehard Bitcoin believers.

However, to me, if you want to show how much you believe in something, you should put your money where your mouth.

I can say that I’m more diehard Bitcoin maximalists than most people I know because if you go back and look at my financial records from 2013, you will see that all my life savings were in Bitcoin.

It was all in Bitcoin back when people thought it was crazy. That’s where I had it in.

I grew up from a very low economic background in America. I was not fortunate to be one of those Asian families that come to America and strike it rich.

My wealth came from learning, taking the risk in the stock market and the forex market. Then, I transferred that skill and knowledge into the cryptocurrency markets. That’s how I created my wealth.

So when you guys come into cryptocurrency investing, if a person tells you that cryptocurrencies or Bitcoin as bullshit, ask that person how much of your money you put into cryptocurrencies.

I had friends and colleagues that told me Bitcoin was bullshit. I said if you really think that it’s bullshit, we’ll short a motherfucker when it’s at $1000, let it go down to $1, get out and make a killing off of it.

However, they didn’t because they didn’t understand it and they didn’t believe in it enough.

The way that you tell if somebody can actually do what they claim or actually believe is put their money where their mouths are.

When Leon and I do research and we believe in our project, we put our money on it. We don’t sit there and waffle.

When we come to the conclusion, we designate a certain amount of money that we will risk for A-tier, B-tier or C-tier crypto and put money into it. We don’t hesitate.

If we’re wrong at it, who cares. We get back on our feet and go onto the next project. We don’t sit there and cry about it.

I share this with you because when you get into cryptocurrency and Bitcoin investing, there’s going to be a lot of naysayers and people that are going to tell you not to get into it or give you some stupid opinions that they’ve never had any experience in it.

I’m just sharing with you my personal experience and my personal opinion. Don’t go out there and put your whole life savings on some bullshit cryptocurrency without doing your research.

When I say I put all my life savings into cryptocurrencies, I made sure that I had about 3 to 6 months worth of living expenses.

Keep in mind that I have a family to take care of so I don’t want my wife and kids to be homeless and stuff.

I’m driving right now and there’s a truck carrying hummers. They got like 8 rockets parts on each side.

I was thinking about what’s a good sign from the universe that Bitcoin is going to skyrocket to the moon.

Thanks for watching this video. That was a very warm and very positive conclusion to this video to see those rockets aimed at the sky like that.

I hope you learned from how I got started investing in cryptocurrencies. I hope that it helps you in some way because I know that some of you that are watching this may be on the fence about how much you should put into cryptocurrencies.

It will be based on how much you believe in it and how much you understand the technology.

Leon only puts about 10% of his life savings into cryptocurrencies. When I say all of my life savings, it was pretty much all of it.

If you like it, give me a thumbs up and make sure that you go to www.cryptocurrency.market/newsletter and sign up so that we can tell you whenever we got a new video coming out.

Make sure that you guys follow me at @HeyTa Zen. It’s spelled just like you hear. Follow our oracle of cryptocurrency, LeonFu.Com, at @leoncfu.

If you have any friends or family, colleagues, coworkers are interested in making life-changing money in cryptocurrency investing, make sure that you tell them about our channel so they get legit information from people that actually make a full-time living from it.

I’ll see you guys in a future video.

 

 

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