What You Should Know About Bitcoin, Avoiding Scam & How To Make Money

How many people do you know who started making money at the age of 10? Not so many I bet!

Josh Reif had already become an expert (although he doesn't like to be called that) in stock trading. Which he learned from his dad who was a stock market expert himself.

Josh is a medical practitioner who later branched into social media marketing and lead generation service - He is someone who knows a lot about facebook advertising and how to scale faster.

He is one of the earliest users of facebook, he has been using it since 2004 before facebook even became a global community.

Josh is an expert on facebook & Instagram marketing.
Now Josh is helping others take charge of their marketing, by teaching them how to properly use social media to generate leads and convert new sales.

Well, that's just the intro. We have Josh on today because we understand that many people aren't really sure about Bitcoin, most people like me "initially" are scared, terrified as a result of how pyramid schemes have left many at the shores stranded and broke after losing lots of money in the system.

So it's hard to throw money at any opportunity without digging deep, so we actually want to know, is bitcoin another pyramid scheme? A bubble waiting to burst, maybe? Recently "James Altucher" also started talking about bitcoin, Brian D. Evans Founder of influencive.com has a page dedicated to blockchain, the technology that powers bitcoin. In fact, it is now believed that the blockchain technology is disrupting the real estate industry which used to be one of the biggest money market the world ever experienced.

Should we trust bitcoin to be a reliable source we can bet our money on? Because whether you like it or not, every kind of investment is like a bet... You trust your gut that it is going to work, probably after doing a bit of research on how it is played.

Is bitcoin, therefore, a sure bet to stake your money on?

Hence, why we brought Josh on today. Josh has been following the trend for some years now trying to understand how this whole process works and just like any intelligent person would do, he risked it all this year's May. And he got a whopping 308% "ROI" return on his investment in just 4 months! That is not an exaggeration at all.

We believe most people haven't been able to put their money into this life-changing opportunity as a result of not knowing much about it, fear of uncertainty and probably they've not even heard about it at all.
According to Josh, his plan is to ensure that he educates people on how to invest wisely in bitcoin and avoid being scammed.

If you happen to find this interview "article" count yourself lucky! As you are about to be exposed to information that'll illuminate your entire life forever.

Without further ado, let's welcome our awesome guest for this month.

==> Hi Josh thanks for joining us today on this month's issue of EC'Magazine,  How are you doing?

I’m great. Thanks for having me. I’m excited to teach people about Bitcoin because there is a lot of confusion and misinformation out there.

==> Awesome, but before we dig into that, can you kindly tell us about who you are? 

I’m a former physician who left medicine and got into sales and marketing specifically Facebook. I love the platform and enjoy working with business owners and entrepreneurs helping them generate leads and sales.  That’s my main gig. On the side, I love to research the financial markets and trends. I find it fascinating, especially Bitcoin and cryptocurrency.

==> During the pre-interview session with you, I was really fascinated by the fact that you started early, I mean this is something a lot of parents should do with their kids, expose them to opportunities that'll change their lives.

So tell me, how did you develop an interest in all this? Did your dad decided he was going to teach you, or you personally picked interest and sat with him all the time?

My dad has invested heavily in the stock market and growing up it was something fun I could do with him. We’d talk about stocks together and watch the ticker go by on TV. I was very into math and stocks were a cool application of that. Also, money sounds fun to kids. We all wanted to buy video games and toys.

==> That's interesting. A lot of people want to know what bitcoin is! Can you help explain what it really is?

Bitcoin is the first decentralized digital currency. Basically, it’s not controlled by any government, bank, or corporation. This is why people are so excited about it. What people don’t understand is that bitcoin isn’t the revolution. Blockchain technology is. Currently, bitcoin is the most well-known application of that technology, hence its popularity. Think of it like Facebook. Everyone knows Facebook, but in the early days, Facebook wasn’t guaranteed to be the winner (MySpace and Friendster preceded it). Social media was the future. It was the revolution. Blockchain technology is the new social media.

==> When did you invest in Bitcoin and how long did it take you to cash out and what was the ratio of your profit?

I started investing in bitcoin in early 2017. I’ve been following it for years, but only in the past year and a half has it appeared to show strong long-term success potential. I’m more risk averse than most people though, and many invested much earlier than me. They obviously believed more strongly than me in its long-term potential. I won’t get into how I’m managing my holdings, but ultimately I’d like to hold it long-term. In my first four months of holding, I saw a return of 308% profit.

==> Every business has its risks, what are the risks involved in Bitcoin investing and mining?

Well, Bitcoin investing and mining are very different and involve different risks. Mining requires investing in specialized computing equipment and paying for the power to run those machines. As more bitcoin is mined, it takes more computing power and there is less reward. 

It may still be slightly profitable, but in my opinion, mining is no longer worth it for the individual. There are large mining operations currently in force. If you aren’t currently mining, I wouldn’t recommend starting now.

Bitcoin investing is like investing in currencies or stocks. You purchase bitcoin and you make money if the price of bitcoin goes up. You lose money if it goes down. If you hold, you can ride out the waves. The only way to lock in gains or losses is to convert back to a fiat currency like the US dollar.

The risks of bitcoin investment are similar to those of investing in currencies or stocks with the added difficulty of understanding this new market.

==> There seems to be a sudden increase in the launch of different coin these days, there is Ethereum, there is Tex.io, there is just so much to mention. Which ones would you advise someone starting out to invest in?

There’s a lot of risk people don’t understand. Anyone can launch a new coin these days. Many, if not most, of these, will fail and disappear. Some will survive. This appears very similar to the early dotcom wave with the same excitement as well.

There are a few legitimate coins out there. Ethereum is one of them. But, Bitcoin is still the most widely accepted. Therefore, it has the greatest chance of success (though still not guaranteed).
Blockchain is the technology behind these coins. If one could invest in blockchain, it would be a great way to go. But currently, there is no way to invest in blockchain. Banks and governments are developing their own systems based on blockchain technology.

I would advise starting out with Bitcoin and take a look at Ethereum. There are other coins worth looking at for sure, but not without doing a lot of research and learning from someone who understands them well.

==> People often say there is no work involved, you just put your money in and wait for turnover, how true is this statement?

It really depends on what you decide to do. A business can be a lot of work if you do it yourself or easy if you can outsource. If you just want to invest in bitcoin, it’s very easy. Just like buying stock. You just set up an account, add funds, and make your purchase. But, like any investment, it carries risk. So, making money is easy if it continues to go up. But, you lose money if it goes down.

==> There is some type of schemes such as "The Billion Coin" (TBC) which many people say isn't a real Bitcoin, it's sellable but require referrals in order to build up commissions, would it be wise to stay away from such?

I would stay away from anything that isn’t called “Bitcoin”. Even the legitimate coins that branched off from Bitcoin - “Bitcoin cash” and the upcoming “Bitcoin gold”. These are not the original Bitcoin and should be treated as other coins when it comes to risk.

The Billion Coin is just another coin like hundreds of others popping up every day. As I mentioned earlier, anyone can create a coin. It would be really easy to create a coin scam these days. That’s why I don’t trust any that I don’t heavily research and neither should you.

There are also many non-coin scams that are popping up all the time. They “help” you invest in bitcoin and often promise guaranteed money. First, there’s no such thing as guaranteed money with investing. That’s a classic scam lie. Second, why would anyone “help” you make money when they could just invest themselves? It’s because scamming people out of money IS guaranteed money, but only for the scammers.

When investing, only buy bitcoin yourself through an exchange or reputable broker like Coinbase. The only thing you should pay for that’s not bitcoin is education. I teach a bitcoin course for beginners and have friends teaching the ins and out of cryptocurrency. These courses can save you a lot of time researching and help you avoid scams. But never pay someone to “help” you invest. It is most likely a scam.

==> Let's say on a minimum, what's the least one can invest into Bitcoin business?

$1 - You can invest as little as this. Investing in bitcoin can be fun and the potential is there to make a lot of money. But because of the risk involved, you should never invest more than you can afford to lose completely. So, if you really need the money, you should not put it in bitcoin. I would recommend instead putting it in a much safer investment like a Vanguard fund in the stock market.

==> What are the basic technical know-how one should become familiar with in this business?

That’s the nice thing about bitcoin. You don’t need to know all the technical details in order to invest or use bitcoin. I teach the basics in my course, but it really just involves understanding how bitcoin and the blockchain work so you can understand the challenges bitcoin has faced and will face in the future.

However, If you want to trade cryptocurrency and the other coins outside of bitcoin, you should educate yourself fully into all the technical aspects.

==> People are really afraid, I mean at the rate Bitcoin keeps increasing in value, they feel its a bubble waiting to burst - What's your thought on that? Especially now that Bitcoin hits the over $10k mark.

Some people say bitcoin is going to $20,000, $100,000, or even $1 Million per coin. This is what economists often call the “mania” phase and there’s definitely risk there. Nobody knows where it’s actually going. Because bitcoin is so new, it’s hard to determine it’s actual inherent value. I believe it could be in a bubble, but I also believe in its long-term value. So, it’s really about one’s ability to ride out the waves.

I would be very surprised if there wasn’t a larger correction at some point with bitcoin dropping anywhere from 40-80%. It’s already happened several times in bitcoin’s history. There’s no way to predict when or if this will happen. If you invest in bitcoin, I would recommend buying and forgetting about it. Many people will sell when it starts to drop. Human psychology draws people into the herd mentality and this is when most people lose their money.

==> Let's segway for a bit! You are one person who seems to know quite a lot about social media marketing, particularly facebook & Instagram. What are those things you feel lots of people are missing in order to nail it & get results?

They aren’t branding correctly. Facebook is a social platform so you have to treat it as such. People get turned off if you are trying to sell them stuff all the time. As a business, you want to put a personal face on it. People like you. You give them quality free content. Then they trust you and want to buy from you. Too many businesses just start selling first. That can work with advertising, but not when utilizing organic social media.

==> What role can social media play in improving how we trade bitcoins? And do you have any idea on steemit and their coin reward program?

Social media can be an awesome way to talk about bitcoin and inform people on the scams out there. We can have fun with it. We can trade them with each other. The future is not just in investing. It will also be how we pay each other instead of using banks or paypal. Bitcoin is too volatile to use as payments right now, but eventually, we will be paying each other in cryptocurrency whether it’s Bitcoin or another coin like Ethereum.

I’m not too familiar with Steemit so take this with a grain of salt. It looks like a cool platform where users pay you for awesome content you create. I’d actually like to see this in publications like medium too. It’s a great idea. 

The only issue I see is that they pay you in their own coin, which has no defined true value and can fluctuate. But, you don’t have to risk any of your own money, so why not go for it?! I would just take any rewards you receive from your post and immediately convert them to bitcoin or USD as soon as you can.

==> Do you train people on the use of social media for marketing or you just offer the service to clients?

Yes. I offer three levels of Facebook service. Done-for-you service, personal Facebook Marketing training, and a Facebook Influencer course. I determine which service to offer based on client’s budget, existing business model, and niche.

==> Thank you so much, Josh, for honouring the invitation to be featured on Entrepreneurs Chronicle and we hope everyone got value from this. Any final thoughts on Bitcoin or social media marketing before you go?

Thanks for having me! I love to talk about Bitcoin and Social Media. Final thoughts on bitcoin, have fun and make some money! But, also be careful. Don’t put in any money you can’t afford to lose.
For social media, you should really be building your brand. It can transform your business as it has mine. Learn what you can and invest in yourself.

==> How can people reach out just in case they need to contact you for future information & possibly work with you?

Find me on Facebook “Josh Reif” and add me. I love to connect. I also have a Facebook group of over 3000 members called “Digital Skills For Entrepreneurs” And if you are interested in learning more about Bitcoin, you can take my course “Bitcoin For Beginners”.

Thanks for the interview!
My facebook group link: www.digitalskillsforentrepreneurs.com
My bitcoin course link: joshreif.org/bitcoin

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