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By William Frederick, M. Div.
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Cryptocurrency and End Times Bible Prophecy

Saturday, February 10, 2018 12:30
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Cryptocurrency; are you going to ride the wave or get wiped out? You may have heard the word Bitcoin or cryptocurrency and wondered what in the world is that? What I will attempt to do in this post is explain the whole concept to you in an easy to understand format and explain why, in light of end times Bible prophecy, they may be useful in the future, and how you could possibly benefit from them.


What is a Bitcoin or Cryptocurrency (Cryptos)?


Plain and simple Cryptos are a medium of exchange. Cryptos have been defined by some as a digital currency. And you may ask what is that? As they say, it is a currency that exists in cyberspace—let me give you an example that may help you understand this; many people have credit cards that issue reward points or reward dollars. These rewards are essentially a digital currency—only exist in cyber space–that you can use to purchase goods, services, or even with some companies redeem them for cash.


So essentially Cryptos are the same type of thing, they are a digital currency, that you can use to purchase goods, services, and redeem for cash. If you make electronic payments with your bank account you are essentially doing the same thing, except in your country’s currency. BTW; 95% of all money in the world is digital.



Why use Cryptos?


One of the reasons that so many people are getting involved in, and using Bitcoins or other cryptocurrencies in transactions, is because they see it as an alternative to their currency which is losing its value through its increasing supply. Increasing the supply of a currency brings about inflation, and inflation causes your money to be worth less.


Whereas by design Cryptos announce how many there will be and once that amount is reached for that particular coin no more will be made or released. For example there will only be 21 million Bitcoins created or should we say mined. Thus the currency supply for Bitcoin, once the 21 million are mined, will never be increased and thus their value will not be watered down through the endless creation of more of them as is the case with many fiat currencies.



What gives Cryptos their value?


The trust, usefulness, and demand people have for it. If people trust it, and can use it, then they may want it, and therefore it will have value established on the open market by how much someone is willing to pay for it. So the value is a pure reflection of demand. At this writing, one Bitcoin is worth about $9000 USD and one Litecoin about $150. Last year at this time Bitcoins were selling for about $1000 and Litecoins for about $4.



How can I use Cryptos?


There are many companies around the world that are accepting various cryptocurrencies for payment such as APMEX (a precious metals dealer), and I have even heard rumors that Facebook and Amazon may be getting ready to accept Litecoin. You can also sell your Cryptos for USDs or other major currencies.



How can I get Cryptos?


First you have to select the crypto that you want to own, for there are many of them. Here is a link to a list of all the Cryptos ranked by their respective market capitalization. One of my favorites is Litecoin.

Once you have selected the Crypto that you would like to buy, you then need to obtain a digital wallet to store your Cryptos, which is free—just do a search for that coin wallet and you will see what is available.

After you get your wallet downloaded to your computer then you need to choose an exchange through which you can buy Cryptos. There are numerous exchanges that you can buy from, here is an article listing some of them; (Note: Most recommend having your own secure wallet for long term storage of your coins and not to store them on exchanges.) …


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