Michigan Bitcoin Trade Council helps take the mystery out of cryptocurrency

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FOX 2 – The value of Bitcoin has been soaring as of late. All of that good fortune can change on a dime making the cryptocurrency complex and intimidating.

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The backstory:

As forms of currency go, Bitcoin is very young, but it’s growing fast and to help people in Michigan understand it, a new non-profit has emerged.

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It’s called the Michigan Bitcoin Trade Council. Their goal is to get people educated on Bitcoin, so our state can capitalize on what they see as a huge opportunity.

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Amber Harris says the price is constantly changing and the swings can be wild at times.

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“It went point .05 a Bitcoin to now $118,000 a Bitcoin,” said Harris, Michigan Bitcoin Trade Council. “It’s gone up 2.63 million percent. It is the best performing asset in our history.

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“And when people realize that we are only 5 percent of global adoption, you realize you are not late to the game, we are extremely early.”

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Buzzwords like cold storage, miners, seed phrase and block chain can all be intimidating and is one of the reasons a new non-profit was formed this past May.

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“Contact the Michigan Bitcoin Trade Council, it’s kind of why exist – so people know they are not alone.”

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The council was created to help answer what makes Bitcoin different.

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“It takes out the middle-man out to where master card can shut us down, the banking system can shut us down, nothing can shut Bitcoin down,” she said.

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And how to give more Michiganders access.

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“We are seeing more and more people becoming curious about it, but not knowing where to go to get the education and that’s where we come in as an organization,” Harris said.

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So where does one start? For one, the council recommends buying Bitcoin on an exchange.

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Amber Harris says to start with the apps like Coinbase or River and make small purchases like $20.

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Eventually, the council predicts Bitcoin will less of investment and more of medium of exchange, like the U.S. dollar or gold.

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“Before it becomes a medium of exchange, it needs to be a store of value,” she said. “That’s what happened with gold and that is what has happened to other currencies, it has to be a store of value and that is where we are at.”

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That happens as more and more businesses accept Bitcoin as a method of payment. Again, Harris argues it starts with education.

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“When people say it’s not tangible – we have a credit card,” she said. “But people don’t see that process on the backend, it’s just like that.”

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The council offers memberships and has regular meet-ups. Their goal is make Michigan the biggest adopter of Bitcoin in the world.

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You can find them on Facebook HERE.

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Money

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