What is a Bitcoin?

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A new digital currency emerged in 2008 that operates as an peer to peer payment network, without a central bank to regulate it.

Listen to find out how others are using this network in real estate and business.

Video Transcript

Hi, Jay Massey with the CashFlowDiary.com; I would share another quick tip about real estate in business.

Today were going to talk about Bit Coins.

What exactly is a bit coin anyway? I mean you probably heard a lot about it in the news, and maybe on Yahoo. You maybe then saw an article like I did about the guy in Canada trying to sell his house for bit coins. That’s what actually got my attention.

So I’m relatively new to this space but it’s very similar to the many other casual strategies that you could use in real estate business. Bit coin is right now just something, anything, right now the digital currency or digital representation of value.

So just like any other currency, it can be traded with anyone else who’s willing to accept it for a good or service but more importantly, some people are choosing to do what is call bit coin mining. It’s kind of like gold mining only you use your computer instead of pickaxes and shovels to actually go and create a bit coin which you can then, therefore, use to trade as I was saying for gold. Well, you actually can. You can trade it for gold. You can trade it for other products as well as services.

Here’s the point, the point is, is what could you do to create some possible cash flow with the bit coin.

Well it’s just like any other product. So if you have a real estate product – real estate, a piece of a single family house or maybe an industrial complex, you could also sell the use of that industrial complex for someone else to then pay you a premium known as a dividend in this case or rent. Right, and then you have the use of that bit coin or in this case, real estate that creates some cash flow.

Here’s the point, same thing can happen with the bit coin. You got many exchanges that are beginning to come up. You got all kinds of little things that are happening to develop around this whole concept in this idea.

Here’s the funny part that I want to say to you. Is a bit coin really any different than this piece of paper? Or this piece of paper? It’s all representations of value and an entire economy has sprung up around this piece of paper. An entire economy has sprung up around this piece of paper and certain merchants accept this and they all come with different pros and cons, if you will.

Here’s the thing. How can you, today, now learn to leverage things like bit coin or euros or dollars to be able to go out there and create value in the marketplace?

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