There have been many articles and high-profile people speaking out lately about cryptocurrencies. Tony Robbins, for example, stated recently that Bitcoin is “Iffy” and that it should be equated to gambling in Las Vegas. Whether or not you agree with that statement, it is something to think about. Is it like gambling?
The year 1976 saw the birth of two companies: Microsoft and Apple. Two rivals that defined the computer industry. At that time, what those two companies were doing was extremely cutting-edge and innovative. Most people had not ever seen or used a computer personally before, much less did they own one. The goal was to bring a computer into every home when such a concept was nowhere near mainstream. Bill Gates and Steve Jobs saw what others did not: opportunity. They started working on building something they believed in and saw as the future, granted, in two very different ways.
Cryptocurrency investors follow a similar philosophy. There are many projects in existence; as an investor, it can be difficult to discern which are the best, which will be successful, which are scams, and which ones will fail. The philosophy of these investors is speculative in the sense that they believe that cryptocurrencies do, in fact, have a future; however, the question is, which ones will still be around in a few years?
Why is crypto here to stay? Money has been around for thousands of years, in many forms, and across many civilizations. The technology of the past 100 years has accelerated our growth as a species. Computers and technology dominate everything we do these days, it was only a matter of time where technology caught up to something we all use universally. It’s not just about the value and payment systems that crypto projects provide, but rather the sheer diversity in the way such value is provided to stakeholders of the coin, and of teams involved with crypto projects.
In reference to the birth of computers, as described earlier, computers very much started out as a “homebrew” culture in California. People would get together and meet about how to build new electronics, exchange ideas, learn about new and great technology. Crypto is a rebirth of that computer world, and we are still only in the 1970’s.
As a side note, mainstream acceptance of cryptocurrency was further illustrated for me personally when I was on a flight and I saw a commercial on the headrest TV for DASH.
If you’re interested in the video, it can be found here:
Cryptocurrencies are so new that we would need to consider them as something that is generally known about, but not widely used. We are still in the early adopter phase heading into the Early Majority phase. More people are starting to recognize the value in cryptography and different projects that exist. Of course, since we are in the 1970’s of crypto, it would only make sense that this is the early part of the Technology Adoption Curve.
Looking at the top 100 coins, I am reasonably familiar with roughly half of them. These coins are changing spots from time to time, and in some cases, quite rapidly as a new coin is released or there is an announcement. Each coin people can invest in has specific unique factors to the project that make it more appealing.
In the end, it is not unlike investing in someone’s company and idea. For example, on Binance, there is a token called BNB. BNB is a ERC20 token that will hold value as part of investment in the exchange, as well as potential purposes in the future. It is a unique idea and concept at the moment, and it has so far been very successful. There are two main reasons I like this coin. The first is, by holding BNB, you have invested in the exchange itself. Second, since BNB is an ERC token, there are many other potential use cases that can be imagined from that scenario, (hint: smart contracts).
As it stands now, my favorite way of investing in new cryptocurrency projects is to use an exchange. My new favorite exchange is Binance. If you have not signed up, you may want to check them out. Binance has the best mobile interface and apps on the market today. You can tell they have taken the time to define a great user experience when it comes to professional cryptocurrency trading.
Binance is a world-class cryptocurrency exchange ranked #8 in the top 10 list of exchanges by volume, with over $70 million transacted daily. www.binance.com
Note: Author invests in cryptocurrency and the above text is not to be considered investment advice.
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