It seems most articles here are written for those with some relative background in Crypto's. I'm new but I'm a quick learner so I went from really scared, to scared, to trading, within 2 months. I'm unemployed you see, so I have lots of time to do research.
So that's what I did!
I saw some things that lead me to believe Crypto's are here to stay. I'm also a bit of an early adopter and a geek. I'll be writing an article or two every now and then to express my thoughts on particular topics, starting with why I'm getting involved too.
I'm excited!
There's a lot of opportunity coming! Not all get rich quick but I believe a serious transfer of wealth is about to take place. Some less fortunate people are going to "accidentally" become wealthy and some otherwise intelligent people are going to make irrational exuberance a thing again! Yet others will sit on the sidelines until the bloodbath is over.
Only those involved will win or lose.
I will be cautious when it comes to trading coins but I am extremely optimistic about the underlying technology
The real story here:
It's definitely not about the new digital currencies although that aspect is gigantic, rather the underlying technology. At least we can admit, the Block Chain is about to usher in a whole new paradigm. When people begin to realize the potential of putting Block Chain together with other, just as new technologies, in innovative ways ....... things will start to get really interesting, even for us consumers.
It's not hard to imagine stamping out much of the foul play the corrupts our societies today. Think digital trust... If you ask Google who's been hacked, the list is endless. And at what culpability? Block Chain will harden your digital privacy. You won't worry about Target or Home Depot getting hacked because your info is more of less safe from these type of attacks if your data is stored on the Block Chain.
Instead, over the next few years, I imagine many hackers will focus on the individuals who carry vulnerable software wallets, many will fall prey to new phishing scams and many will just lose their private key, effectively losing the wallet. This will be the low hanging fruit. Don't be low hanging fruit!
Spending my Bitcoin is difficult...
... for now! Block Chain has the capability to become actual cash. It's not there yet, but people smarter than you and I are working on it. Typical large transactions that are not time dependent, for example, buying a car or reserving a hotel room in the future, work well in the current state of Block Chain currencies. Going to a convenience store to buy a pack of gum does not. It can take several minutes up to hours for a transaction to process. As of this writing, they are already testing updates to Ethereum hoping to speed up transaction times as one of it's goals. Coins are already in the works to take advantage of this new speed.
Furthermore,
not enough people understand it yet. The clerk at the gas station has maybe heard the term Bitcoin but doesn't have any idea what it is. People who handle money will be the first to see and understand the new technology. When you start to see your local gas stations en mass accepting Bitcoin... FIAT can be pronounced dead!
Don't get me wrong
These times are clearly akin to the "Wild West" but they remind me of a more recent time, like when I was growing up in the 80's and the banks started stealing our money in every way possible. There was a huge transfer of wealth then and there will be a huge transfer of wealth now!
Regulation will come!
It will have to, otherwise governments around the world will face Black Market and more corruption in ways they couldn't imagine before.
I can't wait
The future is bright. It is my belief that we are at the precipice of something big and as such, those of us currently participating are helping those who are not by ushering in the new world with us. Let's not forget the Newbies!
Everything in this article is my opinion and I welcome all comments.
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