One of the things I have invested A LOT of TIME in this summer is learning as much as I can about Cryptocurrency, mostly focusing and its underlying technology Blockchain. This morning, as I saw Ethereum had jumped overnight, I started writing this for my Facebook friends and later decided to make this my first STEEEMIT article. My purpose is to suggest it is a good time for you to start doing your own research on this subject.
Currency speculation is something that I have always detested because it really doesn't create value. Because there is a gold rush going on, it's also attracting MLMs, scammers, Ponzi schemes and other nefarious types that want easy money. There is LOTS of money to be made but if you don’t think you have to work at it, you could wind up another broke fool that got snookered. The early days of Crypto (and these still are the early days) has gotten a bad rap because of hacks and money laundering and lots and lots of doubt about its viability. It has turned out that Crypto is not a fad, it is the foundation of the next century’s economy.
Cryptocurrency is highly volatile, but it is also one of those things that is on the ascent. Most people have heard of Bitcoin, but many don't know that there are dozens of other Cryptocurrencies. Fewer are even aware of the breathtaking scope of how governments, banks, corporations and industry are all in a race to develop and implement Blockchain solutions to their use cases. This has created a Wild West in the tech sector we haven't seen since the 90s. The infrastructure of the AdTech, FinTech, GovTech and Logistics are a few of the industries that are being radically rebuilt using Blockchain.
Over the summer as I have discussed my findings with friends, who have listened intently and curiously. I enjoy talking about it, as one does when you learn something new and exciting. I don't have any specific advice on what to invest in or when, but I do advocate doing what I have been doing, which is making it my business to learn as much as I can about this subject, especially, if you have kids of tween+ age. This is "a thing" in the world they are coming of age in. They will be natives in this brave new world and Parental Guidance is suggested. (there is a list of perils to get wise about for yourself, but even more important that your kids are grounded in identifying and avoiding scams, not investing what you can't afford to lose, patience, due diligence, basically virtue vs. vice.) For people with gambling addictions or folks that are easily susceptible to multi-level marketing or are one of the suckers born every minute, proceed with extra caution.
Whether you are a techie or not, this is a crucial time to be wrapping your head around this stuff. If you are in the tech sector busy with your day to day and haven't noticed Blockchain is coming at you like a storm surge, heads up. Have a solution in place before your boss asks for one. If you're looking for what you're going to do for the next act of your career, this is where the jobs are going to be. Recruiters are already tripping over themselves and it has barely begun. The world economy is about to be transformed yet again.
One of the things I have done to tackle this learning curve for myself is to join as many Facebook groups and pages on the subject as possible, which has saturated my feed with this topic (this is a good suggestion no matter what you're interested in. It makes Facebook much more edifying in general.) There are tons of cottage industry publications popping up that have pages to subscribe to. The same goes for Twitter and YouTube channels, follow and subscribe as many people and companies in the sector as possible. If the name begins with Blockchain, Bitcoin, Ethereum or Crypto have a look. Some groups are rich in information with kind smart supportive people, and some are filled with immature dickheads that troll each other. Discerning which are which is the easy part. These are good passive ways to learn.
If you have money set aside that you can afford to put in high risk investments, cryptocurrencies have exchanges where you buy them. If you live in New York, you only have one choice, Coinbase, because they are the only exchange that has paid NY's "Bitlicense" regulatory fee. If you live outside NY, you have a choice of places to exchange "Fiat" (government sanctioned money) for digital currency. Obviously, don’t risk money you can’t afford to lose, but at the same time, it’s a game worth learning, so don’t be afraid to make a few mistakes if that’s what it takes.
Digital currency is stored in "wallets" which you have “keys” to. Lose your keys and lose your money. Learning how to protect your keys is critical, because crypto is like having cash. Setting up accounts, enabling 2-factor authentication and moving your money around are all things you need to learn to do, like you once learned to deal with setting and using an email account. It isn’t hard, but there is a first time for everything.
There are many facets of this technology to understand the broad picture of besides currencies to understand what is driving their growth. Essentially, it boils down to that the technological infrastructure that powers industry is being disrupted and transformed by decentralized trustless networks.
I have always been a tech frontiersman, and this is the greenest valley I've seen in two decades, and it's already being settled rapidly. The next 2-3 years are going to be transformative in ways we can little imagine, setting the stage for the next 15 years when we see 21st Century institutions overtake the 19th Century Institutions our society still runs on. It's THAT big. Along the way, we will see innovators become giants and/or get acquired. For reference, look at history and see how the Microsofts and Googles and Amazons and Facebooks seized their market shares. Everyone got bought or became roadkill on the information superhighway. Apply the lessons learned by previous technological revolutions, but be prepared that this will teach us new ones.
In conclusion, now is the time to know about this. Where you take it and where it takes you is a matter of luck, and diligence and resourcefulness. Most importantly, it is up to each of us to participate in our own way so that this new technology serves us, not vice-versa.
Here are TEN THINGS to wrap your head around.
10. Why is all the hype about Blockchain for real, what problems does it solve and what problems does it have that need to be solved?
9. What makes Ethereum important, where is it being adopted and what is its competition? (hint: see the Enterprise Ethereum Alliance)
8. What are Smart Contracts and Decentralized Autonomous Organizations?
7. ICOs( Initial Coin Offerings ) why are they disrupting Venture Capital and how they are being regulated?
6. Mining, what is it? How does it work and why is it important? (also, learn about what Proof of Work vs. Proof of Stake. means)
5. Exchanges – the business of buying and selling Crypto for Fiat. Decide which one is best for you.
4. What’s the difference between Exchanges and Trading Platforms? How do you use them?
3. How to integrate crypto into your family’s finances, as it pertains to investing and paying taxes as the government is still figuring out how to regulate it.
2. Wallets ... how do they work?
1. Cryptokeys ... how to secure them.
FOMO information: (* a few legit resources* please discover ones you like on your own and leave them in the comments)
Blockchain and the Big Picture
A Facebook group I founded tracking the adoption of Blockchain technology by Countries, Banks, Corporations and industry.
Crypto Tips
A nice lady that explains the world of Crypto in easily digestible short videos that teach you skills you need.
Coin Market Cap
What are these currencies and what are they worth (today)
[The Most Private Coin Ever] (https://steemit.com/bitcoin/@usman8655/the-most-private-coin-ever)
A joke coin that can teach you a lot about playing with crypto. Then find their Facebook page and watch them not be able to keep a straight face as they read their video script.
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