Today I wrote an article about the benefits of doing what others won't and I would like to add a little extension on to that concerning Steemit and the cryptocurrency world. Perhaps it may get some people thinking a little wider or deeper about their approach here or perhaps not.
When I came to Steemit 9 months ago, I really had no idea what to expect in regards to putting up public content, blockchain technology, cryptocurrencies or trading. To be very honest, I am still lacking in these areas and try to learn a little about each every day so I would think heavily before following my advice. But, I recommend thinking heavily before following anyone's advice.
What I did quickly realise though was that Steemit was something I hadn't seen before and surprisingly, few seemed to be excited about the potential it offered. For me, this was a dream I didn't know I had come true as it is a platform that allows me to earn a little, learn a little and what I earn and learn has an unknown ceiling on its future value.
People dislike uncertainty as I discussed in the linked article but here we all are living in uncertain times. All of us. We have the potential to be the front runners and trailblazers in an industry that is in its infancy and one that seems destined to redefine many aspects of information management, finance and social industries. Th potential for gain is enormous.
Back when Bitcoin was around $100, I chose not to invest. The risk was too high in my opinion but, my opinion at that time was based on very limited research and understanding. Putting a hundred dollars into something deemed 'very risky' seemed too much to lose but in hindsight, could have completely shifted my life.
100 dollars would now be 6000, but that would not have been the real shift. It would have been all the learning I would have done from there until now. I may have even have lost that initial money but still would have had to go through the learning process of working out how to buy in the first place. It would have opened me up to a different world, an unfamiliar and uncertain world. A world of possibility.
Instead, I chose to hold onto the 100 as it was something real, something I could buy something with, something that has a steady value. Well, inflation erodes the value over time quite quickly and 100 now is not going to buy me as much as 100 then. Because of inflation, the ceiling on the dollar is one that is continually getting lower.
Here at Steemit though we have many options laid out in front of us and an almost limitless space in which to grow. Even after the recent pump into bitcoin, the entire market has a value of 170 Billion. This seems like a lot but is actually less than 0.2 percent of the global product value which is between 100 and 150 trillion per year.
The cryptocurrency world is far from mainstream and as it connects to more and more practical applications, it has a massive amount of growth in its future. Even the smallest amounts earned and invested now have the potential to be significant later if used well.
Steemit offers a unique blend that has allowed me to develop a personal philosophy for how I interact with the system and in the real world. For me, it offers three key things that make it ideal for my current position and creates a kind of personal circular economy that spirals upwards.
The first thing is that it offers me the opportunity to use my skillsets the way I choose. This freedom of action means that I do not have to conform to the will of others and can approach my content from many different angles. This is important for me as it is the way I am best able to learn. Yes, I make many mistakes and say a lot of potentially silly things, but, the feedback comes in and I can consider again with only a cost to my ego.
Secondly, I can earn 'fake' money for my work here. I know (kinda) it isn't fake at all of course but, if I was paid in Euros, would I be willing to put it into cryptocurrencies? With all likelihood, I would still have the same mentality as when BTC was 100 dollars. Getting paid in cryptocurrencies has forced me to explore the technical areas that I previously had avoided such as wallets, transfers and trading.
Lastly, it is filled with all kinds of people that provide a wide array of information and opportunity for interaction. Some of the people are the BTC trailblazers who did buy in at 100 and lower and others are those willing to provide their skillset to the platform to help it grow. It is these people who are going to help the market cap continue its increase. Why? As said, it is a circular economy of sorts.
I realised as I was writing this that I own nearly all of the Steem I have earned here but, I have been trading for the last 6 months with only what I have earned. Even with the many mistakes I have made, I have been able to buy and sell and get holdings in a few other coins too. Not a great deal but considering I am the guy that turned down Bitcoin because it was too hard to learn about, I am satisfied with my progress.
But, with each new user like myself the chance of putting outside funds into cryptocurrencies increases as it becomes part of a diversified investment portfolio and one that looks set to return more than 5 percent per year for a while yet. For me, every time I get takeout or look at buying a pair of sneakers I am thinking of what the future cost really is in the crypto world, how much Steem can I buy with that and if Steem hits 5, 10 dollars?
And, at the same time as people are learning more, the barriers of entry into the cryptoworld are decreasing as developers and businesses are creating more and more simplified ways to become involved. Easier transfers, better UIs on wallets, online shopping and blockchain tech that is beginning to integrate with existing economies. For the Steemchain, SMTs will hopefully drive more users to connect and invest even if they do not come directly to Steemit.
In my usual long-winded way, what I am trying to express is that this is more than just a platform to make money or post about the day and has the potential for much more. With the right philosophy and a proactive approach, the moves we make here may considerably change each of our future positions. What seems insignificant to earn or or massive now is likely to be dwarfed by what is coming, and we are all part of this.
There is no certainty that it will work, there is no guarantee it will last and there is no truly predictable aspect of what the future holds across any of these types of technologies. This is why if they work out for the future, the people that were the first in will see massive returns as the true ceiling is so high, it is almost impossible to even imagine.
At the moment with about 30,000 active users, we are already a part of the movement of people that are willing to do what others won't and if each of us takes a moment to consider further, we may be setting ourselves and others up for a very different future than our current reality. How we learn and invest our effort now is going to matter in time to come.
At the very least, I will work and work as I do for all things but, this time I am going to invest a large part of my energy and resources into crypto uncertainty. Will I lose it all? Perhaps but what is there to really lose? I love writing, I love interacting with people, I love learning, I love having a solid chance of truly breaking out of the status quo and being part of a better future.
What are your thoughts?
Taraz
[ a Steemit original ]
Some sound thinking here, and I agree with the "learning" angle, as, for me personally, it would be quite difficult to get involved with this, or anything, if there wasn't learning to be gained from it. And so this is for me one of the most important pros of Steemit.
It would be near impossible for me if I wasn't able to 'learn as I go' and I would need to know it all before starting. It would be too daunting a task and I would likely give up before starting. This is what happened with Bitcoin but Steemit is a 'soft start'.
The thing about cryptos that always ends up giving me pause for thought is that we call them "currencies" and that's basically a form of "money." But we all treat them like investments and not like money... and then we step back and go "I wish cryptocurrencies would become more mainstream."
It's difficult for me to persuade myself to use BTC to buy a cup of coffee or a car, knowing that there's a good chance said BTC (or Steem) might be worth double, six months from now. So that means we live in a world where it may be "cool" that someone is selling their lawn mower for BTC/Steem... but nobody's actually gonna BUY it.
How does this relate to your post? Well, "doing what other people won't." Even within our microcosm of Steemit, we aren't seeing a rush to develop much of a Steem economy. Sure, there are little pockets here and there. But it's not much, as of yet.
Like you, I see this is much more than just a platform to make money. I want to see a day where it actually makes sense for me to slap a sticker on the front door of my gallery that reads Steem Accepted Here! But if I were to do so, now? I would get questions and perhaps a few more people who might try to make money blogging, but I doubt any actual purchasers...
I think that in time there will be a range of options and some currencies will be used like cash, others to hold. This is actually a potential benefit of tethering SBD to the US dollar as it makes it a relatively stable currency to spend without having to worry if it is going to go up a lot.
But you are right for now at least as people are looking to invest and hold more than spend but this may change as the market stabilize but I don't see that level of stabilisation happening in the near future. For now, it is a collect and hold economy for the most part.
My thoughts are that you are describing what I think and how I feel. I feel like a frontiersman, an explorer, that goes first into uncharted territory. I may get rich or I may get killed! 😛
However, knowing that you are part of something new, something that in a few years might be in our everyday lives is important. It's exhilarating!
But what I agree most about is the learning. I've learned so much in the past couple of weeks that I keep saying why hadn't I got involved earlier! Two months ago I didn't even know other currencies besides Bitcoin existed. And know I'm having conversations on Steemit (a blockchain based platform) about the upcoming fork of Bitcoin!
It's an interesting new world and it's exciting, and frightening, to be a part of it!
It is amazing really isn't it? I have tried talking to some people in the real world about it and it is largely like I would have been prior to Steemit, 'yeah, whatever'. I have a long way to go of course but if we compare ourselves to the average person on earth, we are far ahead of the curve.
My thoughts... The potential of cryptocurrency is like predicting the potential of your daughter. There is no way to anticipate how wonderful she will become. You and your wife have the first opportunity to see her potential. The joy is watching her grow... mistakes and success.
This is a good way to look at it. It also implie that I have a chance to ruin it all if I do not take care of what I must. =)
I agree 100% with the sentiments expressed in this post. I too was presented with an opportunity to purchase BTC when it was still in its infancy. Had I invested just a small amount back then, I would have already generated a decent return. Life is all about the choices you don't make and I hope next time I am willing to take a more active role.
yes. I am still not ready to jump in blind but I am only blurry of vision now :)
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STOPFeeling very much like you do as far as crypto. Though I know more it is not the only reason to stay here and continue to learn and make new friends. It is a nice byproduct making a little crypto. Thanks for the read. 🐓🐓
One thing that I have learned in my career so far, it is that opportunities don’t come knocking, they are silent wishers. So, we need to be really sharp to take it. I missed out on Bitcoin, but I have taken my opportunities in other departments which are with upcoming ICOs. They have done wonders for me and have brought brilliant results. Right now, I am investing in Cryptonetix which is arguably the BEST option amongst all the ICOs and got serious potential as well. http://cryptonetix.com/
You echo a philosophy of fortune that has been pervasive in the research I've done. From what I know about wealth gained through many years of research, being willing to do what few others are is a sure fire way to obtain financial security.
This is like Regal Coin Killer, with potential to double up price
. Phase 3 of Elektra ICO Lending Platform , only 800k coins at discounted price. Phase 2 is sold out within 2 days. Here's a bit review regarding it. https://steemit.com/elektra/@keronzi9/elektra-ico-another-bitconnect-clone-100-hoax-or-real-lending-program