I sincerely hope that all the non-crypto people that joined Steemit over the last year or so, does not still have the question if Crypto or Bitcoin or any other coin for that matter is just another fad and think that it will fade away in the future.
Blockchain is just too useful for humanity
The underlying technology of Bitcoin, brought a giant leap into technology advances. The Blockchain is just to powerful technology to go anywhere. It will solve many problems which we are facing as a human race. It might not be able to counter things like Corruption, Fraud and other issues which we face as a civilisation, but the values that lies in Blockchain is Transparency, Auditability, Immutability and Better Security. Corruption will always be there, but now we have an audit trail, of everything, and most importantly it is tranks ansparent.
And what about Crypto Currency?
In my opinion, the only reason we still have banks is basically because Banks are the only entities that are trusted by everybody in the value chain. We have banks because the world needs a place where we can transact. People need to receive there salaries somewhere and people need somewhere to pay their debts from. Before Blockchain and Cryptocurrency, there were no other trusted entities. Well, this is what Blockchain and cryptocurrency brings. It is a trustless entity, which means, that is is so trusted, that nobody even needs to question the trust.
Building a Crypto Portfolio is of the essence
Each and every one of us can be seen as early adopters of the new technologies, which includes both Blockchain and Crypto Currencies. I am not a financial expert, but in my opinion, there will always be Crypto Currencies. There will always be new projects, but only a few will survive in the long run. I see Bitcoin as a store of Value, the new gold standard essentially. I do not believe the slow speed of payments on the Bitcoin Blockchain is a problem. I never want to buy a cup of coffee with Bitcoin. There are other better coins and networks for that.
My approach is to gather a little of each of the projects I believe in. I gather a little bit of each of the coins of projects that is essential for the world to operate in. I keep these coins locked away and hold on for dear life as in 5 - 10 years from now, I am pretty sure that these coins might be worth 100 maybe a thousand if not ten thousand times at which I bought them at.
Please vote for my Steem Witness - @jacor-witness. You can find the instructions on how to vote here
Happy Steeming!
The basic rule "don't invest more than you can afford to lose" applies doubly up in the crypto space. While the lack of regulation may be a positive thing, regulations in the traditional investments markets are there to protect the investors - investors in the crypto space need to be aware that there are no security nets - they need to take the responsibility of protecting themselves. Here are some other rules of thumb:
Don't invest in smaller altcoins or tokens without doing proper due diligence - I see far too many newcomers to the crypto space going wild on platforms like binance and buys up lots of different tokens and currencies. Yes, some few of them may bubble up to the top-five on conimarketcap, there is a probability that the value may grow a thousand-fold during some few weeks. However, a significant portion of all the crypto currencies out there are simply scams, made for no other purpose than the founder(s) to get rich - and most of the other cryptos will never get to shine, always live in the shadow of other projects, they peak in value short time after they go live but then the value will just keep on dropping.
Hodling is better than active trading - even though some few actually do earn money by active trading, most people are losing on it. It's a 100% probability that the exchanges earns money on your trading. Further, there are actors out there that wins big-time on trading either because they happen to know information the rest of the market does not know or because they are deliberately manipulating the markets. If you do a lot of trading, chances are that you'l lose money to those players.
There are lots and lots of scams out there, be very careful of sites promising a yield if you invest your bitcoins there - particularly if the yield is huge. Many sites operate as ponzi-schemes, it works out great as long as the flow of investments into the site is higher than the withdrawals, but sooner or later the owner of the site will just pull the plug and disappear together with a big bag of bitcoins.
Secure your cryptos: the old saying in crypto is that you don't really own your coins if you hold them on an exchange - the exchange can go bankrupt at any time - but at the other hand, it takes some effort and security knowledge to make sure your private keys are safe.
Remember your cryptos: spread the values over lots of different coins and wallets, and there is a significant risk that you'll simply forget about some of your assets - forever.
Be careful: lots of values are lost due to money sent to the wrong adresses and things like that.
Have you made sure that your crypto belongings will be passed on to your next in kin when you die?
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Very good advice!
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I love your motivation. You are passionate. I truly hope this works out for everyone.
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Thanks a lot @richard-921 I am passionate about this ;)
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GOLD 2.0= Bitcoin . LN= payment layer of GOLD 2.0 . No fractional reserve banking == Future Financial System
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The way the crypto market is booming, its necessary for everyone to invest and hold a small portfolio of crypt coins. Consisting of different 50-60 small value coins. There are high chances that 6-7 coins out of 50-60 coins would turnout to have greater value in coming years.
Its not a burn in your pocket to invest atleast $1000 in crypto market. Dont be those guys who sold or never bought bitcoin when its value was $0.001. Still there are lot of coins out there having great potential but have low value at the moment. Dont miss the opportunity.
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Informative post.thanks for share
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Thanks a lot
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Wow nice post. Keep em coming. will folloy you for more in the future :)
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LOL, I haven't written much for the last while. My posts are always short but hopefully inspirational for someone out there.
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Working on the future HODL it :) rightly said
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I will go vote for you as a witness as you convinced me that your "company" can do the job and it was @giantbear that introduced me to steemit and I am not looking back. We are proudly South African, so to have a South African witness in the top 100 will be great!
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I think cryptocurrencies have a place in the global economy. Longterm possibilities of it economics and technology being more seamlessly integrated shows most promise with cryptocurrencies.
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