Jacob Melin studies the market and gives suggestions best to his knowledge whoever asks for it. He has served various clients. Some want to start a new business and some want to save enough to live peacefully after retirement. One of the expert advice seekers came to pay off his student loan and buy several acres of land, named Cedrick Knight working in sales department.
Initially, Bitcoins or other competitive currency didn’t come into existence with the motive to work as huge return on investment. The main function of the virtual currency is to serve as a mode of payment for goods and services like any other Fiat currency. But it's volatile feature made it what it is today.
It was created in the year 2009 by a pseudonymous computer programmer on a distributive ledger called blockchain technology which is accessible to all. It is a decentralized form of currency i.e. there is no government control. It is an intangible asset that exists in the virtual world. You can transform it from virtual to Fiat currency by paying a certain amount at transaction platform such as Bitpay.
Today Melin is an idol and a guide for all those who want to be part of this virtual economy. Three years earlier, Melin was a student in Indiana University Southeast and left university as he believed that he was learning more from investing than going to class and attending a lecture. He invested remaining amount of his education fund into cryptocurrency and meanwhile worked in a casino life and lived a life that he didn’t intend to. Then his patience ripe sweet fruit and he made $770,000 in the year 2017 and used it to buy a house, a pickup truck and a cat.
Melin didn’t forecast this scenario rather he learned from the past. The incidents like his mother losing a job of a computer programmer, the Financial crisis of 2008 and huge deficit account of countries like China. He concluded that following this system is not going to lead anywhere and blamed older generation for this and decided to invest somewhere without government intervention.
“I see these unsustainable programs. I’m going to be these people’s slaves for the rest of my life.” – Mevin in an interview with Washington Post
He started to buy Bitcoins at the value of $400 each which gradually shot up to $20,000 within three years.
In August, Melin joined a startup company by a new investor, Enrique Rodriquez and served there as a business consultant with the motive of guiding newcomers by telling them about technology and awaring them about frauds and scams.
“People have this perception of bitcoin as fast money,” Melin said. “Because it was.”
Cedric Knight, a software salesman enjoyed his job and also was ranked on top position as he used to enjoy his work and also good with his work. He was earning good amount but felt stuck in one position. He has a wife and two children and felt like he was merely saving for future.
“Bitcoin is my potential pension,” – Cedric Knight
When he got to know about cryptocurrency through a facebook friend, he further discussed it with his gym mates and Rodriquez in a café. Considering its high return on investment, he decided to invest in virtual currency. He started saving as much as he could and used to invest that in cryptocurrency. He further said that now it is difficult to forecast a currency because of increasing competition. In January, he invested in Mintcoin and faced a sudden rise and fall just in one day.
Knight met Melin to discuss this incident and came to a conclusion that all these ups and downs are minor as compared to what could have happened and what is going to happen. Knight didn’t want to miss the good part that can come and with this thought, he added $260 to his cryptocurrency account.
Source: Applancer
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