“…a few important things I learned about the cryptocurrency market”
“What did I learn? One word…technology.”
In the Beginning…
I was tired of hearing about the stock market, and not understanding anything about it. However, I knew that some people got rich by investing in it. I want to get rich too! So, I decided to grab the bull by the horns and start to uncover the mysteries of the stock market.
I always do my research before I buy or invest in anything. If I am going to drop my hard earned $$ into something, I NEED to know ALL about it. Everything.
Let the hours and hours of research begin!
“I realized that this was a great place to make some money!”
As I began to unravel the secrets of the stock market, I realized that this was a great place to make some money! On the flip side, I HATE taking risks! More research was needed in order to figure out which companies would be the best bet to make a decent profit.
What did I learn? One word…technology.
Technology is ever changing, therefore the technology companies seemed to be the best bet. Perhaps I’m on to something? After more research, I learned about a something called the Internet of Things (IoT). The IoT is basically defined as all electrical devices that are used to collect data; can connect, share, and exchange that data via the internet.
Upon further research, I learned about a new technology called blockchain.
What the heck is that? Blockchain is basically defined as a list of records or, “blocks”, that are linked to secure a transaction.
Blockchain ultimately led me to the introduction of Bitcoin. Yeah, I’ve heard of this word before. Total scam! It is virtual or fake money, right?
Boy was I wrong!
I found that this “fake” currency is actually backed by fiat money (dollar, euro, yen, etc.) from all around the world!
Could it be more stable than the US dollar?
Who backs that? The government??? Yikes! What do you think?
By this time, I had already made gains from the small investments in a few technology companies. I was really pumped. But then I learned more about the cryptocurrency market. The gains that some investors earned on different coins, made the investments of the stock market look like a joke.
Cryptocurrencies are digital currencies that can be exchanged through a blockchain, rather than a bank, to verify a transfer of funds.
Why buy cryptocurrencies?
Cryptocurrencies are decentralized, or run by an open network of computers around the world. Unlike fiat currencies, (dollars, euros, yen, etc.) which are solely owned by banks or governments. Likewise, they are secure, private, and have lower transfer fees.
People who really looked into cryptocurrencies, changed their tune and began to invest, including the wealthy Rockefeller family.
Here are a few important things I learned about the cryptocurrency market:
- It is volatile. Its ups and downs are unpredictable. Investing in it is an emotional roller coaster. Like the stock market, the buying and selling of coins are strongly emotional (but on steroids).
- Each coin has a set amount created that cannot change. For example, Bitcoin only has about 16 million coins in circulation (which is low for the market). Therefore, as more people buy, the value increases. Early investors in this market will make HUGE profits once cryptocurrencies become widely accepted.
- Whales (the filthy rich who make huge investments) can cause major fluctuations in prices. This is only because there are not many people in the cryptocurrency market. It will become more stable once more people invest.
- Cryptocurrencies can be bought in part or whole. Cryptocurrency can be broken down into tiny units (Satoshi=Smallest unit). People can invest in a small part of a Bitcoin (0.00001) or other altcoins. This allows affordable investments for the little people like you and me.
- Do your research! Beware of ICO (Initial Coin Offering) scams. Not all coins are created equal.
As stated earlier, I do not like to take risks, and that is why I do so much research.
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Ultimately, I came to the understanding of no risk = no reward.
Did I invest in the cryptocurrency market? Sure did!
I am now addicted to the wonderful world of cryptocurrencies!
Feel free to like, comment, ask questions & Subscribe!
Please note; I am not a professional investor. This information is given for educational purposes only.
Do your research!
Never invest more than you can afford to lose.
Until next time…
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Coinbase Get started here.You can fund the account with your debt card instantly!
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Cryptopia Sign up here to trade different altcoins. (Recommended #2)
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With God, all things are possible. Matthew 19:26
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