Introduction To Cryptocurrencies
Odds are, you’ve heard about Bitcoin lately. If you’re anything like I was, you’re probably very skeptical of it. I thought Bitcoin was in a bubble when it was below $1,000. Of course, now that 1 bitcoin is worth over $17,000 I wish I would have bought it when I first heard about it. I didn’t get it at first. But once I realized that there is a lot of other cryptocurrencies, most of which have an entirely different purpose than Bitcoin, I realized this game-changing new technology is much bigger than Bitcoin.
Luckily, it’s not too late to profit big from cryptos. Bitcoin was the first, but it’s not the only one. There are over 1,000 new cryptos that have been created recently, and many more coming. Many of them will fail, but some of them will be huge in the future.
Every day it becomes more and more apparent that the underlying technology behind Bitcoin, blockchain technology, is changing the world. And this change is bringing tremendous opportunities with it! It has the potential to create massive freedom and wealth.
Blockchain technology is creating decentralized systems that disrupt the current systems in place. We’re at a sweet spot in time where blockchain technology has developed enough to be a fairly safe bet, but it’s still early enough to get in on the ground floor by buying undervalued cryptos that will cost much more in the future.
There has already been periods of time when crypto owners made 100-1,000x gains in a short period of time. Incredible returns of 10x your investment are fairly common in the crypto world. With so much to gain, why not try to profit from this gigantic economic shift from centralized corporations to decentralized blockchains? This could the opportunity of a lifetime! It’s worth watching the videos below to learn more about how blockchains are changing the world.
Why I Went From Investing In Silver To Cryptocurrencies
Until recently, I almost exclusively invested in silver bullion. I still believe that the price of silver will skyrocket some day, but I made my largest silver investments in 2008 and the price hasn’t gone up much. I realized that the world monetary system is flawed because the entire world went off the gold standard in 1971 when the United States ditched the gold standard and had the world reserve currency.
Unfortunately, gold and silver were unable to provide a solution the the world’s problem. Thankfully, something else came along instead – Bitcoin. It took me a few years to come around, but now I see that blockchain technology could potentially provide a real-world solution…fast! Watch the video below to here more about my transition from investing in silver to cryptos.
Cryptos Are Much More Than Digtal Money
While Bitcoin is the most famous crytpo, it’s not nearly the only one. Not anymore, at least. Bitcoin is a digital currency, made to be used on the Internet. But there are so many uses for blockchain technology other than money. Many of them are utility tokens, that have some type of utility. For example, Salt Lending is a platform that connects investors to people needing a loan. The loans are backed by cryptos. So holders of cryptos can cash in on some of their profits without selling their cryptos. But they’ll need a membership, which is paid for in Salt tokens.
Another use case of cryptos is steemit. Steemit is a blockchain-based social media platform, like Facebook but more like Reddit. What makes steemit so great is that its users earn steemit’s cryptocurrency, steem, for engaging with content on the platform. You can earn steem by posting, upvoting (liking), and commenting on others’ posts. People are already making a living off of it. Once people realize they can make money while being on social media I think they’ll be interested in steemit. It’s fairly new, and not perfect, but I’d like to see it take off.
I’ve had nothing but a good experience on steemit. There are a lot of interesting people on there from all over the world. If you haven’t already, join steemit and follow me on there. In case you’re interested, feel free to check out:
Just as Litecoin is a copy of Bitcoin’s blockchain, and others can build on the ethereum blockchain, the steem blockchain can be built off of too. A great example of something being built it on the steem blockchain is Dtube. Dtube is a decentralized video platform that allows people to earn steem by posting videos and even upvoting them.
The Cryptos Are on Fire And Ready To Go To The Moon!
I’ve only been investing into cryptos for about 6 months but my investments are already paying off. I have done very well, and expect 2018 to be even bigger for the cryptos. Not all of them will see massive gains, but many of them will. I think 2018 will be the year of the cryptos. Most of the newer ones haven’t even launched their platform yet. But many of them will in 2018, and a few of them are schedule to launch before the end of the year. When they do their tokens will likely increase significantly in value.
If you’re subscribed to my Youtube channel (and you should be) and you saw my latest videos and bought what I bought, your investments have done very well recently. In the video below, I explain why I decided to buy SALT tokens. They were $2.50 then (November 3, 2017), and they’re over $7.50 now. They tripled in value within weeks of me buying them. It’s not too late to buy them either. They’re scheduled to launch by the end of the year and they alread said they won’t be selling tokens for less than $10, and they’re going to accept SALT tokens as payment towards interest with a value of $25. So they should be going from anywhere between $10-25 very soon. And eventually they could be worth much more.
Watch This Documentary!
Mike Maloney has produced many great videos in his Hidden Secrets Of Money series, and this one is no exception. While most of his previous videos focus on precious metals, this one is all about cryptocurrencies. And it’s great! It’s probably the best documentary for people new to the crypto space. It explains Bitcoin and blockchain technology in a very simple way.
My only critique is the second half of the video, where it focuses on hashgraph. It almost makes it seem like blockchain technology is outdated due to hashgraph being far superior. The documentary clearly shows the downsides to blockchains, but it doesn’t tell us about the downsides to hashgraph, such as:
- There’s no way to invest in it, yet.
- It’s not decentralized (which is one of the main things that makes blockchains so valuable to humanity).
- Hashgraph is patented.
- It’s a permissioned system, not permissionless.
These downfalls of hashgraph may not seem like a big deal if you aren’t that familiar with what makes blockchains so revolutionary. Nevertheless, it’s a must-watch documenty. So check it out!
The Safest Way To Store Your Cryptos
One of the worst things about investing in cryptos is the possibility of losing your money. Unlike other types of investments, the main concern in losing money in cryptos isn’t the fear of the values going down, it’s losing your cryptos or getting them stolen by hackers. There are some things you can do to minimize your chances of having your cryptos stolen, but storing your cryptos on a hardware wallet is your best bet.
I recommend getting a Trezor wallet. It’s the original hardware wallet, and it’s trusted by many crypto enthusiasts. Another good option is the Ledger Nano S but you can only manage up to 5 cryptos with its app, though you can store more than on the actual wallet. It’s a little less expensive than the Trezor, so you just have to weigh the pros and cons and decide which one is best for you. You can get them both here, and if you use my link you’ll receive $5 off your first $100 order.