The Crypto Journey - What you need to know
When I first heard of crypto currency at a class reunion I thought to myself, this will be big!
Not because I understood it, but because a friend whom I respect greatly was after beginning to build Bitcoin wallets.
After pretending I understood what he was talking about I rushed home to Google Bitcoin. Digital money...hmmm sounds a bit odd. I read more about it but then gave up. I got lost somewhere between mining and merkletrees.
Shortly after that Mt Gox happened, the price crashed and I didn't hear much about Bitcoin for some time.
New Users
Sometime in 2015 I started reading more about Bitcoin and thought to myself why don't I give this a try. I downloaded a wallet and went to an ATM in Dublin to purchase my first Coins. 20 Euro got me 0.0697 Bitcoins.
It wasn't till I had this in my pocket that I realised the power. Just like cash I had value in my wallet which I could give to someone as I pleased. No middle man.
Unfortunately there wasn't much to spend it on or people to give it to. Still I was hooked. I started exploring ways to use it, mine it, earn it ... which led me to Steemit.
Ups and Downs
In the last few days, and I am sure in the coming weeks there will be a lot written about cryptocurrencies. Today I read two articles from mainstream media, and it never ceases to amaze me how wrong they can get it.
Serious just lacking in detail
In this first piece the authors do describe some real challenges that Bitcon and other Cryptocurrencies face but if your new to the space be cognisant of the fact that many authors are clearly not experts in the finer details of crypto.
When referring to Bitcoin Fees
transfer fees are significantly cheaper than bank-transfer fees
this is actually one of the reasons for the current debate over Bitcoins future
Arrogant
Another approach that the mainstream media takes is to belittle this new cutting edge technology.
Clueless
The last approach I will be critical of is the use of buzzwords. I have heard Blockchain so many times in the last year from consultancies all over the world that instead of getting excited I have begun to switch off.
Choose Your News Source Carefully
If your new to this space please read more about it from reputable sources here on steemit before forming a view.
This technology is extraordinary and will form the backbone of everything from how you pay your groceries to how you save for your retirement. The shackles will be released in a big way with the new wave of Cryptocurrencies or Cryptotokens that have appeared in 2017.
There will be significant ups and downs along the way. This animal is a very different beast to traditional finance and like the dotcom boom many companies will not survive but there are a few household names and verbs of the future waiting to be discovered. My money is on Steemit to be one of them!
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Thank you for reading this. I write on Steemit about Blockchain, Cryptocurrency, Travel and lots of random topics.
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A wonderful publication Greetings to you I wish you a beautiful day
Hey buddy! Great story, thank you for sharing it with us! I upvoted and followed you since you truly deserve it !
check out my profile, too. fetmom - real estate investor and donator!
I have been hearing about bitcoin but made my first purchase early this year. It was late yet early as there are still billions of people in this word that has not tried it.
This post has received a 3.53 % upvote from @booster thanks to: @eroche.
Good post, useful advices, resteem, follow, upvote, thank you :)
I watched a great video about Fiat Currency by Cold Fusion on YouTube. If people actually knew how 'Real' money was created from thin air they'd be much less critical of the potential of Crypto currencies. Great read as alway @eroche.
Thats spot on. There is in general a big misconception about how modern finance operates. Crypto such as Bitcoin just takes the arbitrary nature and manipulation out of creating a new money supply. Not all crypto is equal though. Ripple is an example of a money supply that is still centrally controlled where the supply is controlled by an overseeing body.
Notice on coinmarketcap that some currencies have a much smaller circulating supply than Total Supply.
Thanks, Is Steem like Bitcoin in that it will have a limited supply?
I am not 100% on this, @demotruk will be the guy to ask about this at the next Meetup. I hope you can make it.
I've seen Irish media report on crypto a few times and I can confirm that it is in fact painful.
The first link is from the Irish Independent. I was actually surprised that it wasn't too bad. There were a few cringeworthy things though.