Little Information About Cryptocurrancy---Chapter--One

Yes, crypto millionaires and billionaires will certainly be minted in the coming years. There will be plenty of rags-to-crypto-riches stories to go around. And maybe you will be one of them. (If you’re reading this, you’re an early adopter, so it’s possible.) But don’t be stupid. Even the wildest predictions of bitcoin hitting $50,000 by 2020… $100,000 by 2025… or even $1 million by 2034… aren’t completely im￾possible. A few other great cryptocurrencies will rise beyond anyone’s imagination, too. But don’t be stupid. I felt compelled to write this book because I’m seeing a lot of smart people suspending their disbelief. I’m seeing a lot of smart people turn stupid. Cryptocurrencies are great. But I want as many of my readers as pos￾sible to avoid the crypto-tulip mania. I want as many people as possible to be less stupid about crypto. Because there’s going to be a lot of stupidity in this space — there already is. And I want to live in a less stupid world. The cold, hard truth, if you can handle it: Up to 99% of the cryptocur￾rencies that exist today are total SCAMS.
But before you rush off and sell every “sure thing” you’ve snapped up thus far, Read this chapter series.1 to 8.
If you’re a regular reader of mine, you might notice some overlap in content in this book from my monthly issues of The Altucher Report. That’s OK. Cryptocurrencies are complicated. All of it is worth going over at least twice. It’s important to become as familiar as possible with the main points. Especially if you plan to invest in this space. So if I repeat myself, it’s for a good reason. Repetition is the mother of mastery.
Our chapter series will help you sound more informed at dinner parties. It will help you separate the wheat from the chaff. Once you realize you can ignore about 98% of what happens in the cryptocurrency space, it becomes far less intimidating.
Sometimes people ask me, “What do you think of ABC?” where ABC is the latest hot cryptocurrency.
I say, “It’s a scam.”
They say, “No it isn’t.”
I say, “Then why did you ask me?”
“Well, why is it a scam?”
And I break open the code and show them where in the code it looks to me like a scam. And I try to explain my philosophy of cryptocurrencies and why if something doesn’t fit into that philosophy, I’m willing to bet I can open the code and find out exactly why it’s a scam.
Do I have experience with cryptocurrencies?
I have never written about it before because I never believed it was important to know about how to live a good life. But again, I see people about to lead a very bad life because of cryp￾tos. And by the way, you can also now live an AMAZING life if you have the right knowledge of cryptocurrencies. Knowledge that I’m going to completely share here in this chapter series as much as I can. So what is my experience in cryptocurrencies?
More recently, several months ago, I was a seed investor in a crypto￾currency I felt was necessary, based on what I felt were the flaws in some of the bigger names.

That cryptocurrency went up 8,000%.
I say all this to establish credentials. We have some time still. Time to figure all this out together and make some money. But I want this section to explain how one should look at the evolution of money and why cryp￾tocurrencies are going to be a part of it. This will point all of us in the direction of the enormous pockets of opportunity that exist in the cryptocurrency space.And not just by buying coins. I want to make this nice and easy for readers. The currencies them￾selves are very complicated and often difficult to understand. I can explain the philosophy enough here to help people at least avoid the scams.

But I also think people should focus on the public companies — easily traded from a Fidelity account while you sit at your kitchen table — that will benefit the most from this revolution and evolution of money

The good news is this: Cryptocurrencies are super complicated, and most people who talk about them don’t understand them at all. And very importantly, you’ll have an idea of how you can start making money today with this knowledge of cryptocurrencies, even if you don’t own any cryptocurrencies and have no plans to. Cryptocurrencies are true “choose yourself” currencies and fit the trends in every industry I’ve discussed over the years. There’s an evolu￾tionary direction everything’s moving in — money is no different.
Theism ➔ Humanism ➔ “Data-ism”

Medicine, for example. If you got sick 1,000 years ago (or 5,000 years ago or 20,000 years ago), you’d pray to God (or a god) to save you from this illness inflicted upon you. Or you’d assume you sinned and were being punished and this was why you were suffering. That’s when medicine depended on theism, a belief that a higher power would solve our problems. Theism gave way to humanism. We went to human experts instead of shamans or priests. He or she patted our backs until we coughed. Maybe we’d get a little hammer that would hit our knee. And the doctor would say,

“Take two aspirin and call me in the morning.”
This was fine, but there were so many diseases and illnesses we couldn’t solve. And humans are ultimately flawed. George Washington died be￾cause doctors thought leeches would suck the illness out of his body. And even now, 250,000 deaths from human malpractice occur each year. Data solve much of the problem.
Instead of the doctor just looking deep into your eyes with a bright light, they now send you over to get an MRI, an EEG or even a genetic test.
In the near future, the doctor will feed those data into a database, and the database will then say what likely illnesses you might have, what medicines to take and what surgeries you need, and robots will be part of surgical processes. Average life spans go up every year now. War, while not an industry, also follows this evolutionary trend. Three thousand years ago, if two tribes or kingdoms prepared for war, they would pray to their gods. They would have festivals and sacrifices and then go to war. It was assumed that the country with the most pow￾erful gods would win the war.

One of the most sacred texts in Hinduism, for instance, is simply about a war. Who was the winner? The side that had Krishna, the most powerful god. In every religion, we have seen aspects of this. Until, again, a few hundred years ago. Bullets. And people. Humans would decide war. Whoever had more bullets and people on the ground would win the war. But where is the war now? I will tell you. It’s being fought every day all around us. The war is being fought with data.

Every day, some country (guess who) is trying to bring down the electrical grids of Eastern European countries by hacking into their easily hacked older computers. Again, we saw a whiff of the “data wars,” a screenshot but not more, in the U.S. election. Was the election manipulated? Were emails hacked? Of course they were. And that will never stop. The data wars are in full force. The people reading about them in the newspapers are only reading the rough draft of history. History will eventually be written by the greatest hackers in these wars. The winners. Money is following this evolutionary path as well. I don’t even have to fully describe it. Take out a one dollar bill.
Look at the back:

“In God We Trust.” A leftover remnant of theism. If you can trust God,

you can trust this dollar bill. But even then, trust our Founding Father George Washington and the signature of the secretary of the Treasury. This is a contract! It’s not just a piece of paper. But you have to trust humans to make money in its current form work. And as we will see, humans can make mistakes. And mistakes about mon￾ey, made by a few humans in charge, can have disastrous consequences that can wipe out entire countries. Data. “Cryptocurrencies” are the next generation. Why do I put “cryptocurrencies” in quotes? Because it’s a bad word. I don’t say that Amazon is a “TCP/IP application.” Even though it is. You don’t need to understand the deepest underpinnings of cryptocur￾rencies to understand why they are important, why the trend is happening and why there is a $150 trillion demand but only $200 billion in supply. You need to understand what I talk about in this book. This will help you avoid the scams. Get started in the right places. And understand that this trend is only the beginning. No matter how late you think you are in this game, we are still only in the first inning. But this evolutionary direction is only one aspect.

It doesn’t quite answer why cryptocurrencies exist. This boils down to a five-second history of money. Money has been around, we’re learning, for hundreds of thousands of years. But ask 10 people on the street what money is — I guarantee you’ll get 10 different answers. (The same can be said about both bitcoin and blockchain, but we’ll get there.)

A good answer:

Money is the bubble that never pops.Or Yuval Harari’s definition, describing money as a story:
“Money, in fact, is the most successful story ever invented and told by humans, be￾cause it is the only story everybody believes.”
But let’s make it easy and bring it down to earth. Why do we have money in the first place?

• As a “store of value.” You create value in your life. For instance, through savings from the hard work at a job. Or you build a business that has value and you sell it. Or you sell a house.You created this value and it has to be bottled up somewhere. Like a genie in a bottle. So later you can unleash the value and make all of your dreams come true.Originally it was resources you simply had on your land. Rice. Wheat. The land itself.Later it was metals. Gold is often talked about as a “store of value.” But it’s not. It’s a rock.
Gold has some intrinsic value. It can be used as an electric conductor, for instance. It has antibiotic properties. It probably has about $60 in in￾trinsic value. The rest of the value is that for millennia, people have relied on it as a store of value.People buy necklaces or rings or other jewelry not only as ornaments but as convenient ways to travel with this store of value. And for a long time, gold was used to back paper currency. Until ev￾eryone decided that “In God We Trust” seemed to have even more extrin￾sic value than the metal itself. And bitcoin is a store of value. A great example is to see the correla-tion in the price of bitcoin with any government change in Argentina. Argentina is known for being a horrible country as far as how they treat their currency. They have had hyperinflation, the government has seized money directly out of bank accounts, there is a black market, there is even something called a “blue market.”The currency is a mess. And whenever it looks uglier than usual, bit￾coin spikes.How come? Because the wealthy have gotten smarter. They know they can’t rely on their currency, or even gold, to get their wealth out of the country in an emergency. So they use bitcoin. This is the canary in the coal mine. A clue as to what will come. Argentina, in its wretchedness, has pointed toward the future. As our faith in humans disappears, our reliance on stable and trust￾worthy data will rise.

• To pay for things. And to sell things. First there was barter. But think about the problems of this. For every two items, people had to figure out what the items were worth relative to each other. If I had a pair of shoes and wanted an apple, how many apples would I get for a pair of shoes? But what if I had only one pair of shoes (I’m a cobbler), and I want an apple and some milk. Do I need to cut my shoes in half?
And with hundreds of possible items to barter, that’s tens of thousands of exchange rates. It’s too complicated. Money made out of hard-to-get metal became a common store of val￾ue that can be easily traded because one side of the transaction always has the same value. So negotiation became much easier. Again, I said,
“One side of the transaction always has the same value.”
But that all depends. What if supply went up and nobody told us?
Well, that’s a BIG problem cryptocurrencies solve. And we’ll get into all of the pros (and cons) of crypto in a moment. First, here’s the evolutionary direction that everything in the world is moving in. It answers why the rise of cryptocurrencies is just an inevitable and natural evolution of money.

   Writen by:- Usama latif
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   Its chapter series 1 to 8 .