Damn I missed Bitcon ! what next ?
Recently i hear two types of regular conversations in my circles;
First one is, people who are new to digital assets (also called as crypto | crypto currencies | bitcoin | alt coins …) saying, Ohh GOD i didn’t invest in Bitcoin and i can’t invest in it anymore because it is already over valued.
Second one is, people who were in this space for some time saying, ohh GOD most of my investments were in alt coins , they were beaten up so hard because of bitcoin’s phenomenal rise. I should have invested in bitcoin instead of alt coins. If bitcoin continues to rise like this, i am gonna loose much more in alt coins. Many of them are selling all their alt coins to move to bitcoin…
I just want to share my opinion on these two points;
To the first point, I believe we can still invest in bitcoin for sure and be part of it. We may not be able to buy whole bitcoin but you can still buy parts of bitcoin. Each bitcoin can be divided as 100000000 equal parts (called satoshi ) , like how each dollar can be divided into 100 cents. At this moment with one dollar we can approximately buy 0.00007000 bitcoin. Many bitcoin speculators (like John McAfee) says bitcoin may hit one million dollars value by 2020. So if you did your research and believe in bitcoin potential you still have time to invest in it and be part of it.
To the second point, Bitcoin is built on top of a technology called Blockchain; I belive Blockchain has many use cases other than Bitcoin (as many use cases internet has, if not more). Alt coin ideas like Ether, Litecoin, … were also developed on top of Blockchain. There are hundreds (if not thousands) of Blockchain ideas which are in implementation stage and many more to come. Bitcoin always had the first in line advantage and it has sound use cases, so it is speculated high and valued high compared to others.
Having said that i believe, Bitcoin’s rise is not the end of other alt coins; it just adds more weight to the belief that Blockchain is going to be the innovation this wold ever witnessed. So logically Bitcoin’s rise is oxygen for other Blockchain projects. If we did enough research on the blockchain project we invested and if we believe in it’s use case, then you don’t need to panic sell your alt coins.
Current bitcoin rise is going to be a great advantage for investors who want to invest in many other blockchain projects and this is the right time to invest as many of them are at their all time lows…
Please share your comments or ideas.
My own preference is for Steem and Gridcoin, mainly because mining these coins is not an end in itself, but a side benefit of an action that has utility. In the case of Steem you gain coins through communicating, and in the case of Gridcoin through the use of the spare capacity of your computer to generate work on BOINC science projects, such as asteroids@home or the more famous SETI@home.
There are a multitude of cryptocurrency projects whose sole purpose is to mine intangible coins through consuming computer time and electricity , the vast majority of such coins fail. Steem and Gridcoin, however, are produced as a side benefit of a tangible activity. With Steem and Gridcoin you can be certain that your mining efforts will not evaporate in the classic pump and dump strategies seen in the activity of so many coin promoters.
Agree. There will be more blockchains with different use cases in future. Most of us are lucky to witness internet revolution and blockchain revolution.
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