Blockchain technology is becoming more and more prominent in the world as technology becomes more accessible to people everywhere. For those of you who are looking for a long term investment the crypto space may be something you want to look into. Especially now that the crypto market has gotten out of its sideways movement and is starting to make breakouts to the upside.
Bitcoin (BTC), Litecoin (LTC), and Amazon’s new Stellar Lumens (XLM), are becoming a new way for people to send money freely without having to pay hefty international fees, or have their transfers delayed for days just to have some numbers move from one screen to another screen. Blockchain technology actually takes the information of your transactions stores it on a transparent ledger or “blockchain” and funds are transferred immediately. What does this mean for banks? No more nickel and dime-ing the little people so that they can take people’s money and use it to trade in the markets. Of course, big banks aren’t going anywhere any time soon, but the more that crypto currencies grow and the public becomes more aware of the utility, the more of a hit these big players are going to face until they’re no longer the top dogs in the markets.
For those who aren’t aware, Bitcoin actually started back around 2008 (and is not illegal despite 11% of the population thinking it is) when the banks were having issues paying people due to the housing collapse. A group of programmers banded together and decided to make something that would not allow such an economic upset to occur again. With Bitcoin not being attached to any government, this means that there is no chance of Bitcoin falling due to any economic issues around the world.
Cryptocurrency as a utility is beginning to change how people send money, but it’s also changing how people see money altogether. More and more traders are taking notice of the opportunities the crypto market is offering them from all ages. Traders are popping up all over the world doing their own trading, attending educational seminars, or joining MLM programs or groups learning to trade the markets like the pros which is starting a financial revolution. Cryptocurrency wallets and exchanges like Binance and Coinbase are making it really easy for your average ‘Joe’ to start building a portfolio in order to better invest for their futures and create generational wealth for their families.
As the crypto space starts making its next run up to that $19,000 high per coin wave potentially pushing to a new high, you’re probably thinking, “I can’t afford to get into crypto I don’t have $4,000 to drop on a single Bitcoin only for it to move $40 everyday”. Or “Bitcoin is much too volatile for my stomach to handle”. No problem. There are tons of alt-coins showing up more everyday so as a utility if you’re looking for something outside of Bitcoin you can hop over to coinmarketcap.com to check out the top 100+ coins available in the market and actually see how they are performing in comparison to top currencies such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
While the crypto-space can be very profitable there are some things that you should know about the markets. First off, the crypto market IS VERY VOLATILE, and you should only trade the markets or invest if you have some understanding of market structure. That way you’re not afraid to lose and gain before you reach the finish line of your financial goals. Although Bitcoin is volatile it follows the same structure as the foreign exchange market and the stock market. So if you are an experienced trader don’t be afraid to trade. But you should definitely be patient and work with the movement. You need to know when to hold ‘em and when to fold ‘em.
Also, there are 3 different types of coins out of the 2000+ coins available in the markets: transactional coins, functional coins, and stable coins.
1. Transactional coins would be something like BTC borderless, efficient transactions. To reiterate matter where you are sending your BTC there will never be a change in the fees and there will be no delays on your money no matter where you are sending money in the world, because internet.
2. A functional coin allows you to send and receive money but it also allows you to create your own cryptocurrency much like Ethereum (ETH). You may see things like Basic Attention Token (BAT) on Coinbase which is a product of Ethereum for example.
3. Lastly, the stable coin is a coin that you can put your money in to stabilize your money. So let’s say you ride the wave of BTC to $7700 and you want to stay active in the markets but you don’t want to take your money out of the market there are coins that you can put your money in to stabilize your money because they are not attached to the value of the crypto market. Tether (USDT) is a currency that stays around the value of the US dollar and does not usually go over the value of $1.01 which means instead of moving your money back and forth from your crypto wallet or exchange you can move your money into a stable coin and avoid paying fees. In short, if your money is not moving, you’re in the wrong coin!
Blockchain technology is always on the move and is becoming more and more prominent in day to day life. It’s up to you as an investor to find a project and ride the waves to the top. All of these coins serve different purposes so you always want to research a coin before investing because many of these coins can just be cash grabs or may not help you reach your financial goals but the ones that will are going to change the world.
There is a lot going in the world of blockchain, and if you don’t stick with the insights you might lose an opportunity. Do not have a clue on what is blockchain and how it works? No worries, EC-Council offers its own blockchain certification course which is designed to groom you as an industry professional over a 12-week course plan. So that you know what’s the hype going around and understand the core of the technology as well. Seem exciting? Enrol today for the next batch.