10th April 2018

Is it Worth Getting into Cryptocurrencies?

By now you should probably know exactly what cryptocurrencies are, or at the very least you should have a good idea, but either way the burning question is perhaps that of whether or not it’s worth getting into this space. There can be very little debate about the fact that Bitcoin is leading the way as the cryptocurrency of note so chances are if one asks the question about cryptocurrencies it is assumed that they’re referring to Bitcoin.

Well the answer to that question is that it depends. What is it you want to achieve with your foray into the world of cryptrocurrencies?

If you see the cryptocurrency revolution as the next gold rush which may or may not have actually reached its peak then you’re going about it the wrong way. Yes, it is indeed possible to come away from your cryptocurrency adventure with more money than what you entered into it with, in other words it is indeed possible to use cryptocurrencies as a medium through which to generate some wealth, but that’s not what they’re here for.

In fact the fact that cryptocurrencies like Bitcoin in particular are traded as CFD instruments is exactly what’s wrong with the world’s general perception of what cryptocurrency is for. I perhaps added fuel to the fire by asking if it’s worth getting into cryptocurrencies as the title of this post, but that’s only so that I can drive my point home.

What’s important with regards to cryptocurrencies is the underlying technology which makes it possible for them to be created and used as tender, which is the blockchain. This is where the power resides and the value created in the form of currencies such as Bitcoin is but just a conduit of that underlying power.

Bitcoin was probably a necessary conduit which bears monetary value because when people have something of monetary value to gain then they take an interest. It would otherwise make for a serious challenge trying to get the world interested in the power of blockchain technology.

So what is so special about the blockchain then? It’s simple – decentralisation…

Decentralisation simply means that a piece of very important technology which is essential to the running of services we all need doesn’t fall under the control of one entity or an elite few. This is very important because it threatens institutions like the innermost circles of the Stock Exchange, banks and other institutions which essentially make insane amounts of money out of their monopolisation of essential services we all have no choice but to use.

This public ledger system of sorts which distributes the technology’s capacity can be used in many environments and fields, such as for elections maybe, in law, etc.

So yes, you could still get into cryptocurrencies and benefit even if your sole reason is some monetary gain, but the blockchain technology of which the power is demonstrated by cryptocurrencies is what it’s all about. That’s the future and one way or the other you will eventually come into contact with it. Let that contact be with you on the right side of the revolution.

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