Is Bitcoin worth my attention?
If you are not feeling to read the entire blog, then you can read the text in bold. They basically contain the essence that I want to convey using this blog.
Raj is ambitious and a smart working individual. Raj wakes up from a deep sleep. Raj checks out his smartphone for all the things that he had missed while he was sleeping. He suddenly finds out bitcoin has jumped to a value no one could have predicted. He had heard about cryptocurrency swings that are going on, a few weeks or a couple of days back. He thinks that it is just normal news that bitcoin has increased. He ignores this and carries on with his normal routine. Has Raj done something wrong?
Can we point out the mistake that Raj is unknown about?
Raj should have done some research about bitcoins as soon as the news of bitcoins were swarming all over the internet
Was this research really necessary? Is there such amount of time to be devoted to the research for all of this in such busy lives?
I feel that this research was worth the time that would be invested in it because people have literally converted their lives into a fortune just by investing in cryptocurrency.
Maximum of us belong to the middle class. We are different from the upper/rich class. The problem with middle-class people is that we live in the present. When it comes to the future, we turn blind eyes toward it or ignores it for the most part. We are more concerned with the present and that is right because what can we do about the future if there is nothing to feed us in the present. There is no point in a future investment if that investment can’t afford our meal for the next day. But still, we have to compromise with our present situation in order to attain the desired future bcoz,
NO PAIN, NO GAIN
Why should we make a risky investment at all when there are tons of risk-free investments available in the market?
To live a life and to make it worth it, we must take the risk. If we live every day like our daily routine, then we end up becoming a slave of our schedule and may even curse our life. But, if a risk is involved, then we tend to do things differently and this thing gives us the very meaning of the life that we are living.
In our society, the middle man aims to become rich but ultimately is left in the same pool with which he started. Very few shine out and becomes stars. They are generally the visionary, futurist, thinker or entrepreneur who thinks out of the box. They are generally the hunter-gatherer of the group and the rest of us are herds who just follow the hunter-gatherers blindly, follows them wherever they go. If we want to enter this group, then we must have the courage to take risks and that is why to become big, we need to risk bigger stakes at hand and the cryptocurrency bubble is the best stake at hand.
Has Bitcoin reached its true potential?
This thing, Bitcoin is not familiar to most of us. We do not need to be a technical genius to understand this. In general, bitcoin is a decentralized cryptocurrency that has a large potential in the future. In the coming 3 to 4 years, it is expected that bitcoin may be able to touch the value of the 100k dollar. Just three months ago, the person who has invested in bitcoin has now tripled his/her investment value.
Bitcoin is now touching new heights. Are you the one who is waiting for it to fall so that you can invest in it or are you just regretting that you didn’t invest at the correct time? Do you feel that it is worth it? Do you think that it is too late now to invest in bitcoins? I guess you are wrong.
Bitcoin has raised the same way three times before just as it is raising now. If we are to compare the rise of now and then, then we would see that the bitcoin raised to 100x during that time. Now, the growth that has been recorded is just 10x and it does not even touch the bar that the previous growths have recorded. So, this is just the beginning of a whole bitcoin movie and you can totally count on this one.
So why invest in something that has no certainty that it will cease to exist in the coming future?
When the internet was about to begin during the 1990s, then a lot of people didn’t believe in the internet. Of course, that didn’t prevent it from playing an integral part in the economy of the world. Everyone is using the internet nowadays. The ones who invested in the internet like Amazon and eBay are now the biggest profitable organizations in the world. The similar is the case of VR, AR, and bitcoins, as of now.
People mainly think that bitcoin will fall and it would not cease to exist in the future. That is true. Nothing grows permanently. In all cases, what goes up must come down and the same will apply for bitcoin. But that should not prevent us from investing in it. Everybody knows that it is going to come down eventually someday and if anybody can tell you that date, believe me, it is selling horseshit.
But what after it comes down?
After it comes down, then you just put your bitcoins and all other coins in the cold storage & go to sleep for 2–3 years. Don’t see the charts, don’t go for the predictions. Just sleep and when you will wake up, you will be sleeping on a fortune like the ones who invested in it nearly 3–4 years ago. Everything comes down after a certain time. That’s the way things work in-universe. It is the same for everyone. All you need to do is to use your mind wisely and then make use of the situation in favor of you.
What do I need to invest in?
From what I see, the coins are starting to split up into 3 major categories: • Currency • Platform • Utility
In the coming few years, people will be investing in the companies which would have the blockchain associated with their names just like the investors in the 1990’s were investing in any organization which had a dotcom domain attached to their name.
But this time, it won’t happen until regulators get out of their fear mode and start framing the right rules for it. According to this awesome blog Delaware, the business center of the known universe already gave us model legislation, so count on it at the federal level too. They just move slower.
For the currency coins, the cryptocurrencies are just like programmable money. They can be exchanged for something just like your real money or they can be stored or preserved just like your gold and silver.
I believe that you should invest in bitcoin. Bitcoins is the father of all other currencies as such and has very high inflationary, deflationary behavior. At a particular instant, its value is 40000$ and the next moment its value was 41000$. This new value of bitcoin was not even made it to the news that it just went down to the $38500 value.
There can also be one more unexpected winner in this chase apart from bitcoin is Bitcoin Cash. It has a fork of the original project that has its defenders and attackers. But regardless of how you feel about this coin, feelings ain’t got nothing to do with it. I believe that bitcoin cash can also pull out a win, not pretending we can predict the future perfectly.
The other coins that you can go for are Dash, Litecoin, Decred, Monero, Zcash, Zcoin, PIVX. Litecoin would be a smart choice since it has also seen a growth of 100x during the previous year. Litecoin is spreading fast in the shadows of bitcoin. For platform coins, as Daniels says,
Platform coins are looking to do things that are the sole domain of servers and clouds right now. They want to power decentralized applications, run smart contracts as law and power everything from identities to storage to voting. The platforms have the longest way to go. They have to solve incredibly challenging scaling problems, maintain security, create whole new programming languages and deliver a fantastic user experience.
The best platform coin that I have found and can bet all of my belongings on is Ethereum. A large group of people including some VCs in this domain have spent the majority of their investment on Ethereum.
Ethereum is not the platform coin that is available to us, new competitors appear every time. These contenders include QTUM and NEO out of China, MaidSafe, Waves, IOTA & EOS. EOS has a good pitch and they’ve put out a steady stream of code which makes them a tough competitor.
The last ones are the utility coins
You’re supposed to use these coins to consume services like identity lookups or decentralized DNS lookups but there is no platform to use these coins yet, so they’re some of the riskiest because they have to survive long enough to service the dominant platforms.
By the correct time, they might already be running or integrated into the platforms but they have no use as of now. Ripple is the best one here as of now. They have the closed source model and their patents and their tech appears to work well. It does not have many crazy volatility swings like bitcoin. If you put 100K in there, you will get 100k, not 50k not 150k, That’s the stability no one else can provide which is equally important.
Other choices in the case of Utility coins are Stellar Lumens, Kik, MobileCoin, Omise Go, PAY, Populous, SALT, Metal. SALT and METAL are based on the Ethereum platform and all of these coins have the potential to go up but I feel that Ripple has the best chance to outshine here.
There are nearly 100 coins out there but I BELIEVE these are the best ones as per me. Do your own research, choose your coins wisely since it is your hard-earned money
How do you select the best coins out there?
To select the best coins which suit your requirement, the questions you want to ask are:
• Does this coin/project have a purpose?
• If so what?
• Can they solve a real problem?
• How good is their team?
• How long have they been around?
• How strong is their codebase? Is it open source?
• Do they have a road map?
• Are they transparent?
These coins mentioned above have a success rate of 70–80% for these questions.
Now there are 2 ways with which you can earn money in the crypto swing.
1st way — Invest whatever money you have at the time when the value of bitcoin is typically low as compared to the highest price of the week and then sell it when you think it has reached the highest value as per you.
2nd way — Invest whatever you have and forget about and keep them in the cold storage. Go for hibernation or do whatever you like. Just look at them after the 2–3 years and then boom, you will be sitting on the fortune which can pay for your loan or your car or your desired house.
Do not invest in just one. Instead, invest in all three coins. As per my list, initially invest in Bitcoin for cryptocurrency, Ethereum for platform coins, and Ripple for utility coins and go for the long-term investment. Things may go up or down but after a certain amount of time, things will definitely give a positive result.
I am not a financial advisor and this is not my financial advice. It is your hard-earned money and you need to see through it properly. Use your own wisdom and do your own research properly. Under no circumstances should I be blamed for making you invest in this cryptocurrency boom.
In any case, if you are planning to invest for the long term, then you need to ignore all the charts, trends, and advice of all the intellectual people around you. Just put them in cold storage and finally
BELIEVE IN YOURSELVES since that is secret recipe of all the good things that you are capable of doing so.
