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Blog 12: The Cryptocurrency craze, Where and when to buy, and how? Who is Satoshi Nakamoto and what does he have to do with all of this

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So, your looking to finally buy some crypto currency, namely Bitcoin or Ethereum or Dogecoin, or maybe some other currency you may have Seen on TikTok's For You Page, and have been considering that it may be time to buy some other forms of money rather than just keeping a few dollars in your pocket, it’s not a bad way to be diversified in your Portfolio, look at my Blog on that as the link will be below with all other links and content.

If you want to know more on the basics of Cryptocurrencies and Mining, check out the blog from week 7.

Introducing Me!!!

Before we dive in allow me to introduce myself, My name is Akshith Konda. I’m a 21 year old College Student and I am the CEO, Writer, and, Author, and Editor of The Finance Spot. It’s just something I do for fun, I’m also the CEO, Main Host and Business Director of the On Your Own Two Feet Podcast.

I write easy to understand and simple content for any age group and level of understanding. If you wanna know more about the Podcast here’s a summary.

On Your Own Two Feet is a motivational/sociocultural podcast in which we dive into the big topics of human, cultural, and philosophical lifestyles, making it engaging, entertaining and easy to understand.

Our first episode Has aired only on Spotify. We ran into issues getting it on to other platforms.

Where can you find Cryptocurrencies to buy? When is the Best time to Buy?

Photo by Pierre Borthiry on Unsplash

Cryptocurrencies are mined from unused and cached data packets that have gone through the web and are still circulating from sites like Google and Facebook, and such and then some are from places like the News containing information on Space and the Stock Market or current events.

Yes. Some of them are based on the performance of some companies like SpaceX or Tesla, and some of them are dependent on the progress of innovation.

Cryptos can be purchased through any exchange, from apps like CashApp, Coin Base, Robinhood and now Venmo, has now joined that group of people.

Photo by Austin Distel on Unsplash

CoinBase: Coinbase is a revolutionary platform that allows users to learn about, trade, hold, and Exchange Cryptos on its platform. CoinBase is giving you free crypto to learn about crypto, so use my link to learn about it and when you buy 100 dollars worth, you and I will get Crypto.

Coinbase

Photo by Tech Daily on Unsplash

Robinhood: A popular stock, ETF and Crypto trading platform, Robinhood gives you the best of both worlds to trade and earn profits off your investments while charging no commissions and no minimums for trading. I use Robinhood Regularly to check, list and expand my field of knowledge in the financial market. If you use my link to get started with Robinhood, you and I will receive a free stock to get started after you deposit money.

Robinhood

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Webull: A Robinhood like investment platform, Webull allows you to trade stocks, ETF’s, Crypto and more, and it allows you to map out your trades with daily and hourly updates to the prices. I don’t use Webull as much as I should but I do map out most of the trades I make using Webull.

Photo by Tech Daily on Unsplash

CashApp: While its known for cash sending and making payments, CashApp is a legend among all apps ever created but in 2020, CashApp ‘s Parent Company Square unveiled Crypto and Investing Infrastructure that allowed CashApp to do what it supposed to as Square has also embraced the new wave of Cryptos, CashApp only allows you buy Bitcoin so… I don’t recommend it if you wanna dig into other cryptos as well.

Photo by Tech Daily on Unsplash

Venmo: Venmo is the CashApp that PayPal has made to make its system even easier to use. Venmo is releasing Crypto and Fintech Infrastructures within its app soon. Venmo functions like a mix between Instagram, CashApp, and Robinhood all rolled in one.

So When Do you buy?: Crypto prices change as the rate at which the coin can be mined changes and it’s never constant. It’s a lot like the stock Market when things change for the better of the company, the stock does well, but if the company is not doing well, then the stock suffers. Same goes with mining rates.

Mining rates are measured in Hashes per Second (h/s) or mega bits per second(mb/s), so to combat this ever changing hash rate and volume problem(Stocks have this problem as well.), Crypto Investors use a sped up version of a concept known as Dollar Cost Averaging, Dollar Cost Averaging means buy more when on the up trend and buy less when down. If this doesn’t make sense, this might help, Let’s say you have 1.3 million dollars to play with.

Your gonna wanna diversify this asset class so you might buy a bit of Bitcoin(BTC), may be a coin and a half, 300 Ethereum(ETH), some Stellar Lumens(XRM), some other coins as well, some LiteCoin(LTC), my point is you’re gonna want to diversify these coin currencies or you’ll loose your money fast.

Who on Earth is Satoshi Nakamoto and why is he so important in the Crypto Marketplace?

Photo by André François McKenzie on Unsplash

Satoshi Nakamoto is the creator of Bitcoin, he created Bitcoin in 2004 and in 2008 he mined 12.8 million Bitcoins and just disappeared. I’m not telling you a ghost story, but no one knows who or where he is but his Bitcoin Stash would be worth in the ball park of 70B, according to the 2020 price.

Block Ciphers in Bitcoin and most other currencies are called Sats, one sat is about 0.00001 BTC, Block Ciphers allow for the data transfer that miners use to take place to be integrated into a internet based address for storage.

Nakamoto pioneered the way for Cryptos such as Dogecoin, SafeMoon, LiteCoin, Ethereum and other blockchain technologies.

Nakamoto’s belief is that if we made money, digital then everyone would have access to it and anyone could mine money thus getting rid of the need for government regulations on money and taxes.

No one knows who Nakamoto is or even if that’s his real name. But they seem to love his vision, bitcoin was 13 cents per coin in 2008 and now in 2021, it’s well over 61k per coin in March 2021.

Conclusion

Before we go, I need to say thank you to all my followers on Medium.

If you liked my content, Check out my blog and other content all the links will be in my Linktree Below. Check out my other content, like my Instagram and YouTube, and my other social media. The link is below.

Find me on Instagram and on Twitter and do DM me about questions to talk about and write about in my blogs and videos. Links are all below

Listen as well to the On Your Own Two Feet Podcast. The first Episode has dropped and is available on Spotify, we had too much trouble getting it on to the other platforms. EP2 will be on other platforms.

The On Your Own Two Feet Podcast will be Available where ever you listen to podcasts Episode 2 will drop sometime next week. But be on the lookout for some bonus content like bloopers or other segments we want to air might be airing soon actually (;

Links

Thank You

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Hi!! My name is Akshith. My primary goal with this blog is to create a centralized community of investors around not only the US Stock Exchange but also around concepts like Venture Capital and Real Estate Investing.

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Akshith Konda

Akshith Konda

This is gonna be fun!!

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