CRYPTOCURRENCY REVOLUTION

Not so long ago, people who knew about cryptocurrency were those operating within super techy circles. It was a little bit cloak-and-dagger styles, thriving out of the view of the average Joe. Fast forward to right now… Joe and all of his mates will have heard of the phenomenon. Also, don’t forget The Fourth Industrial Revolution is already upon us! We are apart of it, even if you don’t yet understand your place. Things are moving faster than ever before and these changes affect most aspects of life today. Stay informed, good decisions are based on knowledge.

CRYPTOCURRENCY REVOLUTION

Just as the world wide web changed communication forever, the cryptocurrency revolution will change money forever. It’s 1994 all over again you guys!

So let’s gets stuck in! What is cryptocurrency?

The simplest explanation is that cryptocurrencies are a type of digital asset/currency that is used as a medium of exchange. There is no central authority or a central server that governs the cryptocurrency, approving and disproving transactions. The cryptocurrencies are created by the network, and the way they are generated is generally unique to each network and cryptocurrency type. The implementations of secure, decentralized systems can empower us to conquer organizational issues of trust and security that have plagued our society for generations.

Digital wallet

So the money you own is stored in a digital wallet that you keep in the cloud or offline, and can be sent to someone via a computer or a mobile device. Each transaction is recorded in what is called a Blockchain that is publicly available to all currency holders.

Blockchain explained

Blockchain technology was created by the founder of Bitcoin, Satoshi Nakamoto. It is a type of distributed ledger, comprised of unchangeable packages of digitally recorded data called blocks. Each block is chained to the next block using a cryptographic signature which allows block chains to be used like a ledger. This ledger is shared and publicly available, in other words ‘decentralised’ and not stored in a centralised location like a bank.

4 cryptocurrency revolution tips

With all the hype and promise surrounding cryptocurrencies, there is still a chunk of confusion around how exactly to prepare for this revolution. We are hoping the below 4 tips will help clear the cryptocurrency air and make this revolution more transparent to the average Joe and his mates.

1. Do your own research

Like any other time you are thinking about making an investment, it is best to start with your own research so that you can form your own, unbiased thesis. Especially in a nascent space, like with blockchain, it can be really easy to be inadvertently influenced by others trying to sell you on their own ideas or projects. Whether you end up analyzing whitepapers or educating yourself on the backend technology, it is important you always investigate who the author is behind the scenes.

2. Get your head around the platforms

Given the promising returns of many cryptocurrencies, it can be easy to think that “going all in” early is the best decision. First remember that these returns are generated by extremely risky securities that are volatile in nature. Secondly, there are also many nuances and subtleties, unique to crypto investing, that are worth familiarizing yourself with before throwing any money away. There are many different platforms designed to help you trade and store cryptocurrencies.

Here is a list of The Best Hardware And Software Crypto Wallets that you can leverage to securely and safely store your coins. Depending on the frequency you plan to trade as well as how much money you intend to hold will often dictate which wallet you end up going with. As it is early on, relatively, in the world of cryptocurrency, chances are we will continue to see new platforms come out and evolve as the technology becomes more mainstream.

3. Start talking

One of the best investments you can make in the long term value of cryptocurrency, outside of physically risking cash to invest in the platform, is to find a strong community you can rely on to talk about recent cryptocurrency news and developments. Unlike other fledgling technologies first coming out, the crypto world is vibrantly filled with a mix of engineers, designers, marketers, and writers. Chances are, there is a niche group of crypto-enthusiasts who share your views, waiting for more members.

But above the relationships you can form, there is also a ton to learn. And finding a community of people you can trust will only become more and more important as the masses gain access to and begin to see the true potential of the platform.

4. Get resources

If you are a business owner, realize that the world of payments is likely to change dramatically over the next 5, 10, 20 years. Specifically, the process of charging and collecting for your services will be completely different, rooted in the advancement of digital currencies, like Bitcoin.

Luckily, there are different vendors in the space who are helping businesses, big and small, begin to accept alternative forms of currency. As products like virtual credit cards and cryptocurrency wallets become more common among consumers, businesses will need to be able to support this method of payment. In this world, where we are no longer bound to the value of cash or worry about carrying around a bunch of different credit cards, consumers will be able to shop more freely, which is better for all parties.

SOURCES: Android Authority, Live Learn Evolve & The Next Web

Originally published at VISIONAIRE.