Virtual currency or cryptocurrency may seem to be a new thing, but it’s been around for the better part of 8 years. With the recent surge in value of Bitcoin and Ethereum, more and more people are joining the crypto race.
A lot of people ask me if it’s too late to get into the game. The answer is no, this is still very much the beginning. As a matter of fact, this is the perfect time to get in. Cryptocurrency has had years to grow and develop, become adopted by Fortune 500 corporations, and developers have been finding ways to integrate it into applications for daily use.
With tech startups holding ICO’s (Initial Coin Offerings) to raise funding and creating their own virtual currency, there is a new wave of players in the space. The only thing you need to know is that the only currencies that truly matter are the ones that are significantly improving the future of the Internet and the world.
Short of building a mining rig with GPUs (powerful graphic video cards) to mine your own coins like I do, there’s another way that you can get into the game. The first thing you want to do is sign up for an account on a website that has a wallet such as Coinbase, CEX, or CoinMama where you can purchase Bitcoin or Ether. From there you’ll want to sign up for an exchange, for example Bittrex. This is where you can trade your BTC (Bitcoin) or ETH (Ether) for other Altcoins (alternative coins such as DOGE).
Then you want to do your research on every coin, because they are tied to a platform. Here are a couple of examples of coins that I believe in the future of.
Siacoin splits apart, encrypts, and distributes your files across a decentralized network. Since you hold the keys, you own your data. No outside company can access or control your files, unlike traditional cloud storage providers. Unlike Dropbox, Amazon, Google, and other storage providers, you will be the only one who has your data. This is 100% private and decentralized. This is the future of the Internet.
Another one I like that just came out (and you can still jump into) is called Agrello. Agrello offers the Delta coin to purchase Legally Binding Smart Contracts, Powered by AI. Talk about the end of lawyer’s fees!
There are plenty of articles and forums that help you understand why BTC, ETH and other Altcoins are valuable in the first place. Reddit is a great source for example. You have to understand what smart contracts are in order to see the value in ETH or other coins. Hopefully this article on BlockGeeks, and this one on CoinDesk can help with that.
Once you’ve decided on which coins to purchase as an investment, then all you can do is sit and wait, and watch the value go up over time. Don’t expect this to be a short-term investment, because it’s not. Expect this to be a 2 to 5 or even 10 year investment. Just remember that Bitcoin went from around $600 last year to $3000 just two months ago. Big-time investors are saying that the coin will go up to $500,000 or even $1 million per coin. They are saying the same for Ether albeit a little less in value, maybe $200,000.
Still, you can invest very little right now for what could potentially be a retirement plan in the future. Hopefully this helps you understand a bit more about cryptocurrency and the future of the decentralized Internet.
If you’re curious what coins I have invested in, here’s a screenshot of my coins to date: