While I am not an investment advisor, I have been following the cryptocurrency market since 2016 and in my opinion investing in cryptocurrency and blockchain technology may be the opportunity of a lifetime. I know a lot of people are unsure if they should take the plunge, and this is primarily because the technology is new and most people do not have deep computer knowledge to understand exactly how they work; but for a lot of those who were fortunate to understand the technology at a early stage, they are already millionaires, and a few billionaires also.

Is it too late to invest in Bitcoin and other cryptocurrencies?

No, we are still at the beginning of this revolutionary change in the way that we use and store money, as well as all the changes in various sectors of society such as governance, business and person to person interaction. The main reason why people don’t understand the magnitude of changes that cryptocurrencies will bring to our day to day activities is because they are thinking to invest in the cryptocurrencies rather than the underlining technology, which it the blockchain.

What is the Blockchain?

The  blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. To explain this in regular terms, the blockchain is a record of all the transactions, and that record is then issued out to everyone that owns a computer device and choose to be apart of the blockchain. With everyone getting a copy of the record at the same time it is almost impossible for anyone to hack and change the record on everyones computer at the simultaneously. That is what makes the technology so groundbreaking.

If you understand the blockchain fully, and start your thinking and research from the blockchain level of the technology, then you will begin to see the magnitude of change that’s coming. These changes have only barely begun, the ability to exchange value over the internet and across international borders at almost $0 cost is not a small thing.

Know with all that I have said here, I hope this was of some help for anyone out there trying to decide if they should invest in cryptocurrencies or not. And remember, cryptocurrency is just the top layer of the technology, to understand what the technology can really do, you have to focus on the potential of the blockchain.

Photo by bruce mars on Unsplash.

Leave your thoughts and comments below. 

Thanks for reading! you can find more posts from me at Cryptoporridge.com.

3 votes, average: 4.33 out of 53 votes, average: 4.33 out of 53 votes, average: 4.33 out of 53 votes, average: 4.33 out of 53 votes, average: 4.33 out of 5 (3 votes, average: 4.33 out of 5)
You need to be a registered member to rate this.
(293 total tokens earned)
Loading...

Responses

  1. Brandon Holsey

    Great work, Marc. I think this is a great piece to share so that’s what I’ll do 😉
    It becomes very difficult to summarize crypto to newcomers who’ve never heard the term. It gets confusing in a hurry!
    Thanks for the breakdown and thoughts & may the rewards be with you & all who improve the crypto community.

    (0)
  2. Red

    Hello Marc. Glad to have friended you. You have a ton of very interesting and mind expanding posts as of late that I very much enjoy reading through. I have yet to involve myself with the blogging part of trybe as the reading part has my time at present. I just wanted to say thanks for the time and effort you’re putting in. If I had to steer someone in a CrYpTo direction for a start I’d push them towards some of the things I do such as Coinbase for outright purchasing in an easy fashion and then to steem/Trybe/Steemhunt etc for a social platform and a daily earning potential. There are so many ways to get started. Many options are just unknown to most at this point due to not being involved. I suppose all it takes is a positive and healthy nudge from someone who is involved. See you around and thank you again!

    (0)
  3. Pingback: 5 Ominous Signs that You’re Investing in the Wrong ICO – Sports & Business Zone

  4. Pingback: Major Risks Associated With Cryptocurrency Investment – Penarwyn's Blog

  5. Pingback: 7 Simple Steps Towards Desktop/Mobile Wallet Security – Twizted Productions

  6. Pingback: 3 Must Read Books on Cryptocurrency and Blockchain Technology | 3LIM

  7. Pingback: An Overview of the Most Common Types of Cryptocurrency Scams / Surf 85!