Introduction To Cryptocurrency

(Image Source)

Cryptocurrencies are exploding in value and many countries are starting to look at adopting the technology. Bitcoin, the very first cryptocurrency, started this craze by creating the very first Distributed Ledger System called the Blockchain.

Bitcoin and the Blockchain were invented by Satoshi Nakamoto, and the primary purpose of the system is to create a monetary system that is independent of government control and that works to enrich the network of users that support the blockchain. This is a very helpful link want to learn more about bitcoins.

Since the very first transaction in 2009 where someone exchanged 10,000 Bitcoins to have 2 pizzas from Papa Johns, they have surged in value, and are now floating around $1,800. They have even surpassed gold in value, and can only go up as more people begin to adopt them or systems dependent on them.

The current community has over 15 million users, and there are over 100,000 different retailers who accept bitcoins worldwide. Cryptocurrencies are heading towards worldwide adoption, and as more people enter the user base, scarcity will likely drive the price of bitcoins up to an unprecedented level.

Bitcoins aren't the only form of cryptocurrency though, and since its creation in 2009, the source code has been used to create numerous different forms of cryptocurrency that all have different methods of creation and dissemination.

Case For Why To Start Investing In Cryptocurrency

FOMO (fear of missing out) is starting to take effect and normally I wouldn't advise anyone to invest when people are irrationally investing at the last minute, but I don't believe this is going to stop. I think the current trend is due to more people losing confidence in FIAT currencies that are constantly being inflated and devalued, and this wont stop anytime soon.

Bitcoin has exceeded the user base and net worth of more than half of the FIAT currencies that are traded world wide, and Bitcoins are opening the floodgate for money to enter the entire online cryptocurrency system. As the value of bitcoins rise, it will cause the value of other coins being traded for bitcoins to increase as well.

Right now I believe is the last chance for people to get in on the Crypto-wave before it starts to meet mainstream adoption, and you may regret not getting involved earlier if you don't. For example Bitcoins were trading at $600 last August, but right now they are trading at 3x the price, and it doesn't look like this trend is going to stop.

What Cryptos Are Doing Well

Coinbase allows people within the US to directly exchange US Dollars for either Ethereum or Bitcoin so these two currencies, in my opinion, are the biggest players to look out for at the moment. Some other alt-coins to lookout for would be Dash, Monero, Litecoin, and Bitshares.

Steem is becoming a major player as well. Dash, Litecoin, and Ethereum are all taking off and their price has experienced significant growth in 2017, but there are hundreds of other coins to invest in and there is no telling what alt-coin will become the next bitcoin.

How Cryptos Are Helping People Around The World

Many people in third world countries can use the steam system to effectively access relatively stable banking systems based on their mobile devices. Many places that are impoverished and have limited to no access to traditional banking systems still have a large number of cellphone users, and this allows them to access the blockchain.

To many people in third world countries, even an unsuccessful blog on steemit that is only making a couple dollars a day would be a huge windfall, that is not considering if their blog really takes off.

So many previously inactive markets have begun to open to the world thanks to access to cryptocurrency, and I believe this is only the beginning.

Ways To Get Involved In The Crytocurrency Community

If you want to get started investing in cryptocurrency I would suggest downloading the Coinbase App if you are in the US, but you can find gateways to buy into cryptocurrencies in almost every country if you look hard enough.

People who spend 3-5 dollars a day on energy drinks would be able to accrue a decent sized fortune if they just slowly invested small increments of money into opportunities in the cryptocurrency world, or even if they just invested the money into stocks.

Steemit is another great way to get in on the opportunity without direct investment. Steam is a currency that inflates itself by 100% a year and awards that inflation to users of its social network. Its a blogging network, but it is also becoming something of an international banking system. Investments made into the Steem system have low liquidity so they hold their value, but they also have the added effect of increasing the amount of money you can make on steemit.

Once you have a couple thousand dollars invested in steem, you may even be able to build a decent recurring source of income for yourself, all by participating in the Steem economy.

Another opportunity that I am trying to get involved in is the new VIVA coin crowdsale. If you haven't read about VIVA yet you can check it out here. This is a coin with a very ambitious goal: to create a cryptocurrency engine that drives economies and has the potential to supply a real basic income. Very cool stuff! Although it is hard to explain the article does a great job of doing it.

About Me

My name is James Halladay, and I've been a member of the Steemit Community since November, but this is my very first post!

I'm an up and coming new blogger, but I hope to be regularly talking about whatever I am feeling passionate about on this great platform.

Please follow me/upvote if you like this post, and check me out on other social media sites.

Minds: @Envy112

Facebook: James Halladay, @JamesECHalladay

Twitter: @JamesECHalladay

Instagram: JamesHalladay

jmshlldy