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Disclaimer: None of this information is financial advice, it’s just explaining what cryptocurrencies are, why they’re becoming important and how you can get involved.
You may have heard Elon Musk talk about Doge Coin; the cryptocurrency turning ordinary people into millionaires. Now you can easily and quickly buy Doge coin, or any other Cryptocurrency including Ethereum & Bitcoin using the Binance App or the Coinspot app.
Previously, buying cryptocurrency required lots of coding skills and sophisticated knowledge. But now, in about 10-15 minutes you can be the proud owner of cryptocurrency.
What is cryptocurrency?
Essentially it’s a virtual currency with a perceived value. In some cases, there is limited supplies (i.e Bitcoin) in others, there’s unlimited supply (i.e Doge Coin).
What gives the virtual coin value, like most things these days is the voice of the people. If people decide that it’s valuable, lots of investors buy in, the price goes up. When this happens usually lots of people sell their coins, trying to cash in.
Sure there’s other factors at play, but essentially, like stocks, when people want it, the price goes up, when people don’t, the price goes down.
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However, a solid cryptocurrency should be used for something useful like growing a niche industry, providing electronic payments in countries where not everyone has a bank account, investing in clean energy, the purchase of travel products like accommodation or allowing users to buy something, in another country with instant payment. No more waiting several days as money goes via several intermediary banks.
If you look at the charts of many popular cryptocurrencies they have been on a mostly upward projection for the past two years.
Some coins have crashed and burned, and new ones have been announced. Though it’s not uncommon to see growth rates of 150-2000% with some cryptocurrencies.
I became interested in cryptocurrency as I watched the price of doge steadily increase form $0.0007 to $0.55 in a few months.
I also had some Bitcoin Cash that someone on Reddit tipped me (to see how it all worked) and what was originally worth about $4 turned into $22 over about 8 months.
Seeing real results, whilst not life-changing prompted me to investigate further.
The most useful and reliable information I found was on Reddit. Many cryptocurrencies have official sub-reddit groups where developers talk about the latest updates and what’s happening, plus holders will talk about what’s happening in the news so you can be ‘in the know’ without searching the entire internet.
A quick search for Bitcoin, Doge Coin, Bitcoin Cash etc on Reddit, will bring up a group for each. FYI there can be fierce hatred between groups. So stick to the relevant group before you get bombarded with troll comments.
In the group rules on Reddit for each sub, there’s usually links on where to buy or where to get more info.
There’s lots of data to sift through before you purchase your first cryptocurrency.
In the above chart (from Binance):
- red= coins sold
- green=coins bought
People buy and sell for all sorts of reasons. At the end of the day, buying when it’s red, selling when it’s green should be your ultimate goal. How much profit you could potentially make, depends on how long you choose to hold onto it for (alongside what the market determines is it’s value) and how much you invest.
Before buying any cryptocurrency, you should do some research. Some key things to look out for include:
- How many coins are in circulation (limited supply vs unlimited supply)
- How many people are holding the coins (is the majority in the hands of many or a few)
- What is the coin being used for and how much value that could create
It’s all very well to say Doge is the future because a few celebrities got on board and because it has a big social media following but it has an unlimited supply, plus so far, limited usefulness. There is talk of Tesla accepting Doge coin but at the moment it’s speculation.
However Koduro is a new token which will invest profits into clean energy. Ripple is another payment gateway promising instant payments around the world. There’s several coins being pushed on Chinese social media like Shiba Inu (which is rare as the government doesn’t usually allow it).
It’s easy to be scared off when you see that the price of a single Bitcoin is $55,000+ but you don’t have to buy a whole coin. You can invest as much as you want. You could buy say $25 worth and end up approximately with 0.00045455 Bitcoin.
Though, it’s hard not to feel rich when you buy $25 worth of Shiba Inu and end up with almost 700,000 coins.
In short, look into a crypto and what it’s purpose is. Is it something that interests you and is going to benefit you?
Cryptocurrencies have taken off in a big way in places with unstable fiat or paper currencies such as in Argentina and Nigeria as a way for locals to retain and grow wealth.
I also see the technology that supports cryptocurrency, Blockchain becoming an important aspect in travel. Not just for currency and purchases but also for more simple and secure bookings that could easily be transferred to someone else, in the event you could not travel. A dream perhaps but it’s a possibility. Already websites are popping up that are accepting Cryptocurrency as payment for bookings including Travala.
I’m in the process of adding some to FlightSale, so stay tuned.
Things that make a cryptocurrency more trustworthy include:
- A website
- Social media accounts including twitter, discord, instagram, tiktok
- Their developers make themselves known (less likely to be fraudsters)
- Can purchase through well known Cryptocurrency apps like Coinspot and Binance
- It’s value is not drastically up and down (less likely to be a pump a dump scheme)
Worth looking into is Artificial Intelligence (AI) apps that buy and sell on your behalf. You’ll notice a trend if you compare cryptocurrencies that when one rises, they all rise and vice versa. This is because a lot of buying and selling is automated through AI bots. It can take the pressure off if you go this route but there may be other subscription fees as well.
Something else you should also look into is how to securely store your crypto currency offline so that it can’t be hacked using a Cryto Hardware Wallet. The most well known option is a Ledger which is basically like a futuristic USB storage device that allows you to keep multiple crypto wallets, so that you can keep them in a bank safety deposit box or in a safe. If you have over $500 worth of crypto, then secure storage should be high on your list of priorities.
Lastly, don’t fall into the FOMO trap. Use only what you can spare to lose, research before buying and follow the charts before you commit. Also don’t get scared off by drops, as rises happen just as quickly. You only need to look at past graphs to see that.
If you’re ready, buy crypto now with as little as $25 from either Binance or Coinspot:
Have you bought crypto? What’s your story? Comment below!