Right now, in the cryptoworld, everyone will trade for bitcoins. It’s the “gold standard” of cryptocurrency. Because of the rising fees, it may become more of a settlement layer than a true currency. The crypto economy is still evolving, so the jury is still out on what Bitcoin will be in that economy.
Cryptocurrency is a shift in thought processes about money and value. What you see happening with cryptocurrencies around the world is a decentralized way of valuing money.
Instead of a government or central authority dictating what value is, now world citizens are determining what is valuable. That is a powerful shift! The dollar and other fiat currencies have held power over our lives because we gave it that power based on our beliefs about the current system.
We are literally creating a new monetary system from the ground up! You have a chance to participate in ushering in this system. This is why your education and gaining knowledge is so important. You will come into the system knowledgeable.
Cryptocurrency is the new money. Because it is digital. It can and will store value into infinity if we say it is valuable. What is happening now is the determination of what will be the new currency for the internet. Will it be Bitcoin or something else? Let the people speak!
Now you understand why I said cryptocurrency is worth as much as the dollar or any fiat currency for that matter. Because this is a time of uncertainty, it will not be for the faint of heart.
But, you must recognize that you are participating in what will be the greatest wealth transfer in history. You can stay with the old money system and statistically know where 98 percent of all people end up, dead, broke, or disabled. Or you can come to join the revolution!
Cryptocurrencies will give people that are locked out of traditional banking (they are called unbanked) system access to money and services they don’t currently have. Not having access to traditional banking causes them to use services that charge them upwards of 25% per transaction to send money to remote places in the world.
It costs them billions of dollars that would otherwise stay in their pocket or benefit those they are sending money too. For the unbanked, cryptocurrencies and the technology behind them will be cheaper, more efficient, private, secure, and without the need to get credit checks or a need for ID, etc.
For investors like yourself, it is a chance to get ahead of a major wave of innovation that will be creating millionaires! For many, the traditional model of investing through a brokerage firm is prohibitive due to the financial contracts.
Many traditional brokerage firms might require you to have $25,000 in your account to begin trading and using their services.
The amount of money needed is a barrier to entry within the traditional centralized financial and banking markets. The blockchain networks offer the opportunity for the little guy and gal to invest with very little if they so choose with little to no transaction fees.
You can participate in ICO (initial coin offering), which is similar to an IPO (Initial public offering of stock). With stocks, there are laws that won’t even allow a broker to tell you about an IPO if you are not making a certain income. Again, another barrier to entry for the little guy or gal.
In the world of cryptocurrency and blockchain, this is changing with the idea of crowdfunding. With crowdfunding, companies will offer a token of exchange usually cryptocurrency for your dollars. Again this is the little guy and gal that may have only $20, but they can buy into the ICO.
They can be very risky. The company you send your money to can decide not to continue, and you could lose your money. But at least you can have a chance to hit a homerun when in the traditional system, you can’t even get into the park! There are cryptocurrencies that have been bought for $100, and a year later, those tokens are worth $30,000.
That’s not an exaggeration. Recently one Korean company offered and ICO paid for in the bitcoin equivalent of $20 to get 400 tokens. They were partnering with another company offering their ICO for the bitcoin equivalent of USD 90 for 1,000 of their tokens.
Would you risk twenty dollars for the possibility of a massive gain? That’s a weekend of pizza and beer! Could you invest the same amount with a brokerage firm?
No, not in their system. This should get you very excited!