Your FOMO is kicking in.
The recent resurgence in cryptocurrency prices–So bitcoin isn’t going to just go away?– has led more people to ask me questions about all this stuff, especially investing. Here’s a link to Coinbase for any who are interested.
I want to say this, though, this shouldn’t be seen as an investment in currency; this is an investment in technology. The currencies are speculative, but the technology is proven, applied, and only growing monumentally every day. What is more, it is an investment in better lives for billions of people, including you and me.
Distributed ledger technology (DLT), the basic technology behind bitcoin, is poised to help provide housing to those without, provide financial services to those who have previously been kept out of that space, and give proof of identity to the estimated two billion people alive today who have no record of who they are. These are just three of the countless applications that are happening or have commenced.
Think about that: there are roughly two billion people who have no written proof of existence. That provides what is probably the technology’s greatest potential; what’s the sense in putting a smartphone in the pocket of someone and telling him or her that they now have a bank in their pocket, if they are no one?
DLT and smart contracts will have a positive effect on all of our lives, not just those who live in the most remote and left behind places. You won’t even recognize all of the benefits when they come. Maybe Walmart’s use of seamless transactions and product origination will mean that your lettuce isn’t infected with e coli. Maybe the money that Maersk saves by applying DLT will lead to lower costs on things you buy every day.
These things are happening, and this isn’t going to stop. And, yes, if you’re so inclined, I do believe there’s money to be made in investing. No, I can’t guarantee that, but I think you folks know me well enough to know that I wouldn’t say it if I didn’t really believe it.
I’m not suggesting anyone go hog-wild on this. The first rule of investment still applies of course: Don’t invest anything you can’t afford to lose. Still, if you want to put in a little bit of what I refer to as “coffee money” in to see what happens with it, and you patiently leave it there for a decent amount of time, I think you’ll see the potential. I have one friend who put $5 in each of the coins that Coinbase offers; she has young boys, and I believe her belief and additional investments in the future will provide those boys with good things, maybe college money, down the road.
Coinbase is a good place to start if you’re interested. It only offers four currencies, and it can be easily accessed on your PC, Mac, Linux, or smartphone. If you were to ask me which of these four coins I would invest in, I would say I’m a fan of Ethereum. I’m open for any questions.
Some of you asked, and I think you should know.
Be well, my friends.