Mining - without coal. How?
Cryptocurrencies have gained popularity in recent years. Bitcoin or cryptocurrency discussions must have arisen among your colleagues at work or among your friends at a gathering. One thing is certain: from massive crypto returns to their growing mainstream popularity. Cryptocurrencies can no longer be ignored. Furthermore, why should you? Digital currencies and blockchain technology, which underpins cryptocurrencies, are regarded as the decade's next disruptive revolution. Just as the internet changed the way the world communicated, cryptocurrencies are expected to gain traction in the coming years. So, why not become interested and board this wagon before the train departs? And here are a few reasons why you should start with Mr Manafx and advance your crypto knowledge.
The meteoric rise of cryptocurrency
Consider the first cryptocurrency, Bitcoin. Bitcoin first reached $1 from a fraction of a dollar about ten years ago. It reached an all-time high of $68,990 in 2021. Consider yourself among those who purchased a large number of Bitcoins ten years ago.
The same can be said for Ethereum, another prominent asset. Can you guess how much ETH cost five years ago? It was less than a dollar, and by 2021, it would have surpassed $4000.
True, the digital asset space has enormous potential, and responsible investments can provide excellent returns. However, while cryptocurrencies have generated massive returns, particularly for early investors, caution is required due to the market's volatility. Before investing your money in the cryptocurrency space, I always recommend that you 'Do Your Own Research' (DYOR).
Increased institutional investment
You've probably heard of the well-known billionaire Elon Musk, CEO of Tesla and SpaceX. In February 2021, he invested more than $1.5 billion in Bitcoin. Square, Coinbase, and MicroStrategy are among the prominent companies that have invested in Bitcoin. Does the fact that these biggest entrepreneurs have collectively invested hundreds of millions of dollars in cryptocurrencies make your jaw drop?
Due to the economic effects of the global pandemic, the first major buying wave began in 2020. While we were all stuck at home due to the lockdown, major investors and institutions were pouring money into this new financial instrument known as cryptocurrency.
Applications other than cryptocurrencies
You've probably heard about Twitter CEO Jack Dorsey's first tweet. He made millions of dollars from his first NFT tweet. But why are we discussing NFTs now? Because they are also involved in the crypto and blockchain worlds. Let us take a quick look at blockchain beyond digital assets.
• Decentralized finance (DeFi) - Imagine no longer relying on banks. It is made possible by DeFi. It frees users from traditional methods such as banks and brokerages and enables peer-to-peer payments, loans, and fundraising, among other things.
• Non-fungible tokens (NFTs) - "Non-fungible" means it is unique and cannot be replaced with something else. You can, for example, exchange one Bitcoin for another and one dollar for 100 cents. However, one NFT cannot be replaced with another. An NFT can be created from any unique and rare digital file, such as a document, image, art form, or music. Some argue that NFTs are the digital equivalent of fine art collecting. However, NFTs can be used for more than just digital collectibles.
• Web 3.0 protocols - Current web 2.0 applications, such as social media platforms, are about connecting people. Consider Web 3.0 to be the internet's future, allowing you to control your own data, identity, and destiny through decentralization.
It is time to face the challenge of cryptocurrencies. Only those who know the dangers, but also the possibilities, can deal with them consciously. If you think it's time to close your knowledge gap: send me an email and arrange a free first consultation with me.
before you invest in crypto – invest in yourself