February 28, 2018
Preparing for the Cryptocurrency Revolution
With all of the promise and hype around the cryptocurrency revolution, it can be difficult to break through the short-term noise in the community and determine how one should prepare. Scammers and self-proclaimed “crypto experts,” have begun using the excitement and confusion to their profitable advantage. While it can be challenging to navigate this space, if you believe in the long-term importance of cryptocurrency, it pays to make financial and resource-related investments in advance to familiarize yourself with the space and educate yourself.
Here are four ways to help you prepare for what’s next in the cryptocurrency revolution:
Do your research
As always when thinking about an investment, start with your own research and create your own unbiased thesis. In an emerging space, such as blockchain, it is easy to be inadvertently influenced by individuals looking to sell you on their own agendas or projects. As you research, keep in mind that, for better or worse, we are all biased. It is very easy to be cheated out of a considerable amount of capital when your investment is primarily based on the trust you have in a person with whom you have no significant relationship. Pay attention to details, ask questions, and dig deeper if you feel unsure.
Get familiar with the platforms
Given the promising returns of many cryptocurrencies, it is easy to assume that “going all in” early on is the best decision. This may not be the case, and without understanding the subtle nuances unique to cryptocurrencies, as well as the volatile nature of these risky securities, you might end up throwing money away. Research and compare the different platforms available to help you store and trade cryptocurrencies. Determine how often you want to trade, as well as the amount you want to keep, prior to making a commitment to any wallet. Even after you choose your platform, be sure to look into new platforms as they evolve from the current technology. Early isn’t always better, and you never know when a new development will offer a more suitable option.
Talk about it
Cryptocurrencies, while complicated and potentially confusing, are no secret. This is good news for you because it means there is likely a niche group of crypto-enthusiasts who not only share your views, but collectively hold a wealth of information that can serve you along your journey. Not only are these individuals happy to help you learn the ropes, you can rely on them to keep you abreast of recent industry developments and news. Joining one of these groups now could prove invaluable in the future as cryptocurrency continues to go mainstream.
Prepare for your business
Ready or not, digital currencies, such as Bitcoin, will dramatically change the way payments are charged and collected in the near future. As consumers increasingly use products such as cryptocurrency wallets and virtual credit cards, vendors move to help businesses, large and small accept alternative forms of currency. It is important that business owners understand their options as the world moves closer to the time when we are no longer forced to carry cash or traditional credit cards.
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