Hi there and welcome to the first of a series of posts about the crypto currency market. I’ll be posting some basic information and recommendations mixed with a dash of my personal experiences and mistakes (or learning curves as I prefer to acknowledge them), to aid and prepare you for your crypto trading experience.
Bitcoin. Everyone has heard of it but few entirely understand what it actually is or how it is used. Well when it comes down to it bitcoin is just one of many crypto currencies in the market (be it the most important), used as a financial medium to secure transactions and verify the transfer of assets. It is a digitised, decentralised store of value – in a sense you could think of it as digital gold. But it's not just Bitcoin you should be aware of, there are many crypto currencies worthy of attention including Ripple, Ethereum, Chainlink and EOS just to name a few. To get a fuller understanding of what they are and why they were first introduced, check out this video by Blockgeeks:
After understanding what they are and their potential uses, it still may not be entirely clear why so many individuals are wanting to get involved, well here are three big reasons:
- FOMO - fear of missing out
- a belief in crypto (specifically Bitcoin) as the next generation in global currency (the HODLers)
- measured trading and speculation
You may identify one of these points as the basis of why you want to get to know more about cryptos. For me, it started as FOMO and subsequently changed to a long term mentality - HODLing. When I started investing almost two years ago, I wanted to be part of the action, know what was going on, but primarily (if we’re being honest here), I wanted to make money.
I look forward to your future engagement with me on my blogging journey, please stay tuned for my updates!
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