If you’re reading this and don’t already know about Bitcoin, Ripple or even Tron for that matter, what rock have you been hiding under? According to the very early investors of cryptocurrency I got onto the crypto train somewhat late as did many of the folks I converse with in social media crypto groups. It was around early November 2017 I started to put in very small amounts of hard earned money to test the waters. Two month’s later those investments have doubled and tripled for me and many others. The excitement and excessive sharing of Bitcoin news has baffled some and encouraged others. So, what does it all mean and where to from here?
After reading news article after news article about Bitcoin I started to see a trend dividing into two camps: the ‘old money’ institutional capitalists versus the grassroots dreamers and tech nerds backed by people power. Some have called this a financial revolution, but it is more than that – this is an opportunity to empower the people on the ground; the disillusioned millennials, disgruntled Gen X’ers and dejected Gen Y’ers. We all know the old systems of power and money chose to hoard their wealth (see panama papers and paradise papers) and abuse their influence to consolidate that power.
The media arm of ‘old money’ have been very busy obfuscating about cryptocurrency, essentially bagging it out as a speculative bubble. If you follow the movers and shakers of the crypto movement on Twitter, Youtube, Reddit and Facebook you will learn that they are real people, working hard to create decentralized ecosystems that empower people rather than corporate institutions. As I write this blog article Facebook’s CEO, Mark Zukerberg, just posted to his Facebook page his intention to possibly partner with these new decentralized cryptocurrency systems. This is another step in the right direction for the frontier men and women of decentralization models.
Most of us know that 2017 was the year of Bitcoin. 2018 will be the year of all cryptocurrencies. Those that have viable use cases, product(s) and team(s) will achieve dominance in a highly competitive market. Just to name a few that have my attention – our very own Power Ledger, put together by a very innovative Australian team with a bright future. Reddcoin - a social media tipping tool with advanced cryptographic technology. Cardano – focusing on the concept of interoperability and smart contracts. Etheruem – programmable contracts and money. Humaniq – empowering the unbanked and so many more.
Friends are helping friends, brothers are helping sisters and parents, people are helping each other create new streams of passive income. At the same time new ideas in this space are garnering support behind ICOs (initial coin offerings) that help launch them. The thing that this writer finds most alluring about this movement is not finance; it’s the notion that established human systems can be reinvented using blockchain technology and new cryptographic programs. It is the notion that humanity can use digital assets to reclaim their lives and livelihood; empowering people not institutions.
Disclaimer: Writer / Blogger Scott James of ontheground.com.au, Twitter, Facebook is a contributor. The contents of this article are the sole opinion of the writer. The writer is not a financial advisor and the contents of this article should not be relied upon as advice of any kind.