I speak about cryptocurrency quite often. It's probably one of the most important things to me. I earn a sizable part of my income from creating content on a decentralized platform that rewards content consumers and creators in their native tokens. It has been a fun experience and a totally different ecosystem from mainstream social media platforms I have used over the years. While most of my friends on Twitter and Facebook talk about love, relationship, and celebrities, my crypto friends talk about blockchain technology and how it will change the world; FOMO and FUD. We are a weird bunch. We do care about art, photography, etc but we certainly love our coins. It is one of the things we look forward to each--socializing and earning.
The crypto communities don't seem like a fun place to many. If you're not within the community you probably have a lot of misconception about cryptocurrency. Probably the only cryptocurrency you've come across is bitcoin. Well, I don't own bitcoin. I'm certain a lot of people within this industry don't as well. It's quite expensive and transaction costs are off the charts so it has little or no appeal to me. Most people who hold bitcoin do so for speculative reasons. Yes, there are a lot of speculators within the crypto industry but cryptocurrency and blockchain technology are worth more.
Asides bitcoin, there are tons of cryptocurrencies--altcoins (or shitcoins like most bitcoin maximalists would say). I currently own a lot of hive token (well, not a lot when compared to other token holders) but it is my favorite coin. Firstly, I earned most of it like you earn most of your revenue via working (POB--Proof of Brain) or investment/staking which is similar to a fixed deposit where you hold value for a period of time and earn a dividend.
In the current system, fiat and crypto are loosely tied. Most of the value within this industry comes from fiat (paper money) and that's simply because for the vast majority paper money is the default means of exchange but it hasn't always been this way. At some point in human history, the barter system was the preferred means of exchange, then we moved to precious metals, then pepper money. Now we are moving towards virtual and digital cash. Most of us hardly handle physical cash anymore. Most of our transactions are done with credit and debit cards. This is a cue into the inevitable future we all should be preparing for, and cryptocurrency and blockchain technology plays an important role in that future.
I do understand that for a lot of individuals cryptocurrency seems difficult to grasp. Most cryptocurrencies are highly volatile and that's because it's concrete in a few hands and prices can easily be manipulated but as more people come into the industry there will be a lot more stability. For early adopters, this speculative era presents a unique opportunity to gather wealth. About a couple of days ago my hive token went up about 700% in profit in the space of 5days. This is only possible in a volatile market such as this. The risk is high so are the benefits.
Another major challenge for many people would be how to enter this space without having to risk so much. This is where decentralized social media platforms like hive come into the picture. Social media is one of the tools many people across the globe use to obtain information and in the crypto sphere information is key. What blockchains like hive help the average person do is to learn and update their knowledge about cryptocurrency whilst socializing. I haven't taken any course on cryptocurrency. All I know about cryptocurrency and blockchain technology are from the countless number of posts I have read about it and I can proudly say I know pretty much about the industry than the average person.
So what have you heard about concurrency? There are a lot of myths and misconceptions about the industry. I am hoping this post will serve as a means of debunking some of those lies. Do you have any questions? Do you want to know more? Then join the hive social media platform and be informed.
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I came to
steemand now hive, to write, and the crypto was just an extra benny, but it wasn't the big draw for me. It has gotten interesting though, the more I've collected. Still, the thing I love most about the blockchain is that there are people here digesting the content that's created.A great post - thanks for sharing!
Thanks for stopping by
Nice post however how can one know the crypto to invest in? Today one token comes our tomorrow it is dead.. although that happensma in stocks too yet people still regard it as a great investment. So how can you predetermined your risk in the crypto market?
How can you know the best coins to put your money into? Over all very enlightening post @nonsowrites