Unless you’ve been hiding under a giant rock somewhere in the South Pacific Ocean for the past couple of years, you will undoubtedly have heard of “crypto-currencies”. The most prominent and arguably the single most market-dominating one is “BITCOIN”.
In just about 10 years since its release, it has jumped from several cents to values of several thousand dollars per ‘coin’, having hovered around $6,300 – $7,400 per coin for most of 2018, far surpassing the spot-price of any precious metals like gold, silver, platinum, etc.
Adoption of cryptocurrencies is catching on at an ever-increasing rate, although it’s still far from “mainstream”. What makes cryptocurrencies great, are the features which “traditional” currencies (aka “fiat currency”) lack:
- very low / no transaction cost between users (Peer-to-Peer)
- no int’l currency fluctuations
- no need for banks or financial clearing houses
- all-digital, intangible payment- / wealth-storage system
- digital blockchain-technology based ledger
People are shifting away from traditional “government-backed” (and regulated) money in favor or cryptocurrency, because there is a stronger perception of “real value”, less “corruption” by Central Banks and the large financial industry (think: Wall Street bailouts), less restrictive regulations in terms of what you may do with “your” own money, and the redunancy of stable blockchain technology in facilitating transfers and verification, and lower “fees” to the consumers / participants.
What scares the greater financial establishments is the lack of control by them over cryptocurrencies. They cannot restrict (regulate) the movement of money, they can’t skim hefty fees and interest of all sides of all transactions, they cannot charge you for holding “your money”, …. all traditional rules of banking and money-movement (which are all in favor of the institutions, and never in favor of the customer) do not apply in the crypto-arena. They cannot simply “print” more money on demand, or engage in fraudulent “fractional reserve/lending” practices, they cannot bundle financial packages and broker them around for profits at the expense of borrowers, as was seen in the last major financial crisis of 2008.
Crypto-currencies are surely stepping on the toes of the big banks, the reserve banks and the major investment houses (and yes, stock exchanges too), because the [corporate] “greedy pig” is not feeding off the crypto-world YET.
In the meantime, until the Big Finance Guys around the world figure out how to get in on the game, they will keep pushing their propaganda out on the Mainstream Media (which they control), to push fears on the common people, perpetuating false beliefs of “money being safe in the bank”, or “regulated means safe”, or “only invest in stocks and bonds”, and “cryptocurrencies are unsafe”, “cryptocurrencies are prone to hacking and used by criminals”, etc. The financial establishments love fear-mongering, wanting to paint a black and evil veil over all things “crypto” so as to scare the curious consumer away…
The more the common citizen realizes the value behind strong cryptocurrencies, as a good, viable, and healthy alternative to traditional financial instruments, the more the Big Finance Guys will lose out on bleeding their customers dry and multi-dipping into what little the “little guy” has… between taxes, fees, charges, commissions, and other ways to dilute one’s actual spending power, crypto-currencies are a great way to keep more of what you have.
As with anything, Cryptocurrencies, though full of potential and beneficial application, can also potentially be abused for less than moral or less than legal activities. But then, so could cash-money.
Don’t fall for the cryptos are bad/evil argument. Evaluate the potential for investment, savings, and spending power for yourself, and decide for yourself how you would like to get involved with them, if at all. Ask yourself, WHY the Big Guys are “afraid” of the crypto-currency arena (yet, at the same time, they’re DYING to get in on the game, find ways to regulate it on THEIR TERMS, and devise ways to PROFIT from it at YOUR EXPENSE.).
Read up on cryptocurrencies, and figure out how you might be able to benefit from this exciting technology. It’s here to stay, no matter what we decide.
To learn these things and more in detail, you may want to consider my ebook (Kindle) on Amazon.com
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