Jeremy
For those of you that know me personally, and/or follow one of my many social media accounts, you may have noticed that I have recently developed a healthy passion for a type of digital currency known as Cryptocurrency.
Cryptocurrency, as a whole, is a monstrous topic, not to mention super geeky and technical, so before I tell you why I love it so much I will endeavour to explain it as simply as I possibly can. First of all it is a digital currency, meaning that it exists only in the digital realm and is not backed by cold hard cash, much like over 90% of the traditional Fiat currency that we use today. Secondly (my favourite part), Bitcoin and a lot of other Cryptocurrencies are decentralised, meaning that they have no governing body or third party, such as banks, that hold your money and handle your transactions whilst charging you a fee for the privilege! Grrrr...
Decentralised means that you are in control, power back to the people! No more greedy, power hungry bankers etc dipping their hands into your cookie jar! Hooray! You hold your money in secure, encrypted, online or offline wallets that you and ONLY you hold the key for and you and only you handle the transactions when you want, to anyone you want, anywhere in the world, almost instantly and with very, very low transaction fees (Fees are still necessary to pay the nodes/miners that are responsible for keeping the network running smoothly and securely, but that is starting to fall into the super-geek category so we wont dwell on the subject).
So, simply put, Cryptocurrency is/has:
Putting you back in control
Super-dooper secure
Low fees
Scaleable
Cutting edge technology (Blockchain tech -> also super-geek territory)
The future of money
An incredible investment opportunity
Lets have a quick look at that last one there...
In less than 10 years Bitcoins price has gone from $0.0003 USD to a staggering $6,000 USD!!!!! "Well knock me over with a feather!" In fact just this very morning (21/10/17) I woke to find that Bitcoins market cap had just surpassed $100Billion USD!!! And, aaaand, its still in its infancy peoples!
I'm getting distr...
Its not even close to reaching mass adoption yet!
Ok seriously time to get back to wh...
Experts are predicting Bitcoins price to reach as high as $500,000 - $1,000,000 USD per coin if it does achieve mass adoption!
Slaps forehead
"Jeremy get your shit together son you're off track!"
Ok, ok, So what was I saying... Thats it, why do I LOVE Cryptocurrency so much. Well as you have probably figured out I am somewhat excited by the investment opportunity however what am I most passionate about is the decentralised aspect. I have always been very passionate about human rights and seeing the power (at least a large portion of it) returned to the people. There are endless examples that I could use here however I am going to choose one that I feel very strongly about, global poverty and inequality.
One of the devastating problems that we face in the financial world today is the inability to send funds around the world cheaply and quickly. In a lot of cases people are forced to use money transfer companies which charge hefty fees and take their sweet ass time to clear the funds. What does this mean? Well aside from the giant inconvenience it means that breadwinners from third world countries who travel overseas for work so that they can help to support their families are having hard earned funds slashed time and time again! Not only do they have to work in horrible industries (most often), they are generally paid less than minimum wage and have to support themselves in an expensive first world country as well as their family back home. Imagine how you'd feel if after all that you took the bus down to your local money transfer branch to send your family some cash only to discover that to do so it was going to cost you something like 10% to do so. You'd be outraged! insert angry face
Another problem is that throughout third world countries a staggering amount of the population is unbanked, in fact something like 2 Billion people world wide are without a bank account! This is due to many things such as, a lack of personal identification documents, no access to banking branches and a lack of regular internet access (although this doesnt help much with cryptocurrency either) and many more. Now im no fan of banks but having an account to store your earnings has its advantages... Savings for example, ok so you dont have a bank account, just save cash right!? Not really, picture this, you live in Nigeria, one of the poorest countries in the world, $1AUD buys 435.3 XOF (West African Francs), thats a WHOLE LOT of cash money to store and protect somewhere at home, imagine losing your life's savings in a house fire or to theft...
Secondly, sending money to friends, family and making simple business trancastions is a whole lot more practical online than having to do it in person. With nothing more than access to a basic internet connection, decentralised blockchain technology has the potential to bank the unbanked. A chance to store and grow wealth and the ability to send funds anywhere, anytime, instantly and cheaply is a chance to change lives and potentially save many as well! I could go on listing different ways that a decentralised currency will even the playing field for humanity and provide a real hope for those who have been without one for so long, but I am sure that you see my point.
Blockchain technology is the future, in fact it is already here, however blackchain itself is not enough! We need a decentralised currency. We need to give the power back to the people.
So now I ask something of you. If you havnt already, look into Bitcoin, Ethereum, Dash and other decentralised Cryptocurrencies and if you like what you find get on board the biggest financial revolution of our life times! You could just make your fortune in doing so...
One more thing... Please help me spread the message :) A quick share on your behalf exposes this to an entirely new network and has the potential to drastically impact peoples lifes. TIA!
Thank you and as always,
Much Love!