Consider: Is bitcoin a get rich quick scheme
| JOGO PAGA 1 BITCOIN | 603 |
| Is bitcoin a get rich quick scheme | Bitcoin price on 1 december 2017 |
| Is bitcoin a get rich quick scheme | |
| Is bitcoin a get rich quick scheme | 827 |
Kartic Rakhra
A weekly roundup of everything Blockchain & Crypto Currency curated with a lot of sarcasm, memes and gifs
Absolutely loving all the conversations stemming from these weekly mails. Keep ‘em coming!
This list is growing purely organically at the rate of 10% WoW 🔥
I wonder how many of you am I going to see at IBW next month.
All right, Hugh Grant, you don't need to go all sarcastic on me now. But the conference will genuinely be helpful to people/businesses exploring Blockchain.
Did you know that I bought $ worth of Bitcoin way back in ? That investment is worth $k now, give or take.
Before you turn red with envy, let clarify that I sold it off for a small profit back in itself.
Put yourself in my shoes. What would you have done?
I was just happy someone actually bought it off me. And to make a profit on the whole experiment? Super!
For every thousand-odd stories like mine, there is 1 story where the protagonist didn’t sell and is now in the news for being rich because she “invested” in Bitcoin at the “right time”.
These stories give a lot of people hope that they too can get rich by investing in cryptocurrencies. But can they?
WTF are these Cryptocurrencies?
Mostly digital assets that can transact on a particular Blockchain network.
Think of it as petrol for your car.
For eg, to use the Stellar blockchain network, you need Lumens (XLM).
Just like petrol, these currencies are designed to have a limited supply to ensure that when the demand increases, the value of the currency increases as well.
What’s interesting though, is that for every different brand of car, you need to use that particular brand of petrol.
Those Lumens cannot directly be used in the Ripple Blockchain network.
As a result, a number of ‘brands’ are attempting to capture different markets - MUVs, SUVs, Sedans, Hatchbacks etc.
You get the point. There is a cryptocurrency for every possible Blockchain use case!
So how do I make money off this?
While it is fairly easy to find a cryptocurrency exchange and start trading in a jiffy, there are close to cryptocurrencies out there now.
So, where do I invest? How do I know if a currency will actually give me a return? When to buy? When to sell?
Due to such widespread demand for this information, numerous blogs, Telegram channels, WhatsApp groups and forums on Reddit and Facebook have cropped up all across the world.
It’s also resulted in the rise of influencers or ‘Gurus’ who’s advice people religiously follow.
Thanks, Morpheus. You really help to drill home a point!
My two cents is that nobody truly knows what’s driving the prices up or down at the moment. In time to come, we can better predict that by correlating the particular currency’s adoption in real world scenarios.
But if you’re interested in crypto trading, I’ve listed down a few links at the end.
Before investing in any cryptocurrency, I would suggest doing a few sanitary checks to ensure you’re not going to lose your money.
- Spend some time understanding the use case of the cryptocurrency - is it really solving a big enough problem?
- Understand the team behind the currency - how experienced is the core team in the domain they are working in?
- Gauge the interest from other traders - how much value of BTC is being invested in the particular currency?
Disclaimer - I don’t endorse crypto trading
Interesting stuff to check out
India Blockchain Week , th September
“Bitbay to launch cryptocurrency trading platform in India”
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