As we all have seen, cryptocurrencies (cryptoC) are the latest thing everyone is talking about. People are loving it, hating it, investing in it and surely talking about it. Many wallets and trading platforms have emerged to ease short term trading and long term investment. In this article I’m going to share my thoughts on this uprising technology that is taking the world by storm.
Bitcoin, the first and most popular cryptocurrency was in news earlier as well but as soon as it crossed the $ 10,000 mark, people went batshit crazy! Everyone wanted to invest in it. A whole new legion of bloggers, investors, youtubers came up with investing advice. Along with Bitcoin, many altcoins namely Ether, Litecoin and Ripple too became the hot piece of news. A lot of famous technologists sang praises of these coins. Many early supporters came in light again.
Now, though I completely believe in the blockchain technology and the problems cryptoC are trying to solve, newbies going with the flow are in for a surprise. Bitcoin and altcoins are surely the future but investing all your savings in hope of getting of 10X return is not a wise idea. The cryptoC industry is currently going through a FOMO – FUD cycle. When a new coin comes up, many early investors start praising it on social media platforms creating a FOMO wave. A lot of people start putting their life money in hopes of becoming a millionaire in a year or maybe in couple of months.
Then it happens. A new story about the coin comes up. A specific group of people start ridiculing the coin’s technology and how the earlier claims were mostly “fake”. This is what happened with our favorite Iota.
I’m not going to go in the details but yeah Iota’s price is continuously falling, thanks to the FOMO – FUD cycle. This has happened to many other coins as well.
I’m not saying cryptocurrencies are a scam. I’ve myself invested in them. They’re solving a crucial problem. Large corporations, such as Microsoft, Dell, Expedia and Dish Network, have joined the list of merchants accepting bitcoin. This shows the impact they’re creating.
What I’m saying is, before investing in any coin, it is advisable to go through some technicalities. Here is a good article that’ll help you get started with cryptocurrency trading:
My personal opinion is that cryptocurrencies are changing our world for the better. Even if the bubble pops one day (if there is one!), this technology will remain there making transactions more secure and autonomous. So before making any opinions or claims about the use and life of cryptoC, please read about the underlying technology and the specific problem it is trying to solve. To summarize:
- Don’t give in to FOMO or FUD before / after investing in cryptoC.
- Read about the technology used. The use cases involved and the support the industry is offering.
- DO NOT invest all your savings just because someone made a lot of money through cryptoC trading.