If only I would have known the Internet was going to be so life changing…. Do not make the same mistake when it comes to the next significant revolution—Bitcoin, Cybercurrency and the Blockchain.
Have you heard of Bitcoin, Ethereum, Ripple and Dash?
What about the Blockchain?
If you have not heard of any of these words, then it is time to pay attention as the next revolution in technology is fast upon us. The world is certainly changing rapidly and you still have a chance to be part of the foundation of our future. If you have heard the word “Bitcoin” before this blog then you probably know more than 98% of the population.
Do you remember when we were all opposed or indifferent to email or that strange new thing called the internet? We first said that it was a ridiculous waste of time and that it would never become useful and I am happy with my fax machine. Then suddenly, everything changed.
After the internet became the center of our world and email was a daily necessity to work and leisure, only then did we look back and say, “Boy I wish that I saw that coming.” If only I would have invested in Google.
Please keep in mind that this blog is not meant to fully educate you on the world of cybercurrency and the technology behind it. It is more of an opportunity to give you a taste of what is happening right now so that you can research it further. I only learned about these things 6 months ago. However, now I am fully entrenched in this new world.
Surprisingly, I just read an article that cybercurrency has not reached “hype” mode yet on google searches. This means people really are not searching it consistently. In other words, this is not mainstream yet.
History certainly repeats itself. When I mention Bitcoin and Blockchain, people initially laugh and downplay the significance of cybercurrency. That is because they do not understand and because it is not part of what is the norm.
Now to answer at least some of those probing questions that you are having.
Bitcoin, Ethereum, Ripple and Dash are some of the most popular and widely used cybercurrency. Bitcoin is not a tangible thing like a dollar bill but Bitcoin is a store of value like any other currency that can be used to purchase things on the internet.
Consider Bitcoin to be the electronic version of gold or a dollar bill. Why is gold or a dollar valuable? Because people say it is valuable and because people will transfer something of value in exchange for gold or a dollar. The same holds true for Bitcoin but only electronically. A good starting point for the basics on Bitcoin is www.99bitcoins.com .
Although Bitcoin is the leader and the trailblazer, the other cyber currencies (the “Altcoins”) are advancing quickly and are steadily changing the way the internet works and the world operates. There are approximately 686 Altcoins. None of the Altcoins are as efficient as Bitcoin as a means for purchasing items and each of the Altcoins are not necessarily trying to compete against Bitcoin. Rather, the Altcoins are using the Blockchain technology to fill some specific needs in our society.
There I go again talking about the Blockchain. The Blockchain is the technology behind the cybercurrency. An example of a cybercurrency which uses the Blockchain is Ripple. Ripple accelerate the transfer of funds internationally from one bank to the other. What normally takes 2 to 4 days for an international wire now takes 8 seconds on the Ripple Blockchain network at a far lower price. Some of the largest banks in the world are starting to use this technology.
Ethereum uses the blockchain to engage in Smart Contracts that conduct business transactions without the need of human involvement. Very large banks are using this technology as we speak.
The world of cybercurrency is allowing for the transfer of value in a similar way that the internet transfers information.
Keep in mind that technology is changing the world rapidly now. There will not be large time periods between things that change the world any longer. We are talking significant changes in months now rather than years.
Consider this blog as a reason to explore the world of cybercurrency. If you missed the inception of the internet and all of the financial opportunities of getting in early, do not make the same mistake of ignoring Cybercurrency and the Blockchain.
Did I tell you that you can invest directly in cybercurrency? No? That is ok, you can read it in an upcoming blog.
Fornaro Law has various Bitcoin clients across Chicagoland, La Grange, Hinsdale, Elmhurst, Downers Grove, Burr Ridge, Clarendon Hills and surrounding areas.