My Adventure With Crypto
In the most recent endeavors of Tyler Dominak one thing that I’ve been heavily interested in is investing. Now I work at a brewery as a busser who makes around ten dollars an hour with tips so my definition of investing is chump change compared to the big dogs. However, one thing that has caught my eye recently is the world of cryptocurrency (coins).
For that unaware, cryptocurrency according to the Oxford Dictionary is “a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority”. Or in lamens terms a coin that's not tracked or backed by a government. The benefit of this is that with no government tracking or backing a coin it allows anonymity along with the reduction of a middle man. For example, if the dollar one day crashed or became worthless the cryptocurrency wouldn’t lose value.
With that in mind where the money lies is in the adoption of cryptocurrency. The most valued crypto in the world right now is Bitcoin with a value of fifty-nine thousand as of April for one coin. For reference, back in 2013, the estimated value of Bitcoin was around fifty dollars. Now Imagine if you invested back then, you'd practically be a millionaire now. But that was eight years ago and this is now. With Bitcoin growing larger and larger it has allowed new coins to come out only trading at just a few cents. While this could be considered makeshift gambling due to no one knowing whether they'll succeed or not I’d say it's definitely worth it for the chance to make it rich. So for the past couple of months, I’ve been researching what good coins there are and what the chances are they’ll succeed. And to summarize I’ve invested into a couple of tiny coins and made a whopping ZERO dollars in about three months. Actually, to be specific I’ve lost money in stocks and other things. However, that's not to say that I’ll never make any money but only time will tell. Should I have invested more into safer stocks and ETF’s? Maybe. But for now, I’m content with my future in cryptocurrency and I’ll keep you updated on my adventure.
