Wild, Wild West of Cryptos

Just a few thoughts (not to be taken as a complete article!)……

Similarities seem to exist between 19th century western America and the current state of the crypto world. From migration for gold discoveries to the search for new lands to conquer and farm, Americans headed west in huge waves.

This venturing into the unknown by throngs of individuals and families seeking better lives outside of the dingy cities and slums of the concentrated population centers of the east provided more than just a logistical shift in the nation’s geographical demographics. What also arose were industries and cultures distinct from those of the original colonies. Although beset with hardships almost unimaginable today, those pioneers of the west blazed a trail that millions would eventually follow.

Such is the similar state of the crypto-pioneering occurring today. The hardships encountered by those who are even just dipping a toe into the crypto-world will hopefully be unimaginable in the near future when the rest of the today’s society begins to integrate and accept the inevitable use of digital currencies and block-chain technologies.

Just as there was little infrastructure for the migrants and settlers of 2 centuries ago, so to is there difficulty in entering and maneuvering one’s way through the crypto-maze. Ask anyone who even just lately has tried to go through the arduous task of simply purchasing one single Bitcoin, and they will probably acknowledge that it was far easier said than done. From choosing and downloading wallets, to the lengthy synchronization process to funding and an account and researching cryptos, I know my head has spun around a few times.

As of now, I have a few wallets, but have been awaiting the final acceptance of various exchanges into which I can dump some fiat and exchange for crypto currencies. Whichever has what daily/weekly/monthly limits, fees, deposit/withdrawal policies, etc…, is of no concern at this point. The one that comes through first will get my first business.

Like many others, I have come late to the party in researching specific crypto options. After witnessing the action of the past few months, I decided the time was now to take the economic plunge (yes, I know, Johnny-come-lately/sheeple, but I believe there are legs to this latest move).

One saving grace is that I have not had to endure the precipitous drop of the last few days, but I do not have fear in the least about the bounce-back to come. If one simply considers how much fiat is waiting at the starting gate, only on hold for their accounts to be activated before they can venture forth to claim their cryptos of choice, it seems we may be in for another strong wave of use, investment and speculation that may turn the Summer of ’17 a special place in pioneering history.