Are You In Cryptocurrency For The Money Or The Technology?
If you carefully follow the news, then you are no doubt exhausted by the constantly changing price of cryptocurrency. There is so much information out there, whether it's positive or negative. Sometimes it's about the technology, and sometimes it's about the price.
It can be tough to separate the price of cryptocurrency from the technology, but there are times you have to ask yourself why you are following the space. Is it to get rich or because you believe in the technology? Sure, it can be both, but you need to have your reasons.
There are few times throughout history when someone can be an active participant in a massive cultural, technological, or societal revolution. We weren't alive during the industrial revolution, but I did get to see the internet revolution change the world, and it's still changing the world. I was too young to make money off it, but I have benefited from the new system, I wouldn't have so many of the opportunities I have today without it.
Like during the internet revolution, new wealth was created, a new group of people (the nerds) were able to fatten their wallets. This economic revolution with cryptocurrency has the potential to do it again, a new group of people have the possibility of changing their lives. I do alright, but there is no way I can compete in the long run, financially with my friends who are lawyers. So being part of this economic revolution is exciting.
This dream of riches might be blinding everyone that's in the space right now. Sure we'd all love to make millions off of Bitcoin, Litecoin or whatever hot altcoin you might invest in, but the odds of that happening seems rare. These financial gains are still a gamble.
Any revolution comes with significant risks.
When I go to Vegas the best case scenario that I can realistically ask for is that I go home with the same amount of money as when I arrived. If I lose it all, well that's what I had planned for, but if I win then, that's amazing. What's best is to have an outstanding weekend of fun and not to lose a dollar; you gambled, drank and had a blast. That's how I view crypto, I'd love to make a buck and fatten my wallet but if I see the economic system change and I didn't lose my money, then great. At least I had a hand in a revolution; I was part of the change.
I'm lucky enough to have a few dollars to toss into this space and explore the market, but I know it's possible we could see prices fall even more than we did in January 2018.
Watching the price action of your coins is exhausting. If you thought technology moved fast, cryptocurrency never sleeps, and you'll go mad if you focus on your bottom line every day or every hour. That's one reason you hear so many people scream HODL.
If you're in the space for the money then good luck but if you're in it for the technology and revolution, you are going to at least keep your sanity and maybe some of your hair won't turn grey.
You'll want to try to find good projects you believe in, keep an eye on their roadmap and what they are building. Your faith and positive attitude will mean more than cashing out at the right moment.
There was a recent tweet by Carter Thomas where he had you imagine the year 2025, the crypto revolution has happened, but Bitcoin is still at $10,000.
Imagine the year is 2025.
Carter Thomas (@carterthomas) May 9, 2018
- Banks are 10% the size they were
- Sending $ is fast and cheap
- Billions of people now have access to money and payments
- The revolution is real
But Bitcoin is still at $10,000 and you never owned any coins that mooned.
Are you still excited?
It's a tough one to think with that after ten years you might have the same amount of money you started with in the beginning. I guess that's not too bad if you don't have faith in the current financial system. 😂 But after those ten years, the technology has changed the world. YOU were part of that. Sure you may not be rich, but you helped fuel this revolution. Honestly, I'm ok with that.
I didn't get rich off the rise of craft beer, but it makes me feel good to see more and more people choose a locally produced beer over one of those macro lagers. And if in 10 years I see more people want to pay with Litecoin over the dollar, I'll be rejoicing too.