If you are still having doubts about Cryptocurrencies...

heigovannik (47)in #tech • 7 years ago (edited)

Hello there.

I wanted to make this quick write up about what is going on in the cryptocurrency space.

First of all, if you are basically very new to this space and know nothing about it, then you need to understand that there are thousands of different cryptocurrencies, but you must also understand that all of these currencies are not "aiming" to be the next common currency (etc dollar, euro), which you can use for trading goods and services.

More likely most of these cryptocurrencies are companies based on Blockchain and Distributed Ledger Technology (DLT), which have their own use case to solve some specific problem while using the benefits what the technology itself provides.

But this write up is not about explaining the technology, but more likely to share a better picture for people, who are in the middle of still thinking if this thing is real or not.

Some of you may be thinking that it seems to be really shady. Maybe all of this will collapse and it is just a bubble and the whole market will disappear one day?

There are definitely people, who have these doubts and fearful thinking about this space.

And I think there are two types of people.

People who don't know much about blockchain/cryptocurrencies and have not taken really the time to educate themselves to fully understand what kind of value this technology provides (funny thing is some of them still have very strong "opinions").
People, who kind of understand the value it could offer to the economy, but they have such a disbelief that we could go through such a major innovative change/shift. They believe that the old framework is so strong and it is not possible to just rebuild all the existing models "which have been working nicely so far".

I am not blaming these people for anything, as I know this space is still in its early stage and the content here is really technical which could be really overwhelming for some people to consume but I think if people are making the decision to not be part of it and just sit on the sideways, then they could miss out a lot in terms of opportunity. In some cases, if you have an existing running business, it could also end up as a significant loss of market share or even being completely wiped out.

But of course, anyone who doesn't know what they are doing in this space could also get really hurt. This doesn't mean, you just enter the market and it is all rainbows and money starts pouring in from everywhere.

In terms of investing if you enter the wrong time, you could be sitting on your bag for a very long time before you can start calculating your profits.

Like everything in life, it requires being smart and focused.

Anyway, if I stand sometimes in a situation, where I don't know what to do or I don't know the answer to my question, then I try to find someone who is way smarter than me and ask from them.

And in this case, I don't mean an uncle who is earning 3 times more money or just a close relative who is quite a bit more experienced and only wants good for us.

I was thinking about sharing a little different approach...

What are actually the Top, Giant Players, Businesses, and Organizations doing in this space?

Here are some of the facts I want to share with you :)

The United Arab Emirates Government has launched blockchain strategy with the goal of becoming a world leader in the adoption of blockchain technology.
Source: https://cointelegraph.com/news/uae-government-launches-blockchain-strategy-2021
22 Countries signed declaration for European Blockchain Partnership to prepare for the launch of EU-wide blockchain applications.
Source: https://cointelegraph.com/news/22-countries-sign-declaration-for-european-blockchain-partnership
Over 90 central banks across the globe are engaging in research and development of the blockchain technology.
Source: https://cointelegraph.com/news/banks-and-the-crypto-industry-asia
Police in the Indian state of Andhra Pradesh has made mandatory for hotels to use a blockchain based registry.
Source: https://www.indianweb2.com/2018/05/05/andhra-police-ordered-hotels-to-deploy-blockchain-based-ai-solution-developed-by-local-startup
The Chinese government in cooperation with Tunlan Investment launched Blockchain Industrial Park in Hangzhou, in an effort to spend over $1.6 billion on Blockchain projects.
Source: https://cointelegraph.com/news/china-and-blockchain-most-patents-and-more-governmental-funds
European Commission is starting to fight fake news with the power of blockchain.
Source: https://cointelegraph.com/news/european-commission-to-fight-fake-news-with-power-of-blockchain
Facebook has announced that it has put together a Blockchain Team to start developing the tech.
Source: https://itsblockchain.com/facebook-announces-its-first-ever-blockchain-team
Nasdaq is open to becoming cryptocurrency exchange as space matures more.
Source: https://www.cnbc.com/2018/04/25/nasdaq-is-open-to-becoming-cryptocurrency-exchange-ceo-says.html?__source=sharebar|twitter&par=sharebar
South Korea’s central bank, the Bank of Korea (BOK), has recently announced it is considering cryptocurrencies and blockchain applications for its project “Cashless Society”.
Source: https://cointelegraph.com/news/south-korean-central-bank-crypto-and-blockchain-to-provide-cash-free-society
China IT Ministry wants to create Official Blockchain Standards to boost the development of blockchain technology.
Source: https://www.coindesk.com/chinas-it-ministry-moves-to-create-national-blockchain-standards
Source: https://www.newsbtc.com/2018/05/10/china-to-establish-national-standards-for-blockchain
IBM and jewelry industry leaders are starting to use blockchain to trace the origin of diamonds.
Source: https://cointelegraph.com/news/ibm-and-jewelry-industry-leaders-to-use-blockchain-to-trace-origin-of-diamonds
As this space is growing, there is ongoing some serious patenting. Among the many leading giants, Microsoft has acquired around 40 patents, IBM 25 and Mastercard 15 patents related to the blockchain.
Source: https://www.blockchain-council.org/blockchain/prominent-blockchain-patents
Venezuelan national oil-backed cryptocurrency Petro will launch after the presidential elections in Venezuela, which are set to take place on May 20, 2018.
Source: https://www.ccn.com/venezuela-offers-india-30-oil-discount-on-petro-purchases
World’s Second Largest Software Company Oracle will start offering blockchain products.
Source: https://cointelegraph.com/news/worlds-second-largest-software-company-oracle-to-offer-blockchain-products
Leading giant Walmart wants to store payment data on a blockchain.
Source: https://www.coindesk.com/walmart-wants-store-payment-data-blockchain
American Express and Ripple have partnered to create a blockchain-based payment infrastructure.
Source: https://cointelegraph.com/news/amex-partners-with-ripple-for-blockchain-payments
Huawei is releasing Bitcoin wallet in its AppGallery. The AppGallery will be pre-installed on all new Huawei phones.
Source: https://www.bloomberg.com/news/articles/2018-05-10/huawei-is-about-to-give-chinese-users-easier-access-to-bitcoin
Samsung is looking into Blockchain for Its huge global supply chain.
Source: https://cointelegraph.com/news/samsung-wants-to-use-blockchain-for-its-huge-global-supply-chain
Soros, Rothschild, and Big Institutional Investors are entering the crypto market.
Source: https://www.newsbtc.com/2018/04/08/soros-rothschild-big-institutional-investors-entering-bitcoin-market
South Korea’s Largest Multi-Billion Dollar Conglomerates Enter The Cryptocurrency Market.
Source: https://cointelegraph.com/news/south-koreas-largest-multi-billion-dollar-conglomerates-enter-the-cryptocurrency-market

And many many more...

I could keep on drawing this picture for you, but I think it is better for you to take the time off and continue by yourself :)

I hope some of you who had this doubt, could actually see now that yes this space is here to stay and there is no point to debate about it.

At times, yes we can see some negative articles about this space, but for every negative, we could bring out something positive which has supportive arguments about the benefits what the tech actually offers.

And every message might actually not mean what the "article of the headline" is saying. You just need to see it through and understand what is actually behind the whole message.

It is so important in this market to be able to filter and analyze while consuming the information so you could understand what makes sense and what does not because there is also a lot of crap out there.

Just from my heart to yours. The purpose of this post is to open a door for you guys.

Try to understand the benefits of this stuff on a deep level and then decide if it is worthy to be engaged or not.

We are not just talking about some currencies. There is a lot more behind it. Just like this Steemit platform which purpose is to benefit content creators way more than the traditional social media platforms.

Thank you for reading my friends!

I wish you all the best :)