Cryptocurrency 101 and how you can get in on the action

​Virtual currency or cryptocurrency may seem to be a new thing, but it’s been around for the better part of 8 years. With the recent surge in value of Bitcoin and Ethereum, more and more people are joining the crypto race.

A lot of people ask me if it’s too late to get into the game. The answer is no, this is still very much the beginning. As a matter of fact, this is the perfect time to get in. Cryptocurrency has had years to grow and develop, become adopted by Fortune 500 corporations, and developers have been finding ways to integrate it into applications for daily use.

With tech startups holding ICO’s (Initial Coin Offerings) to raise funding and creating their own virtual currency, there is a new wave of players in the space. The only thing you need to know is that the only currencies that truly matter are the ones that are significantly improving the future of the Internet and the world.

Short of building a mining rig with GPUs (powerful graphic video cards) to mine your own coins like I do, there’s another way that you can get into the game. The first thing you want to do is sign up for an account on a website that has a wallet such as Coinbase, CEX, or CoinMama where you can purchase Bitcoin or Ether. From there you’ll want to sign up for an exchange, for example Bittrex. This is where you can trade your BTC (Bitcoin) or ETH (Ether) for other Altcoins (alternative coins such as DOGE).

Then you want to do your research on every coin, because they are tied to a platform. Here are a couple of examples of coins that I believe in the future of.

Siacoin splits apart, encrypts, and distributes your files across a decentralized network. Since you hold the keys, you own your data. No outside company can access or control your files, unlike traditional cloud storage providers. Unlike Dropbox, Amazon, Google, and other storage providers, you will be the only one who has your data. This is 100% private and decentralized. This is the future of the Internet.

Another one I like that just came out (and you can still jump into) is called Agrello. Agrello offers the Delta coin to purchase Legally Binding Smart Contracts, Powered by AI. Talk about the end of lawyer’s fees!

There are plenty of articles and forums that help you understand why BTC, ETH and other Altcoins are valuable in the first place.  Reddit is a great source for example. You have to understand what smart contracts are in order to see the value in ETH or other coins. Hopefully this article on BlockGeeks, and this one on CoinDesk can help with that.

Once you’ve decided on which coins to purchase as an investment, then all you can do is sit and wait, and watch the value go up over time. Don’t expect this to be a short-term investment, because it’s not. Expect this to be a 2 to 5 or even 10 year investment. Just remember that Bitcoin went from around $600 last year to $3000 just two months ago. Big-time investors are saying that the coin will go up to $500,000 or even $1 million per coin. They are saying the same for Ether albeit a little less in value, maybe $200,000.

Still, you can invest very little right now for what could potentially be a retirement plan in the future. Hopefully this helps you understand a bit more about cryptocurrency and the future of the decentralized Internet.

If you’re curious what coins I have invested in, here’s a screenshot of my coins to date:

​ Siacoin and the future of decentralized cloud storage

On the popular show Silicon Valley, Richard Hendricks had an epiphany about the computing power of smart phones and how they could decentralize the Internet along with storage. “What if we use all of these phones to build a massive network, using my compression algorithm. We could build a completely decentralized version of our current Internet.”  In this clip he talks about it around the 2:08 minute mark:

Whether fact or fiction, he is onto something. It seems like Sia is making that dream a reality. Sia is part of the virtual currency trend that is growing in part by the astounding growth rate of Bitcoin and Ethereum. The difference being that Sia is not just a cryptocurrency; It is also providing a platform for people to store their data in a much better way than current options such as Amazon S3, Dropbox, and other storage companies.

Over the past few years, there have been data breaches on these popular storage companies, especially since all of the data sits on their network. Additionally, since they have access to your important data, they can also sell that data to other companies to turn a profit.

It’s your data, and you should own it.

 

On their website Sia explains, “Sia splits apart, encrypts, and distributes your files across a decentralized network. Since you hold the keys, you own your data. No outside company can access or control your files, unlike traditional cloud storage providers.”

So basically your files are cut up into little pieces using meta-data and a “Sia seed”, which then sends all of these pieces to hosts (think AirBnB home renters), who get compensated for the extra room on their hard drives.  Compared to paying upwards of $115 to Amazon for storage, you would only pay $2 in Siacoin (which you can mine) for the same amount of storage, roughly 1TB.  Also, since the pieces are insignificant, and don’t hold any of your complete data, these hosts don’t have your data at all, just pieces of it, which means your data is 100% safe and completely private.

One of the things that shows where a company is headed, is in their documentation, support, and community.  Along with a very busy Public Slack Channel, Reddit threads, and Public Trello, it looks like Sia is on their way to reaching some pretty big milestones and important goals for the “New Internet”.
Personally I’ve built a mining rig that makes Siacoin and Ether too, so I’m betting on the future of this game changing technology.

At the time of this writing, 1 Siacoin is worth roughly 634 Sats (Satoshis) on Bittrex.com – or 0.00000634 worth of a Bitcoin or $.02 cents USD per coin.  Like Bitcoin or Ether, which both have jumped exponentially in value, only time will tell if Siacoin will have the same jump in value over the coming months and years.


What do you think about the potential for Sia’s decentralized cloud storage? Let me know in the comments!

The rise of cryptocurrency and initial coin offerings

​The rise of cryptocurrency has taken the world by storm. A large majority of people don’t even know what the blockchain is. By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology.

Decentralized currency has become a staple in today’s digital world. Whereas most people are kicking themselves for not purchasing Bitcoin years ago which would’ve made them millionaires today, a new era in digital currency has appeared. ICOs, or initial coin offerings and other cryptocurrencies such as Ethereum. An ICO is a tool for fundraising that allows you to trade future cryptocoins in exchange for cryptocurrencies of immediate, liquid value. You give out Bitcoin or Ethereum during the ICO, and you get some of Dave’s Cool New Tech Startup Coin.

Just a few months ago Ethereum was roughly $8 per coin and as of this writing it is getting closer to $350 per coin. That is a humongous advance in value in just a couple of months. The difference between Bitcoin and Ethereum is that Bitcoin is more of a currency, and Ethereum is more of a platform where companies and organizations can raise funding, enable smart contracts and write programs.

If you feel as though you were left out of the mix and it is too late for you, think again. You can easily purchase Ethereum coins and just sit on them for a couple of years to see a rise in value. Digital currency and ICO’s are not going anywhere.  It’s only going to grow and become more valuable than Fiat money in the coming years. The question is whether or not you want to be a part of the currency revolution…