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Should We Really Care ?

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Should I really care?

 

Many large banks are now spending money either collaborating with existing crypto clients (JPMorgan with Zcash) or developing their own cryptocurrency (such as Bank of America).

 

Whenever I get asked, “Should I think about buying any cryptocurrency such as Bitcoin or Ethereum?”, I tend to answer along the following lines [and note, I’m by no way an investment advisor, nor in any position to give any investment advice, so none of this should be considered any]. Basically, do you have any spare money? Do you like to speculate in a fairly volatile investment (and I use the word “fairly” being polite)? Have you ever been to Las Vegas? If so, welcome to the Crypto Casino.

 

As mentioned, the cryptocurrency markets are currently all over the place. While that is the case one should bear in mind this: outside of Bitcoin and Ethereum, there are a number of high quality digital token and coin issuers, with excellent backers and management, with very good AML procedures in place, a great business model, etc.

 

Yet indeed, there are also numerous completely awful ICO’s which are taking place.

Hence, the need for regulator “buyer beware” notices. You really do need to do your research before investing.

In terms of importance, one other key item to note is that as cryptocurrencies become more widespread, it is really the decentralised ledger technology, blockchain, upon which crypto is based, which is the true masterpiece.

 

Blockchain is just a platform, and its technology allows those cryptocurrencies and their digital tokens to operate within it. Essentially, any transaction capable of being recorded can look to the use of blockchain, whether they be

 

medical records, immigration information, birth certificates, insurance policies – all of that data can be stored and guaranteed over a blockchain.

 

The use of smart contracts based on the Ethereum blockchain – protocols allowing the self-execution of contracts once certain conditions are met – will eventually become headline news as well.

Mr Diwakar

Mr Diwakar

Crypto Trader and Blogger