Welcome to the Cryptocurrency Revolution. The future is here and the daily life of every man, woman, and child is about to be changed in unbelievable ways. There will be changes in the way you shop, both online and at your favorite store, the way you bank, drive your car, interact with your lawyer, your accountant, your broker, etc.
The technology that is bringing this about is called “Blockchain”. It was in 2009 that Blockchain was developed in the form of a digital coin called “Bitcoin” by Satoshi Nakamoto, a person who has kept himself unknown to the rest of the world. What is a bitcoin and how is it shaping civilization into futures only dreamed about?
Bitcoin is classified as a Digital Asset, and is more commonly referred to as Digital Currency, or Cryptocurrency. A transaction on a computer ledger is another way of stating it. Every time bitcoins are bought, sold, traded, or used for purchases, those transactions are recorded on the computer ledgers known as the Blockchain. A new transaction is added to a block about every 10 minutes through the efforts of “miners” verifying the transactions. After a certain amount of transactions are recorded, the new block is added to the Blockchain. Control of the recording of transactions is decentralized. This means that there is no one entity such as a bank or government agency having any authority or management over Cryptocurrency.
Since the startup of Bitcoin, many new digital coins have appeared. In fact, 1199 different coins are now listed on the market. Collectively, these coins are known as Altcoins. Some of the well-known coins are: Ether (Etherium), Ripple, Litecoin, Dash, Monero, Monaco, etc. Each coin has a platform that shows the reason for its existence. Etherium for example, is set up for “smart contracts”; Ripple – fast currency exchange and remittance; Litecoin – open source, peer to peer payments; Dash – digital cash, private on-line payments; etc. For a complete list of Altcoins go to https://coinmarketcap.com/. There you will find current values of the coins, trending charts, market caps, etc. This is a great place to start for those wanting to learn about investment opportunities.
A person thinking of investing in Bitcoins or any of the Alt Coins must study, study, study and do their due diligence before deciding on what coins to go for. One can find tons of information on Amazon, Google and on YouTube. There are also many online courses available on Cryptocurrencies – from beginner to advanced blockchain technology. There are a lot of sources online that list the many millionaires that have been made over the last few years by investing in Cryptocurrencies. One of our favorite stories is the one about bitcoins and pizza. In 2010 a developer made the first purchase with bitcoin, buying 2 pizzas for 10,000 bitcoins (worth about $30.00 at the time). Those same Bitcoins today are worth an amazing $70,000,000.00!
Some of the biggest changes will be seen in the Retail Industry. Already, there are hundreds of online stores that accept bitcoin or other alternative coins for payment. Some of the well-known online retailers accepting bitcoin are Overstock.com, Microsoft, Tiger Direct, Expedia.com, Dell, Newegg.com, Bloomberg.com, Shopify.com, etc. A person can now even get a Debit Card tied into their Bitcoin Wallet and use their coins to pay for products or services anywhere a Visa Card is accepted. In the near future Bitcoin ATMs will be found in retail and service establishments all over the area making it easy to change dollars for Bitcoin and vice versa. The Gaming, Travel and Entertainment Industries are also seeing the benefits of using Cryptocurrencies. You can visit casinos, buy airline tickets, get hotel reservations and attend concerts and sporting events, all with Bitcoins.
One of the most exciting new altcoins on the marketplace is Helleniccoin. This coin is based in Cyprus which certainly has had its share of banking problems in the past. Helleniccoin is set up to be used as a currency and is being readily accepted by retailers and online shops for payment processing. Our company, GreenHouse Payment Solutions, LLC, is actively working with the founders of this altcoin to develop an alternative payment processing solution for retailers and online entrepreneurs who have had trouble acquiring credit card processing. We are excited about the possibilities with this altcoin. Stay tuned for additional information as this project unfolds.
What other changes are coming as a result of Blockchain Technology? How about self-driving cars that drop you off at work, park themselves, or drive to a service center for service or repairs? How about a refrigerator that orders food, pays for it, and calls a repairman if there is a malfunction? In fact, all appliances will have Artificial Intelligence and be connected to the internet. Voting by blockchain? No possibility of fraud or miscounted votes. Smart contracts that perform without an attorney. Banking without a bank. Streamlined businesses and governments. More efficiency. Newly created industries. More jobs.
What can a person do to get ready for these big changes? Well, to begin with – Study! Read! All the information that you need is at your fingertips. Typing “cryptocurrency” into the search box on Youtube, Amazon, and Google will give you plenty to begin your studies. And then, get yourself a “wallet” from Coinbase.com * and see how easy it is to buy some Bitcoins. Once you do that, you will officially be a part of the Cryptocurrency Revolution.
* Coinbase pays a $10.00 referral fee to both us and the person signing up for the wallet.