This actually happened to me today, word for word. There’s a great case for Bitcoin in my view, but sometimes the banks just like to make that case even more pronounced, don’t they?
It’s no secret I am a cryptocurrency advocate. I still think Bitcoin will retain the number one spot overall as a way to make infrequent, large purchases and/or a store of value, but I also think a handful of other currencies will exist for fast, day to day transactions for different reasons such as XRP, Litecoin and Monero. However, I don’t believe any of them will actually replace the banking system and nor should they. For various economic and monetary policy reasons, there needs to be sovereign currencies. But perhaps the fact that there is a real, global competitor that is becoming increasingly accessible will force the powers that be to examine how their currency is maintained. Well, maybe. Or maybe I’m just being an optimistic hippie-esque revolutionary again. Continue reading “Withdraw your own money? You must be joking.”
It’s easy to forget just how young the crypto ‘industry’ is.
I even do it myself sometimes. Compared to many people I was in quite late, specifically the autumn of 2013, and even then I poked it with a stick rather than got actively involved. It was just so damned hard to buy anything and I wasn’t even sure I understood it properly. It all seemed a mass of messy information – much of it contradicting itself – and it took real perseverance to get anywhere. Yet, despite all of this, I could see the potential. It would surely only be a few short years before Bitcoin, and perhaps a few select altcoins, would be the primary method of transacting globally. Continue reading “If you build it, they will come.”
For me, it’s been a year since I bought my first XRP. Only a year. That seems impossible.
Although I’d been following cryptos for quite a while prior to this, I still had this false belief that I wouldn’t be able to invest in it. Seems crazy now in retrospect, but it’s true.
You see, a few years earlier, I’d tried to buy some Bitcoin. This was before it was as easy as it is now, and after many hours of trying to work it out I still hadn’t. Literally no-one I knew had even heard of it let alone bought some, so there was no-one to ask. Not only that, I’d started to think I was going to lose my money if I handed it over to what appeared to be some very dodgy sites. Continue reading “Choose life, choose XRP.”
The last few days have been brutal in the cyptocurrency sphere, and I mean REALLY brutal. Frankly, it hasn’t been much fun since December 2017, when we all watched our fast gained profits from the crazy bull run the months before, evaporate into nothing. And if you only got in during that bull run, you’ll almost certainly be sitting on losses and watching them get bigger.
At the time of writing (5.30pm GMT, 12 June 2018), the total market value is now $264,000,000 (source:coinmarketcap.com), a drop of over $30bn, or over 10% in just the last few hours. And that’s on top of a brutal drop just yesterday. In fact, the market has lost an incredible $594bn in just six months since the highs we recorded, that’s a pretty scary 67%! What does it all mean and what should we do now?
The first thing to understand is that these things happen. Simple as that. It’s the markets, stupid (to steal – and totally butcher – a well known phrase). There are hundreds of reasons why this happens, and none of them are in your direct control.
Continue reading “Market Crash: Buy, Sell or Hodl?”
Cryptocurrencies are ingenious, logical things using exact mathematics and cryptography to make transactions or record data in a way that is free from the failings of humans. Unfortunately, their tokens and coins are traded on the open market by those same failing humans, who are subject to greed, FOMO (Fear of Missing Out), ridiculous over excitement, misplaced belief and all the other shortcomings we have to deal with on a day to day basis. And that means a volatile, crazy cryptomarket, with unbelievable price swings and a myriad of supportive and dismissive comments about the future in equal quantities from equal numbers of experts and amateurs alike. It’s noisy out there, and trawling the net looking for answers often leads to more confusion.
Continue reading “Why I love Ripple”