05 Oct Three Things You Should Know About Cryptocurrency
If you only remember 3 things about cryptocurrency in your life, then might want to make a mental note of these three things: Levels the Playing Field, Personal Responsibility, and Education.
Levels the Playing Field
You might wonder: What is the main purpose of cryptocurrency? Is it the potential to make bags full of money – to buy a Lambo during another moon shot?
You might be disappointed by the answer, but the main purpose of cryptocurrency is not to make you super wealthy – or enable you to buy that Lambo. Yes, cryptocurrencies have undoubtedly helped a lot of people to make ends meet in ways that they could never have previously imagined – likely yourself included.
It is of course hard to see this during a slump in the crypto market, when the exact opposite seems to be true.
The point being, crypto profits should be seen as a bonus, secondary at best. The grand prize when it comes to cryptocurrency is the fact that it levels the playing field like no other form of currency out there.
The reason for this is that theoretically, cryptocurrency is a medium of exchange that cannot be controlled by any single entity, including central banks. Cryptocurrency works in a trustless manner – meaning unlike with FIAT currency, trust doesn’t have to exist between the participants for it to effectively function as a medium of exchange.
This means, everybody who supports cryptocurrency gets to benefit from it – regardless of political, religious, cultural and other affiliations and differences. Cryptocurrency is blind to these differences among people; it doesn’t pick sides.
A second and very important aspect to cryptocurrency is the fact that each and everyone has to take responsibility for their actions. E.g. cryptocurrency is unforgiving in the sense that in most instances no centralized authority exists to reverse transactions. Do not become a victim as a result of your own irresponsible actions – and then expect others to pay for your irresponsibility. Do your own due diligence.
Education. Education. Education. The importance of education cannot be overstated when it comes to cryptocurrency. Educate yourself. There are plenty of free resources available to learn more about cryptocurrency.
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