Why knowledge and experience sharing in Crypto matters
Crypto is a new avenue which has attracted the attention of millennials, but yet many don't know how it works and what it can do in their daily life.
The Crypto sector saw a sunrise in 2009, when the world's first peer-to-peer digital currency, Bitcoin, was launched by Satoshi Nakamoto, an individual or a group of people.
The launch was very timely during the 2008-09 global recession period, where the world was facing huge inflation and the value of fiat was at its low.
All those who didn't want centralized control over their money had the option of using Bitcoin on a decentralized blockchain platform.
Ever since the launch of the first cryptocurrency, today there are over 15,000 crypto projects that claim to serve various use cases.
Many cryptocurrencies are working to solve cross-border remittances problems, some are solving privacy issues, some data storage and some are community-focused.
It is amazing to see that various meme tokens which are built for fun have been making millionaires to users, who have invested in them.
Some classic examples are Shiba INU and Dogecoin which have made many users millionaires, some even billionaires.
In the last 13 years, tokens that were purchased for a few dollars have been trading at $4500 to $67,000 per token.
On 22 May 2010, Laszlo Hanyecz, a Bitcoin holder agreed to pay 10,000 BTC for two delivered Papa John's pizzas, today the value of this token is around $560 million today. Now, this day is being celebrated as Bitcoin Pizza Day every year by crypto communities worldwide.
All these developments have also attracted lots of scammers, who are fooling people to invest in specific projects and then vanish with their funds.
As the crypto sector has made many new millionaires, one has to be very alert while dealing with cryptocurrency. There are no shortcuts in becoming rich. All the projects need to be checked thoroughly because it takes time for any project to give results.
It is a matter of time and research you do before you select any project you want to invest in. The more you research, the more you get the information about the project, so it is a very Klever decision to Do Your Own Research (DYOR), before plunging into the crypto market.
If you want to get it right, always try to check people's behind the project, check social media platforms for any new information, read the whitepaper of the project, check how they are going to solve and how their project will benefit the end-user.
Sharing with your network
If you have selected a project, discuss it within your own network that is into the crypto sector. They can give you proper feedback.
Check the roadmap and their partners, this will also help you to understand their seriousness about the project. Otherwise, you will invest and the money's gone. It has happened to many users.
Many were amazed at the surge of rebasing crypto projects that appeared recently, but when you looked at the market capitalization, you saw it was not even a million dollars. You could only buy the tokens, there were no selling options because there was no liquidity on the decentralized exchanges from where the token was purchased.
In another project, Squid Game (SQUID), a TV series on Netflix, after the launch at $0.002 per token within a few days, it touched $2800 per token, but users were unable to sell the tokens as the founder abandoned the project and fled with the funds. The project is now managed by the community.
It is always good to invest in crypto projects from centralized crypto exchanges, like Klever Exchanges, which bring to your projects real use cases. It offers a simple and intuitive interface where anyone can trade their cryptos with very low rates and minimum limits.
So never buy tokens thinking that you will become a millionaire overnight, nothing of that sort happens, people do earn money. With over 400 million people associated with the crypto sector, you can only have a handful, which is possible in any sector.
The blockchain-based crypto sector has a purpose to solve and it is solving by using its own process. It is an option for sectors that cannot solve their problems.
Before I go, let's take another example of cross-border remittances.
Trillions of dollars are sent and received daily across the globe today, to send this billions are paid in commissions, these are borne by senders and in some places, even receivers have to pay. To solve this, crypto projects like Ripple (XRP), Stellar (XLM) play a very important role. If you use their platform, you can send and receive money instantly at a fraction of the cost.
In other words, saving billions in commissions is a billion-dollar question.
So whenever you want to use or invest in cryptocurrency, always know about the project, share it to get more information and Kleverly invest your hard-earned money.
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Disclaimer: This article is only for educational purposes, it is not an investment or financial advice on cryptocurrencies.