Before you invest in cryptocurrency: A simple guide to understanding the cryptocurrency market, blockchain, mining, Bitcoin, exchanges, Ethereum, Ripple etc
Usiere Uko · 2018
Investing in cryptocurrency, especially Bitcoin became the rave of the moment and made news headlines as Bitcoin rose from about $1,000 to $20,000 in 2017. Most that watched by the sidelines wanted in on the action. Many pulled out money from their reserves and other investments to participate in the 21st century gold rush. For a while, it seemed the bulls have found a new home in cryptocurrencies. Many of my readers wanted to know what to make of this. This book is my answer to their questions. This book is not a complete guide on cryptocurrency. If you want to know all about cryptocurrencies, I would suggest you buy another book. If you have already invested in cryptocurrency, this book is not for you. This book is neither for nor against cryptocurrency. It simply looks at cryptocurrency from the perspective of personal finance and provides some information to help you become better informed before you say I Do. It is for folks in the valley of decision, trying to decide whether this is for them or give it a pass. For folks afflicted with the fear of missing out (FOMO), this book may help in calming their nerves to enable them think clearly amidst the euphoria of quick money to be made. There are clear and present risks. Countries are gradually clamping down on cryptocurrencies. The market is trending down. My position for years has been that no sovereign government will look away forever as unregulated platforms allow anonymous transactions, which can provide cover for illicit financial flows. At a time whereby terrorism and cyber crimes are on the rise (even influencing elections), the need to track illicit financial flows becomes more imperative. From the look of things, that day is coming closer gradually. Many governments have issued warnings to citizens, commenced regulation of the market or outrightly banned cryptocurrencies. That may mean current cryptocurrencies as presently designed will experience diminished market share as coin exchanges are driven underground. That doesnt mean the innovation that cryptocurrencies represent will die a natural death. It may mean that the technology will evolve into a form that will be embraced by national governments worldwide and gradually replace fiat currency. According to Mark Carney, Bank of England Governor (March 2, 2018): Cryptocurrencies such as Bitcoin are failing as a form of money and have shown clear signs of being a financial bubble, but their technology could improve the financial system in future I believe you need to decide what your values are before you set your goals. Your values become a compass, guiding you which way to go and what are your absolute dos and donts. I have issues with investing in a product that is unregulated and gives room for anonymity. You may not have the same issues. It is an individual decision. I will not be making value judgements in this book. I will simply lay out the facts as I see them (as at the time I wrote this book) and allow you to come to your own conclusions before you say I Do.