To be honest, I’m more interested in the NFT market,
I’m getting involved in Cryptocurrency so I can invest, but also use Crypto to purchase these NFT’s.
NFT: means Non Fungible TokenI’m not going to invest more than I can afford to lose, and while I believe the Crypto market is a good tangible investment, I have also noticed like many other investments, there are risks, and being a modern investment, there is a risk of Scammers and hackers.
”A non-fungible token is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a block chain, and that is used to certify ownership and authenticity” Source: Wikipedia.
So, I think the best way to start is to try and get our head around the terminology and language used in this field.CryptoCurrency: a digital currency in which transactions are verified and records maintained by a decentralised system using cryptography, rather than by a centralised authority. “decentralised cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation”I’m going to keep these despatches short for 2 reasons, if you already know this stuff, I don’t want to bore you, and if you are new to this like me, I don’t want to overload you.
So there has been a massive growth from the early days of “BitCoin” and the list is extensive, it makes me nervous when you get into this territory, mostly due to the unfamiliarity of the language used, I mean, who would buy something called a “Dogecoin” and I am pronouncing it as “dodgey, meaning suspect” … but as you may choose to find out, does seem to be legitimate and in actual fact performing quite well, that’s not a recommendation, just an observance.DYOR: Do Your Own Research, Short form often found on Twitter threads.So I’m going to state quite clearly again right here, I am a complete novice, a beginner, so PLEASE…. DYOR!
…and there are so many more, a quick Google and this list popped up with 30 at first go, and I know there are many more.
(Screenshots taken on 22nd March 2023 at around 12.30pm)
Note 3 items, Bitcoin BTC, Ethereum ETH, Solana SOL.
I’m going to share a slight bias here, I’ve been following a guy who is what I would call a Digital Nomad, on my research he is a well credentialed former finance adviser, financial journalist and has been researching and investing his own money in Crypto and the NFT space. As I’m a complete novice, I’m tending to follow his lead, and watching his moves with interest, as he has his own money invested, I tend to trust this guy more than others who are just trying to sell you something, hopefully as our journey proceeds we can all discover other people who we can follow or listen to and watch what they do, I’ll reveal his identity later, especially when I need to credit his work, always give credit it where it is due. He is years ahead of me on his Crypto journey, so while I do follow him, often I get left behind and bewildered by the language and terminology he uses, which does appear to be common across most players in this field.
Thats why I’m starting with terminology and language used.
I do plan on purchasing some Bitcoin soon, but as you can see, due to it’s value, to purchase just 1 BTC is quite an investment, personally, I can’t afford to lose that much money, but these Crypto’s are divisible, I’m not sure of the exact numbers, but it means we the public can invest in a portion of just 1 BTC. I’m not talking about ‘futures’ trading or any thing other than a straight out purchase of a part of 1 BTC.
Perhaps ‘futures’ trading will be a ‘thing’ for me later, but at the moment I don’t plan on it, I feel there is enough opportunities available right now in ‘traditional’ style investments, there is no need to be speculative in the ‘futures’ sphere of trading.
The second item is Ethereum ETH, now this is where there is a slight shift in what we as public are buying: Ethereum: An open-source blockchain that is known for its smart contracts functionality, and which serves as the basis for the cryptocurrency ether (ETH).also:
Blockchain: a system in which a record of transactions, especially those made in a cryptocurrency, is maintained across computers that are linked in a peer-to-peer network.”we can actually have a look at the blockchain and see evidence of what’s going on” Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
So, do we buy the stand alone ‘coin’ or do we buy ‘coin’ that is related to the blockchain that it is recorded on?
To be honest, I think we should invest in both, hedge our bets a little bit.
Again DYOR, and do what you are comfortable with, do what makes sense to you.
Now I mentioned Solana, SOL, a Cryptocurrency, and I mentioned a person that I follow in this crypto world, he is quite an advocate for Solana, he believes it has great potential and possibilities, but please DYOR. This Crypto also has links to what has been another area of interest for me, and that’s the NFT market, please DYOR on NFT’s, they are a really weird looking digital artwork that according to my research can be the backbone of all sorts of businesses and modern digital transactions and storage. We will dive much deeper into that soon, but first let’s get the basics done, and understood.
I’m going to leave my despatch here for today, hopefully I have given you food for thought, I know I haven’t excited you yet, I’m not into ‘harvesting marketing’ which is another term that has popped up lately in the NFT market.
Next despatch I shall talk about digital ‘wallets’ and let’s see if we can clear the confusion from that area, all the best.
Steve L Roberts
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