One thing that I have long been upset at myself for, is being a freaking graduate accountant back in 2010 and actually knew of bitcoin at the time and took no interest…even ridiculed it as make believe, non physical, internet money that would never take off! Of course I had never bothered to read Satoshi’s white paper, describing the technology, before making that judgement. Had I made the effort to read the revolutionary paper released just a year earlier describing the blockchain, I would like to think that even that wet behind the ears, aspiring accountant would’ve seen the genius behind it.
It wasn’t until a conversation with a colleague in September 2017 telling me about the book he was fixated on, “Blockchain Revolution” and that he had purchased one of these “internet coins” did I first look into cryptocurrency myself. I knew very little about the space at this stage, however, the return on investment from what I understood was insane! How could I not make at least a small investment?
Now this was the later stage of the crypto bubble and I had started dabbling with investing in crypto with the easiest app to trade I could find on my iPhone, Fortune 500. Little did I know that I wasn’t actually purchasing any cryptocurrency but merely entering into very short term futures contracts. Such an embarrassing oversight for any investor to make, let alone someone with a background in finance. Even so I didn’t care, all I saw was that I was placing $500 in the app before bed and woke up with a value of $1300 the next morning! This happened several times (to nearly that extent)! It turned out that these temporary contracts ended up being a blessing in disguise, as almost overnight the long lasting bull run had ended. The people who held on to their crypto would be in for a long period of dramatically declining values.
The mass exodus of investors and interest in the space was drastic. It seemed to all go out the door even quicker than it came. However, this didn’t douse my interest in the space, in fact where others just saw an opportunity to make a quick buck and bail, I saw an opportunity to learn while others were disinterested. To invest when others were desperately selling. In late 2017 I was certain that cryptocurrency would be the future of money; but it also seemed that the ship had sailed for anyone to enter and make an impact as well as prosper in this space, while seemingly everyone was jumping on board. Despite all the doom and gloom that 2018 presented for investors and the negative sentiment some have with this relatively new space, I’m more confident than ever that the advent of currency utilising blockchain technology back in 2009 opened up pandoras box. Cryptocurrency is definitely here to stay and I want to be heavily involved in the space while the opportunities of being an early adopter still exist!
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from Bitcoin - The Currency of the Internet http://bit.ly/2U7WGTH
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