Crypto

I'm sure you've heard of Bitcoin and perhaps you've heard of Ethereum, but there's a lot about crypto that you may not know and I'm ever one to inform.

Crypto

:: preface ::

I'm not an expert in any way. The following is what I've learned along my own personal journey of exploration and research. Take these words with a grain of salt and do your own homework.

:: why ::

Crypto has evolved a lot in recent years and it's only getting more interesting with time. A more recent concept in the world of crypto is the concept of offering interest on crypto; yes, just like a bank gives interest on cash that just sits in an account. Except crypt interest rates are rather absurd. In the ballpark of 5 to 10 percent. No, that's not a typo. So, that's reason number one.

1: Absurd interest on your crypto.

If compounding interest for a currency that's in it's infancy doesn't do it for you perhaps that idea paired with the growth that's expected over the coming years will. More and more companies are beginning to get on board if for no other reason than as a marketing tactic. What people don't realize, however, is any adoption for a cryptocurrency is a win for the entire marketplace. There are an increasing number of ways to convert cryptocurrency from one coin to another. So, you may be thinking that you missed the boat with crypto as the price of Bitcoin and Ethereum are already quite high, but you'd be wrong. On top of that, with the newly "minted" stablecoins people now have a means to ease into the crypto space knowing their hard-earned money isn't going to disappear overnight.

2: Adoption of crypto as a legitmate currency is only going to grow.

Let's say you're still not convenced. Alright, let's talk tech. There are new ideas surrounding blockchain technology springing up left and right these days. Take Algorand as a good example of this: they are partnering with Blockstack to bring smart contracts to Bitcoin; something they are calling Clarity. As Bitcoin has risen in popularity recently, Algorand could very well be the next lucritive idea to back and is currently very reasonably priced. It's just one example of buying into a technology that could enable the finance of the future. There are many more examples of pushing finance into the future using ideas enabled by crypto. Ideas such as Stellar started with an existing problem in the financial markets today, currency exchange, and solved for it; effecively making currency exchange cheaper and faster.

3: Technology supporting the future of finance is centered around cryptocurrency.
4: Faster and cheaper currency exchange (for both fiat currencies and cryptocurrencies alike).

Hopefully, I've at least given enough of a push to inspire further research. And to help you along if you are interested:

:: how ::

Nexo has a nice wallet app for your phone that you can transfer crypto to and earn interest. Very good interest rates from what I've seen. Only downside I can see is that you need to purchase crypto from somewhere else. Coinbase is a good place to purchase crypto from and then you can transfer to Nexo and earn interest while you sit on it. Nexo only supports certain cryptocurrencies so check first before you buy if that is your plan.