Since the inception of Bitcoin in 2009, it has hit the mainstream and is now credible virtual money. It is no longer considered a novelty. Bitcoin was created on the heels of the economic recession the collapse of the stock market and many large banks. Cryptocurrencies have attracted investors as a store-of-value currency comparable to gold.
When I first heard about Bitcoin, I was intrigued. I heard about a guy who purchased a pizza with his bitcoin, and I thought I should invest in this. At the time, if I recall correctly, the price was about $30.00 to $40.00, so I purchased about 200 coins. I kept hearing from the media and some friends that I was crazy and was throwing my money away. Then it happened in 2017. Bitcoin had gone up beyond my wildest dreams. My meager investment almost hit $100K. I was elated and sold my coins and cashed out.
My interest peaked even more, so I took the money and invested in Mining Rigs. Mining is a peer-to-peer community solving complex algorithms to create bitcoin/altcoins. So, for instance, if someone purchased bitcoin and the algorithm used our rigs to solve the equation to complete the transaction, we would get paid for our part in solving the equation to complete the purchase/sale of the Cryptocurrency. After a few years, I thought to myself, what have I done? Not only did I dump about 100k into this crazy venture.
I also lost 15k trying to get in on new coins. Not understanding how wallets worked and the ERC20 underlying network for Etherium, I made a big mistake and transferred 15k into a wallet that was not mine, and zing that money was forever in cyberspace. I learned a valuable lesson of 15k worth. Then I was ranting on Facebook about how I got ripped off by Coinbase and that they should be able to figure out where that money went. Not know fully how the BlockChain worked. I got a call from someone who must have read my rant and caught me with my pants down, so to speak.
I willing gave this culprit access to my computer. He stated that he was going to put the money back in my account and all I needed to do was give them the serial number off of my Router? Then I saw this guy go to work. He accessed my Coinbase account and moved several thousands of dollars from my bank account to my Coinbase account to his wallet, all in an instance. When I realized what was going on, I immediately shut down my computer. I called the FBI and reported the scam. I never got that money back. I am banned from Coinbase now. You might ask, why would you share this story - you look like an idiot? My point is to do your research before you start to move money from your wallets. If you don't know what you are doing, you may fall into the same trap I did.
Let's get back to how this trend impacts our business. I have always taken our profits and invested them into safe stocks ETF and SPACS. Then I decided to take another risk and put a bunch of Money into Etherum, and before you know it, I was on top again. Now Etherum was at 4k, and not only were we mining Etherum I had also purchase quite a few coins. The mining rigs finally were able to pay back my initial investment, and now everything we make is gravy. I used the brilliance of a good friend, using him to help build the rigs, what coins to mine, and how to get on the peer-to-peer network. Creating Ethereum mining computers was the ultimate exercise in I.T. for us. Not only did we build a computer, but it was making us money now. That was the sole purpose for the 7 Rigs we have in operation today. As Etherum continues to rise, so does our portfolio.
I knew we were on to something when it hit the mainstream media. All of the Business channels covered CryptoCurrencies, which people like Mark Cuban and Elon Musk invested. This gave more credibility to this type of currency. Now you can not turn on the Business news and not hear about what Bitcoin is doing. There are still many naysayers, but as for me, I am a believer. I am part of the new Altcoin tribe known as SHIBA INU. This Cryptocurrency is trading for nothing, and you can buy a billion coins for about 6 to 7k. This is an organic coin developed by users and the crypto community. You can read about the pro and cons of this in "Reddit". or visit the Shiba token site. This information gives you insight into how SHIBA developed this coin and why and why not to purchase it. Like any investment, you should not invest anything you are not willing to lose.
Cryptocurrency vs. Information Technology (I.T.) – Is There Any Correlation?
It is impossible to dissociate the idea of information technology and cryptocurrencies since it is impossible to create a blockchain without the existence of a whole technology framework that is only possible thanks to the presence of information technology.
Since the whitepaper publication that would give rise to Bitcoin in 2009, the rise of blockchain technology has definitively impacted various segments of society, including the financial market and financial technology.
All cryptocurrencies share the same essentials since they run on the blockchain, a ledger that works as a shared public record of transactions, in which individuals can create and track digital tokens.
In other words, everything that happens on the blockchain network is immutable, public, and decentralized, eliminating the risk of fraud and counterfeiting.
With the emerging popularity of cryptocurrencies and the entry of many mainstream companies in the crypto industry (e.g., Tesla), it is impossible to deny blockchain technology has changed the face of finance nowadays.
As digital assets do not exist in the real world, they result from a collective agreement between users, who confirm that the network generated each Cryptocurrency and that it belongs to a specific user.
Will Information Technology (I.T.) and Blockchain Technology Change the World Forever?
Blockchain technology is not just cryptocurrencies. Instead, blockchain tech can use the technology for almost any computer system to provide more security, efficiency, and processing speed.
Blockchain has the potential to change the way we visualize I.T. today. A decentralized database with massive encryption, the blockchain will be as common as the devices that use it—changing processes, security efficiency, and speed.
Blockchain has several advantages to advance technology. It has grabbed the attention of big banks, investment firms, and even governments. China was a big player but has since banned the mining of Cryptocurrencies.
The blockchain and existing computer applications may lead us into a new digital transformation the world over.
Advantages of Blockchain Technology – Summarized
There are several benefits associated with blockchain technology, as demonstrated in the following topics.
Resilience
Blockchain technology is powerful. For instance, the Bitcoin network has a computing power 43,000 times greater than the 500 largest supercomputers on the planet combined. Due to this single fact, it's wise to invest in projects that solve problems in the I.T. industry because their cryptocurrency price could be greatly appreciated in the future.
Mobility / Suppleness
Cryptocurrencies are stored in digital wallets, meaning users do not need to carry cards to access their funds and conclude a transaction. Hence, users can travel worldwide and pay for products/services using Cryptocurrency whenever these assets are accepted.
Plus, there is no need for intermediaries, middlemen, banks, or any other entity to conclude a transaction.
Privacy
Blockchain technology allows each user on the network to remain completely anonymous to other participants if they want to do so. In this sense, crypto-asset transfers require any sensitive information, as only the number of virtual wallets is visible.
Final Thoughts
It is plain to conclude that Cryptocurrency and information technology are not alien concepts.
Eventually, thanks to information technology (I.T.) and the extensive use of blockchain technology, the masses will finally have access to a digital economy wholly independent of the regulation of governments, banks, or other centralized institutions.
Yet, even though this reality is still somewhat distant from most people, online communities can now rely on frameworks for creating their virtual currencies and carry out transactions among their members.
*Some information for this article was taken from the European business review.
ABOUT THE AUTHOR:
Creative 13 was founded by Vince Magana because he saw the need for quality telecommunications products and superior customer service to be delivered across all of the markets they serve. Coming from a corporate background, it's easy to get lost if you aren't on top of your game; this is why his company focuses on catering especially well-known clients like large corporations.