Down the Crypto Rabbit Hole

So what is the point of a blog like this?

No one comments, even if they could, see my last post why you cannot.

The point of course is simple, this site is my safe haven for my content. Forums, social media platforms, video hosting services, they all come and go.

Admittedly I come and go as well however bar hacking or not paying the hosting bills, the content here is under my control, 100%.

So where have I been?

I have spent the last few months down the crypto rabbit hole, looking for alternative income sources as the online avenue is not going so well.

I heard a crypto analyst on Medium use the title of this post and of course it relates to Alice in Wonderland which is perfectly apt when put in the context of the world I entered.

At first not knowing what to invest in or why, your inner conversation may sound similar to this.

The cat asked, “Why are you here?

“I want to make money” you answer

“Well they all could make money probably!” the cat replied.

So none the wiser you head out into the crypto wonderland.

And with a collection of not so wise purchases behind you, you start to understand the market and educate yourself in what makes a wiser token purchase.

I took and would highly recommend this course by supoman which is a great introduction to the brave new world of blockchain technology and provides a great set of criteria to separate the likely from the unlikely winning crypto projects.

The mainstream financial media gets very antsy when you use the term investing in the same sentence as crypto.

However I disagree.

“Investing is the act of committing money or capital to an endeavor (a business, project, real estate, etc.), with the expectation of obtaining an additional income or profit”  investopedia.com

Neither you or I came online with the expectation of losing money, we invested in ourselves with the expectation of positive returns to come. After a period of real world education we become aware of what is actually required to make money online.

So is passive income possible in the crypto sphere?

Absolutely, there are at least a couple of options open to you, the two I currently use are, described below.

  • Staking is the simpler option but comes with lower rewards. All you need to do is buy a crypto token which allows staking and keep it in a staking enabled wallet. However, you only get rewarded when your wallet is online.

 

  • Masternodes, come in 2 parts. A server you create which hosts the crypto token software and a wallet on your computer where you receive your rewards for hosting their software. There is no need to have your computer permanently online as the server provides the service and your wallet acts as a storage for the tokens.

But crypto was just a fad?
The real beauty and technical leap forward which has got so many people excited about crypto is what lies beneath the hype. This is where the blockchain lives and where miners earn their money.

“A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically….Doing so creates an indelible record that cannot be changed; furthermore, the record’s authenticity can be verified by the entire community using the blockchain instead of a single centralized authority.” investopedia.com

I have invested in several projects and their full launch dates extend from early 2019 all the way to 2022! Which means, even though the mainstream media have lost interest in the potential of the blockchain, we are really only just getting started. Consider BitCoin to be the proof of concept and all that follows to be highly application specific.

“Those who are crazy enough to think they can change the world usually do.”  Steve Jobs

If you want to know more about crypto, the blockchain and what I have invested in, simply get in touch.