A lot has been happening for the past few months and I think we need to talk about it. Cryptocurrency has been the talk of the town, everywhere you tuned in you see bitcoin news and the news keeps growing nonstop. A lot of bad news and good news are all happening at once, yet a lot of people are still ignorant of what is going on. The newest of all the news presently is LUNA, how a coin worth $105 turns to dust in a couple of days... So, heartbreaking! People have lost their lives, earnings, and lifesaving to LUNA but what can we say went wrong.
This write-up is open to criticism and I am eager to learn from an expert out there. Can I just rewind a little back and see where we are coming from? Let’s start with blockchain, Blockchain is an immutable time-stamped series record of data that is distributed and managed by a cluster of computers. Then that leads to the question of who controls the blockchain. From the above explanation, an open blockchain network has no central authority, it is the very definition of a democratized system. Since it is a shared and immutable ledger, its information is open for anyone and everyone to see. Blockchain technology is circled by these three pillars: decentralization, transparency, and immutability. I believe anybody coming to the crypto space needs to go through crypto education and know what blockchain stands for and how it runs. Several industries have found their use case with blockchain which simply means not only bitcoin and other cryptocurrencies is blockchain used for.
That has been established, on a personal note, I have these pieces of advice to as many out there planning on joining the space or already in the space based on hype or FOMO in, firstly learn about what you are getting into, and don’t just invest based on what a lot of people are posting, educate yourself and know how the system work. Secondly, do your research thoroughly before investing in any asset because everything digital currency is volatile and that is the wind the whale’s ride. Thirdly, never invest all your life saving on a particular asset, spread the wings. And when investing make sure you are investing the money you can afford to lose very important. Lastly, don’t ever be greedy in the space, always take your profit, there are plenty of opportunities to get in back on any coin.
There are different opportunities and please make sure you learn everything without leaving any stone unturned. I hoped this write-up meets you hay and healthy, if you have lost money in the recent crash, stay consistent we are going back to the moon soon! Have a great day!