How does money work? Who invented it? I do not even know and I am writing this article. I guess nobody really knows. We do know that Ben Franklin gets credit for inventing electricity. I wonder what he would think of Elon Musk? He is certainly preparing to use a lot of old Ben’s inventions. I mention Mr.Musk because he is highly connected to cryptocurrency. Whatever. One thing I do know about how money works is that we all agree that one word must be included in the description: TRUST.
Ever since our agricultural ancestors stopped wanting to exchange livestock for crops or fabric or other necessary stuff, we looked for a way to simplify the process of money. Humanity brilliantly chose to graduate from bartering. And it is a good thing. Imagine dropping off a sheep to the Amazon warehouse to pay for your Whole Foods delivery? After all, how many sweaters does one need?
So, we moved onward. From bartering, money advanced to exchanging gold and other metals primarily because they were shiny. They were not precious yet but we liked them. Then we learned you could make fancy goblets, plates, jewelry, and other necessary stuff out of them. Precious! Most importantly though, we decided to make coins out of those metals and folks, coins were the game changer. The lighter than sheep coins eventually led to paper money and then on to plastic …credit cards or debit cards. We learned to trust plastic pretty quickly, didn’t we? Google deficit spending.
Up ‘til now I’m guessing everyone is fairly familiar with and following this progression. That progression took quite a few years, thousands of years. But this is an article about cryptocurrency. This new form of currency comes closely on the heels of credit cards which have only been popular since the 1970’s. We’ve learned to appreciate change this century, haven’t we? Back to Crypto. I have found many very highly educated, intelligent people are somewhat confused about how this will work. I am still a little confused myself. And speaking of confusion, who originally set a price for gold? I am guessing we all agreed and then trusted the process. (Go Sixers) One thing I am not confused about is that paper money will cease to exist. Sorry. Yet, what I do know with 100 % certainty is that cryptocurrency will work just like all our previous forms of money: because it too is based on TRUST.
To learn to trust it we’ll have to learn some new terms: like maintaining a LEDGER of transactions, larger than any ledger you can imagine, heavier than a thousand sheep; this gigantic ledger, called a BLOCKCHAIN ( I capitalized those words because they are very important words that you will hear many, many times in the years ahead). The ledger keeps track of all the transactions users need to have usable money, for example when you just must have a mocha frappuccino from Starbucks delivered by Doordash at 9:30 on a Sunday night. That ledger is maintained by a network of people. No one individual or entity is the only trusted user. The trust comes from many, many people controlling and updating the ledger so that no one can cheat, no laws, no regulation, no government. Hmmmmm. And to make it easier to understand all of this ledgering takes place on computers. Much lighter than sheep. TRUST could take on a whole new meaning.
Cryptocurrency seems to be the latest buzz word. Remember that unusual sounding buzz word “Internet” back in the late 90’s? That worked out pretty well didn’t it? So, along with the word cryptocurrency, there are different types of coins you’ve no doubt heard of: BitCoin, LiteCoin, Ethereum and the unusual DogeCoin. For those new to these words and or those who didn’t get my attempt to lighten the mood above, the serious description of cryptocurrency is; a decentralized currency which can be held for a potential profit via investment, and also used to purchase goods and services from companies that accept them. Decentralized simply means that no bank, or any other third party, is involved in the transaction. Transactions are verified using cryptographic algorithms and added to a ledger, a process which is referred to as a blockchain. Performing cryptographic algorithms of monitoring the blockchain is done by miners who are paid a small fee of cryptocurrency for completing the work. Got it?
A few companies that currently accept cryptocurrency for payment are: Microsoft, Overstock, Starbucks, Whole Foods, AT&T, Burger King, Subway, the Miami Dolphins, the Dallas Mavericks, Virgin Mobile, Virgin Air, and Norwegian Air. This list will undoubtedly grow by the thousands in the next few years. It will be important to know in the future, as crypto becomes more mainstream, to note that using any crypto to make a purchase will have an impact on your taxes as you are, in effect, selling the cryptocurrency to make the purchase. There will be lots to learn. Change can be exciting, really. You can do it. I mean you learned to talk on your cell phone while driving, didn’t you? But not texting.
It has been said that cryptocurrency will be the biggest innovation to impact humanity in a positive way since the Internet and I believe it. And how much did that Internet thing change about how we live? Email, shopping in your jammies, porch pirates, google, TikTok, filing your taxes, and trading currencies to name just a few of the changes. So, you’ve read this far and may be asking, can I profit from this new cryptocurrency form of money? We are a networking group of business people right?
Well, there are many ways; including working as a miner, no helmet or headlamp required; buy and hold like a stock; and trading crypto as a part of a currency pair. Trading currency pairs is conducted in the currency exchange market, also known as the forex market. It is the largest and most liquid market in the financial world, with over Five Trillion dollars per day changing hands. This market allows for the buying, selling, exchanging, and speculation of currencies including the newly discussed cryptocurrency.
Intrigued? Are you a forward thinker? Currency Trade System offers extensive coaching and proprietary indicators so that people can learn to trade in the currency exchange market. Initially, our students start with the basics. You learn to trade EURUSD (Euro/dollar) and USDJPY (Dollar/Yen) with a coach, using our super accurate indicators. The student trader while they are learning can take real trades in the live market using pretend money. This initial training program is offered for up to 30 days, for the cost of $10. The entire $10 fee is donated to a charity; the current recipient is Hearts and Hands for Humanity. They are an organization that works to provide clean water to villages in Tanzania. Win, Win, Win!
For more information, please visit CurrencyTradeSystem.com or call 844-TRADE4X
Currency Trade System