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Cryptocurrency is in the very early stages of creation and design.

All Cryptocurrencies

by COINS NEWS 246 Views

You’re not investing in Coins, you’re investing in Software.

There is no such thing as a Bitcoin, an Ethereum or any other “coin”.

Many people are under the erroneous impression that there are such things as atomic units of ‘coins’ that are moved from address to address and can therefore be tracked on the public chain. I think this mistake has its roots in language and analogy.

Bitcoin is a digital currency, “coin” is in its name, the White Paper describes it as electronic cash and mentions “wallets.” As a result we talk about it like we talk about physical currency; like we talk about paper bills or coins. We say things like, “She gave me a bitcoin.” As a result, people tend to quite justifiably envision bitcoins as atomic units that are passed around. Even if they understand that bitcoins are sub-divisible to eight decimal places, and that those units are called satoshis, they may still think that those are the atomic units.

This leads people to conceptualize bitcoins like a currency, as indivisible units, with serial numbers. But the coins and wallets analogy is just that: an analogy. This is not at all how Cryptocurrency works.

What you are investing in can be described as ‘software’.

It’s protocols, sets of rules governing how data is transmitted between devices and systems, and distributed ledgers, systems of recording these inputs and outputs. So why is this so interesting/exciting/revolutionary? The simplest reason is because it is immutable (each block is unchangeable once created) and decentralized (no single point of weakness in which it is vulnerable to attack, fraud or corruption).

This is why it can be said “it’s less about making money and more about changing money”. When you invest into this technology, your are investing in projects and protocols that are a part of changing how the internet (and increasingly the real world) actually functions.

These protocols, if the hype is to be believed, will in part, fundamentally change how everything is organised.

From financial systems (exchanges, savings, investments, loans), supply chains, databases, trading networks, telecommunications, medical records, insurance, and even the very infrastructure of the internet itself.

Congratulations, you will probably get wealthy by investing into these projects as this is definitely in the early stages.

Think of Bitcoin as Mercedes Benz in 1886, Ethereum as Ford in 1903, and other coins as all the other manufacturers, hot(wheels) on their heels.

(Doge is clearly the DeLorean of crypto).

But more importantly in my opinion, for good and ill, it is literally going to change the world.

submitted by /u/spritecut
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