Our Adventure in Crypto Currency
We lost 5% of our money the first day!
But I’m getting ahead of myself…
By now you’ve probably heard about the security and trust factors of blockchain*. We heard, and we figured it was just a matter of time before we’d be working with our clients to develop interfaces for a blockchain network. After all, no one is going to use blockchain unless a designer and programmer have created user-friendly access.
After much research and data gathering, after watching hours of videos and asking a lot of questions, we learned that we’re a bit ahead of the curve. Major companies are in the early stages of developing business-friendly interfaces. We, of course, will wait and see what they do… and be ready to assist.
End of story? No.
Blockchain came into existence with the introduction of Bitcoin, which then lead to the introduction of many other crypto currencies. How could we fully understand and appreciate blockchain technology unless we invested?
Step one was to create an on-line wallet. We learned that Coinbase is a universally trusted wallet and we all set up our accounts with them (it’s free to do this).
Next step was to transfer money (dollars) into the wallet. To make it easy and keep track of percentages, we all started with $100. The only thing left to do was pick a crypto currency. We decided against Bitcoin because it had been losing value. Ethereum had been increasing. That’s where we put our $100.
As we predicted, it was easy to keep track of percentages. By the end of the first day we each had $95 of Ethereum in our accounts.
There have been up days and down days since then, which is what we expected. More importantly though, we understand how blockchain’s binary code is using our money. That’s what’s called experience.
*A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.