I am excited for the world right now! I am so happy for the fact that I am alive and witnessing so many great changes being brought about by technology; I call it evolution. I must admit that some technologies haven’t really been the best for us, especially those that have huge environmental impacts accelerating global warming. Take for instance the Volkswagen defeat device created in 2016 by the German automaker to fool U.S. emissions testers, concealed that its diesel cars emit as much as 40 times the allowed pollution. But, we won’t dwell on that today. We will focus on this technology I am so excited to share with you, the BlockChain invention, a backbone for cryptocurrencies the new digital value for capital markets used as a medium of exchange for goods and services.
What is blockchain? BlockChain is a cryptographically secure, distributed public ledger that allows direct peer to peer transactions and smart contracts without the need for a central party. In short it is decentralized, no monopoly, no dictatorship of how transactions are handled. Sounds scary and unorthodox, right? For the government and others who want to control the flow, this means relinquishing power and control. For the Bitcoin users, this means they have freedom to transact and govern how and who they conduct their businesses with. Simply, Implementation and utilization of Bitcoin is just the beginning of power being given back to the people (revolution of money).
An anonymous person or group of people by the name of Satoshi Nakamoto created Bitcoin in 2008 based on research conducted in hopes of finding the root causes of the recession that occurred in the same year. In a white paper published in 2008 titled Bitcoin: A Peer-to-Peer Electronic Cash System, Satoshi wrote that he borrowed ideas from other scholars who had tried to fix some of problem; without success. To prove this technology, Satoshi came up with a crypto coin called BITCOIN. Bitcoin is a new global form of electronic currency that eliminates central third-party intermediaries and uses peer-to-peer system to validate transactions. Doesn’t that sound good? Quick and inexpensive transactions, nobody governing how you spend your money and most importantly being able to transact from anywhere in the world. The creation of Bitcoin or digital currencies meant that there was no need to carry stacks of money to exchange hands with people you do business with. With that note I now wonder how all those celebrities and especially rappers are going to “floss” with this type of currency, maybe flash their digital wallets on cameras? Whatever the case I can’t stop of thinking of how this disruptive technology will change the world, I am witnessing it going main stream right now
Before Satoshi disappeared from the public eye, (even though he was always anonymous throughout development of this technology), he released his code to the public making it open source and manipulatable. That’s why we have seen emergence of so many Altcoins with the strongest ones being Bitcoin Cash, Ethereum, Litecoin, just to mention but a few. BlockChain technology has also been adopted by numerous industries in the world and most companies have already implemented it or are in the phase of testing it out.
At this point, taking inventory; we have discussed what BlockChain is and how Bitcoin comes into and by now you have a basic understanding of the digital cryptocurrency. I can guess you might be wondering how to go about accumulating Bitcoins or any other Altcoins. I can help you with that, before I tell you how I want you to note that we are still in the adoption stage, just about 8 years as of Feb 2018 into this invention. A phase that allows me and you become not only adaptors/users but also investors. Just think about all the other technologies that have emerged in the last 60 years and where they are right now. The trend is that we all eventually become users but not all of us invested when these innovations first emerged or when everybody was struggling to understand them. Look at those investors now, where are they? In the sky crisscrossing continents, in the ocean chasing dolphins in Maldives in the streets giving back to society? Ok I am getting off topic here but this is what we need to know, the difference between them and us is timing and the amount of risk they took when it meant the most.
There are different ways of accumulating Bitcoins and making money from your investment. 1.) Buying/holding and selling when the price is right 2.) Accepting it as a means of compensation for goods and services. For instance, Amazon accepts Bitcoins as a form of payment for merchandise and Wikipedia pays its employees with Bitcoins. 3.) You can also trade it like we do with Forex or Stocks. This is achieved through auction markets called exchanges i.e Binance. You buy your coins at a low price & sell them later to the highest bidder or the market price. Recently we have seen a lot of day traders shift gears from stock brokerage to cryptocurrency trading. This method can be very rewarding but due to volatility of the market in this phase of adoption it can be a bit risky. It also requires you to dedicate a lot of time and understand the cryptocurrencies you are trading to make the most from it.
4.) The fourth and my most favorable way of accumulating Bitcoins is mining. Huh? Why are we mining Bitcoin? Is this a form of Gold or which precious metal are we referencing? In simple terms, mining entails verification of transactions and solving of mathematical problems and getting rewarded with Bitcoins/crypto. So how do you mine? Even though it sounds overly technical, all you need to do is buy a machine and download a special type of software that connects you to other machines(Miners) in a peer-to-peer network model. Read more here https://www.bitcoinmining.com/. Why did I choose this method to accumulate my Bitcoins? It’s just cheaper! All you need is to find the right methods and tools. It involves you buying equipment and go directly to the source of Bitcoin, the BlockChain. Relate this to a gold miner going quarry with special machines to blast stones and sifting through rocks and dirt to get pieces of the precious metals. Once the machine has been paid off the rest of the Bitcoins you get would translate to free rewards. This is where people get stuck, because there is a lot of difficulty in getting started. The main reason is the scarcity of resources and the introduction of stronger expensive powerful mining machines, one can barely profit from mining by yourself like it used to be two-three years ago. Special expensive machines were introduced and money giants invested a lot of money into the industry making it difficult so normal Jack and Jane to compete for transactions to verify in the network since luck is based on the amount of computing power one has (number of machines combined). This power is termed as hashrate power and to relate think of a cars horsepower; the bigger the engine the more load the car can pull To benefit from mining, it means you need to combine resources with other people. That’s why we saw the emergence of pools.
To decide on which pool to leverage for mining please visit https://blockchain.info/pools most of the top companies are listed there based on how much Bitcoins they mine per day. Most of those companies are private and require a lot of initial investment to get a dealership to mine with them. It takes a lot to make it to the pie charts represented on the site. The company I use to mine is also a closed group club. It requires you to be vetted before joining and for that reason, I won’t disclose it on this whitepaper. You can always reach out to me on my website www.kushcryptominer.com and I would be in a position to discuss this on a one on one basis with you.
By now I know you are very eager to become an investor. So, how do you get started? First, you will need a wallet where you can store your coins, or Satoshis (a fraction of a bitcoin). You can download a wallet on your phone or desktop from the App store, iOS or internet ( this apps are free but you have to pay for hardware wallets also called offline wallets). I will not discuss wallets on this whitepaper as the topic deserves its own specific and focused article; that can be found and downloaded from my website. Second, figure out your game plan on how to make the most from your Bitcoins as discussed above. Last but not least let just meet in Bahamas and talk about how we all started. Don’t forget how many millions 50 Cents made when he accepted Bitcoins for his album Animal Ambition without really understanding where Bitcoin was headed.