“My journey leaping into crypto”
The first time I wrote about cryptocurrencies was January 2018, looking back at my first blog, I was pretty lost and had no idea of the ecosystem that was within this new monetary system. Initially writing about Bitcoin and Silk Road. I must admit all the information was overwhelming and it seemed you would have to be an expert in finances or a developer to understand crypto. Cryptocurrency and its blockchain can become very technical, but things advance very quickly in this space, and startups and exchanges are, for the most part, user-friendly.
One of the things that concerned me initially was the security, not being a developer makes this a bit harder. A developer would look at the code and realize it it’s the safest system out there. I began reading about blockchain and understanding it on a non-technical level. I had never really question banks before this, and soon I realized that banks were extremely vulnerable to hacks and made arbitrary decisions. Being so used to the idea of a bank and fiat cash (USD, CLP, EURO) makes it hard for many to cross over. Especially considering there is a whole generation that, for the most part, is not very technological; with luck knowing how to manage an iPhone, so imagen when you talk about new digital money. Nonetheless, the concept of decentralization is revolutionary. Being able to possess an asset that has a monetary value that can be used anywhere; its where we should all aim for moving forward — trusting a blockchain that can't be tampered with, not trusting an entity to do the right thing.
Sure there are things that at first may be difficult to get used to, such as face to face interactions or customer service. In crypto, once you make a transaction, there is no going back, or if you lose your passwords, there is no one that can help you. These may seem scary, but they are part of a transition phase, and there have been creations to help people in this area, like cold wallets, crypto steel, to maintain your back phrases in safe storage.
I was a no coiner up until a few months ago. I realized that even though I had the knowledge about crypto and was able to use it and talk about it on a daily bases, I was missing something essential. Many don't realize the power of investing, and this was another problem for me. Not only did I not know about crypto and its forever expanding technology, but I also did not know about investing. I have come to realize this is a must, hands down, no matter what your earnings are, there is always some % as little as it may seem to invest in whatever suits you. I began to realize that most of the people that surround me do not invest, or have a wrong concept of how investments work.
Although crypto is a niche, its universe is enormous and constantly changing. Slowly people are becoming interested in crypto, whether its because you want to invest or believe in a new monetary system; the truth is it has gradually gained a spot on the financial system. Meanwhile, banks have declared war upon them, and government entities are enforcing regulations and KYC protocols.
Looking back, I only wish to have been involved sooner. More than the investment, I believe bitcoin has brought a new era for money that runs on a decentralized network, and it is the only currency the exists that is deflationary; many don't realize how powerful it is.
By: Carolina Pérez
Twitter: @carolinaninap