Unless you’ve been living under a rock, you’ve no doubt heard about the trend that everyone’s talking about right now—cryptocurrency.
Bitcoin jumped to a record $20k last week, which means if you’d have bought $100 of Bitcoin seven years ago, you’d be sitting on $75M right now.
While some are saying cryptocurrencies are bound to collapse, others believe it’s the beginning of a blockchain revolution. With so many different reports, it can be hard to make sense of the cryptocurrency landscape.
One thing’s for certain—Bitcoin is just the tip of the iceberg. There are so many promising blockchain projects sprouting up with millennials leading the way. From 24-year-old Vitalik Buterin who founded Ethereum, now the world’s second largest cryptocurrency to 26-year-old Justin Sun, who seeks to reinvent how digital creators get paid for their online content with TRON.
Our generation is shaping the biggest wave of innovation since the creation of the internet. And it’s just the beginning.
I wanted to get to the insider’s scoop on the blockchain world so I invited Mel Gelderman and David Hogardd, the founders of TokenCard to join me on the Unconventional Life Podcast this week.
These two twenty-somethings raised 16.7M in just 6 minutes during an Initial Coin Offering (ICO) crowdsale. TokenCard is a mobile app that works worldwide allowing token holders to use their digital assets in real-time, in the real world, as real money.
On the fence about cryptocurrency? Check out what these insiders had to say about getting involved.
1. Crypto Is The New Paradigm. Hogardd and Gelderman stress that there is an incredible amount of opportunity in the Blockchain space right now. “The barriers to entry are quite low. For people looking to do something interesting with their life, blockchain is such a staggeringly opportunity.” Hogardd says.
If you want to begin learning the skills check out blockgeeks.com for technical tutorials and instruction on understanding cryptocurrency and the blockchain.
2. Here’s How To Get Started. While Hogardd and Gelderman believe that TokenCard will be the easiest point of entry for someone looking to get started with cryptocurrencies, their project won’t be released for another 6 months.
Alternatively, the best option right now is to sign up on Coinbase. They have an incredibly user-friendly interface that even beginners can learn to use quickly. One downside is your options are limited compared to the more complex cryptocurrency exchanges. Right now on Coinbase you can buy Bitcoin, Ethereum, Litecoin and most recently Bitcoin Cash
3. Crypto Is Just The Beginning. Hogardd and Geldermann are betting big on the trend of tokenization. They see a future where anything that has value will be “tokenized.”
This could mean that one day with TokenCard you’ll be able to hold any number of assets including cryptocurrency like Bitcoin, something physical like gold, shares of company like Apple stock, or even a fraction of the Mona Lisa.
“We don’t think you even need to hold dollars or pounds in the future we think people will literally be spending with their Mona Lisa tokens or with their gold or with their Apple stock, only what they want to hold not what they think they need to hold simply because it’s the only thing that’s accepted. People will literally be able to walk into McDonalds and pay with their Mona Lisa tokens and that’s why we created this company,” Gelderman says
4. Don’t Be Afraid To Fail. Gelderman and Hogardd say they’ve always sought out the cutting edge because it makes them feel alive. The prospect of doing something new and exciting can fill you with a deep sense of purpose.
The problem with doing something new is that there isn’t a playbook. If you’re considering getting involved in this space, you’re going to make mistakes. The crypto market can seem unpredictable but there’s no denying that in the long-term it’s been steadily rising to exponential proportions.
If you do decide to invest in cryptocurrency, you have to notice the opportunities in front of you and be willing to take a chance. Sitting on the sidelines might protect you from failure but it robs you from the chance to capitalize on this opportunity.
5. Beware The FOMO-FUD Cycle. There is a ton of news and information being published 24/7 about cryptocurrency. How do you make sense of it all?
It’s important to know that the newscycle switches between spreading FOMO and FUD. FOMO is the fear of missing out that causes people to jump in and invest. FUD is the fear, uncertainty, and doubt that gets spread around prompting people to jump ship and sell.
People who have been paying attention to cryptos know that this FOMO-FUD cycle is common so they aren’t as easily swayed.
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