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Tyler Brooks Business , Cryptocurrency 0 Comments. I own several different cryptocurrencies personally. You can find more about it on my blog or scroll through my FB page. But the technology that underpins Bitcoin, Ethereum, Stellar, Zcash, and a whole lot of other cryptos is the blockchain. In banking, the ledger keeps track of how much of the money in the bank as a whole belongs to each person. I take that check to the bank and give it to the banker.
I tell him to deposit it in my account. For most of us, this works really well. As long as the banker is honest, you get your money and I get my money. But the whole system is based on one thing: He keeps the ledger. And that is very unlikely to happen. Meaning that everyone has a copy of the ledger. And every transaction goes in every ledger. Now instead of paper and people, imagine this system is run on a network with computers.
Each computer on the network is verifying each transaction as it comes through. This also means that blockchains are ultra-transparent.
This is fundamentally how blockchains work. One other important point: So the supply is limited and is not controlled by any one party. It could be used for identification passwords and passports. It could be used for ad networks. It could be used for storage. But it really makes sense only when you want a system that is decentralized. There is all kinds of dishonesty in the financial system.
From time to time, you hear governments talk about wanting to use blockchain technology to create their own cryptos or other currencies. The rules are set via algorithms and cryptography at the beginning and then they are followed absolutely by the computers. They influence supply to create assets bubble and grease the wheels of the economy. They collect taxes when and how they want to. But almost all of these governments with maybe the exception of the Swiss will create a centralized system.
If the US government came out with a crypto tomorrow, it could certainly make my life easier. And that means it will be centralized. So by all means, I hope governments start creating crypto currencies. I originally meant to keep this private, but after sharing with some friends I had a lot of interest. I share this in the hope it may help you.
Most of the things we spend a lot of time worry about in life can be boiled down to just a few things. Getting fired, medical issues, sickness, and death are realities that we live in. But we can often reduce our risk by living well. The fact is, it can seem like there are so many things in life we need to focus on.
It can be overwhelming at times. I had this idea back around the new year, but it came up recently and people seemed interested in this. And each of these fall into one of five categories: Relationships, Faith, Health, Money, Achievement. Each of these categories are color coded. This was my chart from Jan 1. I hope you can use this in your own life.
If you have a spare minute, sit down and color code each of these areas on your life. I made this chart in about 20 minutes using LucidChart. I wish I could remove it from the face of the earth.
Blot it out from every book, article, and mind on the plant. When I graduated college and stuck out on my own, I thought the world owed me. That took me to a spot in my life where I was always stressed. I was borderline depressed. The likelihood of you becoming a person is something like 1 in Trillion. Those are unfathomable numbers. If you think you deserve something, not only are you wrong.
If you want to make the most out of your days, your weeks, your months, and your years, you have to be grateful. Suddenly all the good things are truly gifts. And all the bad things? Tyler Brooks Cryptocurrency , Finance 1 Comment. First, let me say this. Investing is risky and you could literally lose everything. So only invest money you can afford to lose. This is strictly my opinion and is not intended as investment advice.
If you want real investment advice, seek a professional. A cryptocurrency is a digital asset designed to work as a medium of exchange. It is not backed by the gold standard or any such thing.
This means unlike most major currencies that one party does not control the supply of currency. This software runs complex algorithms. These complex algorithms take a ton of time to run, so that limits the supply. Overtime, more and more layers are added. Miners are the ones who lay down this amber to ensure the network transactions are properly recorded. This means that over time it will become all but impossible to create new coins.
Most other cryptocurrencies are mined in a similar fashion. Some, such as Etherium are limited to a certain amount each year. It means that bitcoins are treated from an investment standpoint like a digital version of gold. Just as the supply of gold in the world is extremely limited, so are most cryptocurrencies. All cryptocurrencies are extremely volatile at this point. They often come up and down large percentages every day.
They are also still incredibly new. The goal originally was to have them used as an interactive currency. But they have yet to catch on in such such daily transactions. Instead, they are often treated as a unique asset class as part of a larger portfolio.
There are several steep risks with cryptocurrencies. Here are some of the most prominent ones:. This is not investment advice. In fact, most investment advisors will probably tell you to leave cryptocurrencies alone.
But should you want to move forward, here are some things to think about. Enable two factor authorization using the Google Authenticator or similar app, not just a phone number. Connect your email address. Then enable two factor on your email as well. Do all the things to make your computer secure. Using a credit or debit card, bank account, or other method of payment, convert your local currency likely USD into whichever cryptocurrency you want.
Crypto is a huge opportunity. But it comes with a lot of risks. You also have to be OK with volatility. You have to be OK with that. This is not fitness or nutrition advice. Please consult your doctor or another professional before doing any kind of diet.