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Simply put, Blockchain is the technology which supports cryptocurrencies. It has been around since the mid 1990's, but was introduced to the financial market in 2009 with the birth of Bitcoin.
Bitcoin is a digital currency which was launched in January 2009 following the housing market crash in 2008. It follows the ideas set out in the whitepaper of the mysterious and pseudonymous Satoshi Nakamoto by offering the promise of lower transaction fees than traditional online payment mechanisms. The name “Bitcoin” is a little confusing since there are no physical bitcoins. Bitcoin is a digital asset where the balances are kept on a public ledger that everyone has transparent access to. Bitcoin is not issued or backed by any central bank or government. After more than a decade, Bitcoin has established itself as “digital gold” and has triggered the launch of hundreds of other virtual currencies collectively referred to as Altcoins.
Because the blockchain technology is so new he upside potential for Bitcoin and altcoin investors is extremely high. However, because blockchain technology adoption and application is still in early stages of development Bitcoin and altcoin investing is also extremely risky. There will be new millionaires created, but there will also be big losers. In keeping with the philosophy of good stewardship, FaithFinance wants to build a community of people who are well educated in the space so that individuals are fully equipped to make wise decisions and are to better manage their financial investments.
Are you interested in learning more about the world of crypto? The CryptoNovus Channel is where “Newbies become Masters" in crypto by getting education and news about Blockchain, Cryptocurrency, Altcoin projects and their progress towards adoption. Every Monday, Wednesday and Friday this channel will bring a new episode of insight by discussing experiences and opinions of crypto investors and entrepreneurs in the space.
FaithFinance has created a Youtube Channel called CryptoNovus with the intention of helping to educate the “Newbie” to the World of Crypto. The channel does not try to give investing or financial advice in crypto because the technology is complicated and the projects are innovative. Investing is crypto is very risky and individuals should do their OWN research before investing.
Have you ever wondered what Bitcoin will be worth in the future? There are many who have predicted Bitcoin’s price. The group Plan B have come up with a Stock to Flow model to help predict the price action of Bitcoin. Even though this method has critics, it has surprisingly closely tracked the price performance of Bitcoin over the years and can be a helpful when planning your investment strategy.
DO YOU HAVE FOMO? Yes, you would be worth millions today if you would have invested $1 in Bitcoin back in 2009. However, it is NOT too late to get in. Bitcoin has only been around for eleven years and full global adoption is expected in 50 years after inception. Even if someone gets in the market in 2020 they are still going to be considered an “early adopter.”