Over the last couple of weeks, I have noticed that my cryptocurrency investments can basically be divided into two major groups. The first group is comprised of short-term positions and the second group is long-term. Although I monitor both groups, the short-term positions are scrutinized daily. This short-term 'bag' is for quick entry and exits. Quick doesn't always mean day trading but I understand that these could be 'pump and dumps' so I try to stay on my toes. The long-term 'bag' is looked at more like a stock investment. I don't try to over analyze these positions and I try to ignore FUD or fear, uncertainty, and doubt. I do the initial research and try to trust my instinct.
#Infinity HODL
Today, I named my long-term cryptocurrency investment group the #InfinityHODL. I truly believe in these projects and think they show long-term potential. My picks are below:
BTC / Bitcoin
To be honest, I heard about the project over the last 8 years or so. I wasn't in a position financially or mentally to support the project. I was short-sighted and chose to invest my time and energy into 'sure' things. I was also put off by the initial negative stigma associated with BTC. That's one of the main reasons that I never mined. I didn't want my computer helping sex trafficking and money laundering. When Bitcoin moved to $700, I gave up on the notion of investing. I thought that was the peak and I was completely wrong. I saved up money all 2017 and paid my debt down to put myself in a position to support the project. I now understand that beauty of a decentralized currency and what the creators were trying to do. Don't get me wrong, profit is very cool but cryptocurrency is another way to eradicate borders.
According to Bitcoin.org,
"Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system".
ETH / Ethereum
I am currently learning to program in Ethereum's Solidity language. I find it fascinating that gaming applications can live directly in the blockchain. It has been a fun week learning basic Solidity coding with my children. Hopefully, I/we can contribute in the near future. According to Ethereum.org,
"Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.
This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk".
LTC / Litecoin
Although I am new to the cryptoverse, I have done transactions in various tokens. Litecoin's speed initially impressed me upon research. Thorugh usage, I noticed lower fees and I consider this to be a plus.
According to Litecoin.org,
"Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.BTC / Bitcoin
XRP / Ripple
Remember when I said speed is what I like about LTC? Well, XRP is way faster. Designed for the banking industry, XRP introduces instant value transfer. If you have ever wired money, you understand how long these things can take. No more staring at pending transactions in your account. I see this project as a happy medium between fiat and cryptocurrency.
According to Ripple.com,
"Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets."
XVG / Verge
Unlike XRP that can't necessarily be anonymous, XVG is designed to do that. It promises to keep users anonymous through its transactions in conjunction with TOR. Anonymity is the key to decentralization.
According to vergecurrency.com,
"Verge Currency is a cryptocurrency designed for everyday use. It improves upon the original Bitcoin blockchain and aims to fulfill its initial purpose of providing individuals and businesses with a fast, efficient and decentralized way of making direct transactions while maintaining personal privacy"
What's Your #InfinityHodl?
I currently only have 5 tokens inside my #InfinityHODL. I plan on adding a 6th in early 2018. Let's hear what you ultimate long-term cryptocurrency investments or #InfinityHODL are. Comment below or tweet #InfinityHODL @blkmoneyDOTcom (Buzz Litecoin).
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*Disclaimer: I’m not a certified financial advisor, financial analyst, economist, CPA, accountant, nor lawyer. I'm just a guy on a journey to financial freedom.