In America, during the 1800's, the settling of the western states was literally up for grabs. Anyone with the courage to go explore and stake their claim could become rich. But it came with a lot of risks. Cryptocurrency is really like the wild west if you think about it.
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There was a time where all you had to do to claim land in the west, was to travel there and claim it. Crypto started in a similar way, and if you got in crypto last year, then you understand the value of getting your land early.
Back in the west when you had your own land, you were responsible for your own security. That meant that you had to defend and protect your land. Same in crypto, you have to make sure you protect your coins.
In the west, a lot of people lost everything they had to gambling in the saloons. They would bet the deeds to their farms or their mining deeds and literally lose everything they had. There are a lot of people who will lose everything they have in crypto. Especially as time goes on a little. Some people are just gambling and that is a quick way to lose.
There were a lot of get rich quick schemes that didn't really pan out for people. They were scams that alleged carrot juice would cure all physical problems. Some people fall for those same type of scams in the crypto world. Bitconnect comes to mind, but there will be more and more that pop up. Many ICOs are just scams.
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So much opportunity but so much risk.
There is a lot of opportunity in crypto. About 85-90% of the coins are going to fail over the long run, but there are some that will change your life forever if you invest in them early enough. If you stake your claim and willing to take the risk. The people who owned the land that all the gold and silver was mined from in the west are still rich. People that built trading companies and communication companies to handle the growth became very rich. We are seeing a lot of the same in crypto now. Exchanges are being built, communication platforms like Steemit and more every day.
The technology is like the wild west. We think we are advanced now, wait 10 years. We'll think of the technology now like it was the wild west. Bitcoin will be like riding a horse when some other coin will be the Ford Model T.
I'm excited to be growing up in this crypto world in the wild west. To me it's worth the risk to claim some gold.
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What do you think?
Is crypto like the wild west?
Let me know your thoughts in the comments below.
Thank you for reading.
