Hello fellow Steemers,
I'd like to start an open dialogue about why I got into crypto currency investing in the hope that other users share their stories as well as ideas about how to raise crypto currency literacy.
About 2 weeks ago I made my first investments into ETH, BTC, and LTC. I used coinbase and I took it slow. I put in about $300 and 2 weeks later I am hodling onto about $1200 worth of BTC, BCH, ETH, LTC, GNT (Golem), and Fun Fair (yeah, yeah, not the best idea). Anyway, I have put in about another $500 over this time, however I am still looking at ROI of roughly 37% in just 2 weeks.
I know, not monumental, so why should you care? The answer is simple, care because how many other investment mechanisms in history have turned over such high returns in such a short time? The thing that amazes me is that I AM LATE TO THE GAME AND IT IS STILL WORKING!
The thing that amazes me more - PEOPLE ARE STILL UNINTERESTED!
I think a big problem in today's economy is lack of financial literacy and I see this issue being particularly exacerbated in the crypto space. I see posts all over the place talking about how people need to "shut up about their bitcoin" and how "nobody cares" (thanks Barstool) but I think the truth is that people should care and that the masses really need to start understanding how blockchain technology works from a high-level so they can be more informed and hopefully start investing to increase the "legitimacy" of the markets in a lot of traditional investors eyes.
I think this problem is made clear by looking at conversations I've had with my father. My father, like me is a licensed CPA and unlike me is a licensed day trader as well. He has been making trades on the stock market for nearly 40+ years and he REFUSES to get into crypto even though he has the Capital. I've showed him my personal spreadsheets of investment, sent interesting articles, showed him projections averaged from multiple sources, and nothing!
This leads me to my real point - how do you convince people to care about this if they don't, and further if people don't stare caring and adopting what will happen in the space?
Will we see a "max-out" where the total $ invested in crypto holds steady and eventually declines? Will this create a new wealth gap between early adopters and those to naive to take a risk of their own? Has it already?
Let me know your thoughts - feel free to reach out directly.
- Hodler