(I am not a financial advisor - so we're clear, you need to understand that I am simply sharing my opinion on matters I believe are worth attention).
Bitcoin has just crashed through the $23,000 mark and is looking like it may go much higher. It is now setting new all-time highs by the minute and there are folk still telling me today that cryptocurrency has no chance of taking off and is a poor investment!
If that isn't crazy, I don't know what crazy is. In fact, most people still don't even see bitcoin as an investment. It simply doesn't fit their idea of what an investment is. And even when they can see the potential benefit of owning some bitcoin, they write it off because it is too expensive and they are taking the view that there is "no chance now" to get in on the act. But that is simply nonsense.
You can break a British pound down into a 100 pieces. That's 2 decimal places. In contrast you can break one bitcoin down into 100,000,000 pieces. That's 8 decimal places and those smallest pieces are called Satoshi's. When bitcoin goes up in value, those smaller pieces obviously go up in value too.
If needed, (can't imagine why it would be) the bitcoin protocol can be extended to make it divisible into 100 billion pieces. Because of this divisibility it makes for the perfect currency. And owning small pieces of bitcoin makes perfect sense. Add enough small pieces together over time and you can join the somewhere around 500,000 wallet owners worldwide who have one whole bitcoin or more.
Now, even if you can't be convinced that owning Satoshis still make sense, then there are any number of cryptos that could make the grade and grow exponentially in the future. Identifying which of them WILL grow is very hard to do but identifying those that have the project behind them to at least get into the highly possible growth group is something that someone with the right experience can do.
I tell everyone who asks me that having some bitcoin or starting a journey into buying some on a regular basis is possibly one of the best things still that they could do. There are so many predictions about price out there that suggest $50,000 or more.
If you thought you didn't know anyone that is qualified with enough experience in that way, well, think again. I am a veteran of now 7 years around crypto. Let's look at how well some cryptos have done and, for this exercise, I have stuck to those at the top end of the market in terms of market capitalization that were in the market 5 years ago.
5 years ago:
Bitcoin was $433.75 - now $23,230 Ethereum was $0.95 - now $662.94
XRP (Ripple) was $0.0087 - now $0.60 Litecoin was $3.63 - now $105.64 Dash was $2.73 - now $109.37 Stella was $0.002066 - now $0.194
Those prices will of course change the second I put them down and continue to change thereafter.
All of those have shown impressive growth but now we need to find the common thread. Why have these done well when others have not? The quickest and simplest answer I can give you is a one word answer and that is DEMAND. But that isn't enough to help you to understand what to look for. Especially if you are trying to assess a newly launched crypto.
Every cryptocurrency needs a good project and a following to succeed. Some cryptos survive and grow simply because they have the following. Others have both those critical masses to help them win. The real winners generally, from what I can see, have a very good mechanism to automatically create the demand. Demand through natural development and momentum is the real key.
A very good example of this is BNB, the Binance Coin. It was launched back in the summer of 2017 by the Binance crypto exchange as its in-house coin and its unique selling point was that individuals and crypto companies were given BNB as an incentive to trade in certain other coins and promotions on the exchange at the time and long after. Natural momentum built and people wanted in, especially, when they stopped dishing them out. Thus, trading them took over in a big way.
BNB was worth $0.10 back on 26th July 2017 and is now worth $31.12 as I write. That is, by any means, colossal growth. The secret was that Binance created huge DEMAND for the coin. It is also worth noting that coins break certain barriers and tend to rally at those points when the price is going solidly down and, indeed, up. So bands appear. High points and low points where the resistance on both is greater than in between those points. The net effect is that over time those bands will move in an upward trajectory as time goes on.
There are many other examples of coins that really got going but whenever you assess the viability and potential of a crypto you always need to ask that critical question:
Where is the demand going to come from?
That leads me to the Gold Standard Bank Blockchain project and its G999 coin. Why do I think this will do well in time? Where is its DEMAND going to come from? Well, in a nutshell this is the first blockchain project being built individually by an organisation that is really going to attack the traditional bank mould with blockchain based products.
Now XRP (Ripple) is a project that was built FOR banks but not buy banks, however there are similarities between the two projects. Ripple grows demand because its followers firmly believe that banks will adopt it and that the legitimacy provided by well established banks will force the coin to grow to great heights and also, and more importantly, if XRP were to become the "currency" for all transaction fees that would have an amazing impact on its value.
It is here that we lose the similarity because in practice what has started to happen is that the banks want the system but not the underlying currency. Not what was originally hoped and yet, XRP has still grown. GSB will set their stall up as a completely decentralised, independent alternative to the traditional (centralised) banks and offer better products that don't need the middle men.
Now the type of bank that is attracted to Ripple is attracted to the speed at which transactions can be carried out. There are few blockchains capable of matching the speed of Ripple but, guess what, GSB's G999 Main net beats it.
GSB isn't a high street type bank and it certainly isn't going to try to compete in that arena and it doesn't have to. Gold Standard are more about bringing de-centralised products to the market. Products that will solve real problems. For example, the lifestyle card that they are bringing out which will instantly attract anyone who has any plans to start building a crypto portfolio. I have to say if that card had been about a few years ago I would have grabbed once instantly (still will when its out) and I doubt I would have ever needed another one.
Imagine having a card at your disposal that you can put multiple types of crypto on and then spend. More importantly, perhaps, you can then, without moving it off the card, turn it into USD, GBP, EUROS, YEN and even YUAN and spend in those currencies as well. ALL without exchanging externally away from the crad service itself.
Anyone who knows anything about how the Chinese market loves and has gone crazy for crypto will see the significance of that straight away in terms of where a big part of the G999 coin's DEMAND is going to come from. Every service and product that this organisation brings out, will have transaction fees and service fees paid in G999 coin.
No-one can absolutely say a coin will really grow and no-one has the skill to spot every great crypto that comes onto the market. But any one of us that have been around the crypto block for a while can and does get a feel for good prospects and an absolute feel for the rubbish. And the longer you spend studying this stuff, the better you get at finding the winners.
When all is said and done however you need to be a realist and understand that the best way to increase your prospects of being on the winners is to diversify with purpose backed up by constant education.
You have to start somewhere and I often have to think about where I would start today if I wanted to dip my first toe into crypto. I would do two things. I would start by picking a couple of very cheap coins with a potentially bright future and then I would buy as much bitcoin as I could in small pieces or, maybe Ethereum instead of bitcoin.
Right now, I think beginning your journey or progressing your journey with a holding of G999 coins makes a lot of sense. To get some you could just set up an exchange account at Bitforex, Coinsuper or GSBs' own GS TRADE exchange but if you want to get closer to the project, I would join the GS Partners plan first. You can join for free but I would advise getting a little bitcoin or ethereum soon after joining so you can get more deeply involved and join their brand membership program.
Send me an email if you need some help with buying bitcoin or ethereum. You will not need much at all to get started with the GS Partners brand membership. If you like to move faster, a good place to buy and as easy a place as any I know right now, can be accessed through this link: Easy Way To Buy Crypto
Be aware that any decent blockchain or crypto based company that you can sign up to now will insist on carrying out some know your customer stuff. This is true on basic exchanges as well.
Whatever you decide, stay safe...
All the best
John
STOP PRESS >> I have uploaded a video to YouTube that shows you the simple way to buy some crypto to use for GS Partners or just to start your holdings in this area.
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