The world of cryptocurrency is exploding. All you have to do is look in the news every day and there is a report about Bitcoin or Ethereum reaching some new up believed high level. It is truly breathtaking in scope. In fact, there has not been a growth in a particular sector since the tech boom of the late nineties. I remember those days and trying to deal with the changes in technology and the investment opportunities that abounded at the time. It was fun and exciting but not so easy to navigate.
We spent a lot of time trying to separate the wheat from the chaff. Which technologies were valid and had a future. Which companies were worth investing into and not be the next bust. Sometimes you win sometimes you lose.
There were many charlatan companies that had a huge following because they were marketed well but did not have the team or the technology or even the leadership to see it through. This is the same in cryptocurrency. There are some really good ideas that have potential to make a go of it. And then there are some really risky ones that start out with nothing more than a couple of guys and a whitepaper on their idea.
Next thing you know you are investing in an ICO (initial coin offering, this is where that particular token issues it’s own coin like an IPO) with outrageous 1,000% or more gains and there is nothing there. It is happening all of the time so beware of what you are involved with. Then you have people that are totally dead set against cryptocurrency and I think this is a mistake also. I believe cryptocurrency fulfills a very valuable role in our future economy and one of the reasons is its ability to give privacy, conduct transactions securely, and to bring the world closer together in commerce.
Cybersecurity and Cryptocurrency
The question is what does cybersecurity tell us about cryptocurrency. For one cryptocurrency uses a system of cryptographic and distributed blocks to maintain security. A good lesson for all companies involved in any type of transaction. Remember because cryptocurrency may be creating new tokens and coins right now for public distribution does not mean that private companies cannot use blockchain technology to further their business.
In fact, the major banks are already putting together their own cryptocurrency departments to learn how to deal with it. I believe it will become like the tech boom and the old telecom companies. What did the telecoms do at first? They resisted in every way they could trying to hang on to their technologies and standards. While the new tech companies were trying to change everything. What ended up happening? The telecoms in order to survive co-opted most of the technology internally into their networks. I believe we are going to see a similar event occur in cryptocurrency. The lesson is to get ready it’s coming, and you need to stay informed.