Am I early in crypto?
My friend, a Business Consultant, asked me this question and I simply responded YES. She wanted more but I requested that she subscribed to the Finsmart newsletter to get the full response, so thank you Gracie for bringing up the topic.
Once more, the answer is YES! I will explain why in a bit, but before that let’s have a snapshot of what's been happening recently.
The Central African Republic adopts bitcoin as legal tender. Who is next?
Elon Musk purchased Twitter for $44bn to "make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spambots, and authenticating all humans."
Gucci embraces crypto payments. The luxury brand disclaimed that it will kickstart with a few U.S. locations with plans to extend to all stores in North America.
So, back to the question - am I early in crypto? or I should just look away. You have probably asked yourself this question over and over and have settled that you are a latecomer. Well, the good news is that you are “early, but not too early” to the game.
The world of cryptocurrencies is still relatively young. It started around 2009 when Bitcoin was invented by Satoshi Nakamoto, using blockchain technology, as a virtual currency that transacts without the use of intermediaries. Through the years, the space has evolved - from just Bitcoin to other virtual currencies, to Decentralised Finance (DeFi), Centralised-Decentralised Finance (CeDeFi), Non-Fungible Tokens (NFTs), Decentralised Autonomous Organisations (DAOs), Metaverse, and Web3.0, among others. I mean, this train is moving really fast but the destination is still far, so the best time to join the moving train is NOW.
Just like the case of the internet, the global crypto adoption has skyrocketed over the years and it is growing faster compared to that of the internet. According to Coinbase CEO, crypto will have 1 billion users by 2032 compared to the 295 million users as of January 2022. In addition, countries have started adopting cryptocurrencies as legal tender. In September 2021, El-Salvador adopted Bitcoin as her legal tender, few months after, CAR announced that she has adopted Bitcoin as legal tender. Panama recently announced a bill to make the cryptocurrency legal tender in the country. That is just a few countries out of 193, and many countries are moving towards the direction of adoption. It is no longer a question of if but when.
What to do now? -
Educate yourself (DYOR) - Join a crypto community to stay abreast of crypto-related topics. (Join the Finsmart community on telegram here - https://t.co/qcOlb4XOAB)
Invest in viable crypto projects
Be patient - the crypto space is fast-growing and keeping up could be overwhelming, so exercise patience with yourself
Be careful - There are so many scam projects out here that are channelled towards newbies. Ensure you are in the right community and ask a lot of questions to ensure that your capital is not washed down the drain.
Airdrops!!! - tell me you’re excited - just a reminder that the Ethereum Name Service(ENS) airdrop of 2021 reward was a minimum of $17,000 (200 ENS) and up to $85,000 (1000 ENS). Please, don’t sleep on this. It will cost you only 1tez = $2.5.
Tezos Domain Name - Tezos Domains is a distributed, open and extensible naming system using the Tezos blockchain. Tezos Domains allows you to associate domain names like alice.tez with addresses like
tz1VBLpuDKMoJuyTLZ4HrPgRuiLpEr7zZUiE
and other information.Tezos Domains already confirmed that they will launch their DAO in 2022.
Step-by-Step Guide:
Visit https://tezos.domains/
Connect your tezos wallet - I will suggest using Kukai Wallet. Ensure you have some tez tokens in the wallet. You can buy it on Binance and move it to Kukai.
Search for a domain or address
Register your domain
Buying a domain may likely make you eligible for an airdrop if they launch their token.
Thank you for reading to this point!
Writer: Adesegun Sunmola