Years ago, when the author started investing in cryptocurrency, they were bombarded with questions. Back then, it was the wild west of finance, and people thought investing in "virtual money" was a crazy fad. Fast forward to today, and those same people are asking the author for advice as they begin investing in crypto, NFTs, and the blockchain. Funny how things change!
Blockchain is a relatively new technology with the potential to transform how we do business. It's taking over in areas like finance and government services. But what exactly is it? Blockchain can be defined as an online ledger of transactions secured by cryptography. It's essentially a decentralized database with records organized into "blocks" that cannot be altered without changing all subsequent blocks. If you do a transaction, it's recorded forever and can't be redone. Blockchain technology is growing exponentially, projected to be worth a whopping $60 billion by 2024. That's a huge jump from around $1 billion in 2017!
If you're unfamiliar with blockchain, it can be confusing to understand the difference between it and cryptocurrency. Blockchain is a type of database that can store digital data securely, while cryptocurrency is money created by encryption techniques as opposed to being printed or minted like regular currency. For example, Bitcoin, the first ever blockchain-based cryptocurrency, uses the blockchain as a foundation. Cryptocurrencies rely on blockchain for their existence.
Just like getting into real estate can get you rich, buying blockchain domains are presented as a great way to potentially see high financial returns. These domains are the newest form of asset available on the blockchain. They're not only promising high financial returns, but also high utility returns for blockchain application developers, service providers, and project owners. The number of blockchain projects is expected to grow dramatically in 2022, with an expected increase of more than $9 trillion market capitalization. Blockchain domain investors are expected to benefit from this massive growth, similar to how internet domains boomed in the 1990s. The passage concludes by suggesting it's not too late to invest in blockchain domains before the trend explodes.
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Thank you for listening!
Kenner French, is a former small business contributor at Forbes.com, author of three books, an executive at AI-focused VastSolutionsGroup.com, a keynote speaker, and a Dave Matthews Band fan!
