People are getting excited about Hempcoin (THC) because it’s slowly but surely starting to re-surface again and receive some of the media’s attention that it deserves. Even though a couple of competitors recently showed up (PotCoin and CannabisCoin) – Hempcoin is actually the oldest technologies and coins – not just in the industry – but in the crypto world altogether. Hempcoin was founded back in 2014 and its sole purpose is to act as a digital currency for the Agriculture/Farming industry and naturally – the Hemp/Marijuana field.
Please note that virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, or a store of value, but it does not have legal tender status. Virtual currencies are sometimes exchanged for U.S. dollars or other currencies around the world, but they are not currently backed nor supported by any government or central bank. Their value is completely derived by market forces of supply and demand, and they are more volatile than traditional fiat currencies. Profits and losses related to this volatility are amplified in margined futures contracts.
There are two ways to balance your portfolio. You can create a balance based on several individual cryptocurrencies or you can balance your portfolio based on the types of cryptocurrencies. I’m actually doing both. I first created a balance based on the types of cryptocurrencies, then I created another balance of the cryptocurrencies within each of the types of cryptocurrencies.
At the same time, it’s entirely unclear how governments will respond to bitcoin as it continues to grow, and if they’ll attempt to crack down in a very strong way and prohibit the use of bitcoin, or the creation of bitcoin related service companies, such as exchanges. If exchanges were banned from operating, for instance, it could very well make it very difficult for most people to transact between fiat currencies and bitcoin, and render the latter far less useful than it otherwise might be.
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Basecoin is a stable coin (not volatile cryptocurrency) whose money supply algorithmically contracts and expands based on market demand and a decentralized Consumer Price Index. What this means in english is that this token is effectively managed by a robot central bank free from the political interference that real central banks face. We still have not come across a stable coin that can act as an everyday usable cryptocurrency, but doesn’t wind up in fiascos involving the legality of the token (see Tether articles). If the project works as intentioned, it could change modern currency markets. One could reasonably pay wages in basecoin, or use basecoin to more effectively trade digital assets, but the best use case of the basecoin would be for the digital currency to alleviate the inflation madness occurring in countries like Venezuela or Zimbabwe.
Since there is a prevailing thought that the most valuable aspect of bitcoin is the blockchain technology behind it, investing in blockchain is another way of tangentially investing in bitcoin without the worrisome volatility. There are many large companies that have been developing their own blockchain networks for a variety of purposes that may be worth looking into.
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IBM (IBM) has developed blockchain technology that they are using with a large variety of partners in a large variety of industries. One example is their partnership with food retailers, most notably Walmart, to help quickly, efficiently, and securely track the supply chain to help ensure ideal food safety. They have also partnered with Maersk to work on a blockchain platform for global trade.
That’s the case as I see it for bitcoin. In the case of most altcoins, however, I don’t see remotely enough to even begin to justify the possibility of long term gain in the first place. Even with speculations, or perhaps especially with speculations, it’s incredibly important to thoroughly analyze a given investment opportunity for at least the potential for long term gain and success, and assess the magnitude of that possible gain, and then to weigh that potential versus the likelihood of outright failure of the speculation. With most altcoins, their value over bitcoin or ethereum is far from clear, and generally superficial or minor at best.
Litecoin – Litecoin is regarded as Bitcoin's leading rival at present, and it is designed for processing smaller transactions faster. It was founded in October 2011 as "a coin that is silver to Bitcoin’s gold,” according to founder Charles Lee. Unlike the heavy computer horsepower required for Bitcoin mining, Litecoins can be mined by a normal desktop computer. Litecoin’s maximum limit is 84 million – four times Bitcoin’s 21-million limit – and it has a transaction processing time of about 2.5 minutes, about one-fourth that of Bitcoin.
This is critically important precisely for incredibly volatile speculative investments such as cryptocurrency, and plays into the fourth mistake I mentioned above, day trading, as well. More than possibly any other market I’ve seen, short term price movements for cryptocurrencies are oftentimes absolutely mystifying and nothing short of mind boggling. Highly anticipated events, such as halvings in bitcoin’s reward per block mined, come and go without any real perturbation in price. Other times, things rise when reason seems to suggest they should fall, and fall when they seem to have every reason to rise. For instance, bitcoin’s price collapsed to $200 after the bubble popped in 2013, and stayed stagnant at those levels, despite massive development in bitcoin infrastructure and significant growth in the adoption and usage of bitcoin over that same period of time.
*An accredited investor, in the context of a natural person, includes anyone who either earned income that exceeded $200,000 (or $300,000 together with a spouse) in each of the prior two years, and reasonably expects the same for the current year, OR, has a net worth over $1 million, either alone or together with a spouse (excluding the value of the person’s primary residence).
I’m a nomad from The States, currently residing in Indonesia. Can you suggest the best global service for wallets/exchanges? In The States it’s Coinbase but its supported countries are extremely limited for my needs limited. I need something I can access in basically any country without issue. I know there are a options out there, but I wanted to get you opinion of how other travelers have gotten past this.
Over the past six months, the cryptocurrency crash has brought out the skeptics. In fact, the ongoing “Crypto Winter” is a healthy cleansing of the ecosystem because the correction is effectively separating long-term value creators from short-term day traders. All in all, we believe that a “Crypto Spring” will arrive. And, institutional capital, a.k.a. the sticky, smart money, could possibly usher in this new season.