While 2017 may have been the year that cryptocurrencies really started to get on people’s radar, I’m predicting that 2018 will be the year we see them become more widely adopted. Whether you’re just getting into cryptocurrencies now or are already a veteran, here are some tips for the upcoming year. Note: this is not financial or investing advice. Always do your own research and make your own choices.
Do your own research, and be thorough!
One of the most common questions I get asked when at events or by friends and family is, “What is the next big coin I should invest in?” Frankly, I hate this question, because everyone should really be doing their own research into what projects and cryptocurrencies they wish to spend their money on. Not only is that the adult thing to do, but it also saves everyone from the embarrassing situation of blaming someone else for financial folly. Most projects nowadays have a lot of supporting documents and channels through which to get in touch with the team directly. There is no excuse for not being thorough and autonomous in your research in 2018.
Don’t get too attached to any one cryptocurrency
Maximalism in cryptocurrency has never made sense to me. The beauty of crypto’s open-source nature is that if someone disagrees with how a project is going, they can fork away from it, or choose to buy different cryptos. Only believing in one and attacking all others results in a toxic zoo, where all crypto-curious individuals are scared away and all crypto-skeptics feel validated. So don’t get too attached, and definitely be civil in all of your interactions.
Educate as many people about cryptocurrency as you can
I think that the community is what will make 2018 be the year of wider-spread cryptocurrency adoption. So go out there and tell people about it, or maybe even prepare some paper wallets of a cheap altcoin to pass out and let people try it out for themselves. With all the FUD from mainstream media and incessant attacks from skeptics, it is on the community to show off cryptocurrency’s true value.
Lead by example: actually use some of your cryptocurrency
It can be tempting to never spend your cryptocurrencies. After all, what if they go up in price tomorrow? However, exclusively thinking this way turns the cryptocurrency community into a band of speculators, viewing their cryptocurrencies as fiat-correlated assets. That is not the original intention of cryptocurrencies. Cryptocurrency can only thrive if its use cases are apparent to users and adopters. If its main goal is to be a currency, then it needs to be a store of value but also a medium of exchange. Personally, I use a cold wallet for “savings” and a hot wallet for “spending” much like I do with my fiat assets, which seems to work pretty well.
Well, dear readers, the end of 2017 is upon us and I hope you’ve had a successful and profitable year. Here’s to the next one; may it be even better.