#dailydoug Stepping into to cryptocurrencies?

Ever heard of linkcoin, onyxcoin (version 2, no less), xryptbit, and limicoin. The day before that, we saw the birth of bizcoin, shopcoin x, filebit, palestinecoin.

 

No? Well then you’re not up to speed with cryptocurrencies.

Delving into the cryptocurrency (why is this word not in my spell check yet?) is for the large part a bit of mystery to me. Its easy to be blown away by the depth and choice of currencies out there. There is pretty much a new one out every day. so its hard for me to get an idea where to put your bet.

For my liking there is just too much if it out there.

As they are now known, the altcoin market is ‘proliferating new ones each day. So how do you keep up? Well with a bit of search and discovery I cam across a useful site that keeps and index of the up and coming altcoin

Altcoin Calendar keeps a breast of the new coins coming and as such it is one of the best place to start to get a feeling how far and fast things are moving in the cryptocurrency world. And if I was to be honest it would be a surely great indicator of how much hyperbole there is in the same space.

Flashcoins and fraudsters.

From what I have seen sometimes cryptocurrencies are launched by enthusiasts from their basements  but no idea how put them to use.  They are what the industry call flashcoins launched. On the very best case they are invented by some big-eyed enthusiast or at the very wort created fraudsters, intent on making a quick buck from the hype around cryptocurrencies.

Whatever way you look at it my understand is that you need to be wary of altcoins or risk getting burned. Jump to quick in to a purchase or buy into the hype and you could be in for a sharp shock in the realities of anonymous non traceable currencies. And that the point of going in with eyes wide open.  Once you get into the world of crypto currencies then you need to accept that you are getting into a world where things a re completely unregulated and extremely volatile, and difficult to predict or recover from disaster.

That said  said some altcoins may offer returns. It just depends on what you want to get out of it.

Its tempting to say say that there are too many of them to get to grip with all of them. And personally what is putting me off is the sheer choice and with the choice the risk of being duped into buying  cryptocurrency that has no market and just a get-rich-quick scheme with cloning more currencies that went before them.

Case in point, most experts have been predicting Bitcoin demise for years now.  Guess what? Its still here. It hasn’t died catastrophically. Neither though a devastating technical
fault in the cryptography or economic factors.

So I’ve decided that the best way to see how and where the cryptocurrency market work it would seem the best bet is to buy-in instead of basing my lessons simply on arbitrary articles and background checks to see how it goes.

My first bet is going to be Potcoin

Potcoin is the the dedicated currency for buying weed or as they like to put it or as their site likes to put it

….Banking for the marijuana industry…

A point which gets me worried is what their goal is or where the community backing is coming from. For instance with Potcoin, is it really a good enough value add that your currency will fuel the drug trade. Fair enough, in the U.S there is an open and operating legal drug trade. A decision that most part I’m going to struggle with my conscience and buy in.  n a most of the western world it means being on the wrong side of the fence.

Potcoin can be bought from here http://www.potcoin.com/trade/

Right on the other side of the fence

Is the more mundane yet certain financial industry that is adopting Ripple more and more for for instant, certain, low-cost international payments.
Ripple enables banks to increase efficiency in their existing payment processes and create differentiated products and services for their customers.

And you can buy them from here https://ripple.com/xrp/buy-xrp/

How to Buy XRP? Before buying you need to understand what type of purchase you want to make. And Institutional Purchase which is for banks, payment providers or institutional purchases of XRP. Or Individual Purchases XRP is available at the most exchanges.

 

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