It is only fitting that the first cryptical thought we post gives insight into how to get involved with crypto and digital assets. Whatever catalyst caused you to come to this website, and to this page, happened for a reason. Maybe you heard about crypto through a family member, a friend or possibly a co-worker. You might have heard about it through the various sports sponsorships, TV commercials or institutional investments that were being made and touted throughout last year. No matter how you caught wind of it, it piqued your interest, and we want to help you get started learning about crypto.
Although crypto has been around for more than 13 years, it is only in the last 4 years that it has really begun to take a foothold around the world. Last year was the first year that the public truly began hearing about crypto in mass, so if you think you are catching on too late, think again.
Did you know that the total market cap value of all cryptocurrencies at the beginning of 2020 was approximately $740 billion dollars? Did you also know that after a substantial crash in May of 2020, cryptocurrencies climbed to an all-time high valuation of $2.9 trillion dollars in mid-October?! That growth happened in less than 10 months’ time. By the end of the year, cryptocurrencies sold off over $600 billion dollars’ worth of that growth and yet, remained at approximately $2.3 trillion dollars in market cap value. For a new asset class to be created and accepted, achieving this valuation in such a short span of time is nothing short of amazing.
There were around 140 million active user accounts at the beginning of 2020. By the end of the year, there were just under 300 million! That is a growth rate of about 115% – which more than doubled the number of active user accounts. Despite these phenomenal growth rates in market cap values and number of users, the penetration of crypto into the overall population of the planet stands at less than 4%. Plenty of time to get educated and get involved.
Because crypto is fairly easy to set up and buy, people often skip vital elements to get in as quickly as they can. Beware! Like many things in life, basic understanding of a concept takes very minimal time and investment, but mastering a concept takes time, discipline, and a determination to continue learning. To put your best foot forward, you will need to educate yourself about the different components of crypto BEFORE you make that first purchase. If you don’t, you might just get lucky and stumble your way through to success – or most likely, you won’t, and your journey into crypto could end abruptly. Take the time to learn about what you are getting into, so that you don’t make the mistakes that others inevitably will…