Being in crypto

“A month in crypto is like one year in the normal world”; at least that’s what they say. But hey, that’s very correct! Life in crypto space is rooted in absolute freedom. Just like the technology that powers it; the goal is to give everyone an equal chance at participation.

Thousands of teams working on ‘brilliant’ concepts and millions of investors jumping in to benefit from the success of these projects…mostly, financially. Well, you’re probably here for the technology. Either way, being in custody of the traditional token of at least one cryptocurrency project is inevitable.

The latest coinmarketcap report estimates over eighteen thousand cryptocur-rencies listed on the tracking platform. Considering untracked projects, there exist over twenty thousand cryptocurrencies. About half of these projects came to life in the past three years. In this time frame, cryptocurrency has grown very popular too and this space has doubled its population of participants.

DeFi, gameFi, NFTs, billion-dollar DAOs; these past three years have given birth to almost an equal number of “Buzz words” as did the preceding eight years. It’s very easy to lose focus with all these events. The rapid proliferation of cryptocurrency and concepts is the least thing you should be wary of any­ways.

Blockchain; the technology on which these cryptocurrencies run is a product of a number of complicated algorithms pieced together to produce a dis­tributed ledger system with information stored as blocks and connected with unique codes — hash. A pretty simplified explanation, yet tedious for a newbie to grasp regardless of their exposure to novel technologies.

In addition, the blockchain is evolving as new features are added and new solutions are built on it. Since its inception, it has grown from just a payment technology to a platform on which anything can be built. The decentralized web is looking promising and the extent to which the blockchain will influence our lifestyles in the future is unimaginable.

Being a part of this space is a constant struggle betwween grasping the tech­nology, making proper investments and getting involved as much as possible. There’s a fourth one — protecting your investment(s). Well, I nearly missed out on what has suddenly become the toughest struggle of every cryptocurrency investor.

The murky waters of crypto could be a nightmare for even the most informed investors. Being in cryptocurrency could be exciting and equally endangering for personal investments. While the real struggle is to make tangible profits from these investments; the possibility of losing whole or part of them to un­precedented cryptocurrency accidents is high…very high.

Just as the technology, strategies to swindle investments from cryptocurrency enthusiasts is evolving and new tricks emerge with new concepts. Unsuspect­ing investors fall prey to these tricks. Keeping up with these new negative tweaks is another part of being in crypto.

This article is an excerpt from this course on cybersecurity. Get the full course here

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