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Cryptocurrency 101

Curtis Eggleston

Posted on April 2, 2018 13:21

1 user

TheLatest.com's symposium, co-sponsored by Expert Dojo, acquaints the curious with the crypto-basics.

Thursday, March 29th, 10:00am


Santa Monica, CA

Expert Dojo provided the space, TheLatest.com brought the experts, and locals filled the seats at TheLatest’s cryptocurrency conference Thursday. Five distinct panels offered insights on cryptocurrency and its potential impact.


Panels included Advanced Crypto, Marketing Strategies, Future Predictions, and Investor Pitches, but not before Cryptocurrency 101 familiarized the amateurs.


Ryan Chandler Brown, David Motta, Nicholas Gallyon, and James DeCicco made up the 101 panel, ready to inform the audience with overviews so that they may understand the rest of the conference. They helped warm up newbies with terminology and summary explanations.


“Money tells us what you owe to the community, and what the community owes to you,” Ryan began. “Bitcoin is accounting. Bitcoin is bookkeeping.”


Anyone considering crypto investment should first familiarize themselves with two essential terms:

ICO: and Initial Coin Offer is the IPO equivalent for a new cryptocurrency. This is the earliest one may buy into a currency.

Blockchain: blockchain technology is the foundation of crypto’s existence. Because it keeps information secure, investors can trust in their crypto assets without having to worry about their money not being backed (by a gold treasury or a government’s reputation).

 
David Motta had a few pieces of advice for new investors.


“The first thing to look for is the team behind the ICO. Then, research the partnerships involved. Next, find the purpose of the coin. Liability is important too. Find what industry they are disrupting. Lastly, check their road map: what they have developed, and where they are going.”

 
Nick Gallyon added that the safest storage for cryptocurrency would be through utilizing a “Cold-storage offline wallet,” as it is the least likely to be hacked for tampered with by an unwanted party.

 
James DeCicco advised that while considering crypto, one should confirm SEC compliance. “If the SEC touches you, you have the cooties for life,” he said. “The SEC has global reach, and remains a crucial factor in ideal investments.”

 
The panel ended with discussions over 2nd- and 3rd-world countries.

 
“It’s going to be especially effective for those in countries run by untrustworthy governments,” David Motta said.

 
For citizens relying on a government’s reputation as backing for the worth of their currency, crypto can provide major relief. Brazilian investors, for example, trust in Bitcoin more than their own precarious currency, the Real, which has fluctuated severely due to distrust of government. Over 1.4 million Brazilians are trading crypto.

"If you are a poor person living in squalor, you're not going to bury your money in a hole, it will probably get stolen," Ryan Brown said.

James DeCicco was less certain, saying that one can't do anything without linking the currency to their bank.

Whether or not the panelists believed specifically in undeveloped countries' abilities to use crypto without banking, they believe in the future of the currency. Though anyone who invested in Bitcoin last December hasn't seen profit, the panel concurred that this is just the beginning.

 

Curtis Eggleston

Posted on April 2, 2018 13:21

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