I want to be clear that I am not a financial advisor and I don’t recommend that you take any words I say in this article as financial advice. I would also highly recommend that if you find yourself tempted to take these words as financial advice, that you remind yourself this is a blog titled Unprecedented Mediocrity. Though that title aptly describes my financial affairs, there is not reason to let it be so for yourself. All that said, I highly recommend that you start doing your own research into blockchain, crypto currency, and decentralized finance as we seem to be on the precipice of some sort of industrial revolution style event. That doesn’t mean you have to invest and if you do invest in a crypto coin, don’t invest anything you are not willing to completely lose. However, the technology and the decentralized movement behind blockchain is going to do some things to the world and every citizen of planet Earth needs to get ready. As such, this is just my attempt to have an unprecedentedly mediocre conversation about stuff that I really don’t understand either. So, let’s do this.
A Caveman’s Understanding of Blockchain
I am generally technologically incompetent and when I first started messing around with crypto currencies I had no idea what I was doing. I took a few spare dollars I made selling the Veteran Copywriter writing course where I teach anyone who wants to know how to make money writing online how to do so. Signed up on an exchange, bought some crypto coin and then, the strangest thing started to happen. I was making money. I didn’t know how or why, but I was making money. In fact, I’ve doubled my money in about two month’s time.
Yes, it swings wildly from day to day and week to week, but the trend has been consistent and up. Take a look at the ADA coin from Cardano. That’s what I’m in, do your own research as they say, and you do you. However, it was when I started making money that I decided to find out a little bit more about what is happening. What I discovered was absolutely fascinating.
Blockchain is the technology that powers all of these crypto coins like Bitcoin or ADA. The best way I know how to describe blockchain is to say that it is a digital ledger that records transactions. Not much different than a bank really. If I gave you $100 dollars, my bank would record that subtraction from my account. Meanwhile, your bank would record the receipt of the $100 bucks and together, those two banks would simultaneously acknowledge where the $100 went and who is richer or poorer as a result. Never mind that no actual physical money would have ever been handled.
Blockchain is used to record such transactions and that is not exclusive to monetary transactions. Property ownership, school grades and basically anything that we need to come to a common acceptance of can be recorded on the ledger. Again, I’m not tech savvy and any crypto expert can feel free to to trash my caveman understanding of the topic. But, here is where it gets interesting.
Decentralizing Power and Authority Is the Name of the Game
While Bitcoin and Dogecoin millionaires have led people to believe that getting rich quick is the entire purpose of blockchain, nothing could be further from the truth. Blockchain exists to break the stranglehold that centralized finance has on the world right now. Blockchain serves as a competitive ledger to the ledgers of the banks that can record, authenticate, and facilitate that information. This is possible because most of the blockchains out there are or are aiming to be decentralized.
This means that rather than one person owning the ledger of information, it is hosted and managed by individual people around the world who share information in some form of peer to peer network. Imagine hundreds of thousands of people around the world simultaneously agreeing that the information on the ledger is valid. This means that one person can’t go rogue on it, because if one in a million did, the other 999,999 blocks would recognize that information as invalid and kick it out. Something like that, again, I’m a caveman. All I know is that the Monopoly guy is going to be pissed if decentralized finance hits its stride.
As of right now, blockchain is still being treated like a joke by the exiting powers that be. However, I’m starting to get the sense that it is a joke the same way King George III thought the idea of an American revolution was a joke. I’m sure Russian Czar Nicholas II thought Communism sounded funny and it might have even sounded humorous to the Native Americans, when Christopher Columbus yelled, “We’ll be back and next time, I’ll bring some friends for ya’ll to meet” when he sailed back to the old world. What I’m trying to say is that something is afoot with blockchain technology and while I’m not smart enough to understand exactly what this, blockchain is doing to be a big deal in the coming decades.
Blockchain Will Make You Think Differently About Technology and the Universe
Blockchain gets its name because all this information stored on the ledger is done so in blocks and those blocks are chained together to form the authoritative ledger. One block at a time built by different people around the world, all coming to a consensus on the authority of the information. Think of it as DNA storing all the information that makes up who we are today. In fact, what is DNA if not organic blockchain. A living ledger that holds the sum of the human experience passed down from one generation to the next.
That ledger causes a newborn baby to suckle as soon as he leaves the womb, though no one ever taught him the importance. What are children, but a hard fork in the chain that goes on take that ledger of information and pursue a new reality and existence, separate from the parents who got together on date night and “mined a new block” for posterities sake.
Elon Musk is one of man who puts forward that we are merely living in some sort of digital simulation and while I don’t buy that per say, I’m not sure what the difference is between a simulation run by a higher power or a creator God putting together the universe in the manner of his choosing. Either way, its our reality and our DNA is the ledger that guides our time here. Trippy stuff, I know. Finally, I’ll leave you with this.
What to Know and What to Do Going Forward
As old as the universe may be, I think we can all agree that humans have had a relatively short stay in it thus far. Moreover, we humans have been pretty stupid for most of our species existence. We just had like real science for the past 400 years or so and that is nothing in terms of time. That is 400 years and look where we are today and how fast it has advanced in the past 50 years. Project that forward and if we don’t destroy ourselves, our creator has made us capable of some pretty amazing things. Somehow and in ways I don’t understand, blockchain is an evolution of knowledge and technology that is going to do something. I don’t know about you, but that picture of a small portion of the universe sure looks like a chain of things to me.
So, my advice to you is to learn about it. If you want to invest in the coin piece, that’s up to you. I’ve doubled my money but if I lost all that money today, I’d be fine. Don’t risk what you are not willing to use. I signed up on a fairly common exchange called Coinbase. Yes, I know all the crypto experts know about better ones, but this one was safe for a tech ignorant fool like me. You can use this affiliate link here and if you sign up and trade some, they will send both you and me $10 in Bitcoin. Which in my case, I would instantly sell and buy more ADA. But hey, free crypto for us both.
Just remember that making money is the tangential benefit to blockchain. The technology is going to do some big stuff in the decades to come. If for no other reason, get to know blockchain so you can have better knowledge about our new robotic AI overlords that blockchain will also likely unleash on us. Either way, it is going to change the world and I hope for the better. If you don’t have any spare coin to invest, might I suggest picking up a side gig like, oh I don’t know writing and pick up your copy of The Veteran Copywriter here for $47 bucks! You can also see the first lesson for free there as well.
Finally, I’ll leave you with these words. The more I think about DNA as our own blockchain ledger recording the sum of human existence, the more I realize the need to be kind to one another. We live in an incredibly divisive time right now in history, but never forget that you are making marks on the ledger of your fellow humans with each interaction. Traumatic events are known to affect the DNA and can, in fact, be passed down on that ledger to the next generation. I intend to live my life in such a manner that I am a net positive on the ledger of humanity’s existence. Be kind to one another, stand up for what is right, and let’s leave a better ledger than the one we found when came into this planet. Research blockchain, be kind, and get ready for the next 50 years because it is going to be wild.