We’re back from the holidays and ready to pour our knowledge onto the internet. This week, Doctor Bitcoin shares his tricks on how to develop a crypto-first mindset.
Mark suggests thinking of your cryptocurrencies like a bank account instead of stock or other kinds of Wall Street investments. By thinking of cryptocurrency as actual money, your perception might switch to dollar-cost averaging. This new mindset allows you to take advantage of the changing markets and to do what investment advisors recommend: maintain a savings account with compound interest.
We’ve talked before about blockchain technology and smart contracts. Wherever there’s a vector of trust there is also an opportunity for fraud. Companies that deal with third parties have to worry about the middleman running away with the cash and leaving them with nothing.
Smart Contract supply chains could fix the dishonest middleman issue and are scalable for companies of any size. Last year, Walmart announced a collaborative effort with IBM and their counterparts to improve food supply safety with the use of blockchain. And Walmart is just one of many companies looking to implement smart contracts.
You’ve got your wallet all set up, now it’s time to pick your currency.
Creating a diverse crypto portfolio can be a head-scratcher. There seems to be some new cryptocurrency being made every day. Bitcoin and Ether wobble up and down every time news outlets make doomsday prophecies. Don’t worry! You’re watching Ask Doctor Bitcoin and we’ve got a few tips to share.
There are ways to find out what tokens are promising investments and which ones you should stay away from. The first step is keeping an eye on Coinmarketcap’s top 10. These are relatively safe and won’t have widely varying drops. Do your research. Mark tells you a little bit about a few of the top 10 coins, but it’s still best to do your own research. Fortunately, Coinmarketcap has links to every coin so you can learn about each one individually.
That’s it for this episode! Check back on our Facebook or Youtube channel for weekly sessions with the crypto doctor.
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