I have been excited about crypto for the first time in a while. The first time was when I learned about blockchains like Steem (now Hive), Ethereum, and EOS. Who knew you could run apps on blockchain? Yesterday, BTC broke and closed above $7000, which was initially a level of resistance. As of this morning, the level has remained. Suddenly, I'm excited for what is to come. I have bought as much crypto as I could reasonably afford during the DEEP discount we got in March.
Furthermore, I have been looking at other blockchains that are doing exciting things for commerce. For example, Vechain has potential to be huge for logistics. The only caution I have with Vechain is that it best serves higher-end brands that need to combat knock-off products. It doesn't make good sense for substitute goods in which you don't care what brand you get. Vechain has secured some major companies to use the blockchain. In addition, a couple of auditing firms are behind it.
The other blockchain that I am researching is Ripple. Although, I'm still a bit skeptical. Sending money for very little cost and high speed should be a no-brainer. I have to wonder why business is slow to adopt Ripple. Although, to be fair, some of it may be the network effect. For example, in the early days of the fax machine, you had to buy two. One fax machine to send from one end. One fax machine to receive on the other end. It was unlikely anybody else had a fax machine until much later in the game. Therefore, if Ripple is able to grow its network of businesses, we'll see growth thanks to the network effect. Otherwise, it will remain stagnant. The only threat to XRP is if SWIFT improves their game by making transactions almost instant.
Another thing I have learned is that currently, $400 Million are flowing into BTC to keep it at the levels we have seen before the crash. This is to buy the crypto that is being mined. After the halving, the excess has to go somewhere. With stimulus money, economic uncertainty, and hodlers increasing their positions, things are looking even more positive for BTC. Personally, I have only just begun accumulating BTC. My goal is to own at least enough BTC to deposit to earn interest. I would add more BTC here and there. However, I have competing interest in other cryptos.
MCO and CRO are my other interests. Both of these have been gaining along with BTC in the past couple of weeks. I want MCO to buy into the perks that come with the 5000 Crypto.com card. Of greater value to me are the higher interest rates and the 4% cash back with all purchases. As far as CRO is concerned, it currently pays out 18% interest. CRO will be my vehicle to buy MCO once I have enough to trade for 5000 MCO. Between now and then, I am getting 3% cash back on purchases in addition to rebates for Spotify and Netflix. So, that position is growing slowly. Consequently, I am moving a majority of my spending to that card to maximize my cash back.
The only caution I have is the old saying that everybody is a genius in an up market. It's important to not be too sure of myself. Things can always go sideways.
Originally posted on Shaine Mata's Blog. Hive blog powered by ENGRAVE.
