Cryptocurrency and blockchain is here to stay and FUD can stop this from happening

Opinions

Andrew Chung

Date: 19.07.2018

I first learned about Bitcoin in 2009. However, I didn’t put too much thought into it as there were several other things going on at the time. It was not until February of 2014, that I revisited Bitcoin after hearing about the Mt. Gox hack. Like several others, I am one of those people that wish they just took 20 minutes of their time to look at the whitepaper. Fortunately, it was not too late, as reading the whitepaper really opened my eyes to something revolutionary. I have been studying bitcoin for a couple years now. Juggling between my academics and bitcoin was challenging, but it did not stop me from keeping bitcoin on my radar. Throughout the past few years I have assisted projects aimed at decentralizing the internet, and a focus on peer to peer transactions. These projects had some of the most unique and talented minds. I couldn’t fathom how open minded they were; I even thought they were crazy at first, but they were crazy in all the right ways. You know it is a fight in an individual’s mind when it comes to determining if something is too good to be true, because your mind is not absolutely set on what they are saying they can actually deliver. However, as you continue to reason things out it begins to make more sense and that craziness turns to absolute genius.

I am a big advocate of internet decentralization, if the internet is a free place to roam why should the people be censored from going anywhere they please. Peer to peer transactions is great, its being able to give the power back to the people. Why do we need a third party in this day and age, when we have the resources to better the system and society as a whole? Jumping over to Blockchain, what does Blockchain do? It addresses several issues it…

1) Saves time by making transactions nearly instant.

  1. It’s ridiculous that a wire transfer can take 3 to 5 days to complete.

2) Removes fees

  1. No middle man, no problem.

3) Reduces risk

  1. Human error during the auditing process is costly to a company, just one of several issues.

4) Increases trust among the people

  1. Transparency through shared material (The ledger)

As an advisor there were several things that I contributed to the projects.

1) I assessed the projects team cohesion, product use cases, and approach to completing the project. By assessing the project, I was able to get to know the team more, and the team became more of family rather than coworkers. This allowed me to dig deeper into those projects.

2) Attended events related to Cryptocurrency and Blockchain, and networked with people that would be identified as “crazy” during those times. Through attending these events, I discussed the projects I was advising and helped to promote and get investors onboard.

3) Assisted with whitepaper editing, which included analyzing, proofreading, and making addition to the new or existing whitepaper.

4) Most importantly I oversee the projects development, making sure that the project always stuck to its original vision.

These projects today reside in the top 100 projects, but it is important to note that it was not easy getting to where they are now. When you have a majority of people telling you that what you are doing is pointless, you start to question yourself. As an advisor I was also there to provide “earplugs” to all the noise in the space. Also people should know that not every project is a saint, with regards to what they had to do to get where they are now.

As a closing note, cryptocurrency and blockchain is here to stay, and no amount of restrictions, protesting, and FUD can stop this from happening.

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