As a thirty-year veteran of Chicago’s trading pits I have decided to step into the newest high stakes trading game on the planet… Crypto currencies and tokens. With the latest fork in bitcoin recently being called off, other cryptos making news daily and with major exchanges listing Bitcoin for futures trading, now may be the time to consider joining the fray.
There are over 1,000 currencies and tokens operating with blockchain technology as their source code looking to disrupt business models of all shapes and sizes. From wealth transfer to secure commerce by a decentralized secure network, blockchain technology has endless potential to reshape our world.
Bitcoin for example is really an encrypted ledger of ownership that is nearly impossible to hack. It can not only be used transactionally, but can store wealth (much like an offshore account) without the need for lawyers and is safe from government seizure. It is a decentralized data network (no person, government or entity owns it) that is already reshaping the global economy and how it interacts.
The most challenging part for many who want to invest in this world is navigating the logistics involved to participate in the market. Opening crypto wallets, keeping public and private “keys,” and the many differing places to trade these assets all present a hurdle to the investor. Hear this though. Those that take the time to educate themselves and participate will be rewarded.
There is a mountain of cash on the sidelines and a herd of big money players coming to participate in this, the most disruptive technology since the Internet. When people ask me how, I tell them to just start. Start reading, watching and trying things out. One of the great aspects in this market is you can join the movement with very little money involved and start learning, trading, transferring, etc. That is the first step to becoming an active investor in any space.
With the vast and growing number of tradable assets in the space, credible information around trading ideas is even more of a challenge. Information is very disjointed and spread around the web. I am involved as a content provider for the Pareto Network token to address this exact need in the space. The Pareto token uses blockchain technology on the Ethereum currency platform to bring content contributors and consumers together around actionable trading ideas for crypto assets.
Some other information I have found is Coinbase.com has easy systems to gain exposure to the majors. If you want to diversify more you need then to transfer crypto assets to a crypto based exchange like Poloniex.com. If you are technically minded TradingView.com has good data and charts on the most actively traded symbols. WorldCoinIndex.com has good info on ICOs (Initial coin offering) coming to the market.
This market is still in its early stages and there will be lots of opportunities to profit. The key is to start. Even a small diversified portfolio of crypto assets just may turn out to be the biggest egg in your nest of eggs ten years from now.
Robert Heffernan, 30 year veteran of the Chicago Mercantile Exchange now trading cryptos.