Thoughts on Blockchain and Goal Setting Going Into 2018

Because 2018 will be a Bitcoinesque year for all of us

Anytime a specific asset class rallies over 10, 000% it should have your attention. When the media starts to question its legitimacy and use cases, you should formulate your own opinion.

You’ll quickly realize that a large number of the population still does not understand the use case (cryptocurrencies).  They also don’t understand the technology behind these currencies (blockchain).  This is a key factor that helps reinforce my thesis that the useful coins are UNDERVALUED. Slamming things that we don’t understand seems to be a common response in society these days.  This is not an effective method when it comes to investments.  It’s extremely important to understand what you’re investing in when you’re considering an investment.

So what is this blockchain stuff anyways?

Blockchain is a form of technology that has multiple applications, but for the purpose of this article we will focus on it’s use with cryptocurrencies. Blockchain is an open distributed ledger, think of the accounting ledger where all transactions are recorded for record keeping. Blockchain allows computers to maintain this ledger on a peer-to-peer network by validating new and old blocks and ensuring that there are no alterations.

This all sounds great. How is this useful?

Here are a number of use cases which represent MAJOR DISRUPTION

  • Financial services: Asset Management Trade Processing and Settlement
  • Insurance: Claims processing
  • Payments: Cross Border Payments
  • Smart Property: Cars, Houses, and Property Titles can be stored on the ledger.

We referred to useful coins in the initial paragraph.  What did we mean by this?

Coins like Ethereum and NEO include Smart Contracts.  Smart Contracts are embedded on the blockchain and are similar in nature to a physical contract.  They include a set of defined rules or obligations that must be completed before the transfer of digital currency is completed.

To put this into context. Here are a few areas that Smart Contracts would work exceptionally:

  • Fundraising and ICO’s
  • Online Gambling
  • Payments & Lending

Many Initial Coin Offerings (ICO’s) are completed through the Ethereum and NEO networks which further emphasize their importance.  You can read the whole list here (have fun scrolling).  The bottom line is you should develop knowledge in these areas and at least be able to contribute to a conversation at a cocktail party.  If you have the risk tolerance, you may want to make an account on an exchange and get more involved.

Comprehensive explanation of Bitcoin and Ethereum? Look no further

Figure out what you’d like to accomplish this year.

  • Write it down
  • Find someone that can help hold you accountable
  • Review quarterly to ensure your everyday actions and efforts are propelling you towards your goal
  • Push yourself and make sure you’re keeping a positive mindset

For example, I’d like to continue travelling this year. I picked up a scratch map of the world with erasable countries to keep record of locations that I’ve been to. You can pick up a map for yourself here.

Take control of your finances this year. Stop overpaying your discount brokerage and open up a low fee account similar to Questrade. It’s free to purchase ETF’s and commissions on stocks remain low. Fees add up and eat into performance over longer time periods so make sure you’re taking action to reduce these impacts. Wishing everyone a prosperous 2018!

It’s Time to Win Big!