Unless you have been living under a rock you have heard of Bitcoin. If you have paid any attention you know it is has made some people millions and others have lost lots of money. I have a vague understanding of the concept of a cryptocurrency. First Bitcoin is not backed by any government, though some governments are incorporating their own cryptocurrencies into their economies. Bitcoin is “mined” by complex computers solving complex equations. Bitcoin and many other cryptocurrencies use blockchain technology which decentralizes data making it significantly less vulnerable to hacking or file corruption. It essentially keeps multiple copies of the same record on lots of computers at the same time. It would take hackers lots of computing and man power to change every record at the same time which is why it is virtually hackproof with today’s technology.
Another way to think about blockchain technology is by comparing it to Google Docs or Microsoft’s OneDrive. These programs allow multiple users to edit the same document at the same time. In years past if multiple people needed to work on a single document only one person could work on it at a time and then it would need to be transferred via email or file transfer. It was very easy to end up with many copies and none of them would be completely accurate. With a Google Docs or Microsoft OneDrive each user will have a copy that is constantly updating with the other copies ensuring that everyone always has the latest information. Decentralizing the information means that even if one copy gets hacked or curropted the other copies will still be intact. Blockchain technology decentralizes the data and the transaction process to ensure that no one single set of information is critical to the process.
I heard from a friend at work about R-2B, a new upcoming cryptocurrency, which is geared towards the Asian market. I have heard on the news that China and South Korea are cracking down on the use of Bitcoin because it is so difficult to regulate. So I figured this might have some potential to serve and underserved market. I checked Yahoo! Finance and found that there are currently 110 different Cryptocurrencies so who knows, one of those might already be doing that.
Here’s how to view all the Cryptocurrencies on Yahoo!:
R-2B coins are “pre-mined” which means they will release a set amount of coins and no more will be added later. In contrast, Bitcoins are constantly being mined and added to marketplaces. They are funding this with pre-market sales by offering coins at a slowly increasing price. As the price goes up, the quantity of coins available at each price decreases. So as I write this on 1/12/2018 there are 405 remaining coins at the price of 6.07. At the next level, they will sell 1,645 coins for $6.08 each. Next, they will sell 1,642 for $6.09. This will continue until they sell 55 for $188 each. The intention is to release the coins to the market at a price of $188 per coin.
I don’t fully understand how this will work or even if it will work. I may have contributed to a pyramid scheme of some sort. I’m not totally sure about any of this, but I will update you as to how this goes. I always learn by doing. I learned everything I know about cryptocurrencies after I made the following purchase:
On 12/29 I followed the link a friend send me and paid a $28 maintenance fee. I received 9 “coins” that were valued at $2.83 each. After that initial fee, I had the option to buy a variety of packages. The lowest priced was $100, the highest was $50,000. Anyone who paid the initial $28 could buy an unlimited amount of packages. Most packages have a percentage bonus which increases as the cost of the package increases; 4% bonus on the $500 package all the way to a 30% bonus at the $50,000 level. They are also doubling the packages after that.
I bought the $500 package, which had a transaction fee of $15. I was given 367 additional “coins,” valued at $2.83 each. This brought my total holdings to 376 coins with a total investment of $543. I used my American Express card for both purchases and paid the $543 off with my side hustle checking account. Credit cards have better protections than debit cards though I’m really not sure if I will ever see the money again.
Immediately after I paid the $543, I could see my R-2B account, it showed my value at $1,064.08 nearly twice what I paid.
If indeed the price does get to $188 my 376 coins will be worth $70,688! No risk, no reward.
WARNING: ALL CRYPTOCURRENCIES ARE EXTREMELY RISKY. NEVER PUT IN ANYTHING YOU CAN’T AFFORD TO LOSE! NEVER PUT IN ANYTHING YOU CAN’T AFFORD TO LOSE!
Disclaimer: If you follow the link below and buy anything I will receive a small commission. It doesn’t cost you anything more and you must have a referral link to buy into this currency.
If you want to get in on this follow the link below. Be very careful and only invest what you can afford to lose. I only invested because I had made a profit of more than $5,000 on other investments and I could afford to take the risk.