4 Ways to Break Into the Blockchain World
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4 Ways to Break Into the Blockchain World

By SiliconIndia   |   Friday, 22 December 2017, 09:27 Hrs
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With blockchain gaining momentum, as popular cryptocurrencies like Bitcoin and Litecoin continue to deliver incredibly high returns, it has become increasingly difficult for ‘newbie investors’ to find a stake in the evolving community. It can be extremely intimidating, given the complex nature of the technology, to get started and actually make your first investment. 

Luckily, there are a number of different resources and tools that can help new entrants get up to speed. The ‘right’ pieces of content will teach you everything, in detail, from the process of ethereum mining to building your own investment thesis.

Navigating this growing stockpile of content can be a real challenge. So I put together a list of 4 ways to break into the blockchain world, here it is:

1. Research the technology.

Before diving into any of the long-term implications of technology, begin with a basic understanding of blockchain. Understand what a blockchain is, how it can be used in the real world and what popular implementations of the technology, today, are doing. 

You would be surprised by how many cryptocurrency investors glaze over this first step and form their investment thesis without understanding the bare details of where this technology works (and where it does not). Comprehending these nuanced, yet important details will be extremely important in the long run. Given the volatile nature of the currency, you will often be forced to question your investment’s resiliency. Without understanding the fundamentals, it will be near impossible for you to do so.

2. Find an active community.

One of the most interesting components of the blockchain ecosystem is that it is extremely decentralized in nature. In other words, there is no central authority or hub who oversees the broader ecosphere. For better or worse, this has created an extremely splintered citizenry, in which there are hundreds of small niche communities all covering different areas of blockchain.

There are communities dedicating to providing resources on a certain ‘altcoin’, while others are more geographically oriented. And they are growing quickly!

Though this can be intimidating at first, finding the right community that aligns with you and your interests can be extremely impactful on your long term career as an investor. Communities, in the form of forums, blogs, and Youtube channels, often provide a number of different resources to help members learn about the latest advancements of the technology. Given that we are still in the early days of this movement, there are a wide variety of leadership opportunities budding inside these communities. Invest the right time and resources and you can quite likely find yourself managing a major part of one!

3. Find a mentor you can trust.

Given the volatile and unpredictable nature of cryptocurrencies, it can be extremely scary walking into the blockchain world alone. Therefore, it is often best to go at it with a mentor. The ideal mentor is someone who has been involved in the space for quite some time now. These are people who have failed time and time again and know exactly what it is like to be in your shoes, just starting in the space. And finally, they want to give back. They are not just financially incentivized and are willing to help you out for free for the good of the community.

These are people who you can rely on to help you answer not only the complex questions, but also some of the easy ones that many beginners struggle with. You can save yourself tons of time and money by avoiding these naive mistakes and asking an expert for help. Find someone you can trust! Over time, they will become one of your biggest assets as you further explore the world of cryptocurrencies and blockchain. Who knows? They may even become your business partner one day!

4. Subscribe to a daily newsletter.

It can be extremely overwhelming having to navigate the constant downpour of information coming from the crypto-world. Seemingly every day, there is a new monumental event driving the headlines. As an investor, you want to ensure you are not reactionary and emotionally driven, meaning you are making investments based out of true logic rather than pure instinct. It can be really hard to avoid doing this, given how romantic the media paints the mood, but it is extremely important to stick to numbers over emotions.

A great way to avoid the news deluge is to subscribe to a simple newsletter that boils down all of the important information of the day into one, digestible piece of content. You will quickly realize that all of the fluff going on in the fintech world is largely a waste of your time. Avoid this nightmare and just stick to one or two really solid newsletters that will ensure you are getting all of the information you need on a regular basis.

An extremely popular newsletter that you should check out is Coinzy - they curate all of the top information from today’s blockchain world and turn it into an eight minute twice-daily newsletter. Reading this newsletter is a super low time investment habit that can pay dividends long term. 

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