Crypto and Blockchain: Are They Worth Getting Into?

Drake B. Meyer

By Drake B. Meyer



blockchainWith any new technology, fortunes can be made or lost depending on where you fall in the adoption curve.  The internet, the dot-com bubble, smartphones, apps, and social media are perfect examples of technological advances that have shaped the world and left many kicking themselves for not investing in the idea when they first heard about it. Now many ask if the Bitcoin, crypto, and blockchain buzzwords they hear are the next opportunity to get in early and gain wealth. Blockchain and Bitcoin have been around for over 14 years, yet only an estimated 13-16% of Americans have owned crypto. Does this leave an opportunity to still “get in early”? Possibly, as there can be expanded use of technology beyond “currency.”

However, many still don’t fully understand the technology and it is important to be cautious when entering unfamiliar waters. As with other technologies that excelled, there are plenty that never took off or went bust like Laserdisc or Zune. The other concern is when technology becomes obsolete like VHS, DVD, and Blu-ray. This is not to say you must be an expert in space before becoming involved. I am not a mechanic, pilot, or doctor, but I still actively drive a car, fly, and take medicine without fully understanding the technology.  As with anything, it is important to exercise due diligence before putting money into anything new and understand potential risks. We trust in many things because of either government regulation or incentives for private business to ensure it works properly.

In brief, the blockchain underlying most crypto is a digital ledger kept by numerous decentralized computers which solve formulas to validate the authenticity of transactions and add them to “blocks” on the chain. This ledger is secure due to the large number of independent sources validating each transaction and maintaining the chain which may be reviewed at any time by anyone. This concept of decentralization is what helped drive its popularity following the great recession of 2008 and why some feel it can be trusted due to it not being under the control of one entity or government.

Crypto regulation has been slow to be adopted and this has led to, although warranted, perceived risks. There are numerous types of crypto and as with the dot-com bubble, there are some that are busts or shams. Continue reading »

Blockchain: Beyond Cryptocurrency

Drake B. Meyer

By Drake B. Meyer



As with any new technology, the innovation adoption curve describes the categories of groups involved in the technology at different times. For adopters of  blockchain, the curve looks like this:

  • Innovators: The first 2% of adopters;
  • Early Adopters: The second 13.5% of adopters;
  • Early Majority: The third 34% of adopters;
  • Late Majority: The fourth 34% of adopters; and
  • Laggards: The last 16% of adopters.

Over the last two years, research has found between 13-16% of Americans have at one time owned cryptocurrency. This falls squarely into the Early Adopters Category and is approaching Early Majority. While many are still skeptical of cryptocurrency, the underlying technology is likely here to stay due to the multitude of uses beyond cryptocurrency.

The history of crypto and blockchain began when a white paper was released in 2008 by the pseudonym Satoshi Nakamoto which laid out the concept of bitcoin and the underlying blockchain which made it functional. While the code and formulas that run blockchain are far too complex for this article, the concept boils down to this:  Blockchain is a digital ledger kept by numerous decentralized computers which solve formulas to validate the authenticity of transactions and add them to “blocks” on the chain. This ledger is secure due to the large number of independent sources validating each transaction and maintaining the chain which may be reviewed at any time by anyone. Continue reading »

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