Cryptocurrency is Not a Shortcut to Wealth Generation
Most people think cryptocurrency can do wonders.
I am not mentioning you, the expert cryptocurrency user, a cryptocurrency enthusiast, or any random inventor of cryptocurrencies.
I am talking about the people crying or jumping over the bed in super joy when they see the jumps of Bitcoin and other cryptocurrencies.
I am talking about those people who think that Bitcoin will solve poverty.
I am talking about those overjoyed to see random bot support from a cryptocurrency-pumped blogging platform.
Bitcoin doesn't generate wealth without being pumped (invested) from the fiat world.
Rich people are putting their fiat money into Bitcoins.
Common people risk their hard-earned money in cryptocurrencies, including the top-rated Bitcoin.
Because some cryptocurrency celebrities are advertising for Bitcoin.
However, the fact is that Bitcoin doesn't generate wealth without being invested (pumped) in fiat money.
Some people gain, and a majority lose. That is the game of investment and stocks.
The same principle holds in the realm of cryptocurrencies.
The only exception is that cryptocurrencies are decentralized assets, but stocks are centralized assets.
Cryptocurrency may (temporarily) give some freedom from government tyranny and taxation.
Governments are bringing new rules to control cryptocurrencies.
They are putting additional taxes on cryptocurrency income.
The rules and control of government regulatory bodies govern centralized cryptocurrency exchanges.
Some popular cryptocurrency exchanges are registered with all information, including the private information of the users' wallets and KYC information.
Since most common cryptocurrency users are using centralized cryptocurrency exchanges, one can say that the government regulatory bodies have a good portion of the citizens' cryptocurrency transactions.
That means cryptocurrencies would give temporary freedom from government tyranny and taxation.
For example, I used BitcoinCash to buy hosting and domain names without going through any fiat banking systems.
We can't generate wealth unless some people pay us for our work.
The normal way of earning is to get paid for the work done.
Some people call it salary, remuneration, honorarium, fees, or wages, depending on how the payment is made.
For example, I created a white paper on public key infrastructure for a digital identity startup company, and they paid me some fiat currencies as fees to my bank account.
One of my LinkedIn connections creates digital marketing solutions and earns.
An author writes and publishes ebooks and sells them online to earn.
We create short text blogs on ReadCash and Publish0x and are rewarded by respective cryptocurrency coins according to the rules or features of the platforms.
We can generate wealth by selling our created products or solutions.
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About me
I am a researcher and contribute to the overlapping areas of STEAM (Science, Technology, Engineering, Arts, and Mathematics). I am an active user and promoter of GNU/Linux, Free and Open Source Software. I develop cybersecurity and information security solutions, specifically graphical authentication security.
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Text Copyright © 2023 Debesh Choudhury — All Rights Reserved
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Disclaimer: All texts are mine and original. Any similarity and resemblance to any other content are purely accidental. The article is not advice for life, career, business, or investment. Do your research before adopting any options.
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March 28, 2024
