In the latest episode of the Go Full Crypto Podcast, we decided to pick three cryptocurrencies and perform a simple analysis of them. This is not a technical analysis, we don't talk about charts, stats, or articles of importance. Our mission is to make cryptocurrencies consumable for the general public. Ideally, we break down cryptocurrency concepts using relatable, and understandable terms. The most common way we hear about people getting into cryptocurrency, is through FOMO. If people can take a moment and ask themselves three about the investment, then perhaps they will avoid making bad investments in the future.
Three Points of Analysis
The three things we want people to consider before making any investment are the following.
1. Who is actually behind the project
2. what is unique about the project,
3. How does the coin actually work?
These three factors will end up revealing quite a lot about the nature of the investment. The answers to these questions may reveal undesirable qualities about the investment.
Who is Behind / Backing the Project
Who is actually behind the project? Who is the founding team, and where are they now? What direction are they taking the project? This is important because the people/person that is behind the project can influence the direction of the project and the way that the project is perceived by the public. The lack of a current leader for Bitcoin lends credence to the narrative that Bitcoin is the people's currency. Satoshi once led the project, and now they've left the world stage. Furthermore, Satoshi's identity has never been found out, and so the founder has remained anonymous. No other project has this characteristic. Tether has Tether LTD, and BAT has Brave Software Incorporated.
What is Unique About the Project
What does the project have to give to the world? Is there something this coin does that no other project in the world has to offer? What is the coin actually known for at the end of the day? How is the coin marketed, and who does the marketing? It is supremely difficult to build a cryptocurrency from the ground up, and have a massive population adopt it on a global scale. The unique aspect about a project is essentially what will hook people into using it. In the case of Bitcoin, its the most widely distributed, and decentralized network on the planet. Bitcoin is not centrally controlled by anyone, and therefore is most resistant to being tampered with. On the other hand, something like USDT is stable, and that is its unique aspect. The basic attention token flips the advertising model on its head, offering people an alternative internet browsing experience. All three of the aforementioned cryptocurrencies bring something entirely different than the others.
How does the Cryptocurrency Work
Here at Go Full Crypto, we refer to the way that the cryptocurrency works, as tokenomics; Token Economics. In Episode 5 of the Go Full Crypto Podcast we talk about Bitcoin mining. Bitcoin is built from the ground up to be deflationary in nature. The supply leaks into circulation through the process of mining at a deflationary rate. The amount of Bitcoin is fixed at 21 million coins. These are just two of the factors that dictate how the coin works. Often times, cryptocurrencies are dictated by the smart contracts that drive them. Looking at how the smart contracts are written will tell you how the cryptocurrency works. In the case of Tether (USDT), there needs be one USD in a the Tether LTD bank account for every Tether in circulation.
The Go Full Crypto Vision
We want to help people opt-into the world of cryptocurrency, one dollar at a time. In order to do this, people must need a reason. They need their own "why" behind discarding their government currency for the world currency of the future. Go Full Crypto is putting out content to help people discover the reason why they want to get involved in cryptocurrency.
If you like our content, and want to see us produce more, consider donating to our podcast. We are ad-free and would like to keep it that way.
BTC - 1H3mLLktD8hhaZCKfVKrgF2fRSYYbnsptC
ETH/ERC20 - 0x7E51bd8BBb9B85A477F3244a29290E2F579A2bAa
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