top of page

Succeeding in Cryptocurrencies: The Four Winning Qualities You Need

It's no exaggeration to say that blockchain is changing the world.

Major industries and institutions are being transformed, and some don't even know it. Thanks to Bitcoin and other cryptocurrencies, the concept of money and finance, and how we relate to them, is evolving in front of our eyes.

Getting in now means jumping into the driver's seat. The only limits are your own creativity and the skill to turn it into reality.

If you want to liberate yourself from centralized society, here are the Big Four qualities you need:

1. Innovation

Cryptocurrencies are new, and the field forming around them is even newer. Every idea is an innovation and everything is possible. That's the nature of the field right now, and even more so for the period of steep growth that's just around the corner. Those who are ready to push change are going to create ways to do it.

The field itself was launched with a massive innovation from Satoshi Nakamoto, the pseudonym for the anonymous person or group that launched Bitcoin in 2008. Satoshi was the first to apply blockchain to solve the problem of “double spending” – how to prevent people from using digital money more than once. The nature of the Bitcoin network itself is decentralized - a first in finance - dictating a new world that embraces the absence of control by any single entity. Satoshi’s application made Bitcoin the first viable digital currency. Since then, other innovators have entered the field to keep it moving forward.

Take Vitalik Buterin, the programmer and entrepreneur who created Ethereum, a coin that extends decentralization from the area of currency to the field of contracts. He didn't just create a new application. He invented a new technical environment that anyone can use for their own innovative ideas. Not surprisingly, the cryptocurrency world loves Ethereum. Its price has jumped by 5,000% - from $8 to over $400 - in 2017 alone.

Or take J.R. Willett, who invented the ICO (initial coin offering), an alternative to the way people raise money for projects. Think of it as cryptocurrency's version of Kickstarter. Through ICOs, people can simply create their own coins and look for investors who will gain a share of the coin's ownership. This is both revolutionary in application and a clear outgrowth of an industry committed to community-building.

As the field grows, the most successful people will be those who are looking to create value, stay on top of trends within a rapidly-changing environment, and push the field forward. Those who need instruction from above may find themselves swimming against the tide.

2. Inclusiveness

The ideology behind cryptocurrencies is about making the technology available to everyone. That's why people are rushing to the field. They know it's so much more than a business opportunity; it's a chance instigate international change. The culture behind it is all about inclusion and a level playing field. It's not an opportunity for the big players taking control. Rather, it's about everyone having equivalent access and having the chance to make a difference.

All of the early adopters - those who were inspired by the potential of blockchain - have at least one thing in common. They want to empower the individual. That's what decentralization means - it puts people in control of their lives rather than being at the mercy of institutions. That's what makes it so exciting.

The entire cryptocurrency field is based on the concept of inclusiveness. You must adapt to this attitude to succeed in the field.

3. Unquenchable Thirst for Knowledge

Information about blockchain, Bitcoin, and the other cryptocurrencies is available online - but you have to do the work to find it. There is no academic course to take, and no degree to earn, that covers all of the bases. In this field, the most knowledgeable people are the ones who delved the deepest in finding the information on their own.

There are already books, hundreds of hours of YouTube videos, websites, newsletters, and all types of opportunities to catch up with what there is to know (click here). There are people willing to share their own knowledge. The first wave of people who understood the significance of blockchain are usually happy to share what they know. Take advantage of all that information.

But here is the real news - no one is going to hand you the information and push you to learn it. You have to want to learn, and that means looking high and low for anything that can help you develop more knowledge. That depends entirely on you. The more you crave to learn, the further you'll go with cryptocurrencies.

4. A Craving for Challenge

With everything so new, the field is full of challenges. There is no standard approach you can follow to get a job. Finding a company you like is a challenge. Getting through the door at that company is another challenge. You can't simply submit your CV, wait for someone to call you for an interview, and start working a 9-5 day. That's not how things work right now.

In fact, getting a job in the field is your biggest challenge, after chasing the knowledge and adapting to the culture. Landing the right job in the blockchain field requires some creativity and a great deal of research. It means talking to people who can help you move forward (yes, like me, but not only me.) It means being comfortable with forging your own path and not relying on conventional wisdom.

It's challenging to be at the forefront of something so new and powerful. If the thought of facing that challenge excites and energizes you, you know you've found your calling. If it feels like too much work, you may not be right for this stage of development. But the next stage is coming fast, so stay on top of trends and push for your opportunity.

bottom of page