The FINANCIAL — Lot of people thinks on how to become a millionaire. However, considering unemployment, high competition in standard markets, it is not easy goal to achieve. However, people familiar with technologies, programming, find it easy to use market opportunities wide open by Blockchain technology, and gain millions and billions of US Dollars offering novelty, which is not local anymore, because technology enables us to be world citizens and make global offers and services.
Nowadays we see how technology change, and may already foresee the future, with main terms stating “Blockchain technology”, “Cryptocoins”, “Peer-to-Peer” interaction including payments, smart contracts, or other services, without need to involve intermediaries, that drastically change today’s world order in years to come.
Technology innovators developing systems and obtain financing through new way of crowdfunding, which is based on Initial Coin Offering (ICO’s) which bypass the rigorous and regulated capital-raising process required by venture capitalists or banks. Supporters of initiative buy coins, referred as “Tokens”, which are similar to company shares.
If we look on dynamics of 2017 on growth of crypto assets ranked by performance, we will see that best performing was Ripple (XRP), which grew by 36000% from 0.006 $XRP to 2 $XRP during 2017. Itmeans that by spending $3000 US Dollars equivalent in XRP procurement during January or February 2017, and waiting 10-11 months, investor could become a millionaire at the end of the year.
Some sources state that XRP is a “pump and dump” altcoin and reason of growth is method of speculation of banks behind asset. From beginning of 2018, we have already seen sharp rise and drop of XRP. Consequently, recent entrants should be frightened with big and continuous loss of cryptoasset value from January 2018. Longer period will show the actual trend, because cryptocoins are not for a short period gain due to its high volatility.
Some economists and world known investors say that cryptocoins are bubble, which will burst and hurt lot of people. However, it is not wise to put all coins in same basket of judgments, as some of them provide true value, using modern technologies and solutions. World needs to support shift to data technologies, because usage of smart gadgets and robotics increase, along with the need to have cyber secure environment.
It is important, that before investing in any cryptoasset, depositors make due diligence to find out team, product offering, market segment, and future usage prospects behind the offer, avoiding blind spending. Simultaneously investment should be tolerable for longer period return, or even loss. There is no guarantee for gain, but based on 2017 dynamics, worth to try on own risk.
Jaba Tarimanashvili, Business Analyst and Director of Maritime services and Transportation company Trans Logistic, Business Administration Doctoral Student, of Batumi Shota Rustaveli State University.