Financial expert Ric Edelman will talk to students on Thursday, October 20th about the ever-changing crypto and blockchain economy through the context of the “Crypto Winter” that blockchain investors are currently facing in 2022. Did.
The Edelman Financial Services frontman has spent over 35 years in the industry and has authored 12 books. His latest publication, The Truth About Crypto, details his insights into the future of this revolutionary technology and how cautious Americans should be.
For those obsessed with Bitcoin and other cryptocurrency ideas, Edelman’s hour-long presentation at Rowans Business Hall left little room for misunderstanding.
“We have all heard [bitcoin]said Edelman. “Few people own it, and even fewer can describe what it is. So I’m going to do it for you.”
His main emphasis stems from the differences between the trust industry and the certificate-based economy in the current American economy. His discussion of why the trust market is obsolete points to the negotiating middlemen and their tendency to inflate prices for unnecessary causes, especially the real estate market.
He detailed how certificate-based marketplaces work with the recently developed distributed ledger technology (DLT). It’s free to access, blockchain-style software that instantly encrypts and authenticates your ownership or sale. This removes the middleman from the transaction.
According to Edelman, the technology was “the most technological innovation since the Internet” and Bitcoin was the first product that could be sold on DLT.
He explained how the top companies in the country are seeing the direct benefits of cryptocurrency. With the ability to send money internationally and securely, wire transfers became a thing of the past, and big companies like Walmart began installing Bitcoin ATMs in stores across the country for consistent transaction efficiency. I’m here.
“You can donate to charities with Bitcoin. You can donate to politicians. Universities are increasingly allowing students to pay tuition with it,” said Edelman.
Investment professionals are unconditionally aware of the opponents of new payment technologies and consistently advise keeping only 1% of your investment portfolio in cryptocurrencies. Edelman explained that with his Crypto Winter now, the value of Bitcoin is currently unknown and speculative estimates are creating misinformation in the community.
Non-Fungible Tokens (NFTs) hold the most colorful future for crypto investors. NFT miners promise virtual reality experiences with customizable, one-sided avatars. This is a product driven by Meta’s new frontier, the Metaverse. Aside from claiming ownership of digital art, NFTs today have the inherent property of having no real-world value, so they are not financially or idealistically, especially speculatively. Controversy arises from property owned.
Junior business student Roman Glenn watched the presentation at a table next to an array of food available to the audience in the main room of the Business Hall.
“I definitely think Bitcoin has some uses,” said Glenn. “I think it holds more value if more people use it as a form of trading rather than as a speculative asset that goes up in value.”
Edelman said one of the biggest advantages of blockchain technology is that it is “not a centralized database.” The current centralized system of online marketplaces is highly vulnerable to hacking as all the platform’s data is stored in one place. However, governments, including the United States, are using Bitcoin and decentralized databases to their advantage.
In early June 2021, Russian hackers successfully compromised the database of the Colonial Pipeline, a major gas and oil artery in the United States. Hackers shut down entire pipelines, sending gas prices skyrocketing in affected communities. A week later, hackers sent her a ransom note demanding $4.4 million in Bitcoin.
“Bitcoin is anonymous. It’s digital and it’s fast,” Edelman said, explaining why Bitcoin is the currency of choice for these hackers.
But as fast as the money was out of pipeline pockets, the FBI tracked it down.
“They paid $5 million in Bitcoin to an anonymous address. It took the FBI two weeks to get the money back. Because digital money leaves a digital footprint and the FBI was able to track it.” ‘ said Edelman.
Edelman explained that this is the main reason why governments around the world have started working on Bitcoin and other blockchain technologies. Because the digital footprint is traceable, cash and bank robbery can create an economy that is a telltale sign of a digitized market.
An in-depth lecture from an expert can clear up many doubts about cryptocurrencies, but some students may have similar rules to Glenn’s.
“My parents are completely against it now. So they’re kind of telling me not to invest. [in crypto]said Glenn.
Following his presentation, Edelman gave students the opportunity to receive a signed copy of his novel, “The Truth About Crypto,” which explores the crazy world of cryptocurrencies in more subtle detail.
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