Bitcoin is often referred to as digital currency and as an alternative to traditional money. What makes Bitcoin special compared to other currencies is that its network is decentralized and it is not used much in retail transactions. Bitcoin has a value that is similar to gold, as it can hedge against inflation and it is limited in quantity with select use cases. The technology behind Bitcoin is blockchain, and there are many use cases across the financial services space. Travis Bott, an entrepreneur, and pioneer for crypto believes that a successful currency must have the following: scarcity, divisibility, durability, and resistance to counterfeit. These attributes allow crypto to have the widespread adoption use case to make it safe and secure.
Travis believes that regardless of the type of investment, there will always be some risk involved. You must weigh the potential reward against the risk to decide whether it’s worth putting your money on the line. Being aware of the relationship between risk and reward is a crucial piece in building your investment philosophy with crypto. Travis suggests that the best bet is to use a trusted brokerage platform because they have a good security protocol and quick application to protect customers. Since he was an early adopter, he has a lot of experience and can give the right guidance to newcomers.
Despite all the benefits that crypto can introduce, Travis does caution people to be on their toes about which exchange they use, who they partner with for crypto projects, and making sure that you don’t fall victim to fraudulent crypto activities. As someone who first-hand experienced malicious actors in the crypto space, he has learned that it is important to do thorough research about a project before involving yourself in it. To learn more about Travis, visit his instagram.