Accessing the Universe of Cryptocurrency: A personal experience by Dr. Julian Lekocaj
Accessing the Universe of Cryptocurrency: A personal experience
Cryptocurrency is the digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger, existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It does not exist in physical form (for example paper money) and is typically not issued by a central authority.
Bitcoin, first released as open-source software in 2009, is the first decentralized cryptocurrency. Since the release of bitcoin, over 6,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) have been created.
According to CMC statistics there is a large number of cryptocurrencies, but the most valuable ones are: BTC (Bitcoin), ETH (Ethereum) and BCH (Bitcoin Cash).
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In addition, the vast majority of cryptocurrencies have an origin based on several number of projects, where founders and developers try to sell as many tokens as they can all the round the World in order to increase their budget before launching their project, which also will be identified by a unique cryptocurrency.
During this period of time a large number of transactions will take part, while both innovators and clients decide to share together the risk of ending up in a bankrupt or to succeed.
For instance, after a very successful campaign, despite the credibility and the sustainability showed during this phase in most of the cases many failing events have occurred and consequently causing to cryptocurrency clients a huge and irreversible loss.
My story is similar to a million of amateur users who decided to take that risk of investing some of their earnings into the fabulous universe of cryptocurrency.
February 6, 2018
I took my credit card and made a fast and courageous choice, while between a group of ten upcoming projects suddenly decided to go for KRIOS, a global, digital platform that connects employers with freelancers in order to provide a unique, results focused partnership. Everything went smoothly as I purchased my first tokens plus a bonus of additional ones earned by taking advantage of their promotional offers.
At that time KRIOS was just a newborn platform where employers would hire freelancers to complete tasks such as web and mobile app development, SEO, social media marketing, content writing, graphic design, admin help and many other marketing projects.
In addition to this, in order to explore blockchain applications, I was recommended by a friend to install METAMASK and connect my contract with this digital wallet, in order to have a better view and centralize the control of my available tokens, but at the same time use this application to transfer my KRIOS to other exchanging platforms.
Consequently, I had two respective choices, to transfer my tokens to other platforms with a certain exchanging rate or to sleep over my contract and wait till my KRIOS price would raise.
Since it was still the beginning and I had not enough information about what I was doing, decided to continue with the second option, without being aware of some consequences.
For information, METAMASK wallet is totally based on ETH (Ethereum) transaction fees and unfortunately (which I later discovered) purchasing ETH cryptocurrency from Albania, the country where I live is currently not available with PayPal or Credit Card unless you are in possession of a BTC (Bitcoin) contract and can use this cryptocurrency to buy ETH.
June 18, 2020
KRIOS announced an immediate swapping update, as all users were recommended to distribute their tokens into TNC coins released on the Aladdin Pro Wallet, otherwise the old contracts would handle the future risk of being terminated without warning.
Therefore, approaching the deadline I was facing the reality of losing my investments without any explain. A sudden move from KRIOS company to swap the tokens to TNC would cause an unpleasant situation that I could never find a solution.
No replies, zero responsibilities…
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All things considered, having a cryptocurrency wallet does not mean that everything is done and you are ready to collect your profits.
Most of all, everyone who wants to invest in crypto projects, must do research. They must read and be aware of the risks, of loses and wins. Investment in cryptocurrency means a long-term investment and profits are not made in a day. Therefore, everyone out there need to read carefully all the required information, be patient and be prepared to integrate a second or even a third plan to protect their investments.
In my opinion, better raising your investments into a diverse wallet of cryptocurrencies than losing everything. Remember, you need at least a second cryptocurrency; e.g. ETH, BTC or BCH; you need a second choice or plan no matter what it is in order to make a move and invest. Despite any eventualities, by following these procedures and understanding the respective rules, broadening your knowledge and embracing the financial ecosystem of cryptocurrency, will open the doors toward a prospective future.
 Andy Greenberg (20 April 2011) Forbes. Archived from the original on 31 August 2014. Retrieved 8 August 2014.
Author: Dr Julian Lekocaj
This is a guest post, and not our point of view. You should do your own due research before taking investing or taking any action in relation with the promoted project, company or any coin/token. CryptoNews Lebanon is not responsible in any way to loss or damages caused directly or indirectly with the use of or reliance on any content mentioned in this article.