DOMINATION REPORT
What You Need To Know About The Cloud, Bitcoin and Cryptocurrencies
What is 'The Cloud?' Where is it? How do I get money from it? How do I put money it? Where does the money go when I put it in 'The Cloud?' Where does the money come from when I take money from 'The Cloud?' These are questions I still grapple with in our new age of digital finance.
Is 'The Cloud' the place I should be storing some of my wealth now? Can I trust 'The Cloud?' Should I be invested in digital currencies as an alternative investment? I can't answer that question for you. What I can do, is share some interesting facts with you that can enable you to make a knowledgeable decision regarding digital finance for yourself.
First off let's remove the mystique from the term 'The Cloud.' The Cloud isn't something magical, it is a new development in the way business is being done. The cloud is just a metaphor for the Internet. Cloud computing is a means of storing and accessing data and programs over the Internet instead of from your computer's hard drive. The term most likely came into being behind the way the internet was displayed on flow charts, as a puffy cloud.
'The Cloud' is a network of servers. Some of these servers provide an online service, like Adobe Creative Cloud, and other servers in the network allow you to store and access data, like Instagram or Dropbox. You pay a company like Apple or Google to store files that belong to you and provide you with access to them when you ask. If your data exists “in the cloud,” it actually lives on a company’s server, and depending on that company’s terms of service, you may or may not actually own or control that data once it is transferred to cloud storage. This raises very strong concerns regarding security and privacy.
Understanding the way data is stored and the trend of data storage is critical for us today. Why? Because your financial data is just that, plain old data. Before you embark on owning and purchasing virtual currency through the internet, these concepts need to be completely free of ignorance for you to best protect your interests.
There are more than 150 cryptocurrencies, the most popular are Bitcoin, Ethereum, Ripple, and Litecoin, A cryptocurrency is defined by Wikipedia as a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. I have been monitoring the movements of Bitcoin and have watched it gain more than 3 million pips in the Forex market. For us common folks, that's a gain of about US $300 per Bitcoin over the last 5 months.
How to Retire in 5 Years W/ $13K per Month of Tax Free Income
Standard retirement advice is NOT working for the average person, but my little-known strategy (which has literally won a Nobel Prize for the math behind it) allows your money to work way harder for you and start generating aggressive income without the risk and it’s all tax free.
Register here for the training
Can a virtual digital currency be considered as an alternative investment? Bitcoin can most definitely be considered in that light. It is global, easily accessible, and it has maintained its value and gained value for those that have chosen to invest in it.
Let's define the cryptocurrency Bitcoin a little more. Investopedia provides us with this definition:
Bitcoin is a digital currency created in 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government issued currencies. There are no physical Bitcoins theoretically, only balances associated with public and private keys. (Although a Bitcoin vending machine was recently unveiled in Switzerland. Allowing an Individual to purchase a physical Bitcoin.) These balances are kept on a public ledger, along with all Bitcoin transactions, that is verified by a massive amount of computing power. Bitcoin balances are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The algorithm that is used to manage virtual currencies has been given the name blockchain.
The road to Bitcoin's success has had some bumps along the way. Last year in August, the Hong Kong exchange where Bitcoins were traded was hacked and the thieves made off with $68 million of the currency. That is one of the top 10 thefts of all time. I just thought I would mention that because that fact doesn't seem to get much media attention. Nothing like a great robbery to get your attention! This was the time when I started to monitor the currency.
I am a witness to Bitcoin’s unparalleled resiliency. This was the beginning of the $300 gain in value I reported earlier. Recently there was another scare when Chinese authorities made the announcement that an investigation was underway involving Bitcoin exchanges in Beijing and Shanghai on suspicion of market manipulation, money laundering, unauthorized financing, and other issues. This caused the Bitcoin to lose 35% of its value. Once again, Bitcoin rose to the occasion and regained that 35% of value lost within a few days. Apparently digital currency scares may be disguised buying opportunities.
At the end of this discussion cryptocurrencies do conform to our definition of an Alternate Investment. Bitcoins have been able to demonstrate stability, as well as gaining value in a global economy.
The question now remains how comfortable are you with your financial data being stored on the internet in 'The Cloud.' I can say this, the "Big Boys" like IBM, Alphabet, and Microsoft are making substantial investments to make sure you will be comfortable while interacting with 'The Cloud.'
At the time of this writing 1 Bitcoin could be exchanged for $908.66
How to Retire in 5 Years W/ $13K per Month of Tax Free Income
Standard retirement advice is NOT working for the average person, but my little-known strategy (which has literally won a Nobel Prize for the math behind it) allows your money to work way harder for you and start generating aggressive income without the risk and it’s all tax free.