Bitcoin’s 2019 New Year’s Resolutions: How Can Crypto Assets Reclaim Its Buzz and Excitement
It is the first day of 2019, and there are many days ahead that could decide the progress of the cryptocurrency world. Most people take this first day to begin on New Year’s resolutions, which often focus on bettering themselves in one way or another.
However, on Nasdaq.com, investors will find that this company has already come up with some ideas that could help both Bitcoiners and the crypto industry.
The first of the seven recommendations is a fairly simple task – “Teach five people about Bitcoin and help them set up a wallet.”
The problem with the cryptocurrency industry is that there are not enough players to make it mainstream, and there is a substantial amount of people that don’t even know how to get involved. Any Bitcoiner who has been in the industry for a few months has a firm enough grasp to share that knowledge and can even help a friend learn about the best ways to protect their wallet in the meantime.
Next is a more complex task – “Set up a full node.” Despite the millions of investors in both Bitcoin and altcoins, many have not setup a node yet. Nodes help to keep Bitcoin secure and choosing to take on your own full node means that there is no need to put faith in someone else to handle the work.
Bitcoin.org provides a full list of supplies and other components necessary to setup a node. Some of these items are simple – like a computer with the most recent version of the applicable operating system, while others require more work – like setting up an unmetered connection. However, Bitcoin.org and YouTube can provide simple tutorials on making this happen.
The third item on the list is “Create a ‘Crypto Will.’” Every investor, regardless of if they invest in fiat or crypto, know how important it is to allocate their asses, in the event of their unfortunate passing. However, considering the private key associated with crypto wallets, it becomes more important to find a way to place BTC.
Attorney Pamela Morgan has written about the necessity of this type of planning in her own book. While at an interview with The Tatiana Show, Morgan commented,
“I started asking annoying lawyer questions. Like, ‘if you have a bunch of cryptoassets, can your family access them?’ If you have people who depend on you financially, if you want to have other people in your life, or charities or political causes you like to support, to be able to take advantage of your bitcoin or your other cryptoassets, you have to do something. If you do nothing, [it’s] pretty sure that your assets will not go where you want them to go, if they end up anywhere at all.”
If there are concerns about how to setup this kind of will, investors are encouraged to seek out their own lawyer.
The fourth resolution suggested is “Get control of your private keys.” The private key is the unique code that investors use to connect with their Bitcoin, and millions of dollars’ worth of keys have already been lost, leaving those tokens forever out of circulation. Investors that want to actively be involved can participate in the Proof of Keys celebration, which takes place in two days.
Fifth on the list? “Go back to Bitcoin’s roots.” When the cryptocurrency industry was birthed a decade ago, these digital assets and their platforms were meant to be something largely different. If the Bitcoiner has not already, Nasdaq.com encourages investors to read the original whitepaper, putting the industry in perspective.
Regardless of the experience level, any knowledge gained through the participation in the industry is valuable. Both the Bitcoin Meetup Wiki and Bitcoin’s page for Meetups.com have opportunities to meet like-minded Satoshi enthusiasts.
The sixth resolution in the recommended list could be interpreted in a Bitcoin-related way and a self-improvement way, unless the participant combines them into both. This recommendation says,
“Challenge yourself to learn or do something new or outside your comfort zone.”
Everyone in the industry has their niche that they see themselves as an expert in. Though developers may have an easy time with this challenge, the new challenge could be something as simple as reading an economics book or pursuing a conference that helps to further knowledge in the crypto industry.
The final resolution recommendation has the same sentiment as the latter, in that it can be applied to both cryptocurrency and to their personal life. This resolution simply says, “Resolve to be a positive force.”
It is not a well-kept secret that cryptocurrency, especially Bitcoin, suffered greatly this year, and it hard to take a positive stance after so much loss. However, Bitcoin has always had ups and downs. As the new year begins, remind yourself that the industry could soon be looking up instead, especially as investors everywhere take note of these ideas.