Last week, I got this email from Robert Hahn, whom I interviewed a couple of months ago on this podcast. He wrote:
Hey Francis! I listened to your most recent podcast with Rejoice. Afterwards I looked into investment in crypto a bit. I was wondering what your thoughts are on platforms for buying and storing the virtual currency. I was also interested in Nano (for its more environmentally conscious approach) and Monero (better privacy, but that may be a fault because it makes it a favorite for dark money). I'd be curious to hear why you chose Bitcoin...the assumption that widespread adoption will win the race?
For the best platform for buying cryptocurrency, I like Kraken.
https://r.kraken.com/Q1RBx
For storage beyond what you're comfortable losing, Ledger is a great bet.
https://shop.ledger.com/pages/ledger-nano-x?r=a673bccc2782
I answer some of his questions in a general way and I didn't talk too much about the two crypto coins that I mentioned, so I will address them here in the notes briefly.
First, I love to use CoinMarketCap.com to see the market share of the crypto coins.
Nano is ranked #60 (as of April 12, 2020). That's a deal-breaker for me.
I would research a top 20 coin and I would take a good look at a top 10 coin, but if it's not in the top 20, then forget about it. It's insignificant and will probably remain so. It won't change the world. And it will probably fade away.
I'm sure some critics would question its environmentally responsible claims.
Bitcoin is a power hog, but that's the price we pay for having bulletproof security. So far, more environmentally friendly solutions have their problems.
Remember, the global banking system requires far more resources than Bitcoin.
Monero is a fascinating privacy coin that is ranked #14.
As cool as it is, ZCash has slightly better technology and you can create privacy features within Bitcoin via technologies such as:
- The Lightning Network
- Mimblewimble
- CoinJoin
- Wasabi Wallet
There are MANY efforts researchers are making to improve Bitcoin's privacy.
I suspect current solutions will satisfy most privacy enthusiasts.
If they don't, then Bitcoin developers will probably come up with a better solution soon. There are armies of brilliant programmers researching this issue. Other coins lack such development teams.
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