I had the chance to sit down with Cody Hoffman and glean some insights about blockchain. He was trader at JP Morgan and is currently the founder of Funder, a company that uses blockchain technology to help charities raise A LOT more money for their causes.
You’ve probably heard about the blockchain by now. It is a revolutionary technology that is quickly transforming the way companies operate and business all around the world is being done. Many prominent people in business and technology have been quoted as saying it is the next version of the internet and even beyond that!
So if you feel like you’ve missed out on the internet boom now is your chance to educate yourself for the amazing opportunities that lay ahead!
To give some more understanding about why it is such a game changer here are some of the key takeaways from Cody:
Blockchain is a decentralized public ledger. This means there is not one organization that has complete control over the system. The data is literally stored amongst millions of computers all over the world and everyone has access to it.
It is a place where everyone can see every transaction that happens. This is why cryptocurrencies have been such a big deal as well. It eases transactions and totally removes the issue of trust. You don’t have to trust people and you can still be 100% certain about the transaction being executed.
The data is secured by computers, not by people. This makes everything much more reliable. Cody likes to say it is, “the invention of triple entry bookkeeping.”
Reduces paperwork. Jobs will be lost, time will be saved and there will be less errors in bookkeeping/data entry. The good news about the job losses is that people will be left to think about bigger things, focus more on creative projects and solving bigger problems!
When it comes to allocating an investment portfolio in cryptocurrencies Cody has his set up where 50% is in bitcoin as it has the best technology supporting it and is the leading indicator for the space. If you are interested in allocating in other coins he advises you choose the protocols you’d like exposure to (i.e. gaming, social causes) and dollar-cost average into the leading coins in each vertical.
What do you think about blockchain and how it is impacting the world? Leave a comment below!
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We are blessed to be alive during the most abundant time in human history.
There is more food, money and resources available on the planet for each person than ever. The reason this is all possible is because of TECHNOLOGY!
Hate it or love it technology is only going to become more prevalent in all of our lives. In fact it’s been around since the great apes. What technology did they use? They used sticks to fish ants out of their antholes in the ground.
The question is are you going to keep up with the increasing rate of technological change so you can capitalize on the abundance of opportunities that are coming.
It doesn’t matter that you missed the first wave of the internet, the beginning of google ads or YouTube or when Bitcoin was only $1. Don’t let your regret for missed opportunities stop you from anticipating new ones that lay right around the corner.
Richard Branson said, “Opportunities are like buses, there’s always another one coming.”
The technology revolution is only in it’s beginning stages and you still have time to catch the wave….or should I say tsunami that is inevitably going to transform the world even more than it already has.
The gap between haves and have nots is not going to be about money like it has been throughout history. The gap is going to come down to whether or not you know how to navigate the new world that awaits us. The way to navigate it is by knowing how the world works and being able to contribute on a high level because the jobs that don’t require much critical thinking are being outsourced to things that perform way better than any human can…..ROBOTS.
I’ve never been the most technologically savvy person. In fact I despised technology up until a few years ago when I realized how important it is in our lives and all the amazing things I can do with it to benefit my life and others.
One of the people I learn from about technology is Sam Bhatti. He is self-taught and is one of the most all around adept people I know with technology. I had the chance to sit down with him in London where he shared with me some of his technological tools and strategies to save time and be better.
I hope you enjoy watching this episode as much as I did creating it.
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I’ve been getting my feet wet in the crypto world. I invested a small amount that I am willing and able to totally part with if anything happens in the volatile world of cryptocurrency and blockchain. I hesitate to even call it investing as cryptocurrencies are highly speculative and pretty much nobody knows much about it.
So why would I get into this? Because I believe in the blockchain technology behind it and I also enjoy watching the markets and trading from time to time. Bitcoin could be worth $100,000 one day or it is highly possible bitcoin and all the alt coins get totally wiped out in the next few years.
I’m not a registered investment advisor so take this all with a grain of salt, along with anyone else you talk to. Even a professional because everyone’s advice is filtered through their beliefs and values so you need to do what is in line with your own beliefs and values. Most investment advisors would not even talk with you about cryptocurrencies as even Warren Buffett thinks it is a big waste of time. If the Oracle of Omaha is against crypto that is a big red flag and has swayed a lot of my own optimism about it.
Despite all this I still choose to play in the crypto world for the reasons I mentioned above. For people who do want to get into crypto the first place most get started is with Coinbase. It is an online platform that brokers exchanges of the main cryptos Bitcoin, Bitcoin Cash, Ethereum, and Litecoin and has over 13 million users. From there if you want to get into alt coins and make trades there are other exchanges that have access to more coins. Three of the top ones are Global Digital Asset Exchange (GDAX – a product of Coinbase), Bittrex and Binance. The one I use is Binance.
Here’s how I transfer funds from my Coinbase account to Binance so I can make trades with other coins:
Go to your Coinbase account and then at the top of your screen select accounts.
If you’re on mobile then Accounts will be at the bottom of your screen.
Choose the cryptocurrency that you want to send from your wallets.
Now you have to enter the address that is found in your Binance account.
If you’re on mobile tap on the little paper airplane icon on the top right hand side of your screen.
Then enter the amount you want to send.
To find this address go into your Binance account
Select funds at the top of your screen (or at the bottom if you’re on mobile) and then tap on deposits withdrawals.
On mobile it’s just Deposit at the top.
Tap on deposit on the cryptocurrency you’re transferring and then get the deposit address.
Enter the deposit address that you just got right under recipient in your Coinbase.
Choose the amount you want to send.
On mobile add the address that you just got and then hit send and you’re done!
Hit continue and make sure to check all the details of the transaction and then complete the send.
Have you ever wondered why some people/companies gain traction and others don’t? I did. I struggled a lot when I first started creating for my business. I saw people creating amazing work with positive feedback from their audience and I felt like I was spinning my tires. The difference between what the successful people were doing and I was doing was they were sharing their work and observing the feedback/lack of feedback they received from their audience. I was holding back from sharing my work and I wasn’t paying attention to my audience. I was creating what I thought people wanted and actually was focusing more on what I wanted. Also, in all honesty I didn’t want to know what others thought of my work because I was embarrassed to find out if they didn’t like it.
A great strategy I read in Tim Ferriss’ book “Tools of Titans” is from Seth Godin, one of the best marketers out there is called the rule of 10. Tell 10 people about your idea/product/service, show 10 people and share it with 10 people. The test is what they do with it. If they decide to share it with others in their network that is a good sign. If they don’t that means you might strongly consider iterating.