VSThe cryptocurrency will eventually trigger the biggest wealth exchange humanity has ever seen, says Matthew Marcus, and community organizer, web developer turned start-up, hopes to help others get involved. early.
“We are basically in the early 1990s of the Internet. Just like we talked about the internet and email 20 years ago, this will be how people rethink how we talk about Bitcoin or crypto now, ”said Marcus, founder Good capital KarMa in June.
Good KarMa Capital is an organized library of free resources around cryptocurrency. In the library, users can find everything from beginner tutorials to the latest news from verified crypto news sources, Marcus noted.
“It all started because my friends and peers, who had seen me be in crypto for several years, would come to me and ask me what they should do,” recalls Marcus. “I like helping people, so I spent a lot of time answering questions and repeating myself. Then it occurred to me that I needed to create a central place where I could send people to answer these common questions.
Click on here to consult Good KarMa Capital.
For those who want a more personal and in-depth guide to cryptocurrency, a complex market with highs and lows making the headlines, Marcus also offers one-on-one consultations as a paid service.
“I can guide people through the exchanges that I think are trustworthy, the coins that I think have real merit and utility value, the wallets that I would use – all the knowledge I have acquired. on my own trip, ”he explained.
Marcus first heard about cryptocurrency in 2012, but he didn’t dig into the field until 2017 – around the same time he co-founded the Kansas City Startup Foundation (now known as of Starting land) – after years at the forefront of the Kansas City Startup Village and involvement in many startups that followed the arrival of Google Fiber in 2012. (Marcus owned the world’s first home wired to receive Google Fiber, including he chronicled in a series of YouTube videos.)
Editor’s Note: Startland is the parent organization of Startland News, and Marcus previously held development and leadership roles within the association before leaving March 2020 to pursue other projects.
“My background is in technology programming, and a lot of cryptocurrency is in technology,” he noted. “So once I started learning how these networks and blockchains work, the financial side started to make more sense to me. ”
Then it clicked. After reading the Bitcoin White Paper by Satoshi Nakamoto, Marcus came to the conclusion that digital currency will play a major role in the future of the global economy, he shared.
“What’s going on in our economy right now is a huge amount of printed money. The continual impression with the money that the [Federal Reserve] lending to banks – these things inflate the economy, ”Marcus explained. “And then you look at Bitcoin, which has a limited supply; there will never be more than 21 million Bitcoins. Everything is programmed in the code.
“When you look at the history of global reserve currencies, they always come to an end,” he continued. “The Spanish peso, the great pound sterling, they all went on for a while until something happened and made it change – maybe a war or something. I think this pandemic – along with all the things the government has done, in my opinion – will eventually lead to the end of the US dollar as the world’s reserve currency. “
Basic cryptocurrency terminology
Block chain: A blockchain is a decentralized database that is validated by a larger community, rather than by a centralized authority.
Node: A network node is a connection point that can receive, create, store, and send data over a network. Each computer is a separate node, and they are all connected and can receive, create, store, and send data to each other.
Proof of work: Proof of work is a decentralized consensus mechanism that forces members of a network to put effort into solving an arbitrary mathematical puzzle. This is to prevent hackers from playing with the system.
Mining: Mining is an activity carried out by the participants of the network, which involves proof of work and results in the generation of new coins as a reward for the miner who successfully completed proof of work first for each new block .
Wallet: A crypto wallet is a digital wallet used to store, send, and receive digital currencies.
Private key: A private key is a random string of numbers. To perform a crypto transaction, individuals need a wallet and a private key. If the private key is stolen or forgotten, there is currently no way to recover it.
Besides the financial aspect of cryptocurrency, it contains a technological component through which ordinary individuals can participate, Marcus noted.
Since cryptocurrency has a decentralized model (meaning no one entity has control), users who download software to their computers can become a node in the Bitcoin blockchain / network.
“Here is an example: there is a project called Helium, and they create the largest LoRa (long range) network in the world. … Instead of doing something centralized like Verizon – which sets up large towers that the company owns – Helium allows individuals to buy these hotspots that they can plug in at home.
“Now you are a node on the network, and data can literally enter your node and go through the Internet,” Marcus continued. “And then you’ll make money with that.” [Helium] it’s all about letting people participate and making money, rather than keeping it all to themselves.
Good KarMa Capital is a one-man show, but Marcus joked that he technically had 13 employees working for him. They happen to be computers.
“Like with Helium, if you want to participate in the network, you have to buy one of these hotspots that you plug into your internet and start,” he said. “Well, I consider this little computer like an employee because as soon as I install it, it brings me money 24/7 without me doing anything.”
Cryptocurrency is a global phenomenon, noted Marcus, but Kansas City has its own community where curious people can connect.
“It’s not like you just have to resort to learning crypto [through online research]. You can actually get together and talk to the locals through the Kansas City Bitcoin Club on Facebook, ”he shared.
“You don’t want to miss this ride, man,” Marcus continued, encouraging the others to get involved. “No one knows exactly what the future holds. History doesn’t always repeat itself, but it rhymes often. So when we look at the last 10 years and how crypto has been and where we see the trend, it’s not going to go away. It will be a game changer. “