Its time to Learn

Yesterday, I posted this...

The?U.S. Securities and Exchange Commission?(SEC) filed a complaint against?Binance, a well-known cryptocurrency exchange. The exchange is accused of several wrongdoings, including mismanaging customer’s cash and the SEC classified its cryptocurrency, BNB, as an unregistered security, according to the lawsuit.

The lawsuit also designates other popular tokens?#Solana?and?#Polygon?as securities. This development is troublesome, but not the end, for the entire crypto industry and venture capital investors who have invested in crypto projects and tokens.

We in the industry have been expecting this for they are even looking at?Coinbase, the most open advocate for compliance and regulation. As a result of the news, we are all examining the lawsuit and debating the issues noting that neither?#Bitcoin?nor?#Ethereum?was not one of them. This lawsuit carries substantial implications and could pose challenges for individuals holding or trading the listed tokens, as it has already caused a decline in the prices of several tokens.

A representative for Binance responded to the lawsuit with displeasure, saying, "We are disappointed that the SEC chose to file a complaint against Binance today seeking, among other remedies, purported emergency relief." "We respectfully disagree with the SEC's claims that Binance operated as an unregistered securities exchange or illegally offered and sold securities, including by offering BNB or the BUSD fiat-backed stablecoin," the representative continued. We make every effort to abide with the rules and laws that are relevant to our industry!

This is all good news for those of my readers who have yet to buy your first cryptocurrency or blockchain-based digital token because you don't trust it. Even though the US government is way behind most all other nations in regards to establishing the standards and regulations to make this emerging asset class as safe as stocks and real estate, it is welcoming to us in the industry.

Why do we want regulation?

We want everyone on earth to trust the new technology and buy into the digital asset class because this is our future. Unless we have a World War III that totally destroys all electricity and the appliances that depend on it (like the internet, computers, and your cell phone), we will be building our lives deeper into and onto digital reality.

We all must start learning. Right now, about 5 billion people of the 8 billion on earth, use some sort of digital wallet to hold and spent their national currency in a digital format (Visa, MasterCard, PayPal, your bank account app, etc.). But only about 68 million of the 5 billion are using cryptocurrency. The future of the digital world, which means a bulk of our daily lives, will eventually be crypto-based digital currency, so we need to get our feet wet now.

The good news is that you don’t have to spend $27,000 (or whatever the price for BTC -ticker for Bitcoin- is today) dollars to buy Bitcoin. You can spend $150, like I did just this week, through my Venmo?account to buy 551,663 Satoshi. While the news out of the SEC I talk about above has pushed the price a bit lower today, it will bounce back as more people feel comfortable that the Federal Government is working to protect its US citizens.

But what the heck is a Satochi?

One Satoshi is the smallest unit of bitcoin you can hold. As you can see below, the correct way to account for my Bitcoin is 0.00551663 BTC. At the price I purchased my Satoshi, one Satoshi equals (150*100=15,000/551,663=.027 cents) ~3% of one cent. Virtually nothing today.

However, there will only ever be 21 million BTC in existence once all are minted. In comparison to the market cap of all US Dollars in existence today, which is $2.3 trillion, when all BTC reaches $2.3 trillion USD, one BTC will equal $109,524 (2.3t / 21m=109,523.8095), and a Satoshi will still not have broken the One Cent mark.

The market cap for all 21m BTC will have to be $20 trillion USD for a Satoshi to equal one cent.?Today, all worldwide currency is only worth about $8 trillion, so we have a long way to go before any type of inflation affects the value of BTC.

If you are interested in learning more about cryptocurrency, the underlying blockchain technology that makes it all work, and how to invest in or adopt it into your personal and business life, please let me know. I am working to orient the courses I teach at the University of South Carolina so that everyone can learn what their future holds in this regard.

I'd love for you to learn more from me and my colleagues in the cryptocurrency industry. You don't have to invest a lot to learn a lot!

Let me know!