PHILADELPHIA, PA / ACCESSWIRE / April 20, 2023 / As the world becomes increasingly digitized, cryptocurrencies have emerged as a digital currency that continues to rapidly gain popularity. With new technology comes new opportunities, and, of course, new risks. Jonathan Martin, a former professional athlete, who has committed his off-field career to finance, believes that education in new currencies and technologies is necessary for modern financial literacy. Jonathan Martin draws on his own experiences with monetary policy, real estate, and emerging currencies, focusing on Bitcoin as a store of value outside the traditional system.
“As a professional athlete, financial literacy was essential and empowered me to pursue strategies that helped maintain and grow my financial stability, even after I retired from the league,” noted Jonathan Martin. “Understanding the evolution of our financial markets and economy, I am increasingly excited about the opportunities that Bitcoin creates for people of all socioeconomic backgrounds to build wealth.”
It is important to understand what Bitcoin is and how it works. Jonathan Martin explains that unlike traditional currencies, Bitcoin is decentralized, meaning it is not controlled by any government or financial institution. Instead, it operates on a peer-to-peer network and is secured using advanced encryption techniques. Peer-to-peer networks allow Bitcoin to be transferred worldwide, without the need of any middle-man or intermediaries or central server. Advanced encryption means anonymity and security, which works hand in hand with another fundamental principle of Bitcoin. Transactions are recorded on a public ledger, known as the blockchain, which makes them virtually impossible to hack or manipulate.
In addition to buying and selling Bitcoin, it’s also possible to earn them through a process known as mining. Mining involves using powerful computers to solve complex mathematical problems, which helps to validate transactions on the blockchain. In exchange for this work, miners are rewarded with new Bitcoin, which is termed the block reward.
Bitcoin is the first and most well-known cryptocurrency. Per the Blockworks market tracker, it currently holds the largest market cap of any cryptocurrency (approximately $550B as of April 2023). In recent statements and enforcement actions against other coin projects, the CFTC and the SEC have made it clear that Bitcoin is the only cryptocurrency they consider to be a commodity.
“Bitcoin is important to me as a way to reach beyond entrenched power structures and lift marginalized communities. Bitcoin is an especially powerful tool because it has proved to be robust even under all the recent market conditions, and its well-established community is helpful for those who maybe don’t have as much experience with alternative digital assets,” says Jonathan Martin.
Jonathan Martin goes on to explain that Bitcoin can enable individuals and communities to participate in the global economy, access financial services, and protect themselves against inflation and currency devaluation. He adds that the transparency and immutability of the blockchain can provide a means of combating corruption and promoting accountability in financial transactions, which can be particularly beneficial for marginalized communities that are disproportionately impacted by these issues.
“Traditional financial systems have often excluded individuals and communities who lack access to banking services or are subject to discrimination based on race, gender, or ethnicity. Bitcoin, as a decentralized digital currency, can be accessed and used by anyone with an internet connection, without the need for intermediaries, like banks,” says Jonathan Martin.
Since Bitcoin’s entrance, thousands of other cryptocurrencies have emerged, each with their own unique features and characteristics. Some cryptocurrencies, such as Ripple or Litecoin are designed for fast and inexpensive transactions, while others, such as Monero or Zcash are focused on privacy or other niche markets.
When buying cryptocurrencies, Jonathan Martin emphasizes patience and warns investors not to get caught up in the hype of alternative coins (“altcoins”) that grow parabolically during bull markets. Many cryptocurrencies can be highly volatile, and their value can fluctuate widely in a short period of time – which is why Bitcoin’s relative stability is important. It is also important for those buying Bitcoin to invest only what they can afford to lose and to diversify their portfolio to minimize risk.
Jonathan Martin believes the world of Bitcoin can be exciting and full of opportunities, but it is also complex and risky. To navigate it successfully, it is important to do research, choose a reputable exchange and invest wisely. Modern financial literacy means staying informed.
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SOURCE: Cambridge Global
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