Knowledge is Power! This is very true especially now that we are living in the Information Age. The interesting thing is, if one does not keep up with the growing pace of information being generated in recent times, you may just be left behind.
In recent years, the trending topic is Cryptocurrency. For some group of persons, this concept inspires fears and uncertainty. For some other persons, it means hope of financial freedom and empowerment. What about you? The interesting thing is that there is no “in between”. For someone ignorant of the facts, then he belongs to the first group. I have written a post on Cryptocurrency and How it works, you can read it here: 5 Things You Must Know About Cryptocurrency
I have also written about Blockchain Technology, you can get it here: Blockchain Technology Explained – Part 1
Now as a Cryptocurrency Analyst, I would begin an independent review of all the existing cryptocurrencies (coins) in use today.
How The Review is Arranged
I have done extensive independent research to be able to come out with the facts to be presented in this review.
In the first part of the review, we would examine the history of the currency, when it began operation, the global user base and its transparency as wells as personnel. In summary, we would review the following:
- History of the Cryptocurrency
- Legal Status of Cryptocurrency in the Parent Country
- Legal Status of Cryptocurrency in Country of high demand e.g. Nigeria
- Track Records of Personnel
- Transparency of the Organization
- Users perception
After examining these points, we would put everything together and reach a verdict, which would serve as a recommendation for anyone who may want to invest. The verdict would be either:
‘Recommended’ or ‘Not Recommended’
We may also have something like ‘Recommended in Nigeria’ or ‘Not Recommended in Nigeria’. Other terms include ‘User Discretion Advised’, ‘High Risk’
Why this review is necessary
This review is necessary because, in many countries people engage in certain business endeavors without adequate information. This is not a guarantee that the business will fail or succeed but it simply means that the entrepreneur is not fully aware of the possible outcome of his decisions.
Another reason why I took up this review is because I live in a country where people seek for ways to invest and get returns in a very short time. As such they don’t take the time to get informed before making important business decisions.
Before I go on, let me differentiate two concepts that would be recurrent in this series of posts. Ponzi Scheme and Multi-Level Marketing(MLM).
A Ponzi Scheme is a business practice that is focused on generating returns for older investors through the payments made by new investors. So as long as new investors keep coming in, the business continues to flourish and vice versa.
Multi-Level Marketing aka referral marketing, network marketing or pyramid selling. Here the products and services are sold by a workforce who are not salaried but derive earnings from a well defined commission system.
The similarity with Ponzi scheme is that in Ponzi scheme it that in both operations, the business continues to grow as long as the workforce/clients continues to be there.
The difference with Ponzi scheme is that Ponzi scheme does not necessarily involve any sales of products and services, while MLM involves sales of actual/tangible product and services.
Having said that, the first two coins we would analyze would be (1) Bitcoin – The Internet Money (2) Giracoin – The Swiss Cryptocurrency
So Lets Begin!
No 1: Giracoin
I have chosen to start with Giracoin as it is currently the one I have been studying lately and therefore have the most information available.
History of Giracoin
Giracoin also know as ‘The Swiss Cryptocurrency’ (not the same as Swisscoin!)…I would continue in the next part as I just got more information on Giracoin.
Part 2 coming up by tomorrow – 6th July 2017