Patrizia Marin – Ritossa Dubai: Congratulations Gustavo Montero, MASTERING THE BUSINESS OF BLOCKCHAIN was a great success, a fully booked event. Please share with us some inside.
Why did you decide to create this conference?
Blockchain Technology is fantastic and will ultimately be a huge part of society for the future, and with plenty of uses and possibilities for individuals and our economy, but the majority of people (Company Owners, CEO’s, employees and general public), have no idea of what this technology is all about. Also, the vast majority of professionals currently involved in the Blockchain Industry are technology professionals “techies “, and they, for the most part, do not know how to explain Blockchain in simple terms to the masses.
This conference is a Blockchain Educational event. The idea is to bridge the knowledge gap between technical Blockchain practitioners and the general public that want to know (but do not know where to start) on Blockchain Technology and its practical applications. This was all explained in simple English terms during the conference, avoiding high level technical jargon nobody is interested in, or even understand.
Tell us a bit about yourself and how did you get involved into cryptocurrency.
Sure, I am Swiss and Chilean. I am also an Engineer and I have spent a good part of my professional career close to technology and innovation. In parallel, following my MBA in the USA, I have held high level Finance/Management posts via a Banking and Audit career. Also, at one point in my life I went back to University in the USA, to complete a Master of Science which clearly helped me in better understanding new technologies such as Blockchain. I left Banking and Engineering a few years ago to concentrate on the Blockchain Industry and its various applications. The main reason why I made this career change is that for years I have been convinced that the full Economy and transactional Industry as we know it today is going to be 100 % digital in the future, and Blockchain is part of it. This is already happening and the Covid pandemia has accelerated this process.
In this context it is important to understand that Blockchain is Software Technology. And those crypto currencies (ie: Bitcoin) are only one of the many applications of this technology. It’s just that bitcon is best known of Blockchain applications because of the meteoric rise of its price. This situation focused the whole world onto it. However Blockchain technology is applicable to many other industries (outside finance). Also, there are several other great crypto currencies out there, besides bitcoin.
How can I buy cryptocurrency?
To buy cryptocurrency, you will need a “wallet”. This is an online application that can store your currency. Normally, you can create an account on an exchange, and then you can transfer real money into it to buy crypto currencies. Well known examples of these exchanges are Binance or Coinbase, but there are many others.
Typical steps to buy cryptocurrency will include: Finding out how many and which crypto currencies to buy. Then Choosing and deciding on a cryptocurrency exchange you want to work with. You will then need to choose a crypto currency wallet, and decide how to buy/pay/ for your crypto currencies.
It’s a safe investment?
To be perfectly honest, the answer to this question is complex because it is still an emerging asset class and has not yet gained global acceptance as stocks, commodities, or mutual funds. Whether investing in cryptocurrency is safe is still a hot topic in the financial Industry and views vary from expert to expert. Decentralized digital currency is supported by many people, and there are just as many people against it. If you review the prices of well-known crypto currencies today, you will find some volatility. But if you look carefully, had you invested in crypto currencies such as Bitcoin, Ether, Cardano, a year ago, you would have made a material profit. In addition, many countries are looking into making Bitcoin official Legal Tender. Recently, a country, El Salvador decided to do just this. I believe many other countries will follow suit. It is normal, as I said above I believe all Industries are going digital, including the Financial Industry. Cryptocurrency-related risks are no different from other traditional assets, except that the virtual currency market faces higher volatility. Analysts have made it clear that crypto currencies carry elements of risk, and price shocks are common in the virtual currency trading space. As assets gain wider general acceptance, this situation may decline. Investors should be aware that the current crypto space has high risks and high returns. In other words, you must have a strong appetite for the risks of profiting from crypto trading. At the same time, investors must remember that cryptocurrencies are more resilient than it seems. We see this situation occurring over and over, with Cryptocurrencies prices declining, only to regain most losses in relatively shorter periods of time.
How to avoid scams deals and/or scams companies?
There are several new crypto currencies released every month, and a series of new products (DEFI, NFT’S, and STO’s) come up regularly in the Blockchain Industry. Even though crypto currencies were hard hit in the last few months, investors’ interest in these opportunities is growing. Many of these factors combine to attract the bad guys. So, if investors show that they are willing to invest in highly speculative crypto currencies, then, they seem to be equally likely to invest in many new and unknown Cryptocurrencies. Blockchain and cryptocurrency technologies are evolving rapidly, and even experienced investors may have difficulty keeping up with the changes. Below are a few elements that, hopefully, will help you to avoid Blockchain scam deals or scam companies
First of all, avoid sending encrypted currency to unknown external addresses. A serious exchange will never ask you to send cryptocurrency to an external address outside of it in order to “repair” or “verify” your crypto account. Also, avoid sending cryptocurrency under the false pretext of verifying the address of the promised gift. Don’t be fooled by fake screenshots promoting fake cryptocurrency offers and gifts on social media. Even if the account identifier looks familiar, check whether these posts are published by the exchange official social media account. Beware of sites that promise high returns or unrealistic returns. Absolutely carry out deep research on service or product providers by consulting consumer protection websites and investor warning lists maintained by regulators. If a website or project claims to be affiliated with or endorsed by a well-known trusted party, always confirm the relationship through an independent source. Beware of spelling or grammatical errors in website communications. Or domain addresses, as they may indicate fraudulent activity.
Do not share your Exchange account login name and security credentials with anyone. Don’t be attracted to fake gifts and job opportunities as part of Blockchain offerings. Always Make sure to do your own research, and do not believe anything you are told or offered before checking the facts via official sources.
How to make money with blockchain?
Most people I know will ask the same question. So, if you are considering ways to make money using Blockchain, you have to choose the right Company with the right product, and as I said above, you have to do your own individual research before you invest in any of these products. I also repeat that you must seek professional independent advice from Blockchain experts. Below are a few ways through which investors are currently making money with Blockchain technology.
Via trading as this is an important step towards profitability, and it can be done all the time, because cryptocurrency transactions can be carried out around the clock. When trading you should use professional websites to exchange local currencies into digital currencies. In addition, you should check the charts and market conditions on which the entire process is based.
Investment is what happens, so you have to know when is the right time to sell a cryptocurrency, because this technology plays a vital role. If you want to invest for the long term rather than the short term, it is recommended to keep your cryptocurrency in a hardware wallet.
Another way to make money with Blockchain is via mining crypto currencies. This is the process of inserting new blocks into the Blockchain network by cracking password puzzles, which also helps to make profits.
You can also work with micro-income as it is easy to understand that engaging in different types of micro-income work is a way to earn money. This can be done by watching advertising videos and completing online surveys. There are several example sites that will reward you with small amounts of cryptocurrency. Also, in order to rid of wasted free time, the micro-profit faucet is also a place you can join, but you need to know and understand the reward methodology.
You can also accept Bitcoin as a payment option now everyone improves Bitcoin by accepting BTC as a payment option. Another thing is that if you are a distributor or are considering becoming a distributor, then unifying Bitcoin in your payment ecosystem will be a great choice. When you fully accept Bitcoin as a payment method, you open the door to all profits. Similarly, users can accept payments anywhere.
Finally, borrowing Bitcoin makes you earn money without causing any problems. People who rent Bitcoin to others, can fill their account, because putting it in the locker does not duplicate the money. For this, you must work with a reliable and serious bitcoin lending platform. Via this, you can put your Bitcoin to work and enjoy it.
But before considering options to make money with Blockchain. I repeat what I said earlier, you have to do your own individual deep research before investing in any of these products. I also repeat that you must seek professional independent advice from Blockchain experts before Investing in this Industry, otherwise you can lose a lot of money.
What’s the Future of Blockchain and cryptocurrency?
Clearly this is an emerging technology, and the future of blockchain is still uncertain. However, the prediction of its potential remains positive. Various crypto currencies use blockchain as a form of distributed ledger technology. The blockchain acts as a decentralized system for recording digital currency transactions. In simple terms, the Blockchain is a digital transaction ledger. You keep the same copy of the same ledger on multiple computers on the same network. This ledger is distributed to every computer on the network and helps promote its incredible security.
Hence, network security is one of the most promising growth areas for blockchain technology. Enterprises of all sizes will face more and more data hacking threats. Blockchain technology can be used to prevent such attacks. It allows data to remain secure, while allowing active participants to continuously observe the blockchain to verify the authenticity of each transaction.
Bitcoin and crypto currencies are becoming increasingly popular in the financial and economic fields. Hedge funds and investment companies are now meeting the demand for these alternative crypto investments. Blockchain technology has other uses for companies outside of the financial industry and is an attractive technology for many different types of businesses. It is expected that blockchain technology will be regarded as the most important innovation emerging from the cryptocurrency boom.
Finally, Blockchain technology will be applied to all transactional Industries such as: Health, Food, Shipping, Mining, Finance etc. And anywhere where improvements are needed in the areas of; transparency, and less expensive and faster transactions. But also when there is a need for transactions with data which needs to be protected from corruption and require added safety. The uses of Blockchain technology are multiple and we are only at the beginning of this fantastic emerging technology.
After this event, what do you have in mind?
Thanks for that, the event was a big success, we had over 100 attendees from top level professionals, all industries as well as keen general public. So, we have already been asked if we can organize another but much larger Blockchain Educational event. I believe we will do one more before the end of this year. And, if all goes as well as the last one, the event will become a permanent yearly fixture of the global Blockchain calendar.
How do you see yourself in this blockchain environment?
I will continue my work as a Senior Blockchain Advisor, both to Companies, Institutions and Individuals who want to make the change from the old economy to the new Digital Economy via Blockchain. I will also continue my educational work, as a professional, capable of filling in the huge gap between Blockchain technology knowledge and the vast majority of people. This, comprising Company Owners, CEO’s, professionals and general public that need to learn about this new technology but do not know where to start, or simply, are too afraid to ask the question. Anybody interested can easily contact me via Linkedin (Gustavo A. Montero)
Just before closing, I would like to thank the Organizing team, F & F from Dubai, the great speakers, the fantastic attendees and the sponsors. It is in great part thanks to all of them that his was a successful conference.
Disclaimer: The above is not intended as investment advice or guidance. You should do your own deep research, and get professional advice before investing on any products/services linked to Blockchain Technology, cryptocurrencies, DEFI, etc.