Litecoin (LTC), being the fifth most prominent cryptocurrency in the world, enjoyed a very impressive rise for the last two months, surpassing the $300 mark. Some would argue that the software engineer arrived at this sudden decision at a very convenient time, and the sale should have been very profitable for the Litecoin developer.

His statement, however, shifts the focus away from the financial aspect of the transaction and cites ethical concerns:

…it is conflict of interest for me to hold LTC and tweet about it because I have so much influence. I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be a doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general.

 

Whatever his reasons for selling his private reserve, Lee continues to work on the Litecoin and claims that his passion and dedication to the project have not waivered.

The easiest way to wrap your head around the concept of the blockchain is to view it as a ledger. That’s what it essentially is – a giant ledger that holds the records of all the operations in the system. This database is also completely public and accessible to anyone who is interested in the matter.

Turns out, all we need in order to transfer money around the globe is the information about the transaction to be entered into a specific register. Currently, that register is handled by the third parties (like banks and other financial institutions), which is not ideal for a number of reasons. Essentially, you entrust your identity and financial security to someone else.

Blockchain is the best way to avoid that.

In it, every transaction is recorded by every member of the community, making the resulting ledger completely transparent. Simple enough, right? But wait, that’s not the main draw of the technology. Every now and again, all the available records are compared, and they should be absolutely identical. No inconsistencies are tolerated. After that, the information is encrypted with the help of a hash function. This makes the data extremely hard to decode. Then, the data is sealed in a block. And after it is sleaed, the idea is to never alter it in any way.

This creates a permanent public record, available to all participants and completely decentralized at the same time. These blocks stack and, in turn, create something we call the blockchain.

As with the cryptocurrency itself – opinions are divided. Some believe that blockchain will revolutionize multiple industries, including logistics and supply chain management. Others are of the opinion that the technology is still too young to place any serious bets on it.

Hong Kong’s history as a rather lenient financial hub makes it an excellent candidate for the blockchain technology centre. Naturally, the most obvious implementation of blockchain is in finance, and Hong Kong officials have been investing into the technology, even going as far as developing their own digital currency. In contrast with neighbouring China, Hong Kong is a lot more lenient towards cryptocurrencies, which led to the most prominent Chinese exchanges moving there after the recent ban.

Hong Kong, however, is not the only financial hub embracing blockhcain and cryptocurrencies. Singapore seems to be just as dedicated in its pursuits of cryptocurrency opportunities. It’s a serious competitor, offering major tax breaks and government assistance to businesses.

Despite its spotty tech startup record, Hong Kong hopes to become the capital of the emerging cryptocurrency industry, solidifying its role as THE financial hub of the region.

The temptation is always there, but I would argue that it has rarely been as evident as it is now. In the rapidly evolving digital landscape new ideas come and go in a blink of an eye. And each trend seems to get an alarming amount of ‘experts’ with a business lifespan of a fruit fly. That was as relevant in an era of Facebook ads as it is in the new Bitcoin utopia.

Far be it from me to disparage any of you from pursuing your goals in an emerging profitable field, but I would advise approaching every such venture with respect and care it deserves. So, what are the basics of the successful business?

Foundations

Do not disperse your attention. Formulate your goals and core values from the outset and let them pave the way from what’s to come. You are your most important asset, and trying to cover as many bases as humanly possible will not help your case, especially early on. Being first can be a tremendous advantage, but it only helps if you have tenacity, insight and acumen to build on that. Otherwise, you’ll be left on the forest floor, feeding the emergent growth while slowly wilting away.

Information

Get educated in the topic and industry you want to pursue. Don’t simply rush into something promising without the clear understanding of what the risks are. No formal education will make you a business savant, but you should never underestimate the power of information. There are few things worse for an entrepreneur than following someone blindly, even if they promise you a city where the streets are paved in gold.

Connections

Few of us are truly solitary creatures, and no serious entrepreneur can afford isolation. Your relationships are both your opportunity network and your safety net. The trends come and go, but the connections you’ve established with partners, affiliates and business associates last. When push comes to shove, you need someone that has your back, and that’s not something you can get while hopping from one opportunity to another.

Marketing

No matter how good your business idea is, you need a marketing plan. That’s not optional. Luckily for you, getting the word out about your business has never been easier. Social, SEO, content and email marketing are all very accessible these days, and neglecting the opportunities they present you with is borderline criminal. Leads are essential for ensuring a steady revenue stream, and obscurity will bury your business faster than any crisis.

Every trend is an opportunity – there’s no denying that, but you need to know what you are and what you want. Some opportunities are better left to others. Always aim to move forward, and constant lateral moves won’t help you with that.