Eight New Year's Crypto Resolutions for 2024: From Awareness to Income and Philanthropy
Summary:
The article suggests eight New Year's resolutions for cryptocurrency enthusiasts for the year 2024. These include promoting the use of cryptocurrencies in everyday transactions, reinforcing the Bitcoin network by running a node, earning passive income by running a Bitcoin Lightning node, participating in decisions through governance tokens, supporting the Ethereum blockchain by staking Ether, advocating for clear regulatory guidelines, increasing security measures for cryptocurrency portfolios and donating crypto to charities and nonprofits. It encourages individuals to understand, spread awareness about and actively engage in the world of cryptocurrencies.
The dawn of a new year often motivates individuals to strive for betterment and growth in various aspects of their lives. Top New Year’s resolutions perennially include achieving financial milestones or adopting a healthier way of life, and this trend continues into the year 2024. This year, we present eight initiatives that cryptocurrency enthusiasts can undertake to benefit themselves personally or contribute towards the larger crypto community.
A simple, effective strategy to increase crypto visibility is to ask if Bitcoin (BTC) or any other forms of cryptocurrency are accepted as payment in stores, restaurants, and supermarkets. This simple act can familiarize the general public with cryptocurrencies and serves as a measure of their knowledge about the subject. Reactions can range from ignorance about its existence to misunderstandings about its usage - but you might be surprised to find many are actually clandestine hodlers.
The potential to influence a store to consider adopting cryptocurrency as a payment mode exists if it receives numerous suggestions. A study by Forrester Consulting suggests that retailers can benefit financially from this. The ultimate goal is to increase awareness and encourage discussions around cryptocurrency, highlighting the advantages they can offer.
You can also help fortify the Bitcoin network by operating a node. The initial base of the Bitcoin network was the result of the voluntary contributions of a small group. Running a node contributes to the decentralization of the network, making the network more distributed, sturdy, and resilient to censorship or attacks. Having numerous nodes results in a more secure, reliable network and enhances transaction latency and overall performance.
Operating a node also allows preservation of transaction data privacy, obviating the dependency on external sources for information. Furthermore, it enriches understanding of the mechanics of the blockchain technology.
Running a Bitcoin Lightning node not only benefits the BTC community but can also provide economic gains. The Lightning Network (LN) is a layer-2 (L2) scaling solution for the Bitcoin blockchain, designed to enable off-chain micropayments, thereby enabling faster, cost-effective transactions. Running a Bitcoin Lightning node supports the overall health and efficiency of the LN and provides an opportunity for passive income.
Governance tokens bestow holders with the ability to impact the strategic decisions of a project. Token holders can engage in governance proposals and voting, providing a unique insight into how decentralized crypto ecosystems are constructed. Likewise, Staking Ether (ETH) on the Ethereum blockchain offers a safeguard against harmful attacks.
As a crypto advocate, you can be proactive in pushing for clear regulatory guidelines. Increased awareness about the benefits of cryptocurrency can be helpful in contesting the regulatory approach of bodies like the SEC.
Many crypto users choose to store their holdings on exchanges. However, using exchanges as a custody service carries risks. A review of the security of a crypto portfolio could involve multiple copies of seed phrases in separate safe locations, use of multisignature wallets, updating passwords and using multifactor authentication.
The crypto community has shown a history of philanthropy, and donating cryptocurrencies can boost crypto adoption. Many organizations have started accepting cryptocurrencies for donations due to the effectiveness of this method. Examples include the Ukrainian government, which had received over $225 million in crypto donations by the summer of 2023. Donations can raise awareness of a campaign and provide a means to understand its purpose.
In summary, the new year presents a range of opportunities to contribute to the crypto community, bolster your economic status, or fulfill your philanthropic interests. Starting the year with a good deed might be the first step towards a successful year in crypto. Remember, Satoshi Nakamoto gave Bitcoin to society for free.
Published At
1/4/2024 4:24:00 PM
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