Jul 1, 2022
Cryptocurrencies, NFTs, DeFi, seem like they're quickly becoming part of our conversations, but what's behind it all? Today we’ll look at how crypto works!
Should We Get Into Crypto?
In the last episode, I mentioned that I did a money experiment. If you're subscribed to the newsletter, you got a sneak peek of what we're talking about: cryptocurrencies.
While crypto isn't anything new. In the last few years, especially within the last year. I've just noticed a dramatic shift in promoting them. I've also noticed that there's been a lot more noise and big promises and not much in the way of education.
I see companies spreading the word about crypto focused on how revolutionary it is and how we can close the wealth gap. But I don't see enough discussion about the underlying technology behind it, and how it actually works.
I'm a big believer in educating yourself and understanding things before you go invest in them.
Based on the feedback I've been seeing with you guys in the community. I see that some of you are dabbling in crypto, but you wanna know more.
I decided I was going to do six-month experiment to learn a little bit more about the ins and outs of crypto.
This isn't the first time I learned about cryptocurrency. But it is the first time I dedicated myself to sitting down reading the articles, and talking within the community to understand how the technology works itself.
I wanted to learn how easy was it to buy, sell and mine the crypto coins.
Man, what a time I jumped in! Just in the past six months, we've seen:
- cryptocurrencies such as Bitcoin, Ethereum, and Solana have their value slashed by over half
- Fidelity announced that its customers could add Bitcoin to their retirement accounts
- just recently Terra stablecoin collapsed
So there were a lot of things happening, but for me, this was an opportunity to understand the pros and cons up close.
Even with everything down and people questioning whether crypto is here to stay, there are plenty of people who are saying now is a great time to get into it because it's so cheap. But is that really true or is it just hype?
That's why I made this episode. It's not a deep dive into crypto but instead, it's meant to give you a lay of the land. So you can decide if it's something that you want to explore further.
In today’s episode, we’ll get into:
- How exactly do cryptocurrencies work
- Decoding crypto terms that are thrown about
- How you can buy, sell, and yes, mine some
We have a lot to cover, so let’s get started!
Resources to Understand Crypto
If you're looking to explore crypto and the tech behind it, here are some really helpful resources to learn and stay on top of your money!
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Jumpstart Your Marriage and Your Money
- Crypto Series <– sign up and get updates on a video series I'm preparing about crypto
- Line Goes Up – The Problem With NFTs
- How Does Bitcoin Mining Work?
- Blockchain-based systems are not what they say they are
- How Crypto will Change the World (or Not)
- Crypto Crash Widens a Divide: ‘Those With Money Will End Up Being Fine’
- The Future is Not Only Useless, It’s Expensive
- Planet Money Summer School 6: Crypto & Commencement
- The promise and peril of crypto for Black investors
If you’d like to chat more about your money system, please join us in our private and free Facebook group – Thriving Families.
We’re families looking to support and help one another out.
Hope to see you there!
Thank You to Our Sponsor Coastal!
Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.
See how Coastal can help you with your mortgage needs!
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Support the Podcast!
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- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and becoming financially free, please share.
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Photos by Alesia Kozik and RODNAE Productions