Learning about Bitcoin
Recently, I've had a lot of people reaching out asking me about crypto. I've put together a couple of pages to help people get an understanding of what Bitcoin and Crypto is. I'm always here to answer questions too.
Basics
I recommend checking out bitcoin.org. Here you can find the Bitcoin white-paper which explains in depth about what Bitcoin is.
A good video to watch that explains what Bitcoin is: https://youtu.be/Gc2en3nHxA4
Why Bitcoin Matters: https://youtu.be/WQQgAAeVWa8
Bitcoin vs $$: https://youtu.be/ICDFQIDXBkU
A really good Blockchain basics playlist: https://www.youtube.com/watch?v=WQQgAAeVWa8&list=PLFb4p066AZRqd6cZ_sOSkpj2uL2AaVZMB
Investing
I recommend InvestAnswers on YouTube for a balanced view of what's going on.
Retiring on crypto (it's one of the most recent ones): https://youtu.be/JR5rZwZKX5U
Retire on Crypto playlist: https://youtube.com/playlist?list=PLWTRLGkkf1kTc8STj14DdDjNq1_i8q7fH
Yield/Borrowing Against Crypto
I had borrowed against my crypto using a long-standing, well-trusted platform. In June, 2022, that platform collapsed (Celsius). I learned my lesson, and will no longer recommend anyone use any non-custodial service to store crypto. I was lucky that I'd taken loans against my Ethereum and Bitcoin, which made my loss less than someone who might've held on the platform for a return.
In short, if there is an APY on your crypto, and if you don't hold the assets,
it is probably not be worth the risk.
NFTs and The Metaverse
This video was a really good (current) run down of where things are at, especially with regards to the Metaverse/NFTs at the moment: https://youtu.be/JApG3Uym_rY
Monetary Systems Inflation vs Deflation
What about all the other Coins?
There are tens of thousands of coins available. Many are listed every day. When starting out, it is best to stay with Bitcoin, Ethereum and perhaps Solana. I always recommend people understand the supply (most people talking online about crypto, don't look or consider this vital point). When there is a high supply, it is much harder for coins to skyrocket in value (this is a key reason why we won't see something like Cardano - ADA at $30 USD any time soon).
Once you get a feel for crypto, you can look outside of the top few, but it's recommended to stay in the top 10-100 to keep yourself safe.
I'll write up some more pages on mindset around this, as it can be very scary when just getting started. I've got a lot of stories from my earliest investments that made me feel like crypto was more like gambling. Now I understand and respect the power of it, I see it as the fastest vehicle for our family to achieve our goals (and I wish I did a lot of things differently - like buy two Bitcoin back when it was hovering around $6-7k only a few years ago).
Do Your Own Research
Do your own research (DYOR) is something you'll see plenty of in the crypto space. It's important because many people go and dump their life savings into new hype coins and can end up losing everything. This is what gives crypto a bad name. You have to remember, that there is no such thing as getting rich quick. It's not realistic (even though the odd person does get lucky). For most of us, it is better to look at this as a faster journey to achieve a level of freedom your traditional banking system can never provide.
To research coins and supply we use the following sites:
These are good places to get a feel for what the asset is and where you can buy / sell. Plus a lot of info regarding pricing and charts. This is good if you start looking outside of the top 10 assets. Starting out it's good to choose a couple you're comfortable with and go from there.
Remember, just because something is listed on these sites, doesn't make it legitimate!
You also can't go wrong checking out the Bitcoin whitepaper at bitcoin.org. It gives you a really good understanding on the mindset behind why Bitcoin was created.
If you feel like you'd like to take steps to get started, I've written another post with how to Get Started with Crypto.
