Brandon Mintz of Bitcoin Depot On The 5 Things You Need To Understand In Order To Successfully Invest In Cryptocurrency
Store your passwords and private keys properly. There are many scammers and hackers out there that may try to steal your crypto or install malware known as ransomware on your device to force you to pay in bitcoin to retrieve your files. Please beware of phishing links, IRS scams, etc.
Over the past few years, the Cryptocurrency industry has been making headlines nearly every week. Many people have gotten very wealthy investing or leading the cryptocurrency industry. At the same time, many people have lost a lot investing in the industry. In addition, more people have been scrutinizing the ecological impact of crypto mining, as well as its potential facilitation of illegal activity. What is being done and what can be done to address these concerns?
In this interview series called “5 Things You Need To Understand In Order To Successfully Invest In Cryptocurrency” we are talking to leaders in the cryptocurrency industry, as well as successful investors, who share insights from their experience about how to successfully invest in Cryptocurrency.
As a part of this series, I had the pleasure of interviewing Brandon Mintz, President, CEO and Founder of Bitcoin Depot, the fastest-growing cryptocurrency ATM network in the world. An expert in the crypto space, Brandon was a personal early adopter of cryptocurrency and is an advocate of simplifying access for everyone. He has now made that a reality as CEO of a global bitcoin company at younger than 30-years-old.
Thank you so much for doing this with us! Before we dig in, our readers would like to get to know you a bit. Can you tell us a little about your backstory and how you grew up?
I grew up in Woodstock, GA, which is a suburb of north Georgia. In high school, I worked the pretty standard restaurant and fast food jobs and got pretty fed up with just making minimum wage with no upside. I grew up a mile from a lake so, after graduation, I started my first business buying boats and jet skis, fixing them up, and reselling them for more money. That`s when the entrepreneurial part of my brain was activated and I knew I never wanted to work for anyone again. I made more money in my first week than I had anticipated making the whole summer as a server at the restaurant where I worked.
Soon enough, I was in college at the University of Georgia. I really looked at college as something I had to do while figuring out my long-term scalable business. About a year and a half later, I discovered Bitcoin and started my next business “Cash To Crypto,” which allowed customers to deposit cash at a bank and get bitcoin. Shortly after I graduated from college, I decided I needed to automate my business somehow and reduce my time commitment. I then started Bitcoin Depot, which is now the largest Bitcoin ATM company in the world with more than 100 employees and nearly 5,000 Bitcoin ATMs in the U.S. and Canada.
Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
I installed our BTMs in the early days of Bitcoin Depot. I was unable to find any trucks with liftgates to rent, so I would roll 300-pound kiosks down the ramp of a U-Haul truck. One time, I lost my footing while rolling a kiosk on a dolly and it nearly fell on me. Since then, I’ve been telling people I have risked my life for this company!
Are you working on any exciting new projects now? How do you think that will help people?
Bitcoin Depot’s mission is to bring crypto to the masses. We are always looking to expand our reach so as many people as possible can access cryptocurrency as we truly believe it will make their lives better. Bitcoin allows people to have an easier and better way to transfer money, make purchases, store wealth, and conduct business, more so than any other financial system in the world.
As you may have seen, Bitcoin Depot has dramatically expanded its geographical footprint over the past year and are now in 47 states in the U.S. and multiple provinces in Canada. Our recent partnership with Circle K has allowed us to accomplish our mission at an accelerated pace and we are very grateful for that.
Ok super. Thank you for all that. Let’s now shift to the main focus of our interview. The cryptocurrency industry seems extremely dynamic right now. What are the 3 things in particular that most excite you about the industry? If you can, please share a story or example for each.
Right now, there is a ton going on and crypto is exploding. I’m especially excited about the opportunity for a crypto ETF to be approved as that will open doors for much more institutional investment to come into the industry. I’m also excited to watch the growth of Defi and the NFT space. It seems like, every year in this industry, there is some new crazy concept that turns into a multi-billion dollar industry within the crypto ecosystem overnight.
What are the “myths” that you would like to dispel about cryptocurrency? Can you explain what you mean?
One of the biggest myths is that a large portion of crypto is used for illicit activity and that it’s anonymous. That has proven to be incorrect. Ciphertrace, which is a blockchain analytics company, has data that shows less than .5% of bitcoin was used for illicit activity in 2020, which is arguably much less than the percentage of cash or electronic payments used for illicit purposes. Also, vendors like Ciphertrace provide tracing tools where you can see exactly where bitcoin is being sent. Law enforcement uses these tools to find suspicious activity and catch criminals on a regular basis. It’s much easier for law enforcement to trace most bitcoin transactions than cash because of the public ledger bitcoin uses in its underlying technology.
How do you think cryptocurrency has the potential to help society in the future?
Crypto allows a better way to transfer money, make purchases, store wealth, and conduct business than any other financial system in the world. Its underlying technology will be the backbone of our future economy like the internet has been to this day.
Ok, fantastic. Here is the main question of our interview. What are “The 5 Things You Need To Understand In Order To Successfully Invest In Cryptocurrency?” (Please share a story or example for each.)
- Store your passwords and private keys properly. There are many scammers and hackers out there that may try to steal your crypto or install malware known as ransomware on your device to force you to pay in bitcoin to retrieve your files. Please beware of phishing links, IRS scams, etc.
- Don’t invest more than you’re willing to live without. Many of these crypto projects will not survive. Just like with the stock market, your money is not insured and the price can drop to zero.
- Be willing to ride the ups and downs aka “HODL” or hold on for dear life. Crypto is highly volatile and you need to be able to watch your money decrease and increase drastically without getting emotional and making sudden moves.
- Use a reputable source or exchange from which to buy crypto. There are many different methods to purchase crypto out there and it will be up to you to determine the best fit for you. If you are looking for more technical experience as a day trader, an exchange may be the place for you. However, if you are looking for a way to buy crypto in a simple and easy way with live phone support, a Bitcoin ATM may be best.
- Understand the use case for the crypto you are investing in. There are thousands of different cryptos out there now and you won’t be able to invest in each one. Stick to what you can understand or just stick to Bitcoin until you are more comfortable.
What are the most common mistakes you have seen people make when they enter the industry? What can be done to avoid that?
The most common mistake I see happens when someone who has heard about crypto for a couple of years but has been hesitant to buy any. As soon as a major bull run happens, this person buys at the peak of the market before a pullback in price happens. Then, out of fear of losing their money, they sell and take a loss. The way to avoid this is dollar cost averaging where you allocate your total investment size across many small purchases to give you a better cost basis and to reduce your risk. Secondly, avoiding getting emotional and making brash decisions with a highly volatile asset is ideal.
You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger. 😊
I would tell everyone to buy bitcoin as there is nothing better in the world than providing everyone access to the financial system of the future.
We are very blessed that very prominent leaders read this column. Is there a person in the world, or in the US with whom you would like to have a private breakfast or lunch, and why? He or she might just see this if we tag them 😊
Elon Musk. It’s just so crazy to me that one person has enough influence to move a $2 trillion market with one tweet. I would like to have a conversation with him about crypto behind closed doors.
Thank you so much for these excellent stories and insights. We wish you continued success and good health!
