Crypto 101: A Beginners Guide
What is Crypto
If you’ve been living under a rock, you may not have heard about Cryptocurrency, otherwise known as Crypto.
Crypto is digital-currency. We use cryptocurrency to buy, sell, trade, leverage, digital assets.
Bitcoin serves as the “gold standard” of cryptocurrencies and sets benchmarks with fixed amounts. Similar to Gold in real life, Bitcoin has a finite number in existence.
Crypto can be used in exchange for goods and services.
As crypto gets more and more adopted globally, we will more easily be able to transfer crypto from one wallet to the next globally.
Most beginning investors in crypto typically choose to invest because they’ve seen great rewards from holding certain tokens as the price of their token price “stocks” increases…
Top Crypto Marketplaces:
- Binance
- Coinbase
- Crypto.com
- Kraken
Other emerging marketplaces may include:
-Cardano
-Avalanche
-Elrond Gold
If you’re new to crypto, you will need a crypto wallet to store your crypto and NFT’s once purchased. Most wallets usually allow you to swap certain tokens in a small native token exchange marketplace. “Metamask” and “Phantom” web3 extensions all have wallets (multiple) and can swap between certain tokens without having to go to a third-party exchange like Sushiswap or Uniswap, or on the Binance Chain, Pancake Swap
In Crypto Marketplaces you can trade your tokens of say ADA for tokens of USDT. USDT fluctuates a stable ratio of 1$ whereas ADA may be $.40 one day and $1.4 the next day, you gained a good profit if you were holding ADA but not USDT as it remained at $1…
Many marketplaces also allow trading of crypto and will have much more new offerings for years to come as the web3 space is still being developed day by day.
How To Make $$$ With Crypto
- Flipping (Buy low, sell high)
- Holding (By holding your wealth in a certain crypto token, you’re putting your bets that that company will win and give back to supporters)
- Selling (You can try to sell your own digital assets and use your own tokens…(pictures, music, etc…) (creating your own crypto tokens are easy, giving them value is the hard part)
How Can Crypto Help You?
- Knowledge (Simply being involved in the crypto atmosphere sets you up for success for when most transactions are handled trustlessly and instantly via crypto transfers. You’ll be a first mover in a continuously progressive civilization)
- Wealth (Get in early on a crypto token that blows-up, or sell your own token for good profit as others support your token and it’s future as a share in your company)
- Community (Becoming part of the crypto community is amazing. We all strive for the same things; Speed, Security, Freedom, Wealth, Happiness)
Use Cases Of Crypto
- Utility (Whenever a business is created that accepts crypto to give houses electricity, water, sewage, and garbage, the world will begin to change. Next will be grocery stores and distribution networks…)
- Shares (Crypto can act as shares of a business… Owning a certain amount of tokens for an organization acts as owning that amount of shares in the business and can possibly earn dividends for holding the tokens with much more rewards yet to be developed)
- Everything (I can imagine a world where every transaction we make in exchange of value can be sent digitally utilizing cryptocurrencies of all natures. Instantly and safely send wealth to someone for anything. Chores, cars, houses, anything…)
Difficulties Facing Crypto
- Legalities (Rulers of the world don’t want anything going on under their wing without knowing of it and require their “piece of the pie” in terms we call “taxes”. This leads to a lot of bureaucracy / legislative bullshit)
- Scams (With anything online and exchanging wealth, always be careful. I’ve heard of very planned out ways of how to rug pull a project and it’s disturbing, but it happen. Be vigilant always)
- Fear (People fear change and insecurity. Governments provide safety in return for freedom. People don’t like volatility and crypto is very volatile at the moment)
ALWAYS BE CAREFUL!!!
I can’t stress this enough! Be extremely vigilant and aware of every link you click on, every transaction you make, and every person you interact with as scammers are plentiful in the space and rugs get pulled from the best looking of projects.
Triple check all links before you click them and make sure they’re the official link you’re looking for. Also triple check all wallet address’s before sending anything valuable to someone else.
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The Dudes Crypto
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