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If anything that is written here does not seem to be accurate or is complicated. Please comment or reach out to me so I can better explain the topic in future publications and discussions. Crypto is very risky but it is a calculated risk based on these factors.
How do I get started in crypto?
Crypto and blockchain technology is a rapidly changing new economy. While the united states dollar is becoming inflated due to an infinite supply and money being printed out of thin air. Many people have been looking for a new solution. There are so many cool and creative things being created already with this technology. In fact, since you are reading this article right now. I am earning crypto. This technology is possible right now and people are just starting to reap the benefits to come.
Step one: Download a Wallet
One of my favorite concepts of crypto is the wallet. Wallets can interact with smart contracts on the blockchain. Anyone can create a code that can interact with another crypto or NFT. NFTs can have value and other attributes that will be discussed later.
There are many different wallets that operate in different ways. One of the most popular and most used is Metamask. METAMASK allows people to send, trade, and receive crypto within its plug-in. Metamask is also an app available on the AppStore and play store. You can sync your wallet from your computer to your phone and vice versa.
IMPORTANT:
You will receive a Seed Phrase, DO NOT LOSE THIS, DO NOT KEEP THIS ON YOUR COMPUTER, DO NOT LET ANYONE SEE THIS. This can be given to your kids and your wealth can be transferred down without government intervention.
Please watch the video located on the website below for a better explanation of Metamask.
Here is a link to Metamask
https://metamask.io/
Metamask allows you to enter the world of Web3 where smart contracts can be written and deployed to a network of nodes and verified instantaneously. This allows people to do things like sending money to someone all the way across the globe without having to pay fees.
Coinbase also has a wallet but it is linked with your identity and I do not believe coin base is open source.
here is a link:
Trust wallet is another great option
Here is a link:
Step TWO: A World of Choices:
After you have created a wallet, you can not interact with any blockchain or network. Certain wallets have limitations though, that is why Metamask is recommended. With this Metamask extension you are able to deploy smart contacts, and do anything with Smart contracts, NFTs, Tokens, and so so so much more.
What is a DEX?
A DEX or Decentralized exchange is a platform that allows anyone to trade. There is a great one that offers many different trades and options called KuCoin.
Here is a link:
https://www.kucoin.com/ucenter/signup?rcode=rJLBVPA&lang=en_US&utm_source=friendInvite Find the next crypto gem on KuCoin! For every 4 crypto holders, 1 is with KuCoin! To be one step ahead of others, go trade on KUCOIN now to meet smarter investment and diversified projects!
With Metamask, and Kucoin as well as other wallets you are able to send crypto safely and easily between accounts or even to others. All of this is anonymous and Decentralized.
What Is DEFI?
Decentralized finance is a movement where digital currencies such as Bitcoin and Ethereum, are allowing users to earn more of it just by holding it in their wallet.
NFTs...
NFTs are Awesome but so complicated. Imagine being able to take an object from a videogame that you own and put it into a different game and have the same stats and more. This is possible with NFTs. If the projects do this successfully, you will be able to do this is super easily with blockchain technology. You also do not have to worry about it getting stolen or hacked.
Networks
What is a network and how does it work. Ethereum is a network of smart contracts and nodes. It allows people to create Dapps or Decentralized applications. Like this website for example. It connects to the Ethereum network and with my Metamask wallet to allow me to transfer my earnings directly to my wallet.
Depending on the service the only cost associated with sending this money is called gas. Gas on the bitcoin network and Ethereum 1.0 are the proof of work meaning that there are networks of computers that decode this blockchain and validate transactions. Ethereum 2.0 and Polygon(a layer 2 solution to Ethereum) allow people to stake crypto they own into different liquidity pools, farms, and much more.
Airdrops, ICO, IFO, and more!
An Airdrop is when crypto is sent to tons of wallets. This can be to help the crypto become adopted as a larger player. When coins first come about to market they have an ICO or Initial Coin Offering or an IFO an Initial Farm Offering. These are great times to get into a project because it is when it is first being created and it has great potential to gain value or lose value.
What is this technology going to be used for in the future?
I believe in the future this technology will be used for voting as well as for all transactions. As all countries struggle to keep value to their money due to rising inflation.
Another topic is services such as google drive, box, and internet providers. These might not seem like they have anything in common but there are actually crypto projects where you can sell your leftover Wifi so that other people can pay to use it. They can pay for these services with crypto just like any service or anything you pay for with USD, debit, credit cards.
What can people do about it?
How to change the world...
With this technology, everyone can be given a coin, and this coin can represent their
Banks. Why banks are lying to you. When you lend money to the bank in various different ways. They are allowed to say that for every $1 you keep with them, they can lend out $4-$5. Meaning if you put $100 in a checking account they can lend out 4-5x or $400 to $500. Do the math for you're own money and think, what you could do with all that extra money that the banks and institutions and giving back to their stockholders and shareholders. Imagine for a second, that you are now a bank. You can do this. How do you make money?
You lend money.
This ties back around the DEFI section but when you lend money in crypto you are lending it in many different ways. If I have 200 Doge coin I can lend out those 200, and use that as collateral to get a loan. If I begin to lose too much of my collateral I be forced to repay the loan or unable to take another.
There are projects that are working towards allowing you to get a credit or debit card. such as uphold. With this card you can send your crypto to the card and then use it anywhere you use cash, credit, or debit. This is such an obvious solution yet so many people are hesitant about adoption.
Around the world, there are many countries and places that do not have the freedoms that we have in the U.S. but there are also places that have more freedom and rights to the people. This web 3 is allowing people to connect at incredible speeds and make money while they sleep. There are many wealthy people that are very interested in this technology and they are just starting to mess with the market similar to how they do with the stock market.
This technology is spreading quickly with Gen Z and millennials who are being impacted by these high inflation rates and drastic markets. Technology is similar to time. It has reached a point where it will move on with or without you. With banking apps and mobile deposits, what is stopping you from accepting crypto online as payment right now?
