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December 6, 2022

Crypto 101

Have you overheard guys talking about Crypto, Bitcoin, or Dogecoin and it went right over your head? The truth is, some people make it sound way more complicated than it actually is and it can sometimes feel like a boys club. Don’t worry sis, I got you. As the Co-Founder of Crypto Babes, a community of 20k women in Crypto and Web3, I’m going to break down this face-moving Crypto space for you and show you why and how to get involved.

What You’ll Need to Buy Cryptocurrency:

Money
A computer or smartphone
The ability to keep secrets

What Is Cryptocurrency?

Cryptocurrency is a decentralized digital currency, often referred to as crypto. It uses blockchain technology that tracks every transaction. All the transactions are permanent, valid, open for everyone to see, and highly secure. There is a big difference as to why some are successful and others are unsuccessful when investing in Crypto and it all goes back to strategy. I always teach my students how to create their Crypto strategy and more specifically, how to enter these investments, multiply them and then exit them successfully while minimizing your risk. To learn those steps, make sure to shoot me an email at info@thewrightsuccess.com Now let’s jump into the Crypto basics.

Bitcoin

The largest and most popular cryptocurrency is Bitcoin. It was launched on January 3, 2009, by someone under the alias name “Satoshi Nakamoto”. These days, Bitcoin is mostly used as a store of wealth, though, yes, you can use Bitcoin to buy a Tesla — you should be cautious how you spend/use your Bitcoin as you could end up like Laszlo Hanyecz who traded 10,000 Bitcoin for only two boxes of pizzas in 2010. Granted, at the time one Bitcoin was worth only about $0.0025, but he could’ve waited a couple of years and become a multi-millionaire.

Why Is Cryptocurrency So Hot Right Now?

Because Elon Musk has been tweeting about Bitcoin? (This is the first and the last time I’ll be mentioning that guy, pinky swear.) And, to be fair, Marc Cuban has been talking about DeFi and NFTs (and releasing some of his own).

Cryptocurrency is getting hyped as a unique and exciting investment vehicle, basically because it looks like a good way to make a lot of money, fast. And, if you know anything about people, you know they like doing lots of research, investing wisely, and being patient. JK! Everyone wants to get rich quickly. But trust me, lasting wealth takes time to create, but it’s worth it.

Michael Saylor, the CEO of Microstrategy, explains it this way: “Bitcoin is a unique new technology. It’s like the Facebook of money or the Google of money.”

Nonetheless, if you’re thinking about putting some money in Bitcoin, know that you want to invest when there is a lot of fear in the market and everything is down (which is happening right now). Once you invest, set it and forget it. Crypto investing is mainly a long-term strategy.

Of course, with Bitcoin, you can also lose money, which is why I always teach my students how to create their Crypto strategy and how to avoid making some of the top Crypto mistakes.

Where to Buy Cryptocurrency

There are many ways to invest in crypto — from traditional investing and trading to staking and yield farming. But, if you’re looking to get started, let’s start with the first important step: buying it.

To start, we recommend buying your first crypto on a centralized exchange. It’s a simple way to go from your local currency (USD, Euro, etc) to Crypto instantly. Exchanges allow you to swap one cryptocurrency for another or to use a fiat currency (USD, CAD, GBP, etc.) for cryptocurrency. Like traditional banks, every exchange is different; they each have their own pros and cons.

For example, Kraken allows you to buy Polkadot, and it also allows you to stake it and earn 12% APY in passive income. Coinbase, on the other hand, doesn’t have Polkadot, but it’s more user-friendly.

The major centralized exchanges in the US:

Kraken
Coinbase
Binance.us
Crypto.com

Though this may seem like tons of info, girl, this is just the tip of the iceberg! I know all these trends with NFTs, the Metaverse, etc may be exciting, start with these fundamentals first. Once you have a hand on these and have a strong foundation, I can bring you up to speed on the next steps on how to truly create wealth in this industry.

About The Author:

Ashley is an energetic and ambitious entrepreneur who quit the corporate 9-5 world to pursue her love of Crypto, travel, and empowering others. She’s on a mission to help others create generational wealth through Crypto and with over 8 years of experience in Business and Direct Sales, she has built a global brand with The Crypto Strategy Academy. Leading the industry as one of the top Crypto Educators in Canada and is the co-founder of Crypto Babes, a community for women learning, working, and building in Web3, which has over 22,000 members, Ashley has spoken at countless conferences around the world and works in the community to highlight underrepresentation communities.

Expertise: Cryptocurrency + Blockchain Strategy and Online Branding

Linkedin: https://www.linkedin.com/in/thewrightsuccess