Wakanda is known as the futuristic technologically advanced city of Black excellence and reminds us that our people are trendsetters with many talents and abilities. Bringing that digital city into existence, singer, and entrepreneur, Akon plans to bring this to life. And the biggest piece of it all is Cryptocurrency.

My name is Ashley Wright aka “the Crypto Strategy Queen”! I help individuals and businesses create their cryptocurrency gameplan and learn about Web3 so they can navigate the overwhelming crypto space and reach their financial goals. Starting my crypto education in 2017, I’ve been able to experience the ups and downs of the market, and have identified some of the key fundamentals you need to know when it comes to Crypto, NFTs, the Metaverse, and all the evolving trends! However, before diving into those areas, let’s make sure you understand the fundamentals.  

What is Crypto?

The term cryptocurrency refers to a type of digital asset that can be used to buy goods and services, although many people buy and sell cryptocurrency similarly to investing in shares of stock. Think of it as a medium of exchange, based on something called blockchain technology, meaning it operates without the involvement of banks, financial institutions, or other central authorities. It’s almost like you get to “be your own bank”. It embraces its transparency, immutability, and decentralized characteristics. 

There are over 15,000 types of cryptocurrencies and they all do different things and can be used in different ways. The value of these cryptocurrencies can be volatile, as many factors, such as demand, total supply, and economic factors all play a role in the pricing. When it comes to supply and demand, some cryptocurrencies have a cap on how many coins will ever exist. 

Crypto vs Stocks

Now I know you’re probably thinking, “Ashley, what’s the difference between investing in crypto vs traditional stocks?”  Traditional investments such as bonds, stocks, and mutual funds, are the standard type of investments and not as volatile. However,  everything is going digital and it only makes sense that the next step is to have a digital currency. Investing in crypto is similar to stocks in many ways. However, one of the main differences is that you do not have any ownership or shares in the company. For example, perhaps you’re traveling to Mexico and want to buy some Mexican pesos. You use your US dollars to buy them. The financial institution will charge you a fee for the transaction. As you hold those pesos in your account, their value can rise and fall versus the US dollar, so you might end up gaining or losing some money. You then spend pesos on your trip. When you return home, you decide to change those pesos back to US dollars. You have to pay an additional fee for that transaction. Cryptocurrency buying, holding, and selling work the same way.

Is Crypto real and how does it work?

First off, yes Cryptocurrency is a real thing. Keep in mind that not all cryptocurrencies are legit, as anyone can create one. This is why many refer to Bitcoin as the one and only due to it being a store of value and also a currency that many countries around the world accept as a real currency. You can use it to buy NBA tickets, flights, real estate, and everyday goods and services. 

In general, cryptocurrency transactions are encrypted with specialized computer code and recorded on a blockchain, which is a public, digital ledger in which every new entry must be reviewed and approved by all network members. When sending or receiving Crypto, the experience of “using” crypto is similar to how we use online banking today. Once you open a crypto wallet, you can view your balance and send/receive funds right from your account. Your wallet has a unique address, and a sequence of random alphanumeric codes that encrypts your information. Similar to any money transferring application, your username and wallet address tell the system where to send and receive funds. 

How can I buy/hold/sell cryptocurrencies?

To purchase crypto, you can use websites (also known as cryptocurrency exchanges) to use your local currency (USD, Euros, etc.) to purchase cryptocurrency. Once you create an account and complete the verification process, you’ll get access to the platform and can deposit funds into your account via bank transfer or credit card to enable your first purchase. It is on this exchange that you buy and sell your crypto and convert it back to your dollars or euros at the current market rate.

You can choose to leave your crypto in the exchange or set up an individual cryptocurrency which is like a “be your own bank” type wallet. This is used to simply store your cryptocurrency. 

There are several things to think about when deciding whether to hold your crypto on the exchange itself or set up your own crypto wallet, which go beyond the scope of this article, so do your research.

Though cryptocurrency has a lot of moving parts and is constantly expanding, it may very well be the future of financial technology, so it’s important to understand how it works. Stay connected to the latest industry updates by plugging into crypto newsletters, taking classes, and attending networking events where cryptocurrency is discussed. Take the time to learn the fundamentals, create your first crypto wallet, and explore the amazing world of cryptocurrencies. Following these steps and exploring these resources will ensure you’re on the right track to prepare for the next phase of the digital currency era!

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 

Instagram: https://www.instagram.com/thewrightsuccess/ Website: https://thewrightsuccess.com/