The One about Cryptocurrency
Disclaimer: This episode is about cryptocurrency and as such it is highly speculative. We may have managed to make some money with it but like the stock market it fluctuates so wildly that any investment is at your own risk. Anything shared on this episode is strictly our opinions and as such, the advice is worth what you pay for it. Proceed at your own risk.
So people keep asking me to do an episode about cryptocurrency. I am not anti-cryptocurrency by any means. I am more risk averse. With so many cryptocurrencies and so many legitimate and potentially illegitimate currencies, you may wonder what do I do?
Today is a surprise as I don’t usually have guests on my Tuesday show but as they say, if you are the smartest person in the room, you are in the wrong room so hence I invite Kurt Grela to fill the many gaps in my knowledge.
Today my guest is Kurt Grela. Kurt has been trading in, researching and evangelizing cryptocurrency for some time and is much better versed in Crypto than I.
Before I get started I wanted to let you know if you want to be in the know on Crypto, follow Kurt on Twitter at https://twitter.com/kurtgrela @kurtgrela on Twitter.
Also follow his activities on 101 Blockchain Street at @101blockchainst on Twitter.
So let’s start with explaining what Cryptocurrency is and then we can dig deeper.
Cryptocurrency is digital currency. What? You are exchanging government backed currency for digital currency.
A short fable:
Think about it this way. You buy a painting and you pay $100 for it. Next week because the artist is suddenly famous, your painting is now worth $1,000. Cool so assuming you could sell it for that, you would make a $900 profit. But you decide, if I hang out long enough, it may become worth more. So three weeks pass and it slowly makes it to $1,500. You don’t sell. The artist gets in trouble with the law and suddenly public opinion is against him and suddenly you couldn’t give the painting away and it is worth less than $100. Suddenly Elon Musk says this artist is amazing and suddenly your $1 painting is now worth $1,000 again because his Twitter account has way more followers than yours. Do you sell it or do you keep it?
That is essentially how Cryptocurrency works. Except instead of a painting you can hold in your hand, cryptocurrency like Bitcoin and Ethereum are digital, ones and zeros. If you can’t hold it in your hand or hang it on the wall, do you have something?
- So what is Bitcoin?
- What are all the other crypto currencies out there? Ethereum, Dogge, and so many other
- What is a stablecoin?
- What cryptocurrency exchanges can we trust?
For the more mainstream folks who are perhaps risk averse as I am, I went with PayPal and Coinbase. But I know there are many others that are there among folks who are deep into crypto currency they would go with.
- What are some examples of other crypto exchanges? Which are good, which are bad? How do you know?
- So what about crypto wallets? Hardware or software tell folks the difference and what do you recommend.
- What are the best sites to check the value of different currencies?
- What is the best way to research and decide what currency to take a risk with?
- What about the Squid Game crypto that crashed out? Should I be worried about that happening with others?
This episode answers all of these questions. You may enjoy watching the video or listen to my podcast.
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