The Rise Of Crypto-Friendly Businesses: Opportunities And Challenges
Cryptocurrencies have emerged as a powerful force in the global economy over the past decade. Businesses and enterprises of all sizes are realizing the potential of cryptocurrencies in their operations. Initially, Bitcoin and other cryptocurrencies were viewed as a niche asset class, limited to a small group of tech-savvy individuals. However, the use cases of these digital currencies are transforming the business landscape.
This is a guest post by Myrtle Bautista
Cryptocurrencies have emerged as a powerful force in the global economy over the past decade. Businesses and enterprises of all sizes are realizing the potential of cryptocurrencies in their operations. Initially, Bitcoin and other cryptocurrencies were viewed as a niche asset class, limited to a small group of tech-savvy individuals. However, the use cases of these digital currencies are transforming the business landscape.
This article will discuss the opportunities and challenges presented by the rise of crypto-friendly businesses. But before we dig into it, let's know precisely what cryptocurrency is.
What Is Cryptocurrency?
Simply put, a cryptocurrency is a digital currency that uses cryptographic systems to make online transactions safer and quicker without any mediators. It means that cryptocurrencies are not regulated by any central bank, making them immune to any third party intervention. Investing in cryptocurrencies can be very lucrative if a proper strategy is built before jumping into it. Some of the most popular cryptocurrencies nowadays are Bitcoin, Ethereum and Ripple.
The Rise Of Crypto Friendly Businesses
Crypto-friendly businesses are companies that have integrated cryptocurrencies into their operations by accepting crypto payments or providing services related to cryptocurrencies. These businesses have recognized the potential of cryptocurrencies as a viable payment option and have taken steps to accommodate this growing trend.
What Can Crypto Do For Your Company?
To spark your company's thinking about crypto, below are mentioned some of the rationales behind why some businesses are currently using crypto:
Introducing cryptocurrency now may help raise internal awareness of this new technology in your business. It also may help the business position itself in this vital growing field for a future that could include central bank digital currencies.
Certain options are available with cryptocurrency that are simply not with fiat currency. Programmable money, for example, can enable real-time and precise revenue sharing while increasing transparency to facilitate back-office reconciliation.
Cryptocurrency provides a new avenue for improving a variety of more traditional Treasury tasks, such as making money transfers simple, real-time, and secure, helping strengthen control over the enterprise's capital and managing the risks and opportunities of investing in digital investments.
Cryptocurrencies have gained popularity over the years, attracting businesses and individuals who want to invest or accept it as a form of payment. Crypto-friendly businesses have emerged and are exploring the opportunities that come with it. However, this new technology also poses some challenges. Let us take a look at the opportunities first.
The Opportunities
Increased revenue
Companies accepting cryptocurrencies as payment are able to boost their revenue by reaching a new market of clients who use digital assets. They can potentially attract crypto users searching for new ways to spend their digital assets.
Global accessibility
Cryptocurrencies are not restricted by borders and can be used by anyone from anywhere. Cryptocurrency users can securely store and access their holdings from anywhere. For example, anyone who invests in Bitcoin, can manage bitcoin anywhere in the world. Businesses that accept cryptocurrency can simply transact with international consumers without worrying about currency exchange rates.
Lower transaction fees
Cryptocurrencies such as Bitcoin or Ethereum have lower transaction fees than traditional payment methods such as credit cards. Accepting Bitcoin can potentially reduce transaction costs and increase translation speed, making it a very practical; choice for enterprises.
Security
Since transactions are encrypted and cannot be altered, they provide high levels of security. Accepting cryptocurrencies can help businesses avoid fraudulent activity like chargebacks and identity theft.
Early adopter advantage
As cryptocurrencies become more widely used, organizations that embrace the technology early on may have a competitive advantage over those that do not.
The Challenges
Volatility
Cryptocurrencies are widely known for their high volatility, which puts businesses that accept them as payment at risk. Cryptocurrency price fluctuations can influence the value of a company's revenue, which can be difficult to control.
Lack of regulation
The cryptocurrency industry's lack of regulation might be a hurdle for businesses who wish to accept it as a payment method. The legal status of cryptocurrencies varies across countries, making it difficult for enterprises to navigate the legal landscape.
Technical expertise
Since cryptocurrencies are a complex technology, businesses must have the technical expertise to properly integrate them into their operations. Small firms, in particular, may lack the resources to invest in the technical skills required to accept cryptocurrency.
Limited acceptance
Despite their growing popularity, cryptocurrencies are not yet widely recognised as a means of payment. Businesses that take cryptocurrencies may not have a big number of customers that utilize them, limiting their earning potential.
Security risks
Cryptocurrencies are susceptible to hacking and other security breaches, and businesses that accept them as a form of payment must have robust security measures in place to protect themselves and their customers.
Conclusion
In conclusion, crypto-friendly businesses have the potential to benefit from increased revenue, lower transaction fees, global accessibility, security, and early adopter advantage. However, they also face challenges like volatility, lack of regulation, and technical expertise. Businesses that want to embrace digital currencies must weigh these opportunities and challenges and develop a strategy
Meet Myrtle Bautista
Myrtle is a journalism major, a social media marketer and is now exploring freelance writing. She's fond of anything related to health and wellness, and when she's not writing, you'll find her doing long-distance cycling, ultramarathons, hiking, or in a local cafe enjoying a good cold brew.
Exploring the Future of Digital Money: Trends, Technologies, and the Role of Financial Development
Digital money is revolutionizing the way we use and think about our finances. As a result, the use of this innovative currency is growing at an unprecedented rate. A recent report by the World Bank estimated that there are currently around 1.7 billion unbanked adults worldwide. Digital money could change this by providing them with access to financial services, reducing the costs of financial transactions, increasing efficiency, and enhancing security.
This is a guest post by Katie Pierce
Digital money is revolutionizing the way we use and think about our finances. As a result, the use of this innovative currency is growing at an unprecedented rate. A recent report by the World Bank estimated that there are currently around 1.7 billion unbanked adults worldwide. Digital money could change this by providing them with access to financial services, reducing the costs of financial transactions, increasing efficiency, and enhancing security.
And today is a pivotal point in history as we witness how its future is shaping up. In this blog post, we’ll unpack the factors that are making a critical impact on the trajectory of digital money.
Trends
While there are countless possibilities for how technology might define the future of digital money, some clear trends are beginning to emerge.
1. Real-time payments
One key direction in the development of digital money is the shift toward “real-time” payments. This means that transactions can be completed almost instantaneously. As a result, people no longer have to wait days or weeks for a bank transfer to go through.
Such real-time payments offer consumers convenience. In the past, they had to plan ahead when making purchases or transferring funds—but not anymore! Today, they can conduct their transactions in a micro-fraction of the time that they used to spend on previous financial arrangements.
2. Open banking
Yet another important development is open banking. This refers to a system where banks allow customers to share their financial data with third parties, such as app developers or payment service providers.
Open banking can make managing finances easier by enabling users to access all their accounts from one place. This results in the quicker completion of transactions. Thus, both individuals and businesses alike can enjoy incredible convenience, with the new technology facilitating faster and more secure payments for goods and services.
3. The rise of cryptocurrency
Cryptocurrencies like Bitcoin have gained popularity in recent years and are now widely used for online transactions. However, cryptocurrencies face regulatory challenges, and their use is still relatively limited.
4. Mobile money transfers
Another significant trend in digital money is the increasing use of mobile wallets and mobile banking transactions. Mobile payment systems, like Apple Pay and Google Wallet, are increasingly becoming mainstream. Alongside this are the development of technological innovations that enable heightened convenience and security in their use. Mobile payments are thus expected to continue to grow, with the global mobile payment market projected to reach $494.5 billion by 2030.
Technologies
Several technologies are driving the growth of digital money, such as:
1. Blockchain technology
Blockchain technology, which underlies cryptocurrencies, is one of the technological waves that aren’t likely to break anytime soon. Blockchain is a distributed ledger system where transactions can be recorded securely and transparently. It can disrupt the financial industry by delivering benefits like improved efficiency, more cost-effective dealings, and bolstered security.
In fact, this cutting-edge technology has been hailed as a way to reduce risks associated with digital payments. However, as digital money becomes more popular, developing more advanced safeguards against fraud and other potential risks will be essential.
2. Artificial Intelligence (AI)
AI or artificial intelligence is also a major catalyst (if not the primary one!) in the shift towards digital money. It refers to the ability of machines to perform tasks that typically require human mental processes, such as image perception, speech recognition, decision-making, and language translation. With computer algorithms, this technology can learn and improve from experience and perform tasks that could only be previously performed by humans.
Today, AI is being used to automate financial transactions. These include fraud detection, risk assessment, and customer service improvement. AI systems are also being used to develop personalized financial products and services, such as robo-advisors, that provide low-cost investment advice to consumers.
The impact of financial development
The role of financial development in shaping the future of digital money can’t be ignored as it makes the following possible:
1. Financial inclusion
One way financial development can support the growth of digital money is by promoting economic inclusion. This refers to the provision of affordable and accessible commercial and banking services to underserved populations. Through digital money, customers can now easily send and receive money regardless of where they live and their financial status. And this can go a long way in enhancing their social mobility and giving them access to more opportunities.
2. Regulation
Governments around the world are investing in policies designed to facilitate innovation in the payments sector while still protecting consumer interests. One fine example is their initiatives that support safe and secure offshore banking jurisdictions that enable individuals and companies to enjoy lower taxes outside their own country base. Also, regulatory changes, such as open banking, have already had a major impact on how businesses operate.
Yet there is still a ton of work to be done before we reach a truly seamless and secure global payments system. Regulatory devices must be flexible enough to accommodate new technologies and equally robust to prevent financial instability and protect consumers.
The bottom line
While the future of digital money has many exciting possibilities, it also presents some serious considerations regarding financial stability and consumer protection. Through advances in technology and supportive government policies, we can ensure that the global payment system is secure and accessible for all. So, let’s do the work and wait with bated breath as digital money continues to evolve and, hopefully, become a greatly beneficial instrument for future generations.
For more tech-savvy insights, news, and information, visit the blog of The UnOrthoDoc today!
Meet Katie Pierce
Katie Pierce is a teacher-slash-writer who loves telling stories to an audience, whether it’s bored adults in front of a computer screen or a bunch of hyperactive 4-year-olds. Writing keeps her sane (most of the time) and allows her to enjoy some quiet time in the evening before she walks into a room of screaming kids (all of whom she loves dearly) the next morning
Everything You Need To Know About Web3
Web3 is the next era of the internet, where users are in control of their data and applications. Many businesses and tech experts have been predicting its rise for years, and it is finally starting to become a reality! If you want to learn more about Web3, check out our guide to everything you need to know.
This is a guest post by Bash Sarmiento
Because I have spoken about cryptocurrencies and NFTs before, I thought it a good idea to impart some knowledge on the future of the internet, i.e Web3.
Web3 is the next era of the internet, where users are in control of their data and applications. Many businesses and tech experts have been predicting its rise for years, and it is finally starting to become a reality! If you want to learn more about Web3, check out our guide to everything you need to know.
What is Web3?
To begin learning about this new technology, you must first answer the question: What is Web3?
Simply put, it is a decentralized platform that runs on blockchain technology that provides a secure and transparent way for users to interact with each other. In particular, Web3 allows users to interact with decentralized applications (DApps) and smart contracts on the Ethereum blockchain.
A DApp runs on the Ethereum blockchain. It is like a traditional web application but is powered by smart contracts - self-executing contracts that run on the blockchain. They can ease transactions between users securely and transparently. For instance, a smart contract could be used to manage a rental agreement between two parties.
Now that you know the basics of Web3, take a closer look at some of its key features.
Key Features of Web3
One of the most important features of Web3 is that it is decentralized. This means that it is not controlled by any central authority, such as a government or a corporation. Instead, it is powered by the Ethereum blockchain, which is a global network of computers that anyone can join.
Another key feature of Web3 is that it is secure. All data and transactions on the Ethereum blockchain are encrypted and stored in a public ledger. This makes it almost impossible for anyone to tamper with the data or make fraudulent transactions.
Lastly, Web3 is transparent. Because all data and transactions are stored on the blockchain, anyone can view them. This makes it easy to track down any potential problems or fraud.
What is the difference between Web2 and Web3?
Now that you know what Web3 is, you might be wondering how it differs from its predecessor, Web2. The main difference is that while Web2 is centralized, meaning that there is a single point of control, Web3 is decentralized. There is no single entity that can control or manipulate the network.
Another key difference is that while Web2 runs on central servers, Web3 runs on a decentralized platform. Finally, while Web2 apps are mostly closed-source, meaning that only the developers can see and change the code, Web3 apps are open-source. This means that anyone can view and contribute to the code, making it more transparent.
How is Web3 used?
Albeit a relatively new technology, Web3 already has many applications. And with its vast potential, there will likely be even more applications for this technology in the future.
Web3 Wallets - A Web3 wallet is a crypto wallet that allows you to store and manage your Ether and other Ethereum-based tokens. It also allows you to interact with DApps on the Ethereum blockchain.
Decentralized Exchanges - On decentralized exchanges, users can trade cryptocurrency without the need for a central authority.
Identity Management - Web3 can be used to build decentralized applications that manage user identity securely and transparently.
Supply Chain Management - DApps can also track the movement of goods and materials through the supply chain.
Voting - Applications that allow users to vote on decisions made by a group or organization can also apply Web3 technology to facilitate the process and secure each vote.
Insurance Contracts - Decentralized insurance contracts can be developed by using Web3. With this type of contract, users can insure themselves against risks such as theft, fraud, or natural disasters.
Web3 Bounties - Web3 bounties are a way to incentivize users to complete tasks. Bounties are often used by developers to find bugs in their code or to improve the usability of their applications. These can be used to post and manage bounties for tasks such as bug fixes, security audits, or product development.
What are the risks of using Web3?
As with any new technology, there are some risks associated with using Web3. These include the risk of technical vulnerabilities and the risk of fraud or theft. However, these risks can be mitigated by taking proper security precautions and by using trusted platforms and services.
The Future of Web3
The goal of Web3 is to create a more democratic, open, and secure internet for everyone, and the future of Web3 is bright. It has the potential to revolutionize the way that people interact with the internet and can be used to build a new generation of decentralized applications.
Additionally, because it is based on the Ethereum blockchain, it is highly scalable and can be used to power large-scale applications. Although it is still in its early stages, there are already several projects and businesses applying Web3 to various areas such as social media, finance, and gaming.
Meet Bash Sarmiento
Bash Sarmiento is a writer and an educator from Manila. He writes laconic pieces in the education, lifestyle and health realms. His academic background and extensive experience in teaching, textbook evaluation, business management and traveling are translated in his works.
Find him on Instagram and LinkedIn
6 Trends That Will Affect The Future Of Advertising
The advertising sector constantly evolves along with time passing, especially with the emergence of new technologies and innovative trends. These inventions transformed how marketers operate, from creating content to fulfilling their responsibilities. For instance, the internet and social media have become the most effective platform for businesses to advertise their products and interact with customers today.
This is a guest post bu Bash Sarmiento
The advertising sector constantly evolves along with time passing, especially with the emergence of new technologies and innovative trends. These inventions transformed how marketers operate, from creating content to fulfilling their responsibilities. For instance, the internet and social media have become the most effective platform for businesses to advertise their products and interact with customers today. Regardless, this is just the beginning of the bright and promising future of advertising. With the current and emerging trends, how companies see and utilize advertising will change in the coming years.
In this article, we'll discuss these trends that will affect the future of advertising. Make sure to keep reading; you might be one step ahead of your competitors after adapting them to your marketing strategy today.
Trends That Will Affect The Future of Advertising
Enhanced Customer Targeting with Big Data Analytics
Most marketers are aware of the tremendous potential of big data analysis. Data alone has always been essential in coming up with strategic marketing decisions. But with big data, more information is being collected and utilized for your operations.
One of the most impressive uses of big data in advertising is customer targeting. It is the process of connecting to your target audience through having insights about them. Using the data-driven approach, you will get to know your audience and think of ways to optimize your campaigns based on their wants and needs.
However, you must be aware that since big data can get extraordinary volume and variety of unstructured data, it can be overwhelming. Therefore, you have to learn how to leverage the most crucial information easily to be able to make your customer targeting effective.And if you want to advertise your products well, make sure to measure the results. Take into account what is working, what isn't, and how you can improve.
Personalized Consumer Experience
Every consumer has a unique set of tastes and preferences. Therefore, it only makes sense to consider these particular inclinations in your digital marketing strategies. With big data, you can gain insights into their preferences and behavioral patterns. From there, you can personalize your content for them and improve their experience.When you target your ads to a specific audience, use ad copy, images, and even video clips that appeal directly to the interests of those consumers. All of these will result in a better experience for them.
Integrated Online-Offline Advertising
During the pandemic, physical stores with little online presence have struggled, and most of them unfortunately closed. On the other hand, many digital brands have thrived during those times up until today. People have been purchasing a lot online because of the convenience of not getting out of the house. But that doesn't mean that physical stores have already gone out of style. Of course, many consumers still prefer physical stores. Therefore, you'd instead adjust your marketing strategy to meet the current trends in this age of digitalization.
Along with your usual advertising strategies in person, like hosting events, you can use the internet and social media to promote the business. Leverage all digital marketing channels as much as possible, especially mobile-friendly ones. These could help you gain more customers.
Moreover, you can utilize VR and AR technologies to enhance your customer's shopping experience. Right now, Ikea already has an AR app that allows users to see furniture items, while other fashion brands have launched apps that enables shoppers to try on clothing virtually. Many brands are hopping through this trend—and soon, it will revolutionize the future of advertising.
Story-Driven Visual Content
When it comes to digital marketing, content visualization is always the best. The rise of smart speakers and voice search today has precedent "readable content." In fact, according to research, visual content is preferred by people over plain text.
But nowadays, visualization alone will not be enough anymore. You should also be aware of the essential elements of brand storytelling. Modern consumers prefer relatable video content. In other words, they are looking for content that goes beyond product advertising. So, create a cohesive campaign that tells a realistic narrative. Add images, infographics, and videos to your texts to capture the hearts of your consumers.
Social Media Optimization (SMO)
If people aren't on their phones to text, they're most likely scrolling through their social media platforms. In light of this, it is best to leverage those platforms to grow your online presence, promote your products, and connect with your customers.
Know that SMO works just like Search Engine Marketing (SEM), which includes search engine optimization (SEO) and paid media. They have the same goal to increase visibility and generate traffic. The only difference is SEM works on search engines like Google and Bing, while SMO is, of course, focused on social media platforms like Facebook, TikTok, Instagram, YouTube, etc.
The plan is to direct the public to your website, where more information is acquired. Therefore, similarly to SEM, you must create unique and engaging content to make this possible and do paid marketing for enhanced visibility.
Brand Transparency
With many businesses emerging today, consumers are becoming more discerning about the brands they support. That said, being transparent about how you operate will help you set your company apart. You can create advertisements and video content about your operations and how the brand supports different causes when you hop into this trend.
Final Thoughts
The advertising sector is ever-changing and complicated. The only way to succeed is to stay relevant and adapt to all these changes. With our article that covers the trends that will influence advertising in the future, you'll be able to transition swiftly and may succeed in the industry in the coming years.
Meet Bash Sarmiento
Bash Sarmiento is a writer and an educator from Manila. He writes laconic pieces in the education, lifestyle and health realms. His academic background and extensive experience in teaching, textbook evaluation, business management and traveling are translated in his works.
Find him on Instagram and LinkedIn
Up Your Investing Game With NFTs
If you haven’t been living under a rock you more than likely have heard of NFT’s by now. If you haven’t yet heard of them, it is all the rave in the crypto space right now! They are a new way of operating and owning assets that it is like a foreign language when getting into it for the first time. There is so much to learn and the information given in this blog post will only scratch the surface.
For some months all I kept hearing about was an online piece of work called an NFT. If you have been living under a rock you more than likely have no clue what I am talking about. In the cryptocurrency space it is all the rave right now! But what are they?? According to coinbase, NFTs (or “non-fungible tokens”) are a special kind of cryptoasset in which each token is unique — as opposed to “fungible” assets like Bitcoin and dollar bills, which are all worth exactly the same amount. Because every NFT is unique, they can be used to authenticate ownership of digital assets like artworks, recordings, and virtual real estate.
Non-fungible - What is that?
Non-fungible means that something is unique and cannot be replaced with something else. Bitcoin, for example, is worth as much as every other bitcoin. A dollar bill, is worth exactly one dollar. “Fungibility” refers to goods or assets that are all the same and can be swapped interchangeably.
NFTs on the other hand are unique and cannot be swapped interchangeably. Concert tickets are non-fungible. Even if every Drake concert ticket is the same price, they aren’t directly exchangeable. Each represents a specific seat and a specific date — no other ticket will have those exact characteristics.
The reason why they are such a big deal is because they are appreciable assets, you can buy and hold or you can buy and sell these digital assets for a lot of money! Some of the more recognizable ones on the marketplace have come from projects by Bored Apes and Crypto Punks - earlier this year the Crypto Punk NFT(crypto punk 7524 aka Covid Alien) shown below sold at Sotheby’s for 11.75 million!! The creator put them up for auction, starting at $100 and the winning bid was astronomical.
This NFT titled Everydays: The first 500 days by Beeple was put up for auction at Christie’s starting at $100 and sold for $69million!!
The below NFT, also by Beeple was purchased for $66K and sold for $6.6 million - 10 times the purchase price!
Why are NFTs Important?
You can think of NFTs as being kind of like certificates of authenticity for digital artifacts. They’re currently being used to sell a huge range of virtual collectibles, including:
NBA virtual trading cards
Music and video clips
Video art
Digital art
Virtual real estate (in a place called Decentraland)
As with Bitcoin and other crypto that has boomed in popularity over the last year, NFTs have also soared — growing to an estimated 7 billion. Each NFT is stored on an open blockchain (often Ethereum’s) and anyone interested can track them as they’re created, sold, and resold. Because they use smart contract technology, NFTs can be set up so that the original artist continues to earn a percentage of all subsequent sales (royalties).
I am a new comer to the NFT space and only purchased my first in September of this year. Some NFTs that I have personally invested in are from Boss Beauties, World of Women, Women Rise and Alpha Girl Club. I purchased a Women and Weapons NFT for 0.175 ETH which is roughly $700 USD and have gotten a few offers, the best so far being for 1.18 ETH which is roughly $5000 USD. I have not sold it - I will be holding on to it for now or until I get a much better offer. The reason I chose to invest in some of the above NFTs is because they embody a cause or a mission that I can get behind. For example, Boss Beauties has a mission to educate and empower the next generation of Women and Girls through scholarships and mentorship programs.
Tweet from Reese W.
A recent tweet from Reese Witherspoon on NFTs and the need for more women to take up space in this arena. Reese is also one that I follow on Twitter as she is part of the large NFT twitter community.
How to Purchase NFTs
NFTs are bought and sold through an NFT marketplace built specifically to handle the blockchain transaction. NFTs can cost anywhere from a few dollars to millions of dollars for a digital asset thanks to the scarcity model. To buy NFTs, you must have a cryptocurrency and seek out a purchase through an investment marketplace. Most NFTs are sold on the Ethereum blockchain, meaning you must have the cryptocurrency Ethereum to purchase. Another crypto that’s used to purchase some NFTs is Solana (Sol).
Here’s how I purchase my NFTs:
You will need the cryptocurrency Ethereum (ETH) to purchase NFTs. I purchase all my cryptocurrencies on Coinbase. If you use my referral link to purchase your first $100 worth of crypto you will get $10 worth of Bitcoin. You will also need a wallet, such as the coinbase wallet or metamask and a marketplace to purchase your NFT on, such as Opensea.
Create an Opensea account - Go tot the website opensea.io and create an account. After which you can connect your crypto wallet to OpenSea, edit your profile, and begin interacting in the space. Here’s a video on how to open an account.
Connect your wallet - A crypto wallet, such as coinbase wallet or metamask, stores your Ethereum and processes transactions on the Ethereum blockchain. A unique wallet address will be generated and you will use this address to complete transactions. Here’s a short video on how to connect a wallet to your opensea account - in this case it shows how to connect a metamask wallet, but any wallet you choose will be set up in the same way.
Fund your wallet with Ethereum - You can get ETH, the digital currency that fuels transactions on the Ethereum blockchain, from a digital currency exchange like Coinbase. You will need ETH to "mint,” create and purchase an NFT.
Research available NFTs on Opensea - You'll want to choose an NFT that you feel has an upside value potential. The NFT can be some art, music, video, or even an item within a video game. You can even search Google or Twitter for NFTs. When looking at the upcoming NFTs, note when the sale is, what the cryptocurrency requirements are, and how many of the NFT are being sold. This helps you better understand the scarcity behind the NFT you are choosing. I am a member of an NFT community where these are talked about all day and I am also involved with a number of NFT communities on twitter (the only reason I am currently on that platform).
Bid on or Purchase your NFT - Make sure that there is enough crypto to conduct the transaction including any relevant fees. Fees can include the costs of purchasing and transferring cryptos, converting one crypto into another, and gas fees(amount it costs to process the transaction). When the NFT is purchased, it is stored in a crypto wallet on the same blockchain, on a different blockchain, or in decentralized storage. Mine are stored in my coinbase and metamask wallets.
*Coinbase will launch it’s own NFT platform in Q1 of 2022, I will more than likely switch from opens when that happens*
This information is so new that it can come off very confusing. It’s an entirely new world and a new way of operating and owning assets that it is like a foreign language when getting into it for the first time. There is so much to learn and the information given in this blog post only scratches the surface. Be sure to educate yourself and do your research before investing in any NFT. I can’t wait to see how this shapes the future.
Change is Here!
Another tweet from Reese - everything is changing and we must move with the times in order to not get left behind. Investing in the stock market is great and I encourage that but there’s a new way of investing that is not yet mainstream that in my opinion, we ought to get involved in NOW.
Next Investing Step: Cryptocurrencies
There has been a lot of developments lately in the crypto space. It sounds like some cryptocurrencies like Bitcoin and Ethereum are here to stay. In my opinion, it would be unwise to not invest, if even a small portion, in cryptocurrency.
Updated January 3, 2022
If you’ve been here for a while you know Investing is one of my favorite topics. I did a mini series of blog posts a while back and many found them quite beneficial. If you missed them here they are:
Investing 101: Invest In Yourself
Setting Up Your First Investment Account
How To Start Investing In The Stock Market
6 Questions To Ask Before Investing
6 Tips on Getting Into Real Estate Investing
5 Ways To Invest in Real Estate
Before diving in, I want to preface by saying that I am by no means a cryptocurrency expert or any kind of investment advisor. I will try to keep this short and sweet with some actionable steps I used to get started with investing in crypto. The information shared are my thoughts and based on my personal experience on the topic. I’m only sharing these because I feel that if you’re not on board with crypto at this point i.e if it’s not part of your investment portfolio, you’re seriously missing out on an opportunity to build wealth.
What is Cryptocurrency?
According to nerdwallet, cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. They work using a technology called blockchain, which is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security. The most popular cryptocurrency at the moment is, you guessed it, Bitcoin.
I will admit that several years ago when cryptocurrency was being introduced I was, like many, quite skeptical. It sounded highly volatile, very risky (aka scammy) and sometimes the returns sounded too good to be true. Fast forward several years later after spending quite a bit of time educating myself on the topic and speaking in depth with my financial advisor, crypto educators and other professionals, my only regret is that I didn’t invest in them a lot sooner.
Bitcoin is the world’s first digital asset, is slated to be the currency of the future and as as such, supporters are racing to buy them now in hopes that it will be more valuable later. Just like the internet changed the world many years ago, Bitcoin is expected to usher in a similar change.
My first real introduction to Bitcoin was at the beginning of the pandemic when there was a lot of time to devote to learning something new (the good old days). My husband and I dabbled in a bit of investing and trading during those times with some really good returns. During that time Bitcoin was under $10K. Today (at the time this post is being written) bitcoin sits at around $65K and is predicted to get to upwards of $80K by end of November and north of $100K by December.
There has been a lot of developments lately in the crypto space - major banks around the world and some politicians have sent out pro-bitcoin sentiments. The SEC has approved a Bitcoin ETF, New York’s mayor will be receiving his first 3 paychecks in bitcoin, so are athletes like Aaron Rogers and podcaster Joe Rogan, and El Salvador has made Bitcoin its currency (with more countries to follow suit). It sounds like Bitcoin is here to stay. In my opinion, it would be unwise to not invest, if even a small portion, in cryptocurrency.
How To Invest in Crypto
At the time of writing this, Bitcoin sits at about $65K. If you have that kind of cash to spare you can go ahead and purchase an entire bitcoin. However, you do not need to. You can purchase fractions of bitcoin, whatever dollar amount you can afford. One of the most popular platforms (and what I use) to purchase bitcoin (and other crypto) is Coinbase. However, there are other places where you can purchase bitcoin such as Paypal, Cash app, Venmo and if you use Robinhood for investing you can purchase there too. If you’re a Paypal user, grab my referral link to buy your first $5 of crypto and we can both get $10 (use it to buy even more crypto).
What is Coinbase?
Coinbase is a secure cryptocurrency trading and investing platform that offers users the ability to buy, sell, and exchange over 100 tradable cryptocurrencies such as Bitcoin, Ethereum, and more. It is very user friendly and an account is easy to set up. By using my referral link you will receive your first $10 in Bitcoin after buying or selling $100 of any cryptocurrency you want.
If I were you, I would start investing ASAP as Bitcoin is predicted to get to upwards of $80K by end of November 2021 and north of $100K by December 2021.
*This prediction has changed as the markets changed due to the new COVID-19 strain, Omicron*
If you are very risk averse or still think putting your money in crypto is scary you can earn crypto in other ways. I no longer use my regular debit card for purchases. I now use the Fold debit card where I earn satoshis (a small portion of bitcoin) with my everyday purchases.
What is Fold?
Fold is a bitcoin app and debit card that gives you free bitcoin for qualifying purchases.
Fold lets you earn free bitcoin while you shop. It works just like a regular debit card from any major bank where you would earn rewards (like cash back) on purchases but instead earn free crypto. The average purchase provides 25% cash back in bitcoin. Downloading the app and signing up for a Fold debit card is really easy and there’s benefit in getting both. The app is available in the App Store and if you use my referral link to sign up you can earn 5000 satoshis or sats for short. Satoshis, what’s that? The name is a moniker for bitcoin’s founder Satoshi Nakamoto and is a fraction of bitcoin. In the app, you will also have the opportunity to win additional bitcoin daily with the spinwheel. They have a range of prizes with the ultimate being an entire bitcoin. Read more about that here. There are two different types of debit cards, the Spin or the Spin+. The spin has no annual fee but has a $21 activation fee, while the spin+ has an annual fee of $150 but no activation. With the latter, you are able to earn more rewards and up to 100% cash back. Personally, I have the spin card - I get the benefit of getting fractions of bitcoin (which over time will add up to a large sum) with all my purchases without paying an annual fee. Plus, I am already investing in Bitcoin elsewhere so I don’t feel the need to try to get 100% cash back. After you’ve accumulated at least 50,000 satoshis you can transfer your crypto to a wallet, such as the coinbase wallet (there are others but this is what I use). Ultimately, if you’re looking for a relatively easy way to join the world of cryptocurrencies without investing your own money this is a great option.
There you have it! I have touched on my experience with investing in crypto and hopefully it gives a little insight on making it a part of your investing portfolio. It is very easy to get started, but as with any investment vehicle, do your due diligence, speak with your financial advisor, take caution and be aware that any form of investing is risky.
Next Investing topic will be on NFTs. Be on the look out for that.