Cryptocurrencies will play a huge role in our lives over the next many years. They may even overtake paper currencies as the primary money system by central banks.
However you feel about cryptocurrencies today, you should prepare for tomorrow by educating yourself. This is the same logic I used to start my journey into cryptocurrencies, decentralized finance, and the Metaverse.
Welcome back to my Signatures series of articles (and books). This book will complete the Signature Series round 2. Here is the entire series.
- Financial Mindset– “Become CEO of Yourself 2” (free pdf)(Amazon)
- Retirement Planning– “Your Retirement Planning Guide 2” (free pdf)(Amazon)
- Investing– “How We Plan to Retire on Dividends 2” (free pdf)(Amazon)
- Cryptocurrencies– You’re Here
- Real Estate– “Financial Independence through Real Estate 2” (free pdf)(Amazon)
- Business– “Retire Rich, Retire Comfortable with a Business 2” (free pdf)(Amazon)
I first became interested in crypto because of a friend at work. He was deep into the crypto-verse, and I wanted to follow. I began reading books and blogs on crypto. Finally, I began to write articles about what I learned. And here we are today.
CRYPTOCURRENCY 101
My first series on crypto was CryptoCurrency 101. Throughout this series, I cover a wide selection of terms to understand and other basic mechanics. Here is the series so far.
- CryptoCurrency 101: Let’s Invest in Crypto Together!
- CryptoCurrency 102: Important Words to Understand
- CryptoCurrency 103: Finding the Right Coins
- CryptoCurrency 104: The Future of Decentralized Finance
- CryptoCurrency 105: The Stability of Stablecoins
- CryptoCurrency 106: The Importance of El Salvador
- CryptoCurrency 107: How to Invest in a Downturn
- CryptoCurrency 108: What are DAOs?
- CryptoCurrency 109: Perform Your Due Diligence
- CryptoCurrency 110: Wrap Your Coins
- CryptoCurrency 111: Real Estate Tokenization
CRYPTO BASICS
One of the first questions you have to ask yourself is, “Why Am I Investing in Bitcoin?” Or any other coin, for that matter. You must form your investing thesis if you plan on being successful at any form of investment.
When looking to build your empire, it is great to have options. For many, the choices come down to stocks vs. crypto. However, I ask, “Why can’t you have both?”
Cryptocurrencies bring in a bevy of passive income opportunities. You will have to turn to decentralized finance for many of them, which may be riskier.
Two major coins dominate the media: Bitcoin and Ethereum. People always compare these cryptos; but they are pretty different. Depending on your goals, you may decide to hold one or the other.
Another major coin is Chainlink. It provides multiple smart chains access to accurate world data via an oracle. This allows smart contracts to decide the outcomes of decision points. For example, pay Bob $20 if the weather is over 75 degrees in San Diego on Tuesday.
My favorite investment of the year 2022 is USDC stable coin. You get 9% interest on Voyager to hold your USDC. This could be the best opportunity on the market today. Voyager will even offer a debit card linked to your USDC holdings. Amazing.
Using 9% interest on USDC will allow you to beat inflation (currently around 7%) handily. Other types of crypto offer similar interest rates—if not more. Inflation can dampen your accounts if you don’t proactively defeat it.
Every day I hear someone ask, “Is now a good time to invest in crypto?” The answer is always a resounding yes. The metaverse will almost entirely use cryptos, blockchains, and smart contracts for navigation and ownership. Crypto is more than speculation; it is a world unto itself.
The magic of cryptocurrencies is that they are as simple (9% on USDC) or complex (Fixed rate interest protocols) as you require. I am sticking to USDC and other interest-bearing coins for now.
My wife and I plan to retire overseas on passive income. If we can build a giant nest egg using USDC, we can set ourselves up for lifelong success. If USDC pays us 9% interest, and live on 5%, we will never run out of money. In fact, our cash pile will grow every month.
Non-Fungible Tokens are all the rage today; but will they be in style tomorrow? NFTs offer more options than just collectibles; however, you have to look deeper to see the future use-cases.
Decentralized Finance will change the banking world as we know it. DeFi will replicate Traditional Finance (TradFi) with a trustless system. Trustless means that you won’t have to seek a middle-man (loan agent, insurance agent) to access capital. You will insert your collateral into a smart chain and extract a loan against it.
PASSIVE INCOME IN DEFI
There are a fantastic number of ways to earn passive income in DeFi. However, it can be riskier than TradFi because there is no SEC or FDIC to protect consumers. You genuinely need to know where you are inserting your cash. Here is my series on Passive Income in DeFi.
- Passive Income in DeFi 101: Interest from Coins
- Passive Income in DeFi 102: Borrowing and Lending
- Passive Income in DeFi 103: Staking
- Passive Income in DeFi 104: Yield Farming
- Passive Income in DeFi 105: Crypto Rewards
THE METAVERSE
Welcome to the Metaverse. The Metaverse is a virtual world where people will interact using avatars. It may sound silly today, but in 1995, the internet sounded silly. We would have never guessed (in 1995) we would be watching YouTube on-demand in 2022.
The Metaverse is the same place as the internet was in 1995. Most regular folks are unaware of the digital revolution that is happening. Entrepreneurs, business folks, and content creators need to take heed and direct time and effort to the Metaverse. The Metaverse will make many millionaires; will you be one of them?
- The Metaverse 101: Enter the Metaverse
- The Metaverse 102: Real Estate in the Metaverse
- The Metaverse 103: Business in the Metaverse
- The Metaverse 104: Education in the Metaverse
- The Metaverse 105: Employment in the Metaverse
- The Metaverse 106: Relationships in the Metaverse
- The Metaverse 107: Friendships in the Metaverse
- The Metaverse 108: Fitness in the Metaverse
- The Metaverse 109: Content Creation in the Metaverse
- The Metaverse 110: Life in the Metaverse
- The Metaverse 111: Transfer of Wealth in the Metaverse
BOOK TAKEAWAYS
The first books I recommend anyone read on Cryptocurrencies and DeFi are “How to DeFi -Beginner” and “How to DeFi -Advanced.” These books will give you a solid base of knowledge so you can proceed deeper into the crypto-verse.
Next, you will need some education on NFTs. The books “The NFT Revolution” and “How to NFT” will guide you through the future of NFTs. Many people are already making millions of dollars from simple artwork. However, NFTs will be more interesting than just clip art.
The two most significant coins are Bitcoin and Ethereum, so you should form an investing thesis on both of these. The books “Ethereum” and “Bitcoin: Hard Money You Can’t F-CK With” are good late-night reading.
The Metaverse will consume us all, so we may as well read about what is inside these virtual worlds. Real estate, businesses, and employment will all move into the Metaverse. We will transact on the blockchain. The book “The Metaverse” gives us the details we need to build our future fortunes.
CONCLUSION
Many people are intimidated by the world of crypto. Knowledge combats fear, so do your due diligence. Don’t let your fear stop you from building your fortune. I believe that crypto will be as large (if not larger) than the stock market someday.
Crypto is a worldwide game—it’s not limited to the US. That means that anyone with internet access can be a player. With the ability to touch everyone globally, we are years away from the peak of crypto. We still have years of growth left, so it’s not too late to get involved. Good Luck!
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- Cryptocurrencies: The Magic of Cryptocurrencies (Free PDF)
- Real Estate: Financial Independence through Real Estate 2 (Free 123-Page PDF)
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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