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THE CONFUSED newbies ESSENTIAL GUIDE TO crypto BY FA R I A H N A A Z
*DISCLAIMER: THIS IS NOT INVESTMENT ADVICE* I’m Fariah, the founder of Girls That Crypto. I educate women on the crypto space and how to invest the right way. If you’re struggling to understand precisely what crypto and NFTs are and how they work, this mini guide is for you! Wherever you are in the world, you’ve likely been witnessing the crypto and NFT buzz. The world has gone crypto crazy! From governments adopting Bitcoin as a national currency (El Salvador) to our favourite brands launching NFT collections, it is clear that these are here to stay. If you’re new to crypto, all the different elements can be confusing. Don’t let that put you off! Everyone experienced in crypto today started out as a newbie who didn’t know what they were doing. The crypto space offers a lot of opportunities, not just appreciating assets that you can invest in, but jobs, passive income opportunities, the ability to retain ownership of your creative work, and so much more. Sound interesting? Well, here are the key concepts of the crypto space that are the most important to get to grips with!
CRYPTOCURRENCY Cryptocurrencies are basically digital assets that run on a cool technology called blockchain technology. There are over 10,000 different cryptocurrencies. Many are pretty crap, but amongst them you have some that are important to the space, such as Bitcoin. Bitcoin was the first cryptocurrency to get mainstream adoption, and it is used for transactions (sending someone money, purchasing stuff) and also as a store of value if you want to keep a hold on the asset in the hope of the price increasing. Bitcoin has done extremely well since it came out in 2009, and a big part of this is because, unlike normal money, we know exactly how much Bitcoin there can ever be: 21 million. After that, no more can be created! Whereas, as we all know with normal money, more and more is printed. That is why the value of it goes down, and inflation goes up. Since Bitcoin, crypto has gotten even more advanced; there is a whole crypto ecosystem. Take Ethereum. Ethereum is the second biggest cryptocurrency next to Bitcoin, but it’s more than just a coin. It’s a blockchain that other cryptocurrency projects can build their projects on; the Ethereum token is the currency used for payments on the Ethereum ecosystem. For someone new to crypto, I’d recommend sticking to the most popular cryptocurrencies, such as Bitcoin and Ethereum, until you understand more about how cryptocurrency works and what crypto projects are worth investing in. A crypto investor can liken themselves to a venture capitalist and you’re basically investing in businesses that you think have potential, with the goal of making money in the long term!
