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You are listening to social bees radio, where we put the honey in the honey pots. I'm your director rickster. And if you ever wanted to know everything and anything about web three crypto or NF T's, you're in the right place. So fasten your seat belt. Get ready. Let's get started.

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Hey, what's going on everybody? My name is Ray. And today we're going to talk about why invest in crypto. cryptocurrency is digital money that is stored on a blockchain, you can send and receive crypto without middlemen. We talked about this all the time, you don't need a bank extracting fees over here. We operate like banks, you can send and receive crypto without revealing your personal information. It's a lot of anonymity over here, right. But you can also send crypto to anyone in the world, within minutes, anytime, anyplace. And you can send and receive crypto in fractional shares. And we make jokes about decimals. You could send somebody point 0008 A Bitcoin. And there's no issues with that. However, you do need to pay network fees. And you hear us talking about Aetherium gas or ether gas, which can be as high as bank fees. You do need to deal with large price fluctuations. It is volatile over here, and I'm sure you see it on TV. And you do need to be weary, weary of scams and phishing attempts. That's why it's important to get educated. In this video, we'll cover why you may want to get into crypto, what crypto you might consider buying and where can you buy cryptocurrency. So why own crypto? And before I jump into that, I want to talk about this. This is not investment advice. This is an educational piece, just my experience of going and operating in this you know cryptocurrency and blockchain space over here. But you probably have your hard earned savings in the stock market, real estate or bank accounts. Short term. Owning crypto is like being on a roller coaster. Just look at the price of Bitcoin is the most popular cryptocurrency but it is up and down and up and down. But over the long haul 1012 years, it is up and there's no there's no questioning and as a result, long term however, there are several argument arguments for owning crypto. Crypto is a good investment, long term. Let's look at three popular cryptocurrencies. Right Bitcoin Aetherium and USDC. Bitcoin is the best performing asset of the past decade. Better than gold better than s&p. Now, all that any better than anything in here. Bitcoin outperformed superior. It is also the fifth largest company in the world with a market cap of around a trillion is fluctuating right. But, you know, put that into perspective. I just said it's the fifth largest company in the world. But guess what, where's bitcoins headquarters? Right? It's not decentralized blockchain. And there is no headquarters.

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There's just like I said, it's really neat when you start thinking about what's going on here. Aetherium is the second most popular cryptocurrency and has grown even faster than Bitcoin in the last five years with ether. I liken it to digital real estate. Everyone builds on the Ethereum blockchain. I'm sure you've heard of defy decentralized financing. Nf T's are very popular on the Ethereum blockchain, everybody is usually building on a theory right, another one USD C, this is a stable coin that is pegged to the US dollar. So example one USD c is equal to $1. If you put your USD C in a crypto interest account, you can earn 10 plus percent, due to its stable price and high yield USDC is an attractive investment for institutional investors looking for less risk. That's not to say that stable coins don't have any risk at all. We've seen that lately in these past few months. Crypto is a hedge against inflation. The traditional financial system has several drawbacks. Inflation is a real risk. You're seeing it right now this summer, for example, US inflation is that almost it's over 9% As of July 2022. If you have your money in a bank savings account, earning point 5%, then you're losing eight and a half percent a year. Bitcoin is particularly good hedge against inflation, because it's kept 21 million coins versus governments that can always print more fiat currency. Banks may not have your best interest in mind. Banks, extract high fees. They don't work. They don't work on weekends Kryptos 24/7 And could compromise your personal information. Literally, it's been happening. JP Morgan, that was another example of that happening. Wells Fargo has another one. Banks aren't available to everyone. There's 1.7 billion people that don't have a bank account. You know, that's two thirds of these people that could have a phone and might own crypto as their first financial asset. That's bringing in another whole group of folks that have never experienced financial things. So it's a very cool prospect. Nobody knows what cryptocurrency prices will be like in the future. However, if cryptocurrencies continue to appreciate and value, they could stunt the growth of more traditional assets, gold, real estate, all those long term things, right. That's why it's a good hedge to own some cryptocurrency long term. So crypto is needed to get things done. You can use crypto to send money to anyone in the world with minimal fees by a growing list of goods and service. See movie theaters AMC, and then they're taking cryptocurrencies for movie tickets. You could build and use decentralized apps that people support creators, participating communities and play games, right? There's all kinds of ways that you can use cryptocurrency. Crypto is quickly becoming a utility, in addition to an investment. At some point, you may you may need to hold some crypto just to participate in the economy. So what crypto should you be looking at maybe to buy the global cryptocurrency market is around a trillion dollars as of July 2022. So the high was around 3 trillion. So we're talking about volatility. That was a high I think back in November. So the top the top coins to look at is Bitcoin. Bitcoin usually has a 41 or around 41% market share was launched in 2009. To be a peer to peer Electronic Cash System. There's white papers on it should read about it. Today, many people use them we discussed it in previous videos, that they use Bitcoin as a store of value Aetherium brown the 19% market share launched in 2013.

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To let anyone write smart contracts, and decentralized apps Dapps. Another, read the white paper look what it's capable of doing. eath has the largest dev ecosystem in crypto. So another one by Nance 3% of the market share launched in 2017 and moved to its own blockchain in 2020. You can use b&b to pay for fees on by Nance is the world's largest exchange tether. USD T is a stable coin. And that's pegged to the US dollar, but also faces some controversy. Right You can read about it. You know that's something to look into doesn't mean that is really just pegged to the dollar. Other popular stable coins include us DC, backed by fiat currency held in reserve and dye backed by other crypto collateral like eath Solana Solana is another one launched in 2017. To be a high performance. blockchain has a white paper, Solana currently offers high transaction speeds and lower fees, lower fees than Aetherium but is less decentralized, right? This is what you look at when you're looking at these things right. There are a lot of given takes, you know, if you got a lot of security, then it may not be as centralized or it is centralized. So you weigh these these things, and you make the choice, right? We're not here to give investment advice. But we are here to give some tips when choosing a cryptocurrency to Buy, only invest in what you can hold on to long term. Do not stretch yourself out in, there's not something to do over here. We see that all the time. You got to watch it Don't overextend. Most people start by investing in Bitcoin or in theory, that's usually the first stop, right? And then people go out into altcoins. Remember, you can buy fractional shares, it's very important you can you don't need a whole Bitcoin, consider using dollar cost average or limit buys for price fluctuations. Be careful FOMO going into a new coin, it could go down as fast as it goes up. They are very, very volatile and move lightning fast over here. The last point is worth repeating. We do not recommend FOMO going into the light latest hot token. For an example, if you heard of the squid token, it lost 99% of its value overnight, went from $2,800 to point 0007. Overnight, as its, as its creators scammed investors out of $2.5 million. Okay, so things to be careful of. Right. So where to buy crypto, most people buy cryptocurrency through an exchange. When selecting an exchange consider security. Look for to FA right, that's offline asset storage, and insurance for your assets. Look for these things. Liquidity, look for high volumes that let you complete transactions, fast fees, look for low transaction, withdrawal, and deposit fees. All those fees, you want to look for low ones, right? Read read before you sign up for that exchange, user experience. Look for easy to use UX, both on the web, and mobile. That's user interface. You know, just like when you're looking at a website, make sure it's easy, and it's user friendly for you so you can understand what's going on customer support, look for reputation for solid customer support, crypto currency selection, look for the coins that you want to hold, make sure that exchange actually is allowing you to do trades on there for that token, regional availability, look for availability in your state or country. Here are several popular exchanges that meet many of the criteria above by Nance is the number one global exchange with low fees, but unavailable in the US Coinbase. It's the number one US exchange with great security, liquidity and user interface that's user friendly. Kraken offers 50 Plus cryptocurrencies and lower fees, versus Coinbase. Gemini, a popular US based exchange that offers 10 Free withdrawals a month. The exchanges above are centralized. And that you rely on a middleman to handle your wallet and transactions. You can also buy crypto from decentralized exchanges. This is where I prefer to kind of operate. I use a lot of times I used uniswap. They don't have a middleman. I am in full control of my assets. It is a decentralized wallet. I have my private keys, we will discuss what private keys and all that means we have a saying not your keys, not your crypto. So that's the difference of centralized exchanges and decentralized exchanges. Okay, consumer finance and stock brokerage apps. You heard of cash app, Robin Hood, that both support crypto and non crypto transactions. If you're a beginner, we recommend that you start with centralized exchanges. They're easy to use without having to worry about managing your wallet keys get used to it, but get used to it fast, right really dive in when you get in the space. So let's walk through buying some crypto in Coinbase the number one exchange. First you create an account, okay on Coinbase select Buy on the upper right hand sides, the very top, upper right hand side, select a cryptocurrency that you want to purchase and the amount select your payment method, bank account card credit card whatever you're using. Confirm your purchase. Note that there's small transaction fees. It's pretty straightforward and there are a lot of videos I'm going to create an exact step by step video. But that's just a real quick walkthrough of how easy it is to kind of get set up On Coinbase.

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tips for buying cryptocurrency. Here are a few more tips for buying crypto on an exchange. Turn on security features, enable two factor authentication, and whitelist withdrawal addresses. Be wary of phishing attempts from scammers pretending to be the exchange. Don't, don't, don't fall for anything, I'm just telling you to click on links. Be careful of links. Consider the pro version exchanges like Coinbase offer a pro version that looks intimidating to beginners, but offer lower transaction fees and advanced trading options like violence. Okay, there are a lot of options. But you got to you when you go in through this space, you have to learn, okay, you have to figure this stuff out and watch these videos and get used to this space. Use dollar cost averaging is it's a strategy where you invest the same amount to set intervals to smooth out crypto, the price fluctuations. Many exchanges offer a reoccurring bi feature. Track your portfolio and taxes across multiple exchanges. Use a platform like coin tracker to see all your crypto wallets in one place and make your life easier during tax season. To explore web three beyond buying crypto on an exchange, you need to set up your own wallet. We're going to discuss how to use the hot wallet next. There's a lot of wallets that you got to understand hard wallets, hot wallets, you know decentralized wallets centralized wallets. So again, just I'm glad you joined us we're going to be going like I said deeper and deeper into these. But this is very important, because this is the whole kind of idea why investing in crypto is is something that you should be looking into. Right? So I appreciate your time. Please like share and subscribe. Take care have a great one.

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Bye bye. We have been listening to social bees radio. When we put the honey in the honey box. Make sure to check out our next episode of social bees radio. Till then signing off