Cryptocurrency, NFT's, and De-Fi with @CryptoWitchClub
Welcome to the final episode in our mini-series of Money as Medicine on the pod. Today our guest is none other than Shirin Carmel Bucknam, co-founder of @CryptoWitchClub, an inclusive, equitable space for all witches to learn about the world of crypto and blockchain technology. If you don't know, you're about to know!
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“A blockchain itself is essentially a ledger. It’s a list of records, called blocks. And they form a chain that uses cryptography to store data. So those blocks are now at a chain and the data is recorded on each individual block and it can’t be modified or corrupted.”
“Another way that you can research the validity of a coin or token, or whether you want to invest in it, is by looking at the market cap, and the market cap is just the total value held within the cryptocurrency. So if there’s a higher market cap, then that means that it’s probably a little bit more stable, a little bit more legit if you’re an anxious buyer.”
“One of the biggest complaints about crypto is that it’s extremely volatile because it is... The point for many of us who are getting involved is to really HODL. Basically, you want to hold on to your crypto, it’s an investment, that’s going to get more and more value over time. So you don’t want to be day trading. It takes a lot of energy and time.”
“An NFT is a non-fungible token. In this realm, there are fungible tokens and non-fungible tokens and a fungible token would be Bitcoin and any cryptocurrency. A non-fungible token is something that you own and you own the rights to but you can’t exchange it for another currency.”
“Altcoin is everything that is not Bitcoin and not Ethereum.”
“Every coin or token is a type of cryptocurrency, essentially, and Bitcoin is kind of the catchall term. Some people use it interchangeably for cryptocurrency, but Bitcoin in and of itself is its own coin —- like Ethereum is its own coin.”
“If you are a brand new, baby crypto witch, welcome! This is a safe place, and we’re really quickly just going to brush through breeze over some elements and words that you might not be familiar with.”
“A big part of that was kind of just leading with a good vibe and kind of taking everything negative and toxic out of it and making it just feel real. A comfortable place for anybody to come and connect or ask a question without being shamed.”
“Bitcoin was the first cryptocurrency, but it falls under the cryptocurrency umbrellas. Any other project that is not Bitcoin is considered Altcoin.”
“In terms of what I see with NFTs, I think the key thing for new investors is to understand what the NFTs are. It is a really saturated market. So, it’s not something some people go into with all an investment and a money-making mentality.”
“You have to trust yourself. Everybody’s personality is different and their investment styles are different. So, follow your gut.”
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Show Notes
Bitcoin, NFT, Digital Wallet —- explained
Should crypto traders worry about coins and tokens being unregulated?
Who holds and protects your assets in the crypto world?
Proof of Work versus Proof of Stake system
The value of cryptocurrency and non-fungible tokens
HODL!
Fiat system vs Crypto
Understanding the market cap
Smart contracts vs legal contracts
What is the difference between a coin and a token?
Shirin Carmel Bucknam, co-founder of Crypto Witch Club --- an inclusive, equitable space for all to learn about blockchain technology
What is a blockchain, and why was it called a ‘blockchain’?
How can we define cryptocurrency as it relates to the blockchain and how they interact and use each other?
Bitcoin - the first cryptocurrency
What is an Altcoin?
The key thing to explore for new NFT investors
What value is? How the world, and how money work? Who's allowed to make money and for what?
Is it ethical to invest in cryptocurrency?
Three steps that a listener should take to get started in the world of blockchain and crypto