Join show hosts Darysse Croes and Darice Solognier as they have an exciting conversation with guest John Sandiford on Cryptocurrency.
Cryptocurrency is a digital currency that can be used to buy goods and services, in which you can use blockchain technology. It's an implementation of the blockchain. John labeled Cryptocurrency as "secret money" that is also accessible to the public.
Why is this important? -Because it creates the opportunity to have a record of all transactions. For example, when buying a house, you still have to go to the notary and bank to arrange this- Cryptocurrency, together with blockchain technology, creates the opportunity to do this digitally (because the blockchain is safe), meaning it adds a new layer to the internet. It moves the internet from an "internet of information" to an "internet of value."
John informed us that currently, there are about 12000 different cryptocurrencies - So, how do you start investing in the new digital currency?
1. Start by first researching different experts on the topic of personal finance- experts such as Dave Ramsey, Robert Kiyosaki, Tony Robbins
2. Have three buckets when it comes to investing - low risk (low rewards -i.e., your savings), Medium risk - (investment in real estate and or stock market (index funds- S&P 500), High risk (invest in a company)
3. Add Cryptocurrency -highest of the highest risk (4th bucket)- because the environment is not regulated -
4. Invest in it.
5. Note: the money you invest - should not be the money you need to cover bills (it should be the money you have leftover
6. When investing - you should spread it between the different buckets- low, medium and high
7. Do not only invest in high-risk cryptocurrencies
Tune in and learn - more!
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