A 911 call to CryptoNinja’s to help boomers with the wild world of Crypto.
Photo by CryptoNinja.co
This CryptoBoomer is learning to take financial advice from the twenty-something hipsters who have made more money in the last five years than I have in a lifetime of saving and investing. Swallow hard, it is not an easy thing to risk your dollars and step foot into the complicated world of Crypto. Trust me, it is not a fad and will play a part in whatever happens with the Great Reset or Great Awakening or whatever you subscribe to for the future of America and the world. If you are not in tune with what is happening then, you might want to pull your head out of the sand and catch up real quick. The economic landscape of the world is about to change. The younger generation have turned away from the traditional central banking mentality and thus created something quite extraordinary. As for this boomer, I am going to let go of my traditional investment mentality and learn something new before I get left behind in a bygone era of fiat currency controlled by the elite.
My trust in the government is at an all-time low. I am scared of what might happen to my nest egg and the Marxist ideals this country seems to be rolling toward. Pretty sure, I am not the only boomer who exists that worries about the state of the world. The thought of hyperinflation by the ridiculous amounts of money being printed and handed out like candy is scary. I am making a 911 call to all those CryptoNinja’s out there, please enlighten a boomer close to you about Cryptocurrency, even if you do not align with their politics.
The creators of Crypto have bucked the constraints of traditional finance entirely and created a pretty interesting ever-evolving financial ecosystem based on something called blockchain technology. It is a super-secure form of digital money not regulated by a central source under the umbrella of the central reserve and it crosses borders with ease. Anyone, anywhere in the world with a smartphone can be a part of this new financial landscape. No discrimination here. Trust me, the governments of the world will try to create their own government-backed digital currency and try to tear apart Crypto by imposing excess regulation and more. I think Wall Street, Big businesses, and governments will buy massive amounts to try and control it with massive campaigns of pumping and dumping of Crypto to scare away investors. Nonetheless, I have dived deep enough to have confidence that these young creators will be one step ahead. Take a good peek at what they have accomplished this far.
Crypto is mined by computers all over the world and well? Hmmm….This is where I get super lost. I have watched YouTube videos and read lots of articles about blockchain technology and such but truthfully I am still lost. And just when I think I might be close to understanding it, I find out something new about the crypto world.
Cryoto can be farmed, traded, staked for a great APY, gambled with, loaned out with interest, collectable in the form of NFTs, used for all kinds of financial transactions, accepted for retail transactions, and much more. Its uses are evolving day-to-day. There are centralized and decentralized Crypto exchanges with one requiring proof of identity and the other not, DeFi will give you you autonomy over your investment and money without uncle sam peeking over your shoulder. my kind of wealth. The DeFi Crypto landscape and the move to create a free internet 3.0 which would be controlled by “We The People” instead of the big bad central reserve, governments, elite, stock exchanges, and big tech would surely change the financial landscape of the world.
In the last month, we have found out Crypto is sensitive to people like Elon Musk who can result in Crypto dropping like a hammer with a tweet. It is also subject to pump and dumps by investors banding together in discord and telegram groups. My personal opinion is that Crypto will grow stronger than Elon Musk and soon his shit posting will not wreak havoc. As for pumping and dumping that is another issue that crypto will ultimately have to deal with.
Nonetheless, I am still struggling with the different types, uses, concepts, and jargon of Crypto and how it all works. There are different types Crypto including loads like Monero, XRP, Cardano, polka dot, Radix, and many more. Bitcoin and Etherium are the most well-known of Cryptocurrency and many newer coins are integrated with their unique blockchain system. There are thousand of alt-coins, meme coins, and more each releasing daily. I recommend having CryptoNinja available to help you navigate this landscape.
The DeFi or the decentralized aspect of Crypto is the most interesting aspect to me. It is giving you autonomy over your money. Sorry, but I am an advocate of less government especially when they are trying to regulate your every stream of income. Another facet of Crypto is allowing artists a new way of distributing their artwork and selling it in the form of NFTs. That is Nonfungible Token and no I do not fully understand it, but I believe it is a good factor. It allows the creator to maintain control over their Art. In my opinion, the DeFi rocket has launched and good luck to naysayers, Governments and, big money trying to stop it.
You generally hold your Cyrpto in a digital or hardware wallet. Only you have the keys to your assets. They are protected with a unique seed phrase. Do NOT lose it. If you do you lose your money. I think I would rather chance it to be in charge of my future and my finances than trusting the current system reliant on government, central reserve, and elite controls.
Purchasing DeFi-Crypto living in America and likely other countries can be quite complex and require multiple apps, steps, wallets, and crypto exchanges. Frankly, this is an area where I toil. How do I buy that DeFi coin I just I read about on Medium? Trust me, this can very difficult process and there are “gas fees” that can be exorbitant. You will want to learn about this before purchasing especially on a decentralize app. Do I use pancake swap, sushi swap, uniswap, or try to get on an exchange you are not supposed to be trading on if you live in America. Lots of complexities to navigate.
Each coin has a whitepaper that explains its use. That is a good area to start before investing in any Cryptocurrency. Also make sure to check out the market cap, navigate to their website and join their telegram or discord group. Coin Gecko is my go-to App to research different coins. Even after asking my CryptoNinja. Many of the coins are created to help various causes. BabyShark for instance, donates a portion of the cost to cleaning up the ocean. CAT uses a portion to help animal shelters. There are thousands of different crypto currencies with more released daily that have different functionality. Once you dive into this crazy world you will be shocked to learn about its complexities and uses for only it being around for a short time. For instance, you can purchase silver and gold from your online exchange. You can transfer money across the world in minutes with no bank required for either participant.
It is complicated and more to it than just blindly buying some crypto currency and hoping its value goes up. Although, that does work and many people have lucked their way into a boondoggle of massive financial gain as a result. As for me, I did get in when Doge was at .06 cents but I only had about 1,000 coins. So nope, I am not a Crypto millionaire. Yet.
I am a work-in-progress and likely will never make Crypto ninja status, but I am trying to be more risk-averse, diversify, and out of the box with my investing. Cryptocurrency definitely meets that criteria and has the potential to be a very important way of protecting your investment from the market and the government. If you have not hopped on this bandwagon, you might want to evaluate it, because “times are a-changing”. Better to be late to the party than find out that you missed the boat. I am on the cusp of retirement, less than 10 years away. I have nightmares of much of my 401k disappearing overnight like with the Dot-Com bubble bust in 2001. My suggestion is to reach out to a cryptoNinja and to put down your guard and consider a small investment while you learn the ecosystem. Who knows crypto could very well be the savior of your investments.
FYI, please do not take this as financial advice. Only invest what you can afford to lose. Dip in your toes before you take a plunge. Sadly as Boomers, we do not have a lifetime ahead of us to lose our investments and rebuild. We are just striving to get to retirement age and be financially set, live comfortably and finish that bucket list with ease. If you see glaring mistakes in this article about crypto, please feel free to correct the boomer! I am no expert.