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Your Journey to becoming
a Crypto Hero Begins.

ACCESS YOUR BONUS RESOURCES (After the book launches!)

SUMMARY

  • Unlike other payment methods, crypto is decentralized. This means it operates without a third party authority like a bank or government.
  • The decentralized nature of crypto allows for faster and more secure transactions without the extra fees.
  • Cryptocurrencies operate on a technology called the blockchain. The distributed nature of blockchain prevents fake transactions, duplications, and other bad guy scammy stuff.
  • A cryptocurrency’s value is completely determined by the buyers and sellers in an exchange.
  • Crypto is not only for criminals.
  • Cryptocurrencies and tokens are different. Cryptocurrencies are mainly generated through software protocols on the blockchain while tokens are generated and issued by creators of a project.
  • There are many blockchains with different functions.
  • Every block in the blockchain contains transaction data, hash data, and the previous block’s hash data.
  • Each time a block is validated by the nodes in the network, it is added to the existing chain of blocks. Hence, Blockchain.
  • Blockchains are created by a peer-to-peer distributed ledger network.
  • Transactions in a blockchain are validated by a method called consensus. The two most popular types of consensus methods are Proof-of-Work and Proof-of-Stake.
  • Blockchains right now have a scalability issue. They can only handle a certain amount of transactions per second. The amount is widely inferior to centralized payment systems used by companies like Visa.
  • Bitcoin was created by a person with the alias Satoshi Nakamoto. No one knows the true identity of Satoshi to this day.
  • Bitcoin’s value mainly derives from its finite supply (21 million) and market value between buyers and sellers.
  • Despite having characteristics of a good currency, right now Bitcoin is not a dependable currency due to its volatility.
  • We’ve fired our administrator who was in charge of assigning us accounts and making payments on behalf of us. We replaced them with public/private keys. Now we don’t need permission from anyone to create an account from anywhere
  • Next, we fired our bookkeeper. Now our transactions have no chance of getting blocked by a middleman and we don’t have to pay any middleman fees. We replaced the bookkeeper with a network of bookkeepers (nodes). Anyone from anywhere can now be a bookkeeper on the blockchain. And they all have a copy of the ledger of transactions.
  • Ethereum was described in a whitepaper written by cofounder Vitalik Buterin.The purpose of Ethereum is to create an unstoppable, censorship resistant, self-sustaining, decentralized, world computer.
  • There’s no limit to how many ETH can exist unlike Bitcoin. But there’s a hard cap of 18 million ETH that can be mined each year.
  • Ethereum’s blockchain shares many differences and similarities to Bitcoin. Ethereum’s blocks are smaller, the transactions are faster, it currently uses both PoW and PoS, there’s gas fees, and it has Uncle blocks.
  • Ethereum plans to completely replace its PoW protocol with PoS in 2022. Instead of miners, there will be validators.
  • Some features that make Ethereum’s blockchain unique are smart contracts and DApps. Although it was a complete failure at first, Ethereum created the seeds for the rise of a DAO in the future.
  • Coins and tokens are similar, but are not the same. The main difference is in utility
  • Tokens aren’t created from blockchains. They are created from platforms built on blockchains.
  • Tokens can represent money, a physical asset, or ownership of an asset.
  • Every NFT is one of a kind. Their value is derived mainly from scarcity, uniqueness, and its built-in value. This value is derived from the community or project.
  • The biggest NFT application to date is assets in games.
  • NFTs can also represent ownership of virtual land in different metaverses.
  • No one can steal your NFT by right click saving the digital image.
  • DeFi is the way for the billions of unbanked individuals in the world to get access to financial services
  • Stablecoins are pegged to real world assets such as the US dollar and gold. They remove the volatility aspect of crypto and play an important role in DeFi DApps.
  • DeFi allows anyone to borrow capital without a bank account and credit score. All you have to do is put up your crypto as collateral.
  • Lenders can earn APY on their contributions to lending platforms. The APY lenders stand to gain can be 300% greater than savings accounts of banks.
  • DEXs allow users to exchange their crypto while holding complete ownership of their crypto. DEXs mainly work through users’ wallets or liquidity pools.
  • DeFi derivatives allow you to get exposure to other assets such as gold, Bitcoin, or Ether, without owning any of said assets. With synths, you can essentially bet “in favor” or “against” certain assets.
  • DeFi insurance does exist! You can create a plan to cover an amount of your crypto for a certain amount of time.
  • DAO is a necessary concept for DeFi to progress forward.
  • Yield farming is how you can get rewards off platforms for contributing to liquidity pools.
  • Impermanent loss is a pain in the side of yield farmers and users in DeFi. Don’t make any impulsive decisions to minimize the loss from it.
  • You’re a champ for getting to this point of the guide so far
  • A metaverse is a world that merges both the physical and digital world together into one new reality experience.
  • Venture capitalists are saying this is going to be a trillion dollar industry. Giant brands like Nike, Chipotle, Adidas, the NBA and NFL are already establishing their foundations in the metaverse.
  • The metaverse will be a part of Web 3.0. Currently, we’re at the tail-end of Web 2.0
  • Even though the metaverse seen in The Matrix and Ready Player One is not yet here, the foundation has been built. Decentraland and Sandbox are two metaverses leading the way.
  • Some applications we see the metaverse impacting are live events, shopping, and learning
  • Learning in the metaverse is the most exciting to us and we’re full steam ahead in moving this industry forward. Last shameless plug, you can check out our progress and what we’re doing at https://uniglax.io/
  • There are ways you can earn your first crypto completely for free. Coinbase, Bitcoin Magazine, and Brave Browser are ways to earn.
  • We encourage you to buy your first crypto on a centralized exchange. Research which exchange makes sense for you. You can have an account on multiple platforms as well. You can’t go wrong with Coinbase, Gemini, and Kraken (as long as you’re not in NY or WA)
  • Hot wallets are software wallets with an internet connection. Cold wallets are hardware like USBs for offline storage. Metamask, Coinbase, and Exodus offer good options for hot wallets. Ledger and Trezor are two reputable companies for cold wallets.
  • To get started with NFTs, you need a hot wallet. Some platforms like OpenSea and SuperRare will only take crypto for their NFTs. Nifty Gateway is a platform that will let you pay for NFTs with a credit card.
  • Compound is a large DeFi lending/borrow platform. If you want to dip your toes into DeFi, you can contribute to liquidity pools on Compound to earn APY.
  • Research, research, research! Check out a project’s website, check their social media, read their whitepaper, and join the community!
  • Always be on the lookout for the 6 red flags we provided.
  • Lastly, good luck and have fun!

DIFFERENT PRODUCTS TO BUY

Ledger Nano X (Price: $149 USD)

Ledger is one of the most reputable cold wallet companies out there. The Ledger Nano X has the ability to connect to devices via bluetooth on top of offline cold storage capabilities. This lets you access your crypto faster and be able to transact faster.

Right now, the Ledger Nano X supports over 1800 different cryptocurrencies, with more being added each year.

Ledger Nano S (Price: $59 USD)

If you want more budget-friendly version of the Ledger Nano X, it's your lucky day! You can get the Ledger Nano S.

You can also store 1800+ cryptocurrencies with the Nano S as well. But there are some differences.

The Nano S lacks the bluetooth connectivity of the Nano X. The Nano S can only store 3 app compared to the 100 with the Nano X

We're not going into a full on product review here, but we wanted to at least list out some of the important features. Buy Here https://ledger.com/

Trezor Model T

Lastly, we have the most expensive cold wallet on this list. But for good reason

Trezor is the most popular cold wallet for individuals who have some serious investments in crypto. The reason is because Trezor supports a massive list of cryptocurrencies and offers the strongest security features of the wallets we’ve mentioned.

The Trezor lacks bluetooth connectivity and can only be connected to devices via a USB Type-c cable.

So if you’re not investing heavily, the other two cold wallets options should suffice.