On our wonderful holiday of stuffing our faces with turkey and mash we also get the luxury of hanging out with our relatives!…. YES!!!
Now instead of talking to our relatives about politics, perhaps we should take the time to discuss finance and investment. To help facilitate this conversation and not make you look stark raving mad when you talk about digital currencies and Non-fungible tokens to non-tech savvy relatives we put together this nice little cheat sheet on how you can educate others on these new exciting asset classes!
Don’t call it “Crypto” or “Cryptocurrency” instead use the word “Bitcoin”. When the question becomes “I don’t understand it, what is it?” You can use/read the following:
Bitcoin is like a prepaid debit card, but instead of being filled with “Dollars” it is filled with a new type of money that is not linked to any government or country. Because it is not linked to the dollar, the price of Bitcoin fluctuates over time relative to the dollar.
You can spend it or you can save it. If you save it, the fluctuations overtime can dramatically increase the value of the coin.
As an asset it is similar to gold, but on steroids.
One Bitcoin is made up of 100 million smaller units called “satoshis”. When a single Bitcoin is valued at a million dollars, a single satoshi will be worth 1 penny.
You may not be able to afford a whole bitcoin, but you can afford a ton of satoshis.
You can purchase them on coinbase.com or on gemini.com
Those are the easiest ways to get some bitcoin.
This is going to be a harder one to talk about with people, but we got you covered. Use this to help:
NFT stands for non-fungible token. Which is a fancy way of saying “a one of a kind item”.
Imagine a Babe Ruth baseball card signed by Babe Ruth himself. Now imagine there was only one of these in the entire world, and YOU were the owner of it. The amount of money that card is worth is dependent on what you are willing to sell it for.
NFTs are the same idea but with digital “cards”. You may think that is silly because you can copy a picture of the digital card, but you can also take a picture of the signed Babe Ruth card too… does that mean you have the original? Of course not. The NFT “card” is the original, and any copy of it is just that… a cheap copy.
Because the technology is new, there is massive speculation. You can buy an NFT for very little money on a website called ” Opensea.io ” and in a very short time frame, resell that NFT for a lot more money than what you bought it for. It is similar to flipping houses, only with zero effort.
New Money Investor
We would appreciate you getting your relatives to signup to our newsletter, here is your pitch if you want:
New Money Investor is a free newsletter and website. You get an email every morning that gives a very brief heads up on the news as it relates to Bitcoin, and other emerging markets. When you sign up you also get access to free e-books!
Go to NEWMONEYINVESTOR.COM and sign up!