What You Need to Know About Cryptocurrency Right Now
Wealth and Investment Strategist, Dr. Jewel Tankards, Talks The Current Crypto Landscape
First, let’s discuss the foundation of cryptocurrency.
That root — “crypto” — means “secret” or “hidden.” In the context of cryptocurrency, it really means anonymous (or almost anonymous, depending on how the currency’s set up). Cryptocurrency is a form of money that a) isn’t issued by a central authority, like a government, and b) uses cryptography — the practice of storing and transmitting data for secure communication. Bitcoin is the best-known cryptocurrency, but definitely not the only one.
You might have also heard the word “blockchain.” In the context of cryptocurrency, that’s a public record of past transactions: Every time someone completes a transaction, it gets recorded in a “block” and added to the “chain” of transactions. Then the algorithms make sure the record can’t be altered.
Instead of relying on banks and governments, cryptocurrencies use a blockchain. The full blockchain from the beginning of time is publicly recorded and unchangeable — which means everybody’s computer agrees on every single transaction that ever happened. All of that makes fraud pretty hard.
In lames terms, cryptocurrency = the money, and blockchain = an accounting system.
Crypto has taken over recent headlines, so we sat down with Dr. Jewel Tankard (economist, wealth strategist and crypto diversity advocate) to get a better understanding of what all the talk is about.
Q: How did you get into the crypto space?
A: A good friend that I had made a lot of money with reached out to me in April 2016 and told me that he was part of a wealth community that he trusted and that they were trading crypto as well as accumulating crypto and this was the future of money and that mega wealth would result from this. I was intrigued and excited. I immediately partnered with him and the team. It was one of the smartest financial decisions I could’ve ever made. I encourage everyone to adopt an early adopter mindset, because being an early adopter has significant benefits.
Q: Why is it important for diversity to take lead in the world of Crypto?
A: For the first time we have currency with its own economy that cannot be manipulated and has no owner. In times prior, things have been swayed to favor a particular demographic. Now an individual just needs to make the decision that they want to go past the headlines and become a master student. There is a level of complexity to it, but don’t ever pull back because you don’t initially understand something. Plug into a resource community.
Q: From NAS’ investment in Coinbase to Elon Musk dealing with Bitcoin and so much more happening in the crypto space that has started to make the conversation more mainstream. Where does someone who is interested begin?
A: Entering into the cryptocurrency space take strategy and ongoing education. Some coins should be used for long term and other coins should be kept only for short term. For example you can take Bitcoin and leverage against it and get loans and cash for it. I suggest working surrounding yourself with those that are dedicated to the complexities of this market.
For more information on Dr. Jewel Tankard and the Millionairess Club visit www.JewelTankard.com