In this episode, Jason talks to Erica Stanford, author of Crypto Wars, founder of the Crypto Curry Club and editor of Crypto Currier. You can purchase Erica’s book: Crypto Wars.
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Traditional media outlets often focus on events that are outliers to the norm when it comes to cryptocurrency, such as scams or dips in crypto value. Educating oneself about crypto is important to help counter the narrative that crypto is all doom and gloom, when it actually has the potential to completely revolutionise the way finance works.
[00:43] What is crypto, and how is it used by people all over the world
[04:35] Where crypto is having the most social and economic impact
[08:54] How fast crypto is evolving and being adopted by citizens
[15:08] How media coverage of crypto influences opinions
[17:00] Why people need to be aware about potential scams in crypto
[25:31] How people can protect themselves from scams and invest safely in crypto
[31:40] The impact cryptocurrency will have on big corporations in the future
[35:30] Will cryptocurrency override traditional currency?
By now most people have heard of Bitcoin, the first cryptocurrency created in 2009, and other types of cryptocurrencies. However, there are still many doubts around its reliability. Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralised, meaning they are not subject to government or financial institution control. Cryptocurrencies are often traded on decentralised exchanges and can also be used to purchase goods and services.
Cryptocurrencies have been around for a while now, and as their popularity continues to grow, so does the number of people asking if they are safe. The answer to this question is not a simple one, as there are pros and cons to using crypto.
Cryptocurrencies are controversial because they provide a means of exchange outside of government control and undermine central banks. Their popularity is due to their potential for circumventing high fees charged by traditional financial institutions, and their ability to be sold anonymously. However – when used correctly – crypto can be a very safe way to transact online.
As the cryptocurrency market continues to grow, so does the interest from the mainstream media. But are they getting it right? Sometimes the media can confuse and scare people away from it. Like any source of information from the mainstream there’s usually a bias towards covering outlier events. Keeping informed through education and independent crypto news outlets is key to having a larger perspective on the crypto market and news.
Although access to traditional finance is growing in many parts of the world, there are still millions of people who can’t get loans or other financial products from banks. This leaves them struggling to get ahead and sometimes leading to a cycle of poverty. Thankfully, crypto provides an alternative for those who can’t access traditional finance.
Some examples of how crypto has helped to break the poverty cycle include: allowing people in war-torn and areas with corrupt governments to store their currency safely, moving funds quickly and cheaply to areas of need, and being able to send smaller amounts of money without incurring large bank expenses.
Crypto might seem like a scary place to invest your money, however with due diligence and research you can easily get started in these types of currencies which will have a huge impact on the way finance works in the future.