Bitcoin Crypto Mastermind
Summary: Tai Lopez explores the world of cryptocurrencies including Bitcoin, Ethereum, Litecoin, IOTA, and many, many more. When it comes to investing in crypto, education is what separates the winners from the losers, and Tai Lopez is bringing on the best of the best, including Brock Pierce, to educate you around how to understand this fast-paced and ever-changing space. Subscribe to the Bitcoin Crypto Mastermind show to learn about how to make money with bitcoin and crypto today.
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- Artist: Tai Lopez
- Copyright: Copyright © Tai Lopez 2017
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When you pay someone with Bitcoin, the recipient can see your balance. This is the unfortunate reality that comes with the public ledger. Crypto criminals can infiltrate the network by garnering payment and seeing net worths to seek out. However, the privacy coins like Monero prevent this from happening by nesting your balance outside of the people’s view.
Every day a new coin is in the limelight. First, it’s Ripple, then it’s Verge. What will it be next? To stay on top of the ball requires tracking the limelight. In doing this, you will develop a sense of the pattern and know which coin is next on the list before everyone else.
Listen to the CEO of any crypto company. To hold that position right now means you have front-row seats to the cryptocurrency space. With that vantage point comes a special type of information about how the crypto world is moving. We must give that perspective the extra attention it deserves because it’s derived from a place of true personal experience.
Every crypto has a unique angle. And it is our job as investors to predict whether or not that angle will be valuable in the future. To accurately do this requires understanding both the micro and macro trends. And when it comes to cryptocurrency, there is no greater macro trend than the fact that Bitcoin and other crypto assets will eventually take over all currency.
Blockchain technology is the new Internet. But it’s potential is far greater. By decentralizing systems through the open ledger, we can eliminate trust from human transactions. The individual will become the most enlightened consumer in economic history, and the people will host the power away from the third-party institutions who currently hold it.
Crypto investing is not a get-rich-quick play. Contrary to popular belief, to do crypto investing right requires hours of extensive research, education, and commitment. The investor who sweats the most earns the most. This is unlike other markets out there where the sure-fire profitable plays exist. But here, the best crypto investors are the ones who understand the whole landscape.
Don’t invest with your gut instinct. In the long-run, this ‘strategy’ has never produced financial gains. The intelligent and methodical investor is the one who comes out on top. He/she reads books and articles, listens to podcasts, and seeks out mentorship in whatever topic it is that they want to become an expert in.
It’s no secret that money breeds ego. And it’s also no secret that ego clouds your vision. So the question becomes: how do you stay humble while getting rich? In the cryptocurrency space, this is particularly important, as many have come upon instant wealth. Using humility as a filter can help you isolate the true crypto players from the fakes, as their vision will tend to be clearer.
There’s more than just Bitcoin. Each day a new cryptocurrency is released to the public, and much of the crypto discussion is becoming which of these alt coins deserve our attention. To know requires understanding how the world is moving, and will this coin solve some greater need in the future?
Don’t let crypto wallets intimidate you. They are just part of the process and can quickly be demystified. Owning cryptocurrency is unlike any other type of ownership because it requires storage inside a public/private key-based wallet. These can be online or physical, and hold the proof of ownership.
Do your due diligence. Reading the white paper, learning about the management team, understanding the distribution; these are the things we must do before investing in a token. If we don’t, we’ll likely get bit by something we could have seen coming.
Cryptocurrency is confusing. That’s why we seek the opinions of experts. Those most knowledgeable and closest to the action are able to take take their vantage point and distill it into the wisdom and insight we can absorb. But knowing who are pure sources of knowledge and who are the phonies is what separates the great self-educator from the average.
Is Bitcoin crashing? What was once at $18,000 is now hovering around the $12,000 marker. Is it time to get out or double-down? What can we take away from this drop in price? To answer that question most accurately requires continuing to pursue your cryptocurrency education.
The white paper is everything. It distills the complex world of cryptocurrency into layman’s terms. Without it, we are just as lost as the next non-techie. But with it, we are able to learn the technology in a way that empowers us to hold our own inside conversations with crypto technologists.
Delegated Proof of Stake (DPOS) is the future. Its technology enables the network to operate more flexibly and efficiently than any other consensus model out there. It is only a matter of time until all cryptos are forced to move to this type of network, and that is why we must focus our attention to coins that are built on top of the DPOS model.