You want to dive into crypto, but are overwhelmed with all the information? Warm welcome! Our editors have got out their machetes (of course only metaphorically) and are trimming the chaos of the crypto jungle for you: What is really important in this scene? Sharpen the pencils. Here are our three essential crypto wisdom.
Nr. 1: Do your own research
The first golden rule in crypto space is “do your own research” . Or in short: DYOR.
In the ICO boom of 2017, the motto became an unwritten law in the crypto scene. Countless projects promised heaven and earth. Today most of it is history - and with it the money of many investors.
Many small investors were impressed by the mass euphoria, fueled by the promises of success of windy YouTube influencers ("To the Moon!", etc.). The end of the song: a lot of fanfare about a bit of hot air. Even today, the number of dubious projects remains gigantic. Therefore: DYOR. (Marlene Kremer)
Nr. 2: Not your keys, not your coins
“With great power comes great responsibility”. Spiderman already knew that and it also applies to crypto and co. Because only those who are the master of their private keys really own their cryptocurrencies. They give access to their own crypto assets. Anyone who loses them is locked out forever.
If you have the coins stored by third parties - such as exchanges such as Coinbase or custodians - you are actually entrusting the safekeeping of the assets to them. It's convenient, but also dangerous. There are many examples of a rude awakening : during the most famous stock market hack in 2014, over 850,000 bitcoins were stolen from Mt. Gox. Small investors looked into the tube. Ouch.
But the essence of "not your keys, not your coins" goes beyond painful losses. Ultimately, Bitcoin and Co. is about sovereignty over your own finances. Nobody should have the opportunity to access their own assets, not even the state. And that brings us to wisdom #3. (David Scheider)
The basic idea behind Bitcoin and many cryptocurrencies . Translated means “Be your own Bank (BYOB): No one but me can access my digital crypto assets. And for payment transactions, two people only need an internet connection and their wallets. No banks or states. That's why you hear them say so many nasty things about crypto, by the way.
Bitcoin wants to financially emancipate people worldwide. More and more examples show how important this is becoming: Citizens in Latin American countries have been fleeing inflation in cryptocurrencies with their assets for many years. Protesters in Canada used bitcoin to make payments in early 2022 after the Canadian government blocked their accounts with emergency laws. The list can be continued at will - up to the Russia-Ukraine war.
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