My first weekend in crypto made $3.68 — and what I learned was priceless
NFTs, DeFis, ERC-20, Proof-of-Stake mining, gas prices, smart contracts, Stellar Lumens… confused? So was I.
If you haven’t seen that the price of Bitcoin recently jumped above $60k this weekend, you’ve likely been living under a rock, or you only read the sports pages.
As I discovered over the last week, what’s happening right now with cryptocurrency is quite phenomenal. I’ve been hooked ever since, and I want to share with you as much of what I’ve learned as I can in the space of 10 minutes.
Now, if you’re already in the crypto-space, this post may not be for you. However, if you want to know how a newbie [me] has experienced entering the magical world of cryptocurrency during this latest ‘boom’ (or bubble, depending on your point of view) — then you may still be interested.
My re-entry into the magical world of cryptocurrency
To the uninitiated, who mainly hear stories of Bitcoin or other cryptocurrencies from the odd sensational headline that reaches the mainstream (which included me until about a week ago), this new digital frontier can genuinely seem like the Wild West of capitalism. And in many senses, it absolutely is.
Back in 2017, I’d seen a few news stories about Bitcoin and even considered joining in the gold rush myself — I was however put off by the huge red flags of a value-less crypto bubble, not to mention the endless scams and people losing their wallets all over the place.
However, the year is now 2021 , given the fact that Elon Musk has just dumped $1.5bn into crypto’s biggest currency, and some of the biggest banks are now edging closer to accepting cryptocurrency as a genuine, bona fide store of value — I came to the conclusion it was no longer a ‘fad’ or an underground exchange that only criminals used to hide transactions or buy illicit substances with.
My renewed interest in cryptocurrency came from reading that Jack Dorsey auctioned his first-ever tweet for $2.5m. Naturally, this raised many questions.
How can you “sell” a tweet? Does it get printed off and sent to the buyer? Does the new owner have sole rights to tweet those words? Will it…