Almost out of nowhere, suddenly it looks like cryptocurrencies are everywhere: your sister wants an NFT for her birthday. Your college roommate keeps posting about how rich she is in altcoin. She was arrested for a TikTok couple stealing $ 4.5 billion worth of Bitcoin. It’s time to become familiar with the mysterious world of cryptography.
input Crypto Besties, Gen Z, a female-led group working to unravel the mysteries of cryptocurrencies and build the first make-up line for the Metaverse. Rima Patel 26, a healthcare consultant and medical student, and Jaiya Gill, 23, who turned from a former financial sales gal to a startup community manager, founded Crypto Besties in September. After having a meeting at Clubhouse and realizing that it could help friends get a better understanding of currencies.
Patel was first interested in cryptocurrencies at university. “Her friend’s Facebook status said she’go buy Bitcoin,'” she says. “I didn’t know what this was and why they were telling people to buy it. So I read a loophole — what is Bitcoin? How do I invest in this? Can you do it?”
Gil’s interest arose from feeling left out of the male-dominated financial world. “We encourage beginners in this space to make friends, ask questions, and share openly,” she tells Bustle. Crypto Besties also shares free educational content through the above events Twitter spaceDiscord, and YouTube.
Here, Patel and Gill offer millennials a short-term intensive course to build a digital piggy bank.
First of all, what is a cryptocurrency? I can not see. Not a payment option at the grocery store. When are you pretty?
Patel: Think of it as a digital currency whose transactions are validated and maintained by a decentralized system that uses what is called encryption, rather than a central institution like a bank. As the crypto cycle through the ecosystem, you can see the digital record of the coin being passed to someone else.
Cryptography is already beginning to become a popular payment option in many places. It is adopted at a higher rate in countries other than the United States — where currencies are not stable, cryptography allows people to buy.
Is the encryption the same as NFT?
Patel: NFT is a non-fungible token. That is, it cannot be replaced with a new one. For example, Bitcoin is an alternative cryptocurrency. Exchanging one Bitcoin for another has the same value. NFTs are unique and cannot be replaced. Trading NFTs can have completely different results in terms of value.
What does crypto mean to me in the long run?
Patel: Crypto is a new way to invest in the future. Traditional finance has left many women and underrepresented groups behind. With Crypto, you can enter this new field and take the same position as any other field. This is not the case with traditional finance, which can be left behind because of the many catch-ups. The blockchain technology that underlies cryptocurrencies has the potential to change the industry and help build innovative economic activities, as people have more direct control over their money.
Can I buy crypto if I don’t have the money?
Gil: This is not financial advice. It’s important to do some research before investing in anything, but technically it is. There are many ways to get into crypto without actually putting in your own money.One way to start a crypto wallet [a digital portfolio where your cryptocurrency purchases are stored] Participate in an open community that seeks and employs technical contributions such as engineering, marketing, social media, and community management. These organizations may pay you in cryptocurrencies. If you put in your own money, the crypto will fluctuate, so you should definitely put in only unless you are willing to lose.
What are some of the risks of building a crypto wallet, other than losing your investment?
Gil: The main risk is fraudulent sites that remain vulnerable to hacking. One way people are hacked is to click on phishing and unsecured links. For example, you might click on a website that is spelled very slightly incorrectly (think of the spelling of MetaMask.io, like Meta.Mask) and unknowingly enter your wallet information. Always use trusted websites that link to confirmed Twitter, Instagram pages, etc.
As a cryptocurrency woman, what is one misconception you don’t want to hear?
Gil: The biggest myth for crypto women is that it’s only for those who are already actively investing in the stock market, or finance and technology. Although it may seem intimidating to the outside world, the cryptography is constantly changing and so new that it’s actually easy to break into.
Patel: You also need money to get involved in the crypto ecosystem. There are other ways you can invest your time. Taking on the job of cryptocurrencies — young women looking for technology, marketing, and community management positions actually have a lot of opportunities. You can time just a few hours a week to fit it into your lifestyle, it doesn’t have to be a 24/7 immersion.
Do I need to buy an NFT for my friend’s birthday?
Patel: Do you think NFTs are the future? Yes. It is very important that everyone conducts a survey to identify the community behind the NFT, the people involved in the project, the mission and goals of the project. Unlike other gifts. If you appreciate art or believe in your team, you need to buy an NFT for your friends.
How does Generation Z approach cryptography with millennials?
Patel: Millennials may be in places where they are trying to calm down or working to build a family.Maybe they don’t have the time or ability to take big risks [with crypto].. Gen Z is more straightforward and can take these risks in light of their age profile.
This interview has been edited and summarized for clarity.
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