There’s all these brand-new cryptos is constantly flooding in…Etoro Question Answers… i mean how do you do with this deluge of novel cryptocurrency um well well it’s a lot of that honestly has to do with education so you if you learn the the really essentials here’s how bitcoin works and and we speak with a lot of once again monetary advisors here’s just how bitcoin works and as soon as you comprehend bitcoin you comprehend things like blockchain technology you comprehend transparency and immutability and all those things and after that you begin to enter what is the financial investment thesis behind bitcoin which is 80 of the video game right there 80 of understanding these other crypto currencies comes from comprehending how bitcoin functions then you enter that you know all these new tokens all these brand-new cryptocurrencies a few of them are actually just there to attempt to where they have no performance it’s simply we hope
that the rate tomorrow is higher than the rate today that’s the only factor you’re entering into it and that comes from education understanding and again returning to a financial investment thesis honestly and saying i’m not going to purchase anything just because i saw some guy pumping it on tick tock or i saw somebody pumping it on twitter i’m going to do my research study and discover what it is and discover where it fits for me um i you know of course need to do a lot of research study i can’t stay up to date with probably ten percent of the the tokens and cryptos that come out uh each week i see a new one being listed on some exchange and i’m and i go i have actually never ever even i can’t believe i have actually never ever become aware of that i get a huge ego and i’m like how might i not have become aware of that but i have it and in some way it gets noted and there are most likely tons of other individuals stating the very same things about cryptos that i know a lot about because i i tend to look at a great deal of defy stuff i tend to look a great deal of those tokens so the the way i look at it is one there are a couple of ways one is i try to educate myself as much as possible and then have an idea of what i like to discover and like to purchase what do i like to buy do i like to purchase the ones that have some sort of cash flow or liquidity procedure or something like that so understanding those i do not like to invest in some that are simply simply simply you understand pumps like pump plans or something i understand a great deal of people earned money on shiba inu i know a great deal of people made money on dogecoin that’s great to hear i do not want to do that that that’s not me i pick not to and i’m not telling anybody they ought to or they should not because there are a great deal of people that have succeeded i select not to do that one because they’re they trade keep in mind 24 7 365.
i do not wish to go to bed one night and i’m up here and awaken and i’m down here due to the fact that what will happen is i’ll never sleep again and again from a psychological standpoint i don’t want that i i attempt to discover quite a bit about the ones that i have an interest in or discover you understand find out why i might be interested why they may have worth and truthfully man it simply takes a lot of education the other thing i’ll state about that real quickly is you hear a great deal of individuals who don’t understand a lot about crypto or or are really versus it saying saying i don’t understand how there can be all these cryptocurrencies one of them needs to win but that’s that’s not the case they are all they they can or much of them can exist on their own a number of them are a currency that is for a particular network so bitcoin for instance is the currency for the bitcoin network it’s the equivalent of the dollar is the currency for the united states economic network all right if eth is the currency of the ethereum network so there’s an entire network there and it needs to have his own it it needs to have its own currency to operate effectively so it so if we feel and and look this this enters into a bit of a viewpoint i’m a huge defy guy i love decentralized finance and part of the factor is due to the fact that i have actually been in finance for so long and i understand where the ineffectiveness are and i know if we can take some of those inadequacies out of the system and we can use blockchain technology to do it that would be terrific the important things is the blockchain technology is not efficient without the currency that runs the network you can’t have the blockchain innovation be really efficient running on dollars operating on us dollars over the banking system you have to have the cryptocurrency the currency of the network to make it effective so there is to me not quite fact to the assertion that since there’s all these cryptocurrencies there’s a limited amount of dollars that’s going to enter into them so i got to figure out which one’s going to be the winner it is going to once again in my opinion start to begin to swallow up the standard monetary system and i don’t imply that everything else is going to go away i suggest my feeling is banks and the crypto that the protocols and whatever are going to begin interacting they’re going to start incorporating together which’s where you’re going to see a good deal of this value so there’s so much cash in the traditional finance system that’s going to make its way into what we currently call the crypto system or the
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Defi system and ultimately it’s simply going to be called the monetary system because it’s just a it’s essentially a database in a network you get informed and once again as soon as you get educated have an investment thesis here’s what i like to buy here’s what i don’t this is a clip from our webinar exclusively transmitted for etoro us club members our webinars let members directly interact with our guests using a q a and anyone or you can join etoro club and u.s club members get a lot of advantages such as an etoro swag bag exclusive access to our monthly webinars quarterly market reports and a devoted account supervisor if you join our higher tiers you can also get things like a subscription of the wall street journal delta pro and exclusive invites to irl yes reality etoro events make sure to have a look at the description for any marketing offers and for more information about our remarkable guests i’ll see you in etoro us’s club Etoro Question Answers.