Next Steps
💸 Curated crypto resources for 4 use cases
Crypto Sundays is a free Sunday newsletter. If you love it, consider sharing it or leaving a comment below. Thanks for reading 🙂
🔁 Recapping the Basics
Congrats on making it to the last edition of the Fundamentals in 5 Parts series!
We’ve covered a lot in the past 4 editions –
Q: Why are cryptocurrencies all the rage right now?
They're intended to provide a faster, cheaper, and more secure means of transacting value.
Q: What are the technical ingredients?
A network of computers have financial incentives to maintain a special database of transactions called a blockchain. Each transaction is cryptographically secured.
Q: How do I get started?
The easiest way is to use an exchange to swap fiat money with a cryptocurrency and get a digital wallet to store it. Usually, both can be done under one platform.
🎞 What to Read and Watch Next
The crypto community champions one value above all for newbies: DYOR, or Do Your Own Research.
Speaking of research, I’ve compiled a set of resources for you (didn’t see that coming, did you?). They’re grouped by use case, so feel free to jump into whatever area you’re most interested in.
Blockchain Beyond Money
Bitcoin’s real innovation was not the digital currency, but rather the blockchain.
Thanks to a mechanism known as smart contracts, blockchains are being used in many more interesting applications. Have a look for yourself:
WTF is the blockchain? (Hackernoon): A layman’s explanation of the blockchain in 10 minutes
Smart contracts - Simply Explained (YouTube): 4-minute explanation of smart contracts and what problems they solve
Soon You’ll Be Saying, ‘There’s a Blockchain App for That’ (Bloomberg): Examples of blockchain applications in passport systems, gaming, international payments, and more
Investing in Cryptocurrencies
With high volatility and promises to be more than a “get rich quick” scheme, cryptocurrencies offer a risky but potentially lucrative investment. Check out some authentic reads on the topic:
Why People Invest In Bitcoin: Psychology of Cryptocurrency (CNBC): Accounts of culture, social dynamics, and other psychological reasons that prompt investments
What is the difference between cryptocurrency and stocks? (PayPal): An overview of 4 differences based on ownership, volatility, and regulation
Cryptocurrencies (FINRA): A list of US-based investor alerts and advisory for cryptocurrencies from the SEC, CFTC, etc.
Crypto in Everyday Life
It may be early to spend cryptocurrencies day-to-day, but you can certainly dabble in their usage. Here are some mediums and outlets to try:
Who Accepts Bitcoin? [The Complete Guide] (SpendMeNot): A list of hundreds of companies that accept Bitcoin as payment
What Can You Actually Buy With Bitcoin? (NY Times): Personal accounts and interviews of people spending crypto, including its shortcomings
11 Best Crypto Debit Cards (Hackernoon): Reviews and insights into crypto debit cards, where you can spend crypto as if it were cash
NFTs and the Broader World of Tokens
If you’re not familiar with the term, think of NFTs as uniquely colored Bitcoins, so that there’s only one of each coin or "token".
NFTs – and tokens in general – can represent art, tickets, social value, and the digital rights to do so much more. What does that imply for the future?
All about NFTs (a16z): Podcast + transcription on NFTs, common misconceptions, and different players in the ecosystem
How We Sold an NFT (YouTube): Walkthrough of two YouTubers brainstorming, designing, and selling an NFT
Life is Non-fungible: The Evolution of Ownership, Assets, and Us (TEDx): TED Talk on digital assets and creativity by the founder of CryptoKitties
Phew! That was a lot of resources. And yet, we’ve barely scratched the surface.
I hope this series prepared you to get your foot in the door with cryptocurrencies. For reference, here are all the other parts:
Part 3: 7 FAQs About Crypto
I’ll be back over the next few weeks with deep dives into the inner workings of the crypto ecosystem.
Until then, thanks for reading!