NOTE: I am not a financial advisor. Any information I provide to you should not be considered investment advice or information that you should use to invest your money with the hope of a guaranteed return. Investment is complex, and you should weigh the options and do your due diligence before investing in a particular instrument, De-Fi based or otherwise. This article is intended solely for information.
Cryptocurrency is a hot topic right now, especially in my small island-nation of T&T. It’s become so popular that banks have completely stopped locals from buying crypto with locally issued credit cards (those that could still buy overseas, I mean.) For those who have been following the news, this seems dire. Our island has been blocked in several locales, making it difficult to do business in places like the EU. That’s why cryptocurrencies are so helpful for those who want a financial instrument not liable to be limited by a central banking organization. Cryptocurrencies and other decentralized finance instruments are unique in what they allow people to do. Aside from being a store of value, cryptocurrency can help the everyday Trini avoid inflation, aside from letting them earn a lot more from things like staking and investing (more on that later).
Warren Buffet famously stated that he doesn’t understand crypto, and that’s why he won’t invest in it, according to Forbes. Understanding a financial instrument is CRUCIAL to figuring out if you want to spend money on it and what potential it has for generating more money for you. Stocks, options, swaps, derivatives, liquidity pools, and cryptocurrencies are not simply things to understand, and many people just don’t have the time or inclination to learn about them. But since I’ve been on the fringes of this thing for a while, I figure I’m best positions to give the non-specialist a bird’s eye view of what’s going on with Cryptocurrency and why it’s not a scam (most of the time at least). However, before we delve into these things and how I learned what I learned, you might want to find out what makes me qualified to throw this information at you.
My History with Cryptocurrency
I’ve been a techie most of my life. When Bitcoin first dropped in the latter part of 2008, it…