Summary
âž¡ The number of cryptocurrency users has grown significantly, with over 560 million users worldwide, a 112 times increase since 2016. Most users are male and under 34 years old. The speaker compares the adoption of cryptocurrency to the past resistance and eventual acceptance of ATM cards and digital payments. They suggest that cryptocurrency is following a similar pattern and will soon become mainstream, with blockchain technology potentially being used to prove ownership of assets like houses, eliminating the need for banks and other middlemen.
âž¡ The text discusses the basics of cryptocurrency, focusing on terms like blockchain, tokens, and mining. Blockchain is the technology that supports all cryptocurrencies, while tokens are built on top of a blockchain and are designed for a specific use. Mining involves computers validating transactions on the blockchain. The text also highlights that different cryptocurrencies operate differently and that understanding these nuances is part of learning about the crypto world.
âž¡ Cryptocurrencies like Bitcoin and Ethereum work similarly to banks and the Federal Reserve, validating and tracking transactions. Bitcoin miners solve complex math problems to earn Bitcoin and validate transactions, while Ethereum miners stake their Ethereum to validate transactions. XRP uses a consensus mechanism where everyone agrees before validating a transaction. This decentralized system allows everyone to see transactions as they happen, giving people more control over their finances. To start investing in crypto, it’s important to learn the basics, use a small amount of money to practice transactions, and proceed slowly.
âž¡ A digital wallet is a tool used to store and manage cryptocurrencies. There are two types: a soft wallet, which is online and similar to a physical wallet you carry daily, and a hardware wallet, which is offline and acts like a bank vault for your cryptocurrencies. The hardware wallet is a physical device that securely stores your access keys to your cryptocurrencies. It’s important to understand the difference between these two types of wallets before investing in cryptocurrencies.
âž¡ The speaker emphasizes the importance of investing in gold and silver, especially in the face of an impending economic crash. They argue that owning these precious metals is a reliable way to preserve wealth, as they hold intrinsic value and are not as complex as cryptocurrency. The speaker encourages listeners to buy gold and silver from carminesgold.com, stating that it’s a crucial step to secure their family’s future. They clarify that this is their personal opinion and not financial advice.
Transcript
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Hey, good morning everyone, and welcome. My name is Elisa Valentino, better known as Alisa V, the queen of High Vibe, from my podcast, the High Vibe show. And today I have the honor of sitting in for Mel Carmine. Going forward, I’ll be joining you as co host once a week to bring you insightful discussions on some of the most intriguing topics of our time, including the upcoming Quantum Summit, the Quantum Financial System, and Quantum Health. Your thoughts are incredibly valuable and I would ask you to leave comments below. And Mel would love to know exactly how I’m doing and that I’m meeting the highest standards in hosting his show.
Now, without further delay, let me begin the conversation. I’m thrilled, thrilled to introduce our guest today, Zester, Crypto pro from the Crazy Kryptonut channel and his new channel with Mark Z called Liberty on Main Street. Welcome, Zester. Well, thank you so much for, for allowing me to be here, Lisa. And I’m very excited to get to be on the first show that you’re hosting for Mel Carmine. That’s definitely exciting. We’ve got to set things off on a strong path. Yes, yes. It’s an honor for me to be here today and have you as my first guest.
So let’s Start with, you know, from what I’ve heard and what I’ve seen, it seems like it’s been a little bit of a crazy week in the crypto world, especially in light of the outcome of the election on Tuesday. Did you want to speak to that a little bit and what you’ve been observing. Absolutely, Elisa. That is what’s on the top of everyone’s mind at the moment. Bitcoin sitting over 76,000 new all time highs. And most of the rest of the cryptocurrencies, the Ethereum, the xrp, seem as if they’re headed on the same trajectory. And so the Trump win ended up being a huge, huge boon to crypto because he’s planning on actually placing into effect regulations and getting the SEC out of crypto’s way, which for XRP holders has got to be extremely exciting considering the SEC has not left XRP alone for, well, the past seven or eight years.
So very, very exciting all around. And a lot of people are just pointing to the fact that Trump is so pro crypto. Yeah. And you know, I know just personally and of course, I’ll get a little more into that. I know even for myself here in New York, like you weren’t even able to purchase xrp. You know, there was all kinds of issues for a while. So it’s, I guess anybody who has invested is really looking forward to a lot of these changes and deregulation and all of the things that come with being able to freely purchase and invest in these assets.
Right? Well, yeah, we’ve been operating in a legal gray area since forever when it comes to crypto in the United States. And that leads to a lot of hesitancy. It makes accessibility for the average, the average American, the average person very, very difficult because we don’t really even know what information we need to be tracking on everyone. It’s, it’s been a convoluted system. And so this is a huge deal for, for so many in the space that have either been. Well, we, we’ve been kind of being held back by something outside of our control. The industry can’t control what the SEC was just going to randomly make up at any point in time.
And so I’m expecting four years of a pretty massive cryptocurrency boom. But of course, that is in no way investment advice. Right. Just my opinion. Yeah. And of course, this whole show, we’re not giving advice, we’re just getting into a discussion to see if we could give people that are, you know, watching it some different insights and you know, kind of stimulate some thinking about these topics. Right. So, you know, my expertise is as a life transition and a divorce coach and a podcaster. And, you know, I myself, you know, I consider myself fairly intelligent and I actually felt very intimidated by the whole crypto world.
Right. And I know just from our own private conversations, you know, you helped me, you did such an amazing job for me to have a better understanding of how to navigate this world. So I think for some it could be very overwhelming. And as you know, and as we know, you know, Mel’s audience is quite, quite knowledgeable and experienced in this area. But, you know, I’m, I’m thinking now as we’re sort of moving along, there’s always going to be newbies and people who want to understand more or maybe have been intimidated or they just, they’re, they just didn’t have their radar set on the crypto world.
So I thought maybe today what we could do is we could just explain a little bit about how this whole crypto world works and, you know, actually define a little bit what it’s about and maybe let people that are new to this, you know, have a little bit more of a comfort level. So I’m going to ask you kind of a loaded question, but can you give a short description of what crypto is, how it works, where it comes from, and why it’s so important to the financial world as we move forward? Oh, yeah, no, that’s definitely.
We’re going to be here for a while, Elisa, but to kind of get it into a very simplified form, what a cryptocurrency is, is it’s a digital ledger that is being operated on a variety of different computers. And so what that ledger is is the same type of ledger that you would, you would have the accounting books, would have at your business, the same one you would keep, say, in the house to keep up with your bills, things of that nature. It’s just a ledger. But that ledger is decentralized and it’s encrypted cryptographically, and that means it’s extremely secure.
And it allows for the digital transaction of wealth in a variety of different forms. And that’s just a very simple, very, very simple way of looking at it. Beyond that, and the reason it’s so important going into the future is because it allows for the tokenization of real world assets in a verifiable way. It allows for a world where going into the future, you and me, Elise, can have a, can have a transaction, and we don’t need to Go to a bank, we don’t need to go to the government, we don’t need to give, to send money through a swift system or anything of that nature.
You and I are capable of interacting. And the government and the central banks are not capable of printing more of the coin. They’re not capable of manipulating it in any form or fashion. And so that’s why it’s so important. It’s a separation now from what we’ve always had, which was centralized authority, to a world where our economic system is decentralized and secure. And that’s where these cryptocurrencies like bitcoin and XRP come in to become very, very important in the future because they’re all going to have different jobs or they’re all designed to have different jobs. What they have in the future, well, we’ll have to wait to find out.
But they’re all designed to serve different needs. XRP is designed to serve the need of, say, cross border transactions, interactions between governments, between central banks. It’s designed to make the flow of money much easier. Bitcoin, in terms of what it was designed to do, it is the original crypto. It was designed in 2008 and 2009 by Satoshi Nakamoto, a pseudonym. We don’t know who that actually is. We have guesses and we have some pretty good guesses. Matter of fact, I know Mel has some really good, has some really good information on that front. But it was designed and even stated to be the money of the Internet.
And now most, most folks that are big bitcoin maximalists say that it’s essentially digital gold. Okay, wow, that was a great overview. Very simplified and very specific to anybody who’s, you know, trying to understand this world. So here are some statistics that I found about cryptocurrency and you tell me, you know, what your thoughts are on this. Right now There are over 560 million cryptocurrency users worldwide, and that’s an increase of approximately 112 times since 2016. Now this is what I found a little interesting. So of those 61% of those 61% are male and 39% are female.
And almost three in four, which is about 72% are under 34 years old. So when I think about me, not really, you know, coming from a perspective a few months ago of not getting it, I don’t fit into any of these statistics. You know, like I’m a female, so I’m on the lower end of those that are into cryptocurrency. And then, you know, I’m much older, you know, than, than that, that under 34. So what I want, what I thought I wanted to kind of bring across and what I was thinking about is like, if we go back, I remember my mother in law, you know, maybe 20 years ago, and my dad, they had not kind of grabbed onto this idea of using their ATM card, right? They would still go to the bank and they would go to the teller and they would get their cash and do their deposits that way.
And they wouldn’t, you know, they always had wads of cash because they weren’t like saying, oh, I could just go to an ATM and pull out cash whenever I want. But as time went on, you know, that’s become more the mainstream. And just about everybody today, for the most part, you know, generationally, is using right ATMs and debit cards. And the reason I say that is because I want to get your thoughts on speaking to how we’re kind of already living in a digital financial world. Because when we think of digital assets or we think of crypto, it feels like it’s so foreign.
Right? But in actuality, aren’t we sort of already living in this very digital financial world? Well, we, we really are. I think that you’re definitely correct there and that we have already been making this transition and we, we’ve made transitions in the past that were similarly earth shattering in terms of the economic system and how it worked. There are some hilarious videos out there of people on the news when debit cards were first coming out there. People on the news saying people will never trust their money to a piece of plastic that they carry in their pocket.
We are going to write checks in this nation for years and years and years to come. And there were so many supposedly very knowledgeable, very educated professionals, economists, bankers and everyone else, and they now look extremely foolish. Of course that’s hindsight 20 20, but it’s a very similar pattern. We saw that when it came to checks in the first place, people weren’t a big fan of checks. Then we go move on to debit cards. People aren’t a fan of those at first. And then we move on to phones being used for payments, payment methods and well, I remember that’s, that’s me.
I didn’t trust it so well, there’s no way I’m going to put, you know, the, any of these different apps on the phone at first. Well, what if somebody just scans my phone or I accidentally scan it or it doesn’t work? Now it’s considered extremely normal. And so cryptocurrency, in that same way is going through that pattern of kind of initial immediate denial. We don’t like new things, we don’t trust new things. Then it starts to get a little bit of traction. People start to see some of the benefits. And that’s when industry jumps in to make crypto and make the new form of payment accessible.
And so I think that’s really the phase we’re in right now. We’ve gotten through that initial denial where we had people on the news screaming, screaming that it was a scam and that none of this was ever going to work, and that it’s foolish and it’s a bunch of silly kids on the Internet now We see Fortune 500 companies investing insane amounts of dollars into Bitcoin and into cryptocurrency technology. That’s where we’re at. They’re building accessibility. And so very soon, I have a feeling there are going to be a lot of folks that are going to wish they could take some of their recordings and such off of the news and off of everything, because they’re going to look quite foolish.
As cryptocurrency continues to take over more of the financial world, and it begins to be used for so many other things. Because blockchain, the technology that backs up cryptocurrencies, is going to be used for far more than just allowing you and me to buy and sell goods. It’s going to be far more than that. It’s going to end up being ownership over essentially everything in our lives, whether it’s our house, our car, our debt. And that’s just the beginning. So when you say, you know, our houses are debt, you’re saying that the crypto will be used at some point to pay for those, to pay the way we’re used to paying in.
In sort of this. This cash or credit card world. Is that what you’re referring to? Well, actually, if you think about it, how do you prove that you own your house right now? Okay. I mean, I guess. I guess you have a deed of some kind, but if you have a mortgage, it’s still, you know, the bank is still, you know, officially the owner, right? Yeah, yeah. The bank owns. In the vast majority of Americans, cases, the bank owns your house. Right. And the bank essentially has all control at that point in time. They own your house, and they can get away with quite a lot.
And how do they verify that it’s really you? They’ve got your name, they’ve got your Social Security, they’ve got all of that information down, and they say, hey, we’re the bank. Trust us. Elisa has it. Well, in the future, it’s not the bank. You’re going to tokenize your house. Your house is going to exist on the blockchain, and it will then be yours, provably yours, by absolutely everyone. No centralized bank saying, hey, Alisa owns this house, or saying, hey, Elisa owes this much on this house. It’ll be secured on a ledger. And in that way, you will become the custodian of your house again, rather than the way that we have been living, where in all honesty, we don’t own anything.
Now, going into the future, your house will be tokenized. And in that way, we are going to cut out the vast majority of middlemen in the situation, because now no longer do we need attorneys and bankers and notaries and everything else for us to go through and do things. It’s going to become something where we actually regain ownership over. Over our property. And that’s something that’s never been possible in the past. You’ve always had to trust a third party, a centralized authority, in order to do anything in our world for the past thousands and thousands of years.
You know, I was just reflecting on something you said, like, about these people who had made comments about crypto and, you know, they wish they could. They could scrub it off the Internet, but, you know, just human nature is just like, we get used. We just get used to how we’re doing things, you know, and the brain is sort of, you know, if it ain’t broke, don’t fix it. You know, so we just keep kind of moving along. That’s why change and habit change and all those things are so difficult. But we see this every day.
You know, it’s just like there’s always that little bit of resistance to these kinds of things. And then when we start to see the positive nature and clearly from the scenario that you just described, the idea of having this kind of financial freedom and financial autonomy is really such a beautiful way that we should be living. You know, we should be able to. To be able to be our own person and have control over those things that are supposedly ours. So, yeah, and I think it’s like, if we look at even something like Uber, right, We take it out of the financial world, right? I remember saying when Uber first started, I was at a trade show somewhere and my girlfriend was like, I’m going to call an Uber.
And I was like, you’re going to. We’re going to get in a car with Just a stranger. And she’s like some random person. She’s like. But that’s kind of what we do when we get in a cab. I’m like, yeah, but he’s bonded and he’s, you know, and I’m going through all this because I’m used to it and now I can’t imagine. Right. Not using Uber, you know, and so I think it’s just like, it just sometimes takes time and it. And people like you and Mel that are educating and making these things more mainstream for a better understanding of how it works, eases some of that, you know, that stress about the newness, you know, if they’re not.
If they’re not already involved in it. So. All right, so we hear these certain words, right? Like in the crypto space, like tokens and blockchains and mining and like, can you. You already spoke a little bit about the blockchain, but can you demystify some of these? Because like any new industry or area, there’s always going to be words and vocabulary that goes with it. That when people can master that, understand, they feel more empowered about, you know, all these things that it means. Are there certain words or vocabulary or meanings that are specific to the crypto world? Oh, they absolutely are.
And that’s a. That’s a great question, Elisa, because I know a lot of the terms throw people off. Yeah. Before I jump to that one, though, I’m going to go ahead and. And cover my own, but. Because most likely there are going to be videos and recordings of me talking about the different applications that are going to end up being incorrect at some point in time, because we are. We know where we’re going, but we do not necessarily know how many turns Left, right, U turns 3 60s. That this journey is going to go on until we reach our destination.
So. But with that stated, because I just thought about it, I was like, you know what? Who knows how many different ways it’ll be manipulated back and forth before we get there. But yeah, even in the next year, you know, things can significantly change. So we’re. What we’re speaking about is really kind of like a little bit more about where it is today and open to the idea that there could be lots of shifts and changes and additions and subtractions from this whole picture. Absolutely. But it’s a great question on a lot of the terminology, because I think that may be one of the parts that really make that learning curve so intimidating at first.
Yes. Because the words are complicated and the definitions are very technical. Even when I Talk about, you know, the definition or a explanation of what a blockchain is. A decentralized digital ledger that’s cryptographically protected. That’s a whole bunch of gobbledygook at first. It takes doing a lot of deep dive and research to finally figure out what that really means. But I was so intimidated by it. I remember I came to you, I was asking you words. I’m like, what is this and what is that and why do I. And so that’s why I figured, you know, if I feel that way.
Obviously not the. The experts that watch Mel and follow him. But for some of the newbies coming along, I want to kind of demystify that for them, because you don’t want something like that to hold you back from. Yeah. You know, or feel so intimidated that you’re like, forget it, I can’t. I can’t absorb all this. Oh, yeah, yeah. Too intimidated to even start the learning process. Absolutely. And so one of the first ones that, that’s important to keep in mind is blockchain is the technology that backs up cryptocurrency. Cryptocurrency just kind of became the Internet term for it.
But blockchain is the technology that backs up all of these different cryptocurrencies. Whether it’s XRP or Ethereum or Bitcoin, they’re all backed up by a blockchain. Those blockchains operate in different ways, but they’re essentially the same technology. And so moving, Moving towards what is a token or coin? Because I hear this one a lot, and this is one that is like a pet peeve of many people in the crypto industry. A coin is the native asset of a blockchain. And so bitcoin is a coin because you need bitcoin in order to do anything on the bitcoin blockchain.
I need bitcoin to even send bitcoin. That’s how I even pay the very small transaction fees. And that makes it a coin. Now, ethereum, Ethereum is a coin because it’s the native asset of the ethereum blockchain. But chainlink or Shiba Inu, the meme coin everyone knows about, they say meme coin, but really it’s a token. It is built on the Ethereum blockchain. I need Ethereum to send Shiba. I can’t just have Sheba and be able to do anything with it. And so in that way, I often explain the difference between a coin and a token as a reference to my childhood Chuck E.
Cheese. Do you remember Chuck E. Cheeses. Oh, yeah, I don’t. I don’t think there’s any more of them. There’s actually one over here in New York on Long Island. Oh, really? It or not? Yeah. Oh, that is awesome. That is awesome. Well, with Chuck E. Cheese, I go in, or, you know, you go in, you take dollars and you hand them dollars and they give you back Chuck E. Cheese tokens. Those Chuck E. Cheese tokens are only good at Chuck E. Cheese. I can’t take my Chuck E. Cheese tokens and go to Dave and Buster’s and then let me play the games.
It’s not going to work. And in that way, that is kind of a similar idea of what a token is. It is something that’s built on top of the blockchain, like Ethereum in this case, but it is more designed for a specific use. It is more concentrated in terms of what it’s supposed to be used for. And in that way, when, when people are kind of speculating on tokens, they’re speculating on the importance of that specific industry in terms of where it’s going. And. Excuse me, is it fair to say that each crypto, whether it be Bitcoin or Ethereum, has its own specific tokens? Well, some.
Some are unique. And so when we talk about Ethereum, Ethereum has thousands of tokens built on it. Thousands and thousands of different tokens with different applications. Some of them are just the same application, competing against each other to see who’s the winner in the long run. The same way that, you know, Walgreens and CVS open up right next to each other seemingly every time. And so Ethereum has tons of them. Xrp, on the other hand, is just now starting to even put out tokens. And so Bitcoin is never really designed to have tokens. It is and it isn’t there.
It has started to happen. There are projects now that are occurring over there, but really Ethereum and Solana are where people are building things on top of it. And so there are, there’s. That’s where it gets so complicated for folks. They get the understanding of, all right, I know the words. Then they jump in and go, all right, now I’m going to start researching them. And they’re like, okay, Ethereum is entirely different than Bitcoin, and Bitcoin and Ethereum are entirely different than xrp. They don’t even work the same way. And so that’s the second stage of figuring it out for certain.
Once you’ve gotten the very, you know, the basic idea of what we’re dealing with, then it’s the nuances of all of these different blockchains. And in the long run, some of these blockchains may not survive. We. We could end up seeing businesses go out of business in the same way that it would be normal and in any traditional finance for businesses to eventually, you know, lose out. Right. So for kind of the older generations, I can say older meaning, you know, maybe people 60 and over. Right. And I know there’s so many people in that generation who, you know, including Mel, who are just proficient and understand this, but we’re talking about kind of the average person.
So if. And this is going to be a really basic question, so if somebody was actually saying, you know what, I would love to get more involved in this and understand it. Where are the blockchains, in other words? Because we, you know, like baby boomers, we come from that generation, we have a dollar in our hand, we have coins in our hand. It’s. It’s very tactile that we could actually do it. And even when we go to a cash machine or we, you know, do something with our cards, we’re still visualizing that that money is. Is going.
So now where are the blockchains and what do they look like? You know, and it’s. It’s. I’m asking a very, you know, basic question, but just to kind of put it into. Into terms that people can visualize. Oh, no, it’s a very important one, Elisa. It’s a very important one because that is one that. I think that that’s where it becomes. It’s exactly what we have right now, but it’s. It’s different. And it throws people off in a very large way to imagine that essentially their money is, they believe, just sitting on the Internet or sitting on a computer somewhere.
And it really ties into that question of mine. And so that was another word that you had down there that I know a lot of folks. In terms of a definition, this is where mining ties in. The blockchain is being operated off of a variety of different computers that are mining the crypto, in this case of bitcoin. What are those miners doing? They are validating transactions. They are playing the same role that your dollar that you got from the atm. They’re playing the same role that the Federal Reserve and the bank did. Remember, how do you know your dollar is real? Well, I know my dollar is real because the Federal Reserve and the bank says so.
That’s how. There is nothing that backs up my US Dollar right Now, it is not worth anything more than the faith and belief of the American people and the average consumer. That is it. Otherwise, it’s nothing more than a cotton poly blend. And the person saying it’s valuable is the bank and the Federal Reserve, they tell me. And then it comes into effect now. Yeah, because we can go into a store and buy something. So that’s how it translates. It translates to practical application. Well, these miners on the different blockchains, that’s what they’re doing. They’re serving the role of the bank and the Federal Reserve.
And they’re saying, elisa has this much and she’s sending this much. Now Zach has this much and Elisa has this much. They’re the ones that are actually doing it. And so on Bitcoin, what the bitcoin miners are doing is they are actually solving extremely complicated mathematical problems. And when they solve that mathematical problem, they then get credited with Bitcoin for having done so. And they validate the transactions that occurred during that time frame. And so the reason that they have to run all these nodes is because essentially they’re proving their, they’re proving their infallibility. And in the same way that when you go over to Ethereum, well, they don’t operate that way.
Miners on Ethereum are staking their Ethereum and their Ethereum is then being used to validate transactions. It’s like a buttload of collateral. Now, XRP is different. XRP has a consensus mechanism, in which case essentially just everybody needs to come to a consensus. And then the note, the node is validated, and bam, we have got a new block on the XRP or the, the, the chain at that point in time. And so all of these different blockchains do it a different way, but essentially they’re all filling the same role. They’re filling the role of your bank, of your Federal Reserve.
And that’s what the miners are doing. They’re just verifying that everything is going to the right places. And that’s why it’s so exciting in terms of being in US living in a more decentralized world, because we right now essentially are at the absolute behest of what the banks and what our government chooses to do. If the government chooses to print more dollars, well, they don’t ask me for permission. They don’t even tell me until after they’ve done it. And when they did that, they made my dollar worth less. They print more, my dollar loses value. When we start to look at where crypto comes in, they can’t just print more There can’t just be more.
Everyone on the blockchain sees what happens when it happens. We all get to retake ownership over our financial futures. And that, that is what’s so exciting from that standpoint. But the mining question and where the blockchain is, it is one that takes a little bit of, for, for everyone that likes to imagine a bank vault with gold in it, it takes a little bit of thought. You have to imagine that the blockchain is truly everywhere. The blockchain is running on thousands and thousands and thousands and thousands of different computers. And all of those computers are individually validating every transaction in a decentralized manner via cryptography.
That is how my money gets from me to Elisa. And that is why there will forever be, quote, unquote, miners in cryptocurrency. Okay, that was a really great explanation. Thank you. And sometimes we need to use the current way that we’re used to, to compare to the, you know, to, to show like what the new word is for that, so to speak, so people can have like a reference point. So that was really helpful. So what tips would you give to a newbie starting out almost in like a step by step fashion? I want to get involved in the world of crypto.
I, I understand that, you know, for all the benefits that it has and it’s the, the world of the future. But where do I start? What do, what do I do? You know, like when you buy stock, okay, you can do it yourself these days, but, you know, traditionally people go to a stock broker and get some input and get financial advice. Right. So how do people start in this world if they want to start, you know, building a portfolio or investing? Well, that is a great question. And I always recommend people that the first thing they do is they learn the basics before they start swiping any cards or any bank accounts.
And so that’s the first thing go through and get that basic idea of what you are doing. Or do you have a wallet? Do you know what a wallet is? Do you know what exchange you want to use? Do you know why you want to buy that specific cryptocurrency? I would get all of those things together first. And then, number one suggestion, and this has saved so many people, and it’s also the point where everybody screws it all up. Do not make large purchases. Buy a very small amount of crypto. Get the little bit of the basics down.
All right, I have a wallet. This is the exchange I’m going to use. Put $10 into that exchange. Get a little Bit of crypto. Send that crypto to your wallet, send it back to the exchange, send it all over the place. Get comfortable with a very, very small amount. Something that if you mess up, you’re not going to be sad about. The biggest thing that people do that screws them up in crypto is they get all excited and they get really into it and they’re like, I’ve got to buy this one, I need to buy it now.
That fear of missing out comes in and they’re like, I’m just going to learn about it after. I’m going to figure out how to do this after I’ve already made the purchase. That’s what always gets people, that’s how people get scammed. That’s how people lose their money because they kind of put the cart before the horse. Ultimately, get yourself together, have a wallet, have an exchange, understand some of the basic words, watch some videos, watch somebody else send transactions, and then, then start to get into it and proceed forward very, very slowly. This is not something to jump head first into.
And you will then find that after a very short time, you’re going to know how to do it. If you put a bunch of money in, you’re going to enter into this panic mode where you’re not going to learn anything because you’re not willing to touch it because you’re terrified you’re going to screw it up. Yeah. So take $10 after you got those basics together and then lose that $10, like go forth 100% planning on never seeing that $10 again and go do everything that you can find to do. Send it to different exchanges, send it to different wallet, make another wallet, send it there, send it back, swap it into a different cryptocurrency, do all of those things that you need to know how to do if you want to be in crypto right now before doing so.
Something else I would state though is I always tell people you don’t need to buy crypto, you’re gonna own it and it’s not going to be your choice anyway. So you also can look at this from a different angle. You can say, okay, I don’t really want to go through. While crypto is, is more difficult to access, it’s just the accessibility is not as high. I want to wait to get into the world when it’s more fleshed out, going to be easier. In that case, learn the basic information, learn what is happening so that when it does occur, you’re ready to go.
I, I always, people always say they’ll Never own cryptocurrency. You don’t have a choice in the matter. Right now, our banks are already converting over to sending transactions back and forth via blockchains. And so even though you may never buy it, your money very soon is going to have gone. When you cash your paycheck, and your boss, he banks at bank of America and you bank at Wells Fargo, when that money gets deposited in bank of America or. Well, when that money gets deposited, that check gets deposited in Wells Fargo, the money’s going to move from bank of America to Wells Fargo via a blockchain.
It’s going to be a cryptocurrency. And so in that way, everyone is going to start participating in cryptocurrency very, very soon. Yeah, they’re not, they’re gonna, it’s just gonna be by default, you know, and I was a couple of, a couple of things that hit me when you were talking, first of all, when you said, when you deposit your check and I, I challenge you to find anyone who’s getting a paycheck versus an. Right. Versus just getting their money automatically deposited. Right. I mean, so we’re not even having that physical check anymore. You know, we don’t actually see the physicalness of, you know, the way we used to.
Right. It’s just going right into our accounts and then we move it around. But you mentioned a couple of times when you were talking about, like, how to start, and you said, get a wallet. Can you just explain what this wallet is? Because in my older way of thinking, you think a wallet. Right. You think like, you know, it’s something I put in my, my purse, you know, my purse and I carry around. But the similarities and the differences. Can you explain what this digital wallet is all about? All right, now that, that’s a, that’s a great question.
And the term wallet, I think, does kind of throw folks off. Yeah. And so there are really two different types of wallets that you’ll often hear about. You’ll hear about a soft or a software wallet or a hot wallet. Those are all words for the same exact thing. That is a wallet that operates on online only. And so in that way, it’s like me downloading MetaMask onto my phone, which is a crypto wallet. And then I have got cryptocurrencies in there. That’s a soft wallet. And what that can be most commonly compared to is your wallet.
That is your wallet. That is the money that you are carrying around with you on a daily basis. Now, a cold wallet or a hardware Wallet, again, two terms for the same exact thing because we like to keep it complicated. In the crypto space, that is something where your actual access to the blockchain is being held offline. It’s not online. And so what I would say that’s where it’s an important thing for people to keep in mind. I would not keep the money in my bank account, in my wallet. I don’t walk around with everything sitting there on my person.
I walk around with the money I need that day, and I plan on spending that money. And so this is money that’s liquid. I need it to be able to do things. I need it to eat. I need it to live. I need it to survive. A hardware wallet is your gun safe. It’s your bank vault. It’s Fort Knox. It is your savings for the future. That is where I like to compare it to. There is definitely more nuance. But for folks that are new to the idea between the two, if you think about it that way, you’re not going to get in trouble.
Because if you put money onto a hardware wallet, that’s to keep it safe. I’m not planning on spending this money today, but I want to have access to it if I ever needed to. And I don’t want someone else to tell me how much of my money I’m allowed to have access, access to. So I keep my hardware wallet and say my safe or hidden in the house or something of that nature. That’s Fort Knox. No one can take that crypto from me unless they physically take it from me. Or the hardware wallet is an actual device.
It is an actual device. Matter of fact, I. I have my example ledger sitting somewhere around me. I can show off. It looks like nothing more, more than a flash drive. And so this right here is one of my hardware wallets. Matter of fact, this is a hardware wallet that I keep for my little brother. And so this plugs in to the computer and then on. It is actually an encrypted chip that maintains my access to my crypto holdings or whatever else is would be in there in the future. It could end up being a variety of things.
That is where I have it. It is not connected to the Internet. It never is until I go in and I plug my device into my computer and I start interacting with my hardware wallet. This thing doesn’t even have a battery. It can’t be turned on. No one can ever access what’s on it. Assuming that I have kept my mnemonic passphrase or my access secret and so, yeah, they are not. They’re. They’re physical, but they are not, they’re not big things. It is. You could hold, I wish I had it. You could hold a hundred billion dollars on this little device right here, or I could hold $1 on it, because it’s not really holding anything.
It is holding my keys. And so with it, I have access to my bank vault. And in that way, it’s a bank vault. That’s where my crypto is. And I cannot possibly get into that vault unless I have this. That’s why it’s so much more secure than a soft wallet, which is free. You can get a soft wallet pretty much anywhere because it is connected to the Internet. It is more accessible, more easily used, it’s cheaper, and it serves a purpose, just the same way that my wallet serves a purpose on a daily basis. And that’s the easiest way, I think, for folks to process this wallet conversation they hear all about.
But remember, the wallet is really just your keys. It’s not where your crypto is. Your crypto is on the blockchain. It’s secure and safe as long as you are secure and safe with the keys to access it. Excellent description. I love it. And you know, for anybody watching who’s new to all this, we’re going to have, in the description box below, we’re going to have some information on how you can access and get your own wallet. Your own, your own, you said it’s called. Can you tell us the names again for the, for the actual physical wallet? Oh, now I.
Cold wallet. Cold wallet. A cold wallet or a hardware. Hardware. Okay. Usually the two most common terms that, that I’ve had, I just always tell people, think about it like the bank vault, and they are not, they’re not that expensive at all. The one I have, I’ve always used ledger because I have businesses with blockchain, with cryptocurrency and that have to interact with the blockchain on a regular basis. So I always use that brand, but there are countless other brands that are also very, very good. And so they’re not very expensive, but they are usually what I would say when people are kind of having that first question, how do I get into crypto? Understand the difference between these two wallets before you start to make purchases, Understand what this, the software wallets use is and what the hardware wallets use is before you go putting a bunch of money in and then having to figure it out.
Yeah, yeah, do your, do your due diligence and set yourself up just the way you would with any other kind of investment. You know, you’re not going to just dive in. You’re going to, you’re going to educate yourself a little bit, get some information and get the tools that you need to be successful. So Zester, tell us, you know, tell us how people can follow you. Tell us a little bit about your channels and what you’re doing with, you know, on those channels. Oh, no. Thank you so much. And well, who folks can find me if you’re interested in crypto education and crypto news on the crazy Cryptonaut channel on either YouTube or Rumble.
And that’s just for everything crypto related, which is going to be exciting now with all the, all the changes coming in the Trump administration. And then also you can find me and the original Mark Z on our other channel, Liberty on Main street where we have conversations, discourse, talking about the issues that are facing everyday Americans and everyday people globally that live on Main street, not on Wall Street. And so thank you so much. We’re having a lot of fun with, we’re having a lot of fun on both channels. That’s great. And for anybody who doesn’t know, which I’m sure they most people do, Mark Z is your pop.
And that’s really nice to see you guys doing something together. I think that’s fantastic. Now I have it on pretty good authority that you and Pop Ops are going to be at the Quantum Summit too in Cape Canaveral in March. Is that right? We are, we are now. We are excited for it. This will be our second time coming to the Quantum Summit. But we’re much more excited this time as we have more time to be there, more time to hang out with folks. And we’re not in the same kind of rush we were during the first one, so we’re really looking forward to it.
That’s fantastic. And you know, please look in the description because there are links where you can go. You can, for anybody who’d like to attend. I know that, that the tickets are going kind of fast, but you want to, you want to secure your tickets for this event as, as Mel’s been talking about. It’s not only going to be educational and very informative, but it’s going to be fun. It’s going to be an opportunity for people to get together and chat with one another. I know he’s going to have karaoke and some great food. So I think, I think it’s going to be a fantastic event for people to attend.
Well, I have to tell you thank you so much zester for being here. Definitely. Anybody who’s watching, please check out his two channels. I think you’ll find them really informative and I love the interaction that you and your dad always have when you’re, when you’re on, when you’re on air together. And as far as, as far as Mel’s show goes, I want to thank everyone for tuning in today and I’d ask you if you enjoyed this video. Give it a thumbs up. Please make your comments, let us know what you think and until next time, I’m wishing everyone a high vibe day.
Take care. All right, see you all. Thank you so much for letting me be here. Elisa welcome to Carmines Gold Dot com. Don’t waste not even a second looking cheaper. Prices just don’t exist. How important is it for you to own gold and silver right now? What does it mean to me personally? There’s an economy that’s about to crash beyond what words can explain in five words. I’m going to educate you on gold and silver. Are you ready? You need to own some simple. Time is of the essence as the walls are closing in. This crash is visibly in motion right now.
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