Many entrepreneurs stay on the look for new opportunities. The easiest way to drown is to stop swimming.
While some millionaires and billionaires have been loud about denouncing the crypto space, it’s become more and more evident by the day that they’re wrong.
If you agree, then you’re in the right place. We’re going to talk about the good, the bad, and the ugly for anyone interested but has yet to pull the trigger.
The Good – It’s Still Early
Any entrepreneur should first know that it’s still early in the game. In fact, it’s incredibly early.
While some people will say that crypto is in a bubble, it’s important to remember that the internet was once in a bubble too.
We’re still in the very early stages of adoption. Only a handful of countries have begun implementing crypto into the fabric of their society. This means that there’s still a lot of upside potential for those who are willing to invest now.
The Bad – There Are So Many Options
The other side of the coin (pun intended) is that so many options exist. It can be overwhelming for anyone new to the space.
Not only are there different coins, but there are also different exchanges, wallets, and ways to store your crypto.
It can be an information overload for someone who’s just getting started. However, the good news is that plenty of resources are available to help you make crypto easy.
Cefi Vs. Defi – The Basics
If you’re an entrepreneur looking to get involved in crypto, then it’s important to understand the difference between cefi and defi.
Cefi stands for centralized finance. This is the traditional financial system that we’re all used to seeing in the world. It’s the Bank of Americas and the Wells Fargos of the crypto space, which includes names like Coinbase and Gemini.
On the other hand, defi stands for decentralized finance. It is the system that’s being built on the blockchain. Names like Solana, Arbitrum, and Fantom aren’t just altcoins. They’re entire ecosystems, each being unique in its own way.
So, which one should you choose? Well, that depends on your goals.
If you’re looking to invest in a traditional way, then cefi is probably the way to go. But if you’re looking to get involved in something new and exciting, then defi has you covered.
Is it possible to have both? Absolutely. In traditional finance, you can have multiple retirement or brokerage accounts. You can easily have numerous cefi and defi accounts as well. One of the best routes to make this happen is also one of the most prominent players in the game: Binance.
They offer cefi platforms in the form of Binance.com and Binance.us and a defi ecosystem that rivals Ethereum’s. After doing some research, grab a Binance referral code to get some free money, and then dive into which ecosystem will help you best achieve your goals.
The Ugly – Hacks and Exploits Happen – Protect Yourself
Crypto is still a new industry, and as such, it’s not without its risks.
One of the most significant risks is that of hacks and exploits. While exchanges and wallets are getting better at security, they’re still not perfect.
If you want to enter this world, taking steps to protect yourself is a must, not an option. You’ll need strong passwords, two-factor authentication, and always keep your seed phrases in a safe place.
All entrepreneurs should know about cryptocurrency. It’s still early in the game, there are plenty of options available, but hacks and exploits happen. Protect yourself, and you could see some serious upside potential.
What do you think? Are you ready to get involved in the crypto space? Let us know in the comments below!