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What’s in Your Wallet: A quick guide to crypto

Sailun Tires

Back pocket. Side pocket. Coat pocket.  Where to put that big fat wallet is always an issue for guys who like to keep the look smooth and avoid the dreaded wallet imprint.  If you’re still carrying cash (who does) and cards (how many), you are probably light years behind the cool guys who know that crypto is the way to go.

If your idea of cryptocurrency is just the “Bitcoin Winter” or the Mt. Gox meltdown, get a grip.  Look beyond the major snafus of an emerging industry, make sure you engage a lawyer experienced in the industry to perform due diligence, and see the value in stablecoins. If Amazon, Facebook and JPMorgan are jumping into tokenization of assets, you can bet the rest of the world will follow.

So here’s all you need to know about crypto:

  1. It’s hot.

    Cryptocurrencies are the next iteration of digital currency systems that allow us to move our money around virtually.  We’ve been wiring funds, charging items to cards, and debiting accounts for years without ever touching a paper dollar. So using a digital coin, as cryptocurrencies are called, is the next step in the digitalization of money or assets.

  2. It’s secure.

    What makes crypto totally different from these other methods of moving money is the underlying system that validates the transaction:  the blockchain. The blockchain is a digital ledger that documents the movement of your money through the digital system. Each “block” on the chain is time stamped and tells the sender and receiver where the funds are at all steps in the process, making it impossible for someone to pull a fast one.

  3. There’s more than one.

    Bitcoin is just one of many cryptocurrencies in the digital universe, but people use it interchanably to describe a category, (like Kleenex).  Litecoin, Ethereum, Ripple and Tron are a few of the dozens of the coins in circulation today.

  4. Not all coins are equal.

    Like paper money, the value of the majority of coins in the market today is based on fiat currencies or commondities and are subject to market fluctuations and inflation. So it’s best to check out what the specific coin’s value is pegged to before you buy.

  5. They’re evolving.

    The challenge — or ‘holy grail’ for all stablecoins today is ensuring stability in any market conditions. Watch for new stablecoins to reach the market that are built to address coin volatility and instability.

So what’s in your wallet? If you’re still lugging that bulky thing around, dip your toe into the cryptocurrency waters and get a feel for [stablecoins](link to]. Carrying cash and cards is so 2000s – crypto is here to stay.


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