Gen Zers Explain NFT, Blockchain, Altcoins and More – Bazarneeti

Almost out of nowhere, it suddenly seems like crypto is everywhere: your little sister wants an NFT for her birthday. Your college roommate keeps posting about how rich she is in altcoins. A TikTok couple has just been arrested for stealing $4.5 billion worth of bitcoin. It’s time to get acquainted with the cryptic world of cryptocurrencies.

Get into crypto beasts, a Gen Z women-led collective working to demystify cryptocurrencies and build the first makeup line in the metaverse. Founders Rima Patel, 26, a healthcare consultant and medical student, and Jaiya Gill, 23, a former financial sales girl turned startup community manager, founded Crypto Besties in September. after meeting up at the Clubhouse and realizing they could help their friends catch up on currency.

Patel first became crypto-curious in college. “A friend’s Facebook status said, ‘Go buy Bitcoin,’” he says. “I had no idea what this was or why they are telling people to buy it. So I went down a reading loophole: what is Bitcoin? How can we invest in this?

Gill’s interest stemmed from feeling excluded from the male-dominated world of finance. “We’re encouraging newcomers to the space to make friends, ask questions and share openly,” he tells Bustle. Crypto Besties also share free educational content through events on Twitter SpacesDiscord and YouTube.

Here, Patel and Gill give millennials a crash course on how to build their digital piggy bank.

First of all, what is cryptocurrency? I can’t see it. It’s not a payment option at the supermarket. Will it be some day?

Patel: Think of it as a digital currency whose transactions are verified and maintained by a decentralized system that uses something called cryptography instead of a central authority, like a bank. As cryptocurrencies circulate through the ecosystem, you can see a digital record of that currency being passed on to someone else.

Crypto is already starting to become a common payment option in many places. It is being adopted at a higher rate in countries other than the United States: in places where the currency is not stable, cryptocurrencies allow people to make purchases.

Is crypto the same as an NFT?

Patel: NFTs are non-fungible tokens, meaning they cannot be replaced with something new. For example, Bitcoin is a cryptocurrency that is fungible: you exchange one Bitcoin for another and they are worth the same. NFTs are unique and cannot be replaced. With NFT trading, you may end up with a completely different outcome in terms of value.

What should crypto mean to me in the long run?

Patel: Crypto is a new method to be able to invest in your future. Traditional finance has left behind many women and underrepresented groups. Crypto allows you to enter this new field and have the same position as others, compared to traditional finance, where you might fall behind because there is so much to catch up on. The blockchain technology that underlies cryptocurrencies has the potential to change industries because people have more direct control over their money, helping to develop innovative economic activities.

Can you buy cryptocurrencies if you have no money?

Gill: This is not financial advice, and it’s important to do your research before investing in something, but technically yes. There are many ways to get into crypto without actually putting up your own money. A way to start your crypto wallet [a digital portfolio where your cryptocurrency purchases are stored] is to join open communities that are hiring for technical contributions, such as helping with engineering, marketing, social media, or community management. These organizations may pay you in cryptocurrencies. If you put in your own money, you should definitely put in as much as you feel comfortable losing, because cryptocurrencies fluctuate.

What are some risks of building a crypto wallet, aside from losing your investment?

Gill: The main risks are scam sites that leave you vulnerable to attack. One way people get hacked is through phishing and clicking unsafe links. For example, you can click on a website with a very slightly incorrect spelling (think, spell MetaMask.io as Meta.Mask) and fill in your wallet information without realizing it. Always use a trusted website that links to something like a verified Twitter or Instagram page.

As women in crypto, what is the misconception you wish you could stop hearing?

Gill: The biggest myth for women in crypto is that it’s only for people who are already actively investing in the stock market, or finance or technology. It looks intimidating from the outside, but cryptocurrencies are actually easy to access because they are constantly changing and so new.

Patel: Also, that you need money to get involved in the crypto ecosystem. There are other ways you can spend your time. Take Crypto Jobs – There are actually plenty of opportunities for young women who are considering technology, marketing, and community management positions. You can dial in just a few hours a week to fit into your lifestyle, it doesn’t have to be a 24/7 dive.

Should I start buying my friends NFTs for their birthdays?

Patel: Do I think NFTs are the future? Yes. It’s really important for everyone to do their research to see the community behind NFTs: who are the people involved in the project, what are the missions and goals of the project. It is unlike any other gift. If it’s something you appreciate the art of or believe in as a team, then you should buy an NFT for your friends.

How is Gen Z different from millennial cryptocurrencies?

Patel: Millennials can be in a place where they’re trying to settle down or they’re working to raise their family. Maybe they don’t have as much time or ability to take such a big risk [with crypto]. Generation Z has been more open and able to take those risks considering their age profile.

This interview has been edited and summarized for clarity.

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