Prakash U. says, “Your crypto podcast was fascinating, and the interest rates from BlockFi and Gemini for stablecoins blew my mind. You mentioned they don’t have FDIC insurance. So, to get such high rates, what are the risks?”
Susan H. says, “I love your podcast and listen to you on my morning walks with my dogs. I’m a 51-year-old married female and have worked as a paralegal for 24 years. My husband is the same age, and we’ve been married for 21 years with no children—just two very spoiled Labrador retrievers.
We have $500,000 in 401(k)s and owe about $120,000 on our home, worth about $350,000. We have a car loan and a few credit cards that equal about $20,000 of debt that I'm trying to get rid of.
I listened to your podcast about cryptocurrency and want to get in the game, as they say, so in ten or twenty years when everyone is invested, I haven’t missed the boat. My question is, where do I start? I feel so stupid and overwhelmed trying to figure it out.”
Thank you for your questions, Prakash and Susan! This post will answer them and cover who should own cryptocurrencies and NFTs and ways to avoid getting scammed.
Common cryptocurrency and NFT scams:
- Phishing Emails
- Ransomware
- Fake Exchanges
- Free Giveaways
- Impersonators
- Pump and Dumps
- Rug pulls
What is cryptocurrency?
There are thousands of cryptocurrencies in circulation, but the most well-known is bitcoin. While every crypto coin is different, they're all digital currencies you can use for payments or hold as an investment, hoping the value goes up. You keep crypto in a digital wallet, which can be on your computer, an online exchange, or an external hard drive (known as...
Keep reading on Quick and Dirty Tips
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