This video is about how to invest in cryptocurrency for teenagers, with the speaker sharing their personal experience and lessons learned in growing their own crypto portfolio from zero to over a quarter million dollars.
This video by Brian Jung was published on Jul 26, 2023. Video length: 15:43.
This YouTube video is about how to invest in cryptocurrency for teenagers.
The speaker shares their personal experience of starting with a zero dollar portfolio and eventually growing it to a quarter million dollars. They also mention a special offer from Coinbase where viewers can get up to $400 in free cryptocurrency. The video goes on to explain what cryptocurrency is and how it works in simple terms, using examples of payment processors like Venmo and Cash App.
The speaker emphasizes the importance of learning from their own mistakes, such as not selling their cryptocurrencies during a bear market, and encourages viewers to start investing in crypto even if they have no money to begin with.
The speaker explains what crypto is for beginners.
The speaker shares their personal experience of growing their crypto portfolio from zero to over a quarter million dollars.
Information on a special offer from Coinbase for the audience to get up to $400 in free crypto is provided.
The speaker explains how crypto works in easy-to-understand terms.
The speaker started with a zero dollar portfolio while working as a broke Community College Student.
They worked multiple jobs to make money, including doing hardwood floors with their father and working with kids with disabilities.
They made small investments into Coinbase, but eventually started investing more consistently.
They saw their account grow significantly during a bull run in the market.
They experienced a significant loss during a bear market, but have since held onto their investments and seen their portfolio recover.
The speaker did not learn to sell their cryptocurrencies and took losses during the bear market.
They emphasize the importance of taking profits and not solely relying on investments.
They have learned from their mistakes and continue to hold onto their investments.
Their portfolio is currently sitting at $120,000 with gains of over $56,000.
The speaker encourages viewers to start from zero and believes they can achieve success in the crypto market.
Crypto serves a purpose beyond just making money.
An example of a payment processor like Venmo or Cash App helps understand how crypto works.
Crypto removes the middleman from transactions, allowing for direct peer-to-peer transfers.
Companies like Venmo facilitate transactions by checking account balances and recording transactions.
Crypto allows for easy and free transactions without the need for intermediaries.
Cryptocurrency is a decentralized system that allows for peer-to-peer transactions secured by cryptography.
Transactions are checked and recorded by a network of computers around the world.
Transactions are added to a long list called a blockchain.
Blockchain is a digital ledger that lists the details of each transaction.
Blockchain is public and meant for every person to see.
A blockchain is made up of blocks, each containing a list of several transactions.
Once a block is filled, a new block is created and linked to the previous one, forming a chain of blocks.
Blockchain is public and allows for transparency and accountability.
Transactions on the blockchain cannot be faked or lied about.
Bitcoin's blockchain ledger includes sender's address, receiver's address, and amount of Bitcoin sent.
Miners use their computers to solve complex mathematical problems that validate transactions.
Miners confirm the details of the transaction and ensure the sender owns the amount of Bitcoin they're trying to send.
Miners are rewarded with new Bitcoin for their work, creating new Bitcoin and entering it into circulation.
Miners are essential for processing and confirming transactions in the cryptocurrency system.
Bitcoin miners are paid for their auditing work with Bitcoin.
Take security seriously and protect your investments.
Use secure platforms like Coinbase to buy, sell, and hold cryptocurrencies.
Participate in educational earning programs to earn rewards.
Consider staking your crypto to earn interest on your investments.
Be cautious of potential hacking risks and take necessary precautions.
Use a security key like a UB key for two-factor authentication.
Consider using an authenticator app instead of cell phone text message two-factor authentication.
Most crypto hacks happen with hot wallets or exchange-held wallets.
Protect yourself by using a cold storage wallet like the Trezor wallet.
Transfer your crypto from the exchange to your cold storage wallet.
Don't be overly greedy in the markets.
Invest consistently rather than trying to time the market.
Set up recurring weekly investments.
Consider starting a business to increase your financial standing.
Surround yourself with like-minded people and continue learning.
Starting early gives you the advantage of time.
Buy early and be cautious about investing too much of your net worth.
Be aware of the risks associated with meme coins and high-risk gambling.