By: PSYBIO
Foreword: In the beginning...
I first met the creative social entrepreneur and successful cryp PSYBIO many moons ago in Toronto, ON, Canada when he interviewed me on his successful talk show for Rogers TV - Canadian National Public Television about my networking project.
After the interview we discussed some of the changes facing soc the growing gap in unmet needs that was accelerating. That’s when PSYBIO first introduced me to the intricacies of digital currency and t it presents as a solution to many of our societal challenges.
The times are in fact changing for the economic infrastructure society. The introduction of new technologies has brought about blockchains, artificial intelligence and metaverses. Each one of these is soc and the trifecta of all three has started to rapidly and drastically transform the world we live in. At a 5% adoption rate in the use of digital currency based on the blockchain technology, we are now at a pivot point for mass adoption. Banks and even governments across the world are now i digital currency into their strategy, both as assets and transactional instruments.
PSYBIO was at the forefront of digital currency adoption when I he continues to be one of the prominent industry leaders to learn from as we enter the mass adoption phase. His practical guidance is hig
Crypto Millionaire 101 is an excellent entry point for anyone not familiar with digital currency as a wealth building opportunity. I’m confident those who read the book will better understand digital currency and i contributing to the economic infrastructure shift of our society
Baldo M., M.B.A.
NOTE: Baldo is a corporate trained international consultant, investor and entrepreneur with investments and operations on 3 continents. He advises on cutting edge technology for international corporations and start-ups. His latest venture is a learning platform enabled for blockchain and AI.
My Crypto Story As Bitcoin Evolves
You ask who am I and why am I able to write a how-to guide book like Crypto Millionaire 101? Am I credible to teach? Am I resourcefully skilled? Am I successful, connected and known within the crypto space?
Well, to start things off, here is a short, yet concise summary of my involvement within the cryptocurrency industry so you, my valued reader, can decide whether I am a good fit for you to learn from in the pages following this chapter. I will share my vast practical experience, wisdom and industry secrets with you so you can and will win too! It’s simply me sharing my personal story and what I learned as a fellow crypto enthusiast while not being a financial advisor.
Ideally, by staying focused, tuning in and paying close attention, you will not have to learn the big lessons I was faced with early days and be guided to make better, smarter and more profitable crypto investment decisions to support you, your family and your circle of influence make more money, realize dreams and live even better!!!
Let’s begin…
I first got into Bitcoin a decade ago in 2012 when it was priced at around only $10 USD.
Prior to that, on January 4th, 2008, bitcoin.org the domain was registered. Shortly after the September 15th, 2008 global financial crisis market crash, the White Paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was sent to a cryptography mailing list on October 31st, 2008. This very detailed document described a new concept using a peer-to-peer network to generate ‘a system for electronic transactions without relying on trust’.
On January 3rd, 2009, the Bitcoin Network was born into existence and Satoshi Nakamoto mined the genesis block of Bitcoin (block number 0), which offered a reward of 50 bitcoins. The very first retail transaction involving physical goods happened on May 22nd, 2010, when 10,000 mined BTC were exchanged for two pizzas that were delivered from a local pizza restaurant in Florida. This established May 22nd as the annual Bitcoin Pizza Day for crypto-lovers around the globe. Bitcoin’s highest price for that year was just $0.39, however it was the first time it was used for an actual retail monetary
On February 9th, 2011, Bitcoin finally reached a value of $1 USD for the very first time ever. Then just a few months later in June 2011, the BTC price hit $10 and then $30 on one of the first crypto exchanges and now infamous defunct Mt. Gox. This was an eye opener as Bitcoin’s growth represented a 100x appreciation since the beginning of the year when Bitcoin was priced around $0.30 USD. By the end of 2011, BTC was trading just under $5, however the writing was on the wall that Bitcoin is here to stay because two
Throughout the first half of 2012, Bitcoin traded sideways within a range of $0.50 - $5, however then rose to hitting a high of $13.45 USD in December. The month before that in November 2012, Bitcoin underwent its first ever halving. This reduced the block reward from 50 BTC to 25 BTC. Wordpress was the first major company to begin accepting Bitcoin payments in 2012.
The very successful online content management system provider did this in response to PayPal’s censorship. Wordpress however was not handling Bitcoin transactions itself as it was utilizing BitPay, which was founded in 2011 and by October 2012 had grown to processing Bitcoin payments for over 1,000+ merchants.
This is when and where I got into Bitcoin personally as I was running a web development and graphic design company that utilized Wordpress significantly. I was closely tuned into the evolution of Bitcoin since it’s inception having read the White Paper a couple years prior, however late 2012 is when I purchased my first Bitcoins priced around $10 per coin from Coinbase, one of the first major cryptocurrency exchanges.
In 2013 the price of Bitcoin spiked from $13.00 at the beginning of the year, to nearly $250 in April. Then it traded sideways for a while, before skyrocketing to over $1,100 USD in December of that year. Bitcoin smashed through $100 easily, but $1,000 proved to be a much more difficult psychological resistance level to break through. It took more than 3 years for the price to reach $1,000 USD again. The fall reached -85% when it bottomed and then the price of Bitcoin was relatively flat for years to come.
The 2013 record-breaking Bitcoin run elevated the cryptocurrency market capitalization to over $1 billion USD for the very first time attracting lots of attention. In February 2013, the crypto exchange Coinbase sold more than $1 Million USD of Bitcoin priced at an average of $22. That year also saw the world’s first Bitcoin ATM installed in Vancouver, Canada, giving people access to crypto for cash. This is when I became truly hooked on Bitcoin and saw the potential that cryptocurrency had to empower individuals with a trustless blockchain system to be their own bank. Knowing what I know now about Bitcoin, it’s clear that my mindset was aligned with the initial crypto ethos.
2014 started off decently, however things quickly turned bad for the crypto market. Just one month after it closed, BTC China reopened for trading and Chinese Yuan deposits in January 2014. Then suddenly in February, the previously mentioned Mt. Gox crypto exchange suspended all withdrawals. Users were reporting constant issues regarding withdrawing funds for months!
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It’s never too late to be great! Get educated, stay focused and put in the time to level up!
The exchange eventually shut down and filed for bankruptcy reporting that it lost 744,000 BTC of user investments. This triggered the price of Bitcoin to sell off more than 55% from February to April that year. Despite the bear market, many big companies continued to announce their support for Bitcoin and new crypto-focused companies were evolving globally.
During the first two weeks of the following year, the price of Bitcoin in 2015 began with a -50% selloff. There was even a -24% fall in just one day on January 14th that year. This was potentially inspired by the announcement from the European exchange Bitstamp who lost 19,000 BTC in a seriously bad hack. Shortly thereafter, Coinbase had better news to offer, because they raised $75 million in its Series C funding round which was a great sign for things to come. January 2015 was the last time you could ever buy 1 BTC for $150 USD and then later in 2015, Bitcoin hit $500 USD for the first time in over a year. In November, the Unicode Committee adopted the current Bitcoin currency symbol, giving the digital currency its own character.
2016 was the 1st time the Bitcoin network’s hash rate topped 1 exahash/second. This is an important measure of the strength of the network. The hash rate reflects the amount of computing power committed to Bitcoin. Throughout the first half of the year, Bitcoin continued to slowly appreciate and then in June it spiked to $750 USD and closed the year below the very-important $1,000 mark.
Hope for the best and prepare for the worst! “ “
Many of these Bitcoin sellers, some of whom became BTC whales, got in early and were now reaping the rewards handsomely!!!
I did well with this type of Over-The-Counter (OTC) trading as my consistency, successful interactions and positive speculations made me more capable of detecting the best time to conduct a given transaction. Once buyers or sellers place orders, myself as the OTC trader endeavoured to trigger the purchase of the assets needed to carry out a requested transaction. Sometimes this was face-to-face in a private space with a personal security presence or a public place like a bank. This could also be done buyer lawyer to seller lawyer initiated via escrows especially when parties were global. I did this actively up until a couple years ago when the market became saturated with OTC desks and a plethora of wannabe OTC traders giving the once lucrative practice some significant challenges so I moved on.
2017 was so exciting!!! This was a year that lives large in crypto history. We saw a steady appreciation in the price of Bitcoin followed by a huge blow-off top to nearly $20,000. The 1,300% increase in price during 2017 wasn’t the largest yearly growth as that title belongs to 2013 with its 6,600% gains, but it was the first time that Bitcoin truly became mainstream with the public. Bitcoin priced at $19,000 USD is impossible to ignore especially for emotional new retail investors. Bitcoin broke the $1,000 USD resistance level again on January 1st after 3 years and then after March 28th, 2017 it never returned to that price level. There was a strong retail interest in the cryptocurrency market at this time due to the massive appreciation in price over the course of that year.
Despite a significant increase in the price and Bitcoin now having well-earned attention, 2017 was not without difficulty in the cryptocurrency sector. This was the year for one of the most contentious and hotly-debated events in the history of Bitcoin known as the Bitcoin Cash hard fork. While many people were concerned about the effects of this fork on Bitcoin’s future, it’s safe to say that Bitcoin Cash lost the war it started. As of today, many moons later, its market capitalization is less than 1% of Bitcoin’s. Amazingly, Ethereum had a similarly extraordinary bull run from near my buy-in price of $12 to upwards of $1,000 USD which made me very happy and generously profitable with ETH.
Things were getting really good for me as a crypto investor and trader.
I felt truly blessed and very inspired to get more involved within the space!!!
Proper investing is the transfer of wealth from the impatient to the patient... “ “
Suddenly, cryptocurrency was a significant part of my overall finances. In addition to crypto investing and trading, I was focusing on bei ng a world travelling inspirational speaker and success coach with a plethora of highly valued clients under my DYNAMO Entrepreneur brand. This was my daily grind for the previous decade so I had a steady stream of income from my day job within the personal development industry. Having consistent cash flow is essential so when those inevitable market crashes and bear winters hit, you can successfully sustain your chosen lifestyle, expenses and game plan. Plus having the ability to buy crypto at low prices and early. This is key. I’ve learned this the hard way. Always have an income stream outside of crypto. That way you don’t have to cash in your crypto if you need the money. You have to have horses in the race in order to win. The more horses the better. Know this and remember this. You’re welcome. ;-)
For the most part, I did not have a plan to sell the majority of my crypto gains, regardless of how much my portfolio increased in price. I was very tempted, however I never fully sold my cryptocurrency profits back into to dollars even though in hindsight now knowing that it’s important to take more profits back into your bank account during the good times. In retrospect, I made some poor decisions around trading crypto due to the emotional attachment of the thrilling positive price action during 2017. We are all human and we all get excited when we are winning!
Decentralized finance is evolving!! “ “
Maybe even a little bit greedy when we see massive green candles, big profits and our investments skyrocketing to the moon! I’m no different, however I have now learned to remove emotion from all investing and trading efforts. This was a valuable and now profitable lesson learned. Looking back, any of the profits that I made during trading that year were not worth the energy and time I spent tracking the crypto charts and timing calls. I could have certainly played my cards better, but that’s how we learn and that valuable education has served me well with my crypto investing and trading since then, especially throughout the latest bear market and crypto winter.
I also experienced and fell victim to my first crypto scam in 20 17.
Gladiacoin was a company that was founded on November 26th, 2016. It promised investors to double our Bitcoin in a period of 90 days. The earnings included a 2.2% payout dividend with a fully automated system. Gladiacoin unfortunately turned out to be a corrupt company and website based upon a ‘ponzi-scheme’ model. The collapse of this ‘double your money in 90 days company’ happened in June 2017.
I lost 20 hard earned Bitcoin from my trading efforts when the website completely disappeared with no trace leaving many investors in shock and disbelief including myself. It hurt financially and it hurt bad. I was devastated to take such a massive hit. I felt violated, confused and seriously cautious for the first time on my crypto journey.
WOW, what a wake-up call!! I needed it and it has served me well in the years to follow…
I didn’t want to see anyone else get scammed like we did, so this is when I started educating others about the potential dangers within the cryptoverse and how to navigate the space in a safer way than I was at the time.
Fortunately, I was was heavily diversified within my crypto portfolio which is most definitely key for long-term sustainable investing success. During that time it was easy to find a number of crypto platforms that were willing to cater to those who are interested in putting their money into Bitcoin as it was quickly becoming more mainstream and accessible to the masses. Especially beginner cryptocurrency investors. Nonetheless, major caution needed to be exercised because crypto scams became rampant back then and even more so now! You don’t want to be a victim of one these horrible situations like me with Gladiacoin. The challenge with these scams is that they have become very sophisticated making them even more difficult to identify even for most experienced crypto investors like myself.
Well, I certainly learned a big expensive lesson and I really wish, I knew better at the time. The thing that brought me the most pain was that I introduced the Gladiacoin website to some close friends and crypto contacts within my circle of influence for which I am extremely remorseful and apologetic for. There was no way to know that this would happen to all of us as we were all making incredible money with it and they were consciously introducing the platform to others as well based on their own excitement, profits and short-lived success with the site. The inherent human greed within each of us kept the group of us depositing more and more until the end of Gladiacoin when they rug-pulled the site. We all suffered and many of us took a massive financial loss.
Obviously Bitcoin wasn’t worth as much then as it is now, but it still sucked to take such a major blow. I never again, since that devastating day, introduced anyone to invest into a specific project, coin or token and focused more on cryptocurrency education with resource materials like this helpful guide book, Crypto Millionaire 101, to educate you on the space. This way you hopefully won’t make the same mistakes, have similar set-backs or get blindsided by an unforeseen scam like I did.
I do however openly share what I personally invest in and if others wish to mimic my crypto investment choices that’s 100% their prerogative, not my suggestion or financial advice which I do not offer as I am not a licensed broker. I’m just a regular investor, trader and passionate crypto enthusiast that’s had some great success overall wanting to share my knowledge.
I simply provide crypto education based on my vast practical experience, valuable costly lessons and well-earned wisdom within the space.
The absolute best, tried, tested and true technique for the accumulation of Bitcoin and other cryptocurrencies is Dollar-Cost-Averaging (DCA) over time. You will learn more about this highly effective approach in the ‘Tips, Tutorials & Success Secrets’ chapter of this Crypto Millionaire 101 book. Back then in 2017, I wish I would have focused more on DCA rather than risk my crypto portfolio profits by trading and transacting too often between different wallets and cryptocurrency exchanges. Nevertheless, I still did incredibly well with my diversified crypto investments and managed to decently weather the storm of the 2017 bull market fallout and ICO madness.
During 2017, it was really cool that many different companies globally were beginning to adopt the use of Bitcoin as a payment system and/or having it on their balance sheets as value storage. There were even Bitcoin debit cards, ATMs and websites contributing even more to the greater accessibility of the digital coin. Crypto conferences and meet-ups of likeminded enthusiasts were booming. I began to truly discover the utility, use cases and wonderful solutions provided by Bitcoin. It was becoming more clear that it had the ability to be both a medium of exchange and a credible store of value.
Cryptocurrency is the future of money!!! “ “
2018 was a significantly tough year for those invested in Bitcoin and other cryptos! Both retail newcomers who had been attracted by the hype of the 2017 bull run and seasoned investors had their portfolios decimated.
Bitcoin’s year-on-year (YoY) return for 2018 was a devastating -73%. Facebook, Google and Twitter all passed a ban on Bitcoin and crypto ads on their platforms. They stated that the many paid advertisements were “frequently associated with misleading or deceptive promotional practices.”
Bitcoin (BTC) closed more than $10,000 down in 2018 from where it ended the previous year at $3,693 USD. Ethereum (ETH) also fell back down towards $100 USD. The best news of 2018 was that the Bitcoin’s bear market bottom had come on December 15th when the price hit $3,122 USD. Many crypto investors exited the market due to being liquidated or simply not confident that the bull market will return any time soon due to the massive losses after the 2017 profitable gains.
Personally, I decided to not sell any of my crypto, however I focused more on my personal development company, speaking in high schools and taking on life coaching clients again rather than trading the down markets although I did DCA into Bitcoin and Ethereum occasionally still. I became more passive with crypto and HODLed my bags securely utilizing cold storage by investing in a Ledger Hard Wallet doubly protected in a safety deposit box at a financial institution which I highly suggest.
I did however experience my second major set-back in 2019 since the Gladiacoin scandal previously happened in 2017...
When CEO Gerald Cotten, the 30-year-old founder of the Canadian Quadriga exchange passed away suddenly on a trip to India, he took the whereabouts of about $135 Million USD in cryptocurrency to his grave. 76,000+ users of Quadriga CX including myself, would never see our funds again. It is believed that the bulk of those millions in reserves were locked away in cold storage, which was an offline safeguard against theft and getting hacked. Mr. Cotton, who later was accused of ‘ponzinomics’, died along with his passwords and any hope of recovering everyone’s money. I lost well over 6 figures worth of Bitcoin that I was utilizing for trades with the now bankrupt company realizing that it’s never safe to leave our investments on a centralized crypto exchange.
Later on, that amount of Bitcoin lost valued at the all-time-high of $67,567 USD, hit on November 8th, 2021 would have been worth millions in my crypto portfolio if that tragic circumstance did not happen. Definitely a big loss and painful victimization of something completely out of my control. Well, the choice of leaving that amount of Bitcoin on a centralized exchange wasn’t the smartest trusting decision I must say but in my defence Quadriga CX was highly respected as one of the largest Canadian crypto exchanges successfully doing business for 6 years at the time since it was founded in 2013. I was a happy repeat client for a few years back then so my trust in the platform was established. Who would have thought something like this could h appen? Absolutely anything is possible in crypto. Hope for the best and prepare for the worst. Another one of my essential learning lessons within the crypto space and one you should really pay attention to yourself. Keeping your funds in cold storage with a hard wallet like a Ledger or a Trezor versus on an exchange is so incredibly important. Hindsight is 20/20. The more Bitcoin and crypto you own, the more secure your wallet strategy ought to be. You’ll learn more about these must have cold storage devices in the upcoming pages of the Crypto Millionaire 101 book. Yet again, I was however strategically lucky due to my vast diversification of my investments so I was still in the game and growing my altcoin assets diligently and now very carefully.
I decided to stay closely tuned to crypto in general throughout 2019 but my conviction didn’t begin to return until Bitcoin hit $13,000 USD by the middle of the year. 2019 was a rollercoaster ride for Bitcoin and crypto HODLers. These wonderful gains however were not sustainable unfortunately.
When crypto rallies, people begin to spend more money and invest... “ “
Bitcoin crashed over the next 6 months, with a small handful of nice pumps notwithstanding but ended up closing the year around $7,000 USD. It was however great to see the bounce from $3,500 to $13,500 which proved that Bitcoin was not dead despite the naysayers, FUDders and negative press of the 2018 bear market. 2019 then set the stage for the upcoming year which was one of the most extreme years in Bitcoin’s history.
2020 proved that Bitcoin can certainly bounce back big time from major global events. Maybe, become even stronger as a result. Many investors were looking to Bitcoin as a safe store of value in the face of unprecedented money printing in many countries. This was a wild year and not just for crypto. The horrible Coronavirus (COVID-19) pandemic rocked the world, throwing the financial markets into a panic in mid-March. Bitcoin dropped from $10,000 to below $4,000 on some exchanges. Bitcoin sold off nearly 40% on March 12th, 2020. It hit a low of $3,850 USD before doubling in price over the following 6 weeks. Traditional markets were also selling off in a major panic. The entire planet was on lock down so fear, uncertainty and doubt (FUD) penetrated every aspect of our lives.
Bitcoin then entered a months-long accumulation phase, and then pumped above $10,000 USD in late July. Then it reached a high of over $12,000 before dumping back to below $10,000 early in September that year.
Bitcoin is the currency of resistance. “ “
This was the final fake-out though. From September to December, the price of Bitcoin rallied 185% to close at just under $29,000 USD which was more than $10,000 above the previous all time high set back in 2017. From the painful March crash to the parabolic move into the end of the year, 2020 was most certainly a year of extreme highs and lows for Bitcoin and our emotions both good and bad!
Microstrategy purchased more than $1 Billion worth of Bitcoin at an average price of $15,964 USD throughout 2020 and made the mainstream news headlines. The Massachusetts Mutual Life Insurance Company, also bought more than $100 Million of Bitcoin. This was a watershed moment for the cryptocurrency space because insurance companies are well known to be conservative with their investments. On September 3rd, 2020, the Frankfurt Stock Exchange announced in its Regulated Market the quotation of the first Bitcoin exchange-trade note (ETN). During October 2020, PayPal announced that it now allows its millions of users to buy and sell Bitcoin on its platform. The Bitcoin institutional accumulation phase was now beginning to really have an impact on the markets, price and volatility of Bitcoin and other cryptocurrencies.
January 2021 is when I took significant notice, became a big fan of and heavily bought into Cardano ADA for the first time at around $0.30 USD. Amongst the plethora of cryptocurrencies that have launched during the last decade, ADA, the Cardano blockchain related cryptocurrency, is one of the most successful to date. This project utilizes a cleaner/greener and more decentralized Proof of Stake consensus algorithm versus energy intensive Proof of Work that Bitcoin uses or what Ethereum started with before migrating to Proof of Stake with the ETH 2.0 Merge in September 2022. Charles Hoskinson left the Ethereum project due to differing views on the blockchain strategy with Vitalik Buterin. He believed it was important to transform Ethereum into a commercial organization, while Vitalik thought it was more convenient to continue as a non-profit at the time.
In December 2016, Charles Hoskinson founded the development company Input Output HK and became its CEO. By the end of their ICO (Initial Coin Offering), the Cardano project raised $62 million USD and then after the launch, the value of the ADA crypto quickly rose from $0.02 to over $1 USD. Cardano ADA’s all-time high at the time of publication was $3.09 USD hit on September 2nd, 2021 which fared quite well for my own crypto portfolio and profit taking strategy that wonderfully levelled-up my lifestyle. Following various phases of depreciation/recovery and its latest upgrade, the Cardano Vasil Hard Fork, the price was hovering just below the $0.50 USD mark during the 2022 bear market. The likelihood of ADA becoming a TOP 3 coin after Bitcoin and Ethereum during the next bull cycle is huge, possibly even flipping either of them in the near future.
Currently, in terms of market capitalization, ADA ranks TOP 10 consistently among cryptocurrencies over the past few years. This newer blockchain tech initiative works with researchers from various universities around the world and was substantially focused on a peer reviewed, slow-and-steady wins the race type philosophy. According to Charles Hoskinson, the time had come, after his Bitcoin (1st generation blockchain) and Ethereum (2nd Generation blockchain) experiences, to arrive at Cardano, a 3rd generation blockchain technology combining the best of what had been developed so far within the crypto space and beyond. The new platform would surpass the existing limitations with scalability, security, interoperability and sustainability. Cardano, which has a massive devout following including myself, was designed as a better performing, increasingly useful and more eco-friendly system than Bitcoin and Ethereum. I therefore continue to generously purchase ADA via DCA and HODL my bag for which has already been a fantastic buy and changed my life for the better big time when I fortunately pulled some nice profits near the ATH! I believe Cardano ADA will continue to be one of the best investments of my life well into the future! I’m super excited to see the blockchain evolve, increase it’s utilities and solve some major world problems with this next-level technology, especially within the global financial sector.
Taking profits (20%) during bull markets or significant green spikes on the charts is definitely a strategy I highly suggest while HODLing (80%) for the long-term with your favourite cryptos so you have both game plans working.
There is nothing worse than entering an inevitable bear market (roughly every four years according to the Bitcoin halving cycle - DYOR) and losing 65%95% of your crypto price gains or portfolio value. It’s happened to the best of us, even the most experienced investors and traders like myself. I am in my 3rd crypto cycle now having been active in the space for 10 years. Now, you don’t lose what you don’t sell, so if you can make it through the bad times or crypto winter comfortably without having to sell your cryptos then HODL on, however if you do, it will be quite financially painful. Learned that one the hard way during the first 2 cycles I was in crypto. Best is to have cash flow outside of the cryptocurrency markets coming in steadily, even when you are doing exceptionally well within crypto. That way you can continue to invest at all times, get some excellent buys, gain profits and DCA accordingly.
A few cryptos that have contributed nicely to my financial worth, upgraded lifestyle, my love for travel/toys and the ability to do more, be more and give more are Dogecoin, VeChain and Saitama (not financial advice). These are worth mentioning regarding my chosen crypto journey as this is where the 20% PROFIT / 80% HODL Golden Goose strategy has paid out handsomely for me personally. By staying in the market with at least 80% of my investments, my crypto portfolio acts like the Golden Goose laying the Golden Goose eggs of 20% contributing to my lifestyle, personal financial needs and reinvestment opportunities.
Crypto is faster, less expensive and more secure! “ “
By having at least 10 different cryptos (but no more than 20 in my personal experience and opinion) is a smart move. This protects the bulk and value of our portfolios in case a specific project falters. Just to give you an idea of the diverse investments I’ve had within the cryptocurrency arena over the past decade, I have invested in or traded at some point quite a number of different cryptoscurrencies, many of which I continue to HODL and trade.
The list of coins and tokens that I’ve invested in or traded includes, but not limited to Zilliqa, Mana, Enjin Coin, Polygon, BitTorrent, Algorand, Polkadot, Chainlink, Aave, SushiSwap, Shiba Inu, Avalanche, Solana, Tron, BNB, XRP, Stellar, Cronos, Hedera, Tezos, Sandbox, Theta, Elrond, Synthetix, Amp, Kusama, Holo, Curve, 1inch, Harmony and a few others I’m sure.
It’s good to have roughly 1/3 of our portfolio in Bitcoin and Ethereum which are by far the safest long-term, roughly 1/3 in other TOP 20 cryptos and then roughly 1/3 of more medium to high risk cryptos as these are the ones we can and will win big on when they hit providing our profit taking strategy is on point. None of which is financial advice of course as I share this with you as part of my own crypto story and strategy to date. I am simply a fellow crypto enthusiast doing my best to figure out some winning strategies, proper game plans and make some additional life-altering profits just like yourself.
Outside of 2021 being an incredibly lucrative year for many who were invested in crypto, including myself, a few other major milestones for the industry happened. In February 2021, the Swiss district of Zug allows taxes to be paid in bitcoin and other cryptocurrencies. On June 1st, 2021, the President of El Salvador, Nayib Bukele announces his plans to adopt bitcoin as legal tender which this would render El Salvador the world’s first country to do so. On June 8th, 2021, at the initiative of the president, pro-government deputies in the Legislative Assembly of El Salvador voted to make Bitcoin legal tender in the country beside the US Dollar. Additionally, throughout 2021 the so called ‘Ethereum Killers’, Cardano and Solana, continued to have an epic rise and there are now over 20,000+ crypto currencies flooding the market with a total cryptocurrency market cap of over $1 Trillion USD.
2022 we saw global economic factors around the world that stemmed from Russia’s War in Ukraine that have negatively affected the price of Bitcoin and the entire crypto space. On April 22nd, 2022, its price fell back down below $40,000 USD. It continued to drop sub $27,000 in May after the collapse of Terra-Luna and its sister stablecoin, UST. The last half of 2022 was very difficult for the crypto industry as a whole seeing BTC sub $17,000 year end. Many companies collapsed like Celsius, Three Arrows, Voyager, Babel, Blockfi and the BIGGEST and most costly to date... Sam Bankman-Fried’s FTX Group!!!
Crypto at it’s core is built on the principle of being a universal inviolable ledger. “ “
On 18 June, Bitcoin dropped below $18,000, to trade at levels beneath its 2017 highs. This was most definitely a serious bear market and crypto winter rivalling the devastation we experienced in the crypto market b ack in 2018 (4 year cycle). Fortunately, I’ve gained some highly valuable practical experience in the previous two crypto cycles allowing me to coast comfortably, trade the down market occasionally and hibernate this crypto winter for the most part outside of writing this book and preparing the FlyingHighCrypto Network for the next big crypto rocket ride to the moon coming in the next few years I’m sure… BIG THINGS AHEAD!!!
2023 marks me being in the cryptocurrency space for a decade at the time of publishing Crypto Millionaire 101. I’ve had a wealth of practical experience with both the good and the bad the industry has to offer. I’ve had massive wins and serious defeats. I’ve made lucrative trades and had devastating liquidations. I’ve got in early with coins and exited too late. I’ve made incredible connections and met some bad actors. I’ve guided others to big gains and been a victim of scams. I’ve learned about crypto security and lost lots on an exchange closing. However, all in all I am up in knowledge, wisdom, safety, networking and HODLed bags within a nicely diversified crypto portfolio!
Let this guide book inspire, empower and motivate you! Please learn from it, especially my mistakes, shortcomings and big expensive learning lessons.
Bitcoin is programmable money. “ “
Thank you for getting this far in the book already. Much much more value to come! Please continue to enjoy and good luck with your own c rypto story and financial gains. Looking forward to seeing you winning, changing your life for the better and giving back to others just like I am with you in this resource packed crypto how-to guide! This is my gift to you, my valued Crypto Millionaire 101 reader!!! Thanks for your attention. I appreciate you.
If and when, you feel that this reading material would benefit your family, friends and circle of influence, please share it FREE by simply sending them the CryptoMillionaire101.com link. I thank you in advance and they will surely thank you in addition to our quickly growing FlyingHighCrypto community of fellow crypto students, experts and fans!
As I looked at the state of the modern crypto landscape, especially the digital online world, it seemed like the noise, automation and negativity had grown to a deafening level. I noticed that many newcomers to the crypto world were making big money mistakes, emotionally bad decisions or unfortunately getting scammed by bad actors and/or rug pulls.
In addition to that, people who are beginners were so terribly disconnected from one another, so building a safe educational online community for them specifically is an ongoing passion of mine. We’re all humans who are interacting with each other from the other side of a screen so to provide a common place to meet, learn, earn and grow our crypto connections is the goal.
Personally, the crypto world has taught me some of my best life lessons and allowed me to experience abundance on an exciting new prosperity level enabling me to be, do and give more than ever before. For this I am really grateful and therefore I wish for others to be truly able to enjoy this extraordinary experience too. As the saying goes, ‘when the tide rises, all boats rise together!’
As a serial entrepreneur, I recently realized I was getting stuck in the business of doing business, the success of my ventures and the growth of my personal investments therefore losing track of my ‘WHY’. Normally our life purpose is anchored in creating value for others and is one of the ways to manifest significant and ongoing success in our life and the lives of others.
How could I create a thriving online business that supported good people to become monetarily more successful and potentially financially free while giving access to crypto education at an affordable price or FREE to as many people who are willing and able to learn as possible?
How could I inspire people, predominantly those new to crypto, to navigate the digital landscape, especially the cryptoverse and make real long-lasting personal and business relationships while empowering them to successfully level up their financial game and quality of life?
That’s why I founded the FlyingHighCrypto brand. This gives me the practical ability and highly valuable opportunity to connect to, work with and empower many entrepreneurs, business owners and professionals in additi on to ordinary people around the globe to become even more successful. When the crypto industry wins we all win as this is the future of personal banking.
Early phenomenal success with the FHC brand rapidly grew with the FlyingHighCrypto Clubhouse audio platform which had over 11K subscribers making it the largest crypto focused club at the time. We held the record for the longest running room (Crypto Basics 101) on Clubhouse and had almost 100 moderator volunteers continuously offering ongoing 24/7 support for those seeking it within the crypto space. Tune in at: FlyingHighCrypto.club
Then I consciously decided to take this quickly growing success story seriously and create more around the FHC brand and educate even more keen people! This is when I became genuinely inspired to create the FlyingHi ghCrypto Network platform with a small team of experts supporting crypto beginners, regular investors or traders and even the most seasoned veterans alike. An educational, safe and abundant community for crypto enthusiasts to evolve, grow and win in! (If you haven’t joined as of yet, we cordially invite you!!!)
Bitcoin is a much more efficient way of moving money around the world! “ “
Enter the FlyingHighCrypto Movement...
FHC is a game-changing edutainment and infotainment platform th dedicated to amateur and expert crypto connoisseurs, traders an
Our goal is to support you with the newest and best quality inf up-to-date statistics, technical analysis and the most importan data with each company, project or platform that we showcase. This includes who and what is involved representing any given cryptocurrency plus what real-world problems are solved. Then you'll have the details, knowledge and tools needed to make informed and educated decisi regarding your own investments within the crypto sector which h become the newest MULTI-TRILLION dollar industry!
Thank you for choosing to get empowered with this valuable reso which will guide you safely, efficiently and abundantly throughout the quickly growing and vast cryptocurrency space. FlyingHighCrypto is here to educate amateurs and experts alike to an even more profitable
Abundantly yours, PSYBIO & Team FHC
Disclaimer: The team at FlyingHighCrypto are not registered financial advisors or tax consultants. No info provided within this FlyingHighCrypto publication is intended or should be construed to be investment, financial, tax or legal advice. W provide edutainment (educational entertainment). Always do your own research and/or hire a registered financial advisor before making investment decisions.
The future is NOW! Take charge of your destiny and become a wealthy, self-made crypto-millionaire!!!
The Cryptoverse Journey
At this point in our history, the likelihood of most humankind onboarding into the digital cryptocurrency world is an inevitability. It’s happening now.
This becomes more and more evident as I embark on the empowerin g path of becoming a cryptocurrency & blockchain educator, consultant and guide. After almost a decade of being a successful investor and trader in this quickly growing, exciting and lucrative space, I can clear ly see that this will all play an integral role in the evolution of humanity and beyond…
It’s important to focus on tackling the root cause of most of the world’s current financial problems which is the legacy fiat money system that we have all become enslaved to with little way around it. Once we figure out how to solve this global challenge together, we will be set free once and for all. This will allow us to measure our worth in ways other than by the legacy fiat money world. It may take some time, however, we are on the right path and that path is this evolutionary brave new cryptoverse.
Mass fiat market manipulation will be a thing of the past once w e get to a point where we have fixed crypto prices on a transparent decentralized blockchain ledger in exchange for goods and services.
Crypto is finally here to stay!!! “ “
This is one of the things about the cryptocurrency space that excites me the most. It will be very difficult for corrupt institutions operating in the shadows of the old fiat money system to continue misleading, manipulating and mismanaging all of us. The world and everyone in it is waking up. Even though there is still a lot of work to be done, I’m very positive that we are well on our way towards a brighter future for humanity. This is ultimately supported by a brand new digital money arena empowered by benevolent AI systems programmed for the benefit of all of us. The longevity of the human species is at stake so friendly tech/robots are key. The internet has already played a massive role in each of our lives so as we become more and more digital with how we operate, the more we will need forms of safe, secure and efficient means of transacting. This is ideally done in a peer-to-peer manner outside of the current ex isting dysfunctional centralized banking systems. We’re becoming our own bank. Dishonest greedy banks have been taking advantage of us for the most of our lives. Corrupt puppet governments have been starting wars to pay for significant amounts of debt they have created at the click of a button. Regular folks have been struggling even more to cover their basic needs with paper monetary notes that are quickly becoming worthless.
This vicious downward spiral of a collapsing global banking system should be abandoned once and for all. We’ve all had enough of it controlling us. I’m sure even the 99% of good, honest, hard-working bank employees would agree with me on this as it’s no secret. It’s the controlling, power hungry and centralized 1% (who are also people like us), that we would love to inspire to work together with all of us humans on planet earth for the betterment of our world and beyond! This is our BEST BET!!!
One day, future generations will read the history of us being slaves to the fiat banking world, however before then, the battlefront of the future will be between centralized corporate institutions and decentralized blockchain movements fighting over transactional exchange ideologies and how we interact with one another in this globalized digital monetary ecosystem.
Solving World Money Issues
The exponentially expanding and winning crypto future is here. The time is now to adopt this extraordinary and empowering monetary syst em of peer-to-peer decentralized finance. It may be a long process, however I commend you for being one of the early adopters at the time of writing this 1st PSYBIO Presence FlyingHighCrypto book by DYNAMO Publishing.
At the time of writing, we are only at about 5% of humanity onboarded into the cryptoverse so far with the other 95% of people around the planet inevitably having to learn how to do the same and take action for the sake of their own positive financial future. It’s simply a matter of time.
Tips, Tutorials & Success Secrets
Passionately and purposefully, I have compiled a comprehensive and comprehensible list of 50 practical pointers to guide you on a successful, safe and abundant cryptoverse journey.
This wisdom and practical guidance has been collected over nearly a decade of being in the cryptocurrency world participating as a trader, investor, promoter, marketer, consultant, NFT collector and operating an OTC (Over The Counter) Trading Bridge in Toronto, Canada.
My early days in the crypto space offered some great learning situations and circumstances plus valuable lessons. By taking it on the chin with some big losses, bad trades, stolen bitcoin, exchanges disappearing and getting scammed by bad actors, I have significantly sharpened my senses and skills. Today, this vast experience within the space benefits others tremendously as the pros heavily outweigh the cons both professionally and personally within my own crypto portfolio.
Gentle reminder, this isn’t financial advice and I am not a financial advisor therefore please DYOR (Do Your Own Research) and/or hire a registered consultant to support you. This is simply practical guidance from my own successful cryptocurrency experience for you to be inspired by. ENJOY!
1. Decide if you are a long-term or short-term trader: Figure out if the money you wish to put into the crypto market is going to be invested long-term or used for short-term trading. You can also do a combination of both strategies. Be aware of the tax implications of each. Usually long-term investors will pay a tax rate that is lower when they hold their positions for over 12 months, however they will have to be OK with going through volatility and corrections (can often see their balance fluctuate 50% or more both ways). On the other hand, short-term investors can avoid these types of big price swings and corrections if they are fast, acute and great traders.
2. Better safe versus sorry: Send your Bitcoin/Crypto to a non-custodial soft/hot and/or hard/cold wallet. Personally, I mainly use the Exodus Wallet and a Trezor Model T, however I also endorse the Atomic Wallet and the Ledger Nano X. If you leave your coins on an exchange or fiat onboarding ramp, your invested coins are in their custody while on their platform. If the company disappears so do your investments.
3. Use an exchange for trading, not a broker: Significant money can be saved on fees that a broker would charge you by learning how to use exchange software if you plan on trading. Examples o f exchanges are Coinbase, Binance, Kraken, NDAX, Bybit, Gemini, Bittrex, Phemex, Bitfinex, Kucoin or Crypto.com. Get educated and DIY.
4. Set, forget and avoid slippage: When you’re utilizing an exchange to buy/sell cryptocurrency, use limit orders (try not to use market orders). On many exchanges, limit orders are less expensive than market orders. Even if they are not, they are usually easier to work with as you can set and forget them to avoid slippage. This will help you stay on track.
5. Long and/or short crypto: You can position yourself to go long in crypto, which means that you are betting on crypto going up (for example by buying crypto). Otherwise you can take a short position in crypto, which means you are speculating on it going down (for example by short-selling crypto). You can also do both if you actually have the skills to do so depending on the price action. You can also use short positions as a hedge. NOTE: If you’re new to cryptocurrency, it’s probably best to simply consider going long as a patient investor. ;-)
6. Crypto is a 24/7/365 Global Market: The cryptocurrency market never sleeps. Since you do, consider automating your investment strategy using limit orders, stops or even using APIs (via trading bots). The term day-trader is commonly used with the forex market, however there is no day or night in crypto. It just continues round the world clock and can be very risky when you are overtired or having a bad day. Plus, it doesn’t care about your feelings. Make sure to get good rest, never trade while partying and ideally be as focused as you can with as little distractions as possible as one slip up can cost you dearly.
7. Make your life simple when buying Bitcoin: One of the fastest and easiest ways to purchase BTC is with a FIAT onboarding ramp such as PayPal, Cash App, Netcoins, Shakepay, Newton etc. (depending on which country you are residing in) . Cryptocurrency certainly can be complicated for a beginner, especially when trying to figure out how to use an exchange, but buying Bitcoin these days isn’t with these fiat onramps.
8. Risk management is key: It’s common sense that most people generally takes a much larger risk with bigger bets. Learn about position sizing plus making the right buys and sells to avoid losing on a bad play.
9. Be financially conservative with averaging: When you are planning to be invested within the cryptocurrency game for the long term you may want to consider building an average position (for example via dollar cost averaging or value averaging) . Buying an asset at its ‘average’ price over time is one of the best ways to avoid making a poorly timed trade and potentially having a big financial loss. You can also average out of positions if you do not have a great understanding of technical indicators or the way these very volatile crypto markets function. This can also be psychologically beneficial as taking too big of a position can be emotionally difficult to deal with especially if things go wrong.
10. Ladder your buys and sells: As another option to buying or selling as one big amount, set incremental buy and sell orders to buy when the price goes down and sell when the price goes up. Laddering and averaging supports you to avoid mistiming the complexity of this volatile cryptocurrency market. I highly suggest you further your research on dollar cost averaging (DCA) and laddering to be more versed in this subject.
11. Keep some FIAT money aside for the BIGGER dips: This is an important point to hit home with even though it may seem to be somewhat obvious of a good idea. Your options are significantly limited when you go all-in with your crypto investments. Consider having some optional funds kept aside to buy any unexpected downturns in the crypto market. Your favourite projects may have some super buying opportunities when they drop in price. It’s definitely attractive to go all-in when a coin or token goes down 25-50%, however often-times it goes even lower. Then you are left with less options to maximize your results and profits so do your best to buy incrementally on the way down versus all at once during the first big price drop.
12. Buy support in a bull and sell resistance in a bear: The cryptocurrency market cycles can be brutal, inconsistent an d very unexpected. Make sure you know the difference between a bull market and bear market so you can adjust your investment strategy accordingly on the fly. Things can change incredibly quickly and past results in these unpredictable crypto markets do not predict the future market cycles and the timing of them whatsoever. Nobody has a magic crystal ball and anyone attempting to predict a finite future for any coin or token, especially the price, should be taken with a grain of salt. Always research any project carefully in depth before investing and know whether we are in a bull or a bear market before pulling the trigger with your hard earned money.
13. Buy low and sell high if and when you can: Do your best to not to buy high and sell low. It is always riskier to purchase crypto at or near it’s all-time-high (ATL). If we are at a specific crypto’s highest price point on the charts, whether it’s 24 hours, 1 week, 1 month etc., there is much more of a dangerous risk of losing money or at least seeing a correction sooner than if you wait to buy at it’s low points. Especially if the coin or token is in new price discovery territory chart-wise. It does make sense to buy as the run begins and the price escalates while the breakout starts in order to buy into strength and momentum however it can quickly lead to irrational FOMO (Fear Of Missing Out) buying on the way up filled with emotional excitement and very little practical common sense at times. It happens to the best of us. We all love a good bull run!! Just make sure to be conscientious, aware and awake when buying high and taking these kinds of overly enthusiastic gambles!
14. Be careful buying dips in a bear market: You can most certainly put extra pressure on yourself to sell low if you overextend buying dips and holding in a bear market. Occasionally it can be wise to sell for a loss or to buy when the price is at a local high, but understanding when this is a good time to do so requires a greater skill level. Definitely don’t fall prey to FOMO (Fear Of Missing Out) buying at the top. Knowing when to take a loss is hard to do and buying the dips to hold is easy. The dips will happen over time so have patience for the right buying opportunities. Do your best to buy low and sell high unless of course you are focusing on dollar-cost-averaging (DCA) into coins or tokens that you believe in long term as then the volatile corrections have less impact on your investment strategy. Stick to the game-plan for the most part and you will most-likely do well with profit gains over time.
15. Buy the dip: The best time to buy cryptocurrency, especially projects that you have your eye on and believe in, is when there is ‘blood in the streets’ (even if it’s your own). This is a saying that simply means that most of the charts across the board are red and on a downward trajectory usually in the double digit percentage losses. Much of this is usually tied to the price action of Bitcoin so if it goes up so does the rest of the market and if it goes down the alt coins also suffer losses. That being said, the worst time to buy is when the price has already shot up or ‘mooned’ and most retail investors are manic, especially newcomers to crypto. If you do end up buying high with a price drop shortly afterwards consider HODLing (to HODL is to Hold On for Dear Life) until the price comes back to your entry point. The likelihood of the price going back to it’s all-time-high (ATH) and new price discovery during a bull run season is very possible so just be patient with diamond hands.
16. Bitcoin (BTC) and Ethereum (ETH) are safer bets: Bitcoin is the center of the crypto economy for the most part as the original cryptocurrency. Ethereum brought smart contracts to the world so also a very important project. If you are a newcomer to investing in crypto, these two coins are much more conservative choices than most of the altcoins. They have gained massive success already and will most likely continue to grow over time so it is definitely a good investment for the beginner, especially with a mid-term to long-term hold strategy. Both coins are great options to have within your crypto portfolio.
17. Manage your bull and bear positions: The cryptocurrency markets tend to be pattern based and go in cycles. You will want to be invested into a cryptocurrency before the rotation or market cycle begins and then ladder out as it’s rotation ends (unless you are doing a long-term dollar-cost-averaging strategy). So this is basically saying you want to be in for the bull part and out for the bear part of the cycle. Once again, buy low and sell high if you plan on taking profits with your cryptocurrency investment strategy. It’s almost impossible to spot these trends well in advance however, with a trained eye, practical application and good education within the space, you should begin to be able to spot trends as they happen and manage risk accordingly.
18. Bitcoin and altcoins react to each other: Most times they do the same thing, however there are times they do the complete opposite. Occasionally we will go into altcoin seasons where certain ones outperform Bitcoin. This is because many traders or investors who have altcoins also have Bitcoin and some tend to move out of Bitcoin when it goes down and pick up more altcoin positions. However, for the most part, all of the coins go up or down together based on Bitcoin’s lead which usually has Bitcoin outperforming the altcoins. If you can time the altcoin booms and spot this exciting season coming, the rewards can be big and decent money to be made providing things are timed properly. Just remember that the altcoins can be much more volatile than Bitcoin so have a good understanding of your altcoin investment strategy and Do Your Own Research (DYOR) with each project you invest in!!!
19. Diversifying your portfolio is KEY: This may not be the most profitable tactic, however clearly one that will support your sanity. It’s super easy to get caught up in ‘FOMO’ (Fear Of Missing Out) buying when a unicorn crypto which is one that is spiking on a bullish run to the moon on the charts takes off. With this type of emotional excitement mixed with a touch of anxiety, one can make some very bad irrational decisions when trading or investing. It sucks when you move from BTC to altcoins due to frustration and then miss the BTC spike. Then moving back to the altcoins and missing the spike there too. When you have your funds diversified in all the coins you trade, you’ll avoid missing out. Buy when prices are lower across the board so you’ll avoid urging to jump into one coin mid or late run and out of a coin just before it goes on its run. Be safe and diversify.
20. Learning to valuate coins in BTC: Outside of Ethereum, Bitcoin is currently considered the primary currency of the current crypto ecosystem for now. Most altcoins can be bought with BTC. Most people that are newer to crypto mostly value things in USD. Also, experienced veteran cash traders value coins in dollars. However, there are many crypto traders that value things in Bitcoin as well. This truly supports understanding the trends that many traders are analyzing and reacting to so it’s a good idea to know the BTC prices of altcoins if you plan on trading or becoming a professional crypto trader. At times, all coins move up, however for the most part altcoins steadily lose value against Bitcoin. There are some exceptions to this like some of the altcoins in the top 10 gaining significant traction as the crypto markets begin to mature, however most are still tied to Bitcoin dominance. If Bitcoin goes up then so do the altcoins and if Bitcoin goes down then the altcoins follow suit for the most part. Usually if there is a big drop in the crypto market, many experienced traders will move their altcoin positions back to Bitcoin (or Ethereum for some) unless you are bullish on some of the 3rd generation blockchains quickly evolving like Cardano, Polkadot, Binance, Avalanche or Solana.
21. Hold some, trade some and buy the dip: It can be tempting to cash out of of your crypto positions or go all in with a YOLO (You Only Live Once) emotional buy-in on one specific mooning crypto, but both of these can be disappointing if the market does the opposite of what you’re hoping for. This is definitely very risky either way. It may or may not be the most profitable move to have a strategy like this, but it can help you to gain experience and give you some exciting thrills if/when you earn big gains. When you desire to be happy no matter which direction the market goes in, then have a portfolio set-up to benefit you from whatever comes next. When you hold some coins, trade some coins daily or weekly, put some fiat money aside to buy the dips with some high-ball and low-ball orders set, then you will most likely benefit irrelevant of what happens. Remember that diversifying your portfolio and trading strategy, it may reduce your profits, however offers critical flexibility. The trade-off is a decision you have to make to satiate your own comfort level and profit goals. A successful diversified portfolio set up for long-term success usually has a nice variety of conservative TOP 10 cryptos, including Bitcoin and Ethereum, plus some other layer 1 blockchains (Cardano, Avalanche, Polkadot, etc) in addition to a few high-risk-to reward tokens.
22. Learn Technical Analysis: This is a very valuable skill that tries to predict future trends of certain coins/tokens and the overall crypto market in general. Technical Analysis (TA) is the study of price and volume data to support your future investment decisions based on past results. Note that these past results do not 100% predict future results, however history can certainly support making smarter choices with your money. When you truly understand how to read the charts, you will be able to understand green & red candles, the moving averages, RSI and the order book plus it will give you great insights on buying and selling. You simply can not afford to ignore Technical Analysis if you are going to trade crypto and not only invest in it. Do your own TA if you can as every trader has an opinion and many times their personal opinions are wrong. Many technical analysts thrive only in bear or bull markets or with a certain trading style. DYOR (Do Your Own Research) as only you know what is right for your trading style! You don’t have to be the best at TA as you can also follow others that are, especially on YouTube, however it’s still very helpful to understand the basic indicators. By simply understanding Fibonacci support, resistance levels, moving averages, and RSI, you will be in a great position to make better investment decisions.
23. Choose your strategy and stick with it: It’s often that the crypto market changes its mood so some strategies are much bett er than others in a particular market. As you begin to learn and become more experienced to make better decisions, you’ll know what investing strategy works best for your profit goals. You’ll evolve these strategies with your crypto journey so make sure you are open to adapting and pivoting in and out of strategies that may or may not work. Make sure to be very careful when adjusting your strategy to a current market as this can get you in trouble by making a wrong move. As an example, if you start trading in a bear market and trading in a very tight profit range, the results could be undesirable. If you decide to switch from long to short investing, make a commitment to yourself to buy back in upon a certain price target. There are countless stories of people who say they will buy back in and don’t therefore being very sad in a bull market when that coin/token moons and they missed out. The crypto market can change without warning as it is very volatile as you know. At times it is influenced by the media, big news events, laws, regulations, scams, rug pulls, whales or massive retail communities making waves. It’s always best to zoom out and look at a macro perspective of the charts so you can plan longterm bullish investing. Big wins and profits happen with long-term equanimity.
24. Keep an eye on the Order Book: Each exchange has an order book which will give you a good idea of what buy/sell orders are “on the books” (within the market waiting to be bought or sold) . When you notice many sell orders that are at a specific price and you want to sell, aim to sell under that price. Likewise, if you’re waiting for a drop in the price to buy, focus on the distribution of other people’s buy orders. Just make sure to be careful and watch out for artificial buy walls and/or sell walls (larger orders that aren’t meant to be fulfilled). Support and resistance levels is where you’ll most likely find buy walls and sell walls.
25. Set stop orders after you buy: Outside of building a long term position for the coins/tokens in your portfolio, it’s important to set stop orders which creates a market order once your desired price target is hit. Even though stop orders, slippage and fees are still possible, you can certainly manage your risk much better. Most of the time stop orders will work as originally planned to save your investments in the negative case of a downturn. It’s also a good idea to ladder your stops when not near your computer keeping an eye on the crypto market volatility. This will significantly help you protect your portfolio. Learn how to use these stop orders to your advantage but understand the risks and be careful.
26. NO margin trading until you’re a pro: Unless you know your stuff by having some significant trading experience under your belt, do small buy-ins and don’t margin trade or short. It’s very important to understand that the smaller your bet is compared to your total investable funds, the less risk you are taking on every bet. Putting it all down in a lump sum on a potential ‘sure bet’ can surely be very emotionally tempting, however if you lose your bet, you’ll have nothing left to invest. Manage your buy-in size for sustainable ongoing growth and organic success. Practice risk management and capital preservation until you are very experienced and then go after the bigger rewards. Do not margin trade or short unless you know what you are doing, as those leveraged bets simply magnify your risk to reward ratio significantly and it’s a super easy way to lose your shirt. This is usually something that the new retail trader learns the hard way at some point on their personal cryptocurrency investment journey. Unfortunately there are no shortage of horror stories and unless you no better or learn this strategy, the likelihood of a painful lesson is high!
27. Be good at taking profits: Many investors and/or traders feel that pulling some of your profitable earnings in crypto will not result in maximizing profits in the long-term. This outcome may very well be the case however there is definitely a lot of danger/risk by leaving it in too long or in the wrong projects. Taking profits may result in you making far less money than you would’ve providing you did absolutely nothing and just let it ride, however that only holds true if Bitcoin goes up over the long-term as most projects are still tied to ‘Bitcoin Dominance’ simply meaning that if Bitcoin goes up the market goes up and vice-versa. If Bitcoin crashes, which it eventually does, the market and the altcoins will likely follow for the most part. Therefore it is suggested to take your profits when you have experienced solid gains as you can always buy back in at a lower price. Worst case, you can always buy back in at a higher price in the future. TIP: If a coin/token has gone up by 300% or more, consider taking some profits. Most cryptocurrencies usually have a correction after an ongoing big profitable run. HODLing beyond that point can definitely lead to more massive gains, however don’t be greedy and make sure to pay yourself first. Just like you DCA (Dollar Cost Average) your crypto investment into a project, it’s wise to DCA your profits out. I personally will take 10-20% of my profits on the way up and on the way down unless it is a crystal clear pump-and-dump manipulation, which therefore I will take it all out quickly.
28. Be wary of FOMO buying and panic selling: Many newer retail investors get itchy fingers in either of these highly common situations. If and when you have a solid investing strategy, stick with it! Many times the cryptocurrency market will go bananas and you’ll see epic gains!! This can potentially lead to FOMO (Fear Of Missing Out) which is something that all new investors (and seasoned pros) get and it certainly takes great discipline not to react to it. Other times the crypto markets will dump hard and that can easily open you up to the pressure to sell in a panic and at a loss which is never good for your portfolio holdings. Selling or buying at specific times like these may make sense, but please don’t get nervous and switch up your entire investment strategy without thinking about it. Those highly emotional times is often when bad moves are made. If you plan on buying or sell heavily on the drop of a dime, I highly suggest to consider taking a step back first, breathe, look at the big picture, the potential outcomes and possibly even getting some more solid investment advice from a professional financial advisor.
29. Know which projects are good long-term: Many just like to let their crypto bags ride and HODLing until a desired set financial goal or percentage increase target which isn’t a bad strategy providing the project is worthy of your long-term bullish belief in it. Ask yourself a few questions to determine a solid project before you invest your hard earned money. What world problem is the project solving? What utility does the project offer? What does the project’s roadmap look like? What does the project’s white-paper claim? Are the developers experienced or well-known? Are the developers doxed meaning that they have no problem sharing who they are in their bios on their company website or even better yet on social media for the world to see. It’s much harder for unscrupulous developers to hide from a rug-pull or scam if they take advantage of inexperienced unknowing investors. Then take a good focused look at the charting data to see the history on the price of the coin/token. Has there been positive sustainable organic growth over time or does it look like a potential pump-and-dump type strategy that you may want to avoid unless you have experience and wisdom with these volatile money makers or financial life destroyers! If you want to play more conservative, it is highly suggested to invest in the top 20 crypto projects as they have earned their right to be there and will most likely stay higher up in the rankings long into the future. They may not yield the big 100-1000x returns anymore but the likelihood of your money and crypto investments being safer is definitely higher. Check CoinGecko.com or CoinMarketcap.com for rankings.
30. Diversifying is key but not too much: We all know that diversification is always a smart thing to do and not have all our eggs in one basket. That is investment advice 101 that we learn along the way. Usually the only way to make super big profits most of the time is to make risky moves on cryptocurrency projects that have a big upside. If you go all in by investing on a single coin/token at a given price and it goes up, that is considered a good payday! If it unfortunately goes down, then your investable funds are locked into that crypto. Then you may want to or even worse, be forced to sell at a loss to cover other bills. Diverse strategies protect against this, but they will also eat into your potential gains as it is very rare for all the cryptos to go up or down at once. Know what you are looking for in regards to solid investable projects and have some diversity in projects but not too many. I personally have no more that ten. ;-)
31. Beware of scams and con-artists: Anybody who has been in the crypto industry for some time has most likely been directly or indirectly affected by bad actors, rug-pulls, deception and malicious criminals attempting to steal crypto/money. This is especially common amongst beginner retail investors not seasoned yet to the ins and outs of the cryptocurrency space. Anything that isn’t buying a coin with a good reputation is a big risk. There are numerous different scams in the volatile crypto world that unsuspecting newcomers can get caught up with. In short, be super careful about promises of free crypto coins (airdrops) , unrealistic returns or an entity wants you to lend your coins out. It’s always best to buy the top coins using a careful strategy until your understand the space with more depth and have some solid investing/trading experience. Ignore all the sites promising you they can outperform the market if only you pay X. Stick to developer teams that are documented and ideally have a physical address for their head office. Good luck!
32. Do not share passwords or private keys: In order to receive your coins, you have to share your public address. Whatever you do, don’t share your private keys or any of your personal passwords with absolutely anyone. Not even your family or friends! Do your best to avoid being online when you enter your private keys and passwords and ideally do it when nobody else is in the room or around you for extra safety!
33. JOIN the FlyingHighCrypto.net: As valued fellow FHCN Members, we support one another to stay on top of this quickly evolving space, demystifying its complexities in a way that’s nonjudgmental, fun and exciting. Together we discover emerging new technologies, discuss the latest projects and offer extraordinary opportunities or jobs related to this revolutionary industry. There are many ways to get compensated. You’ll gain access to special talks from leading experts and coaches within this space, weekly events plus many highly valuable sources contributing to your skills, portfolio and personal success. For only $10 monthly, you’ll be connecting with like-minded enthusiasts, both beginners and experts who have a growth mindset and are ready to seize the many opportunities available! The more knowledge and support you have about this crypto space, which is clearly the inevitable future, the more you’ll be empowered to make better choices, wiser decisions and make the most profits!!!
34. Listen to pros, ignore FUD and DYOR: Listening to uneducated of inexperienced people who aren’t seasoned cryptocurrency traders or investing pros is probably the worst way to invest. You are much better off making your own decisions for trades and investments based on DYOR (Doing Your Own Research). Meanwhile, even the pros can get it wrong if the market takes a sudden downturn or there are some significant news events around the globe that may alter the cycles or trends. That is why it is also a good idea to stay on top of the news, especially around scenarios that effect the crypto space. Random people on social media will constantly try to sell you the ‘best’ magic beans and try to scare you into selling your favourite crypto coins/tokens. You should ignore them, DYOR and get guidance from experience pros or a registered financial advisor. You’ll always find someone calling lower lows at the bottom and higher highs at the top. Be responsible for your own trades and investments!
35. Be careful with ICOs and new altcoins: The crypto market is tricky enough to navigate with all the major coins, but it is even trickier with new altcoins and ICOs. Of course you can buy these coins or tokens at insanely low prices and see massive gains if and when you play your cards right, however with potential high-rewards comes increased high-risk!!! In fact, getting it right at the beginning of a project is the best bet in crypto for the most amount of upside providing the crypto becomes successful and climbs the charts. The major problem is, almost all the altcoins down the list and ICOs will spend the majority of their life being near worthless. Once in a while for a short time span some of these coins perform well, however it is very rare if one makes it through more than one 4 year cycle or lands in the top 100 ranked coins. Plus if they hit those rankings or have incredible performance, you would think that many would take profits then, but so many people do not. Human nature for needing and wanting more gets the best of all of us occasionally if not often. Also better known as greed. Definitely something that you should be conscious of and act accordingly understanding the benefits of taking profits during bull runs especially near an ATH (All Time High)! After one major negative and unfortunate event these ICOs can end up worth absolutely nothing. You definitely can make it big on low-cost alts and ICOs, however I’ve seen many people lose big money! Be careful bottom fishing with risky cryptos down the list. Bitcoin might not make you rich, but it is less risky.
36. Double-check before clicking: Some scam sites will use a similar domain or a very close Twitter address to run phishing scams. Always make sure you look at every character of each domain, seed phrase or wallet address before taking action just to be safe! Make sure not to download random wallets or click on random links that may lead you to losing your hard earned money or even worse having it stolen from you. Be very careful who you share your personal information with as the cryptocurrency world can be very dangerous. Accept that you have to share information with crypto exchanges for KYC (Know Your Client). This should not alarm you as it is standard practice especially as we move towards further regulations in the crypto space. There are all kinds of malware out there so you need to research and be very careful or be guided by a trusted seasoned pro that knows what they are doing. Please protect your privacy and only share what you have to with exchanges.
37. To bot or not: Many cryptocurrency traders use bots. Most are white hat bots, however some will attempt to get you to make bad trades. Be very careful and do your own research before proceeding. If you are using one, be conscious that there are bots designed to exploit poorly programmed bots. I suggest if you don’t have a solid grasp of c rypto trading and TA (Technical Analysis), it’s probably a good idea to skip the bot. They are only as useful as the strategies they run.
38. Avoid emotional buying or panic selling: It’s very easy to get FOMO (Fear Of Missing Out) and buy high and it’s also very easy to get overwhelmed by FUD (Fear, Uncertainty and Doubt) and sell. Expect the price to spike and expect corrections. This is a very normal part of the volatility within the crypto markets! Do your best to be patient and stick to your game plan. Crypto often makes big moves in its price and volume. If and when you miss a massive price hike, it isn’t necessarily the greatest time to go all-in in an emotionally charged frenzy. Instead, wait patiently for the price to settle back down again (which may be weeks or months) or DCA (Dollar Cost Average) in or out slowly. It’s important to remember to take profits once the price goes way up in addition to making a buy once the price goes way down. Panic buying after a crazy bullish run or panic selling after a bearish correction is usually not the right thing to do. You only lose money when you sell at a loss!!!
39. When in doubt zoom out: Focusing on the short term price trends on the crypto charts by zooming in too close can have you losing sight of overarching trends. It’s essential to ensure you zoom out to see the longer term trends, many of which are strong indicators of what is actually happening within the cryptocurrency market and beyond. I rarely make trades on less than 6 hour candles because I value my personal sanity. Usually my trading is based more on daily candles as I am focused on the long term trajectory of my crypto portfolio. Unless of course specific instances, market conditions or seriously bullish/bearish situations arise, then I will focus by zooming in closer to accommodate according ly. Being a day trader is very risky, especially for the inexperienced beginner retail traders, therefore is a good idea to understand the crypto market as a long term investor and DCA (Dollar Cost Averaging) into HODL (Hold On for Dear Life) positions before diving into becoming a serious crypto trader. I have no shortage of painful horror stories from newcomers doing the exact opposite and losing serious money by not understanding this basic principle.
40. Whole numbers give Bitcoin resistance: If you know that you are planning to take profits soon or focusing on buying more soon, I suggest to keep an eye on those whole price target numbers such as 30K, 40K, 50K etc. Bitcoin will be king for quite some time and bitcoin dominance is a real thing. Much of the rest of the cryptocurrency market follows the BTC lead. So basically this means if Bitcoin goes up or down the altcoins follow suit. As Bitcoin approaches these whole numbers it will either drop or go on a run depending on if it is bearish or bullish. You can use this to your advantage and maximize your profits or set buy signals to invest more.
41. Set limit orders to be safe: Before Bitcoin or your chosen crypto hits resistance levels, it’s a fantastic idea to set limit orders a few percent or dollars under or over recent lows or highs. This will result in having your buy or sell executed before the resistance is hit. Even if you’re not the greatest at TA (Technical Analysis) to spot the support and/or resistance levels, you can usually eyeball it due to having the price stalled on or bounced off those levels previously before on the charts. Another great resistance indicator to keep an eye on is the ATH (All Time High).
42. Crypto versus stocks: Stocks generally move in at a much slower pace than cryptocurrencies. Cryptos usually move incredibly fast, going into bull and bear modes within the blink of an eye. Trends change overnight, so by the time you wake up the crypto market can look very different as it operates around the clock all year long. In the stock market, it totally makes sense to sell losers, but that isn’t always true in crypto. In stock trading, if a certain company isn’t doing so good, it’s usually smarter to sell their stock and buy a stock that is doing much better. In the crypto market, big moves can happen very quickly. A coin that is bearish can make a quick turnaround at any support level or based on some good macro news or positive rumours and make 50-100% gains in a matter of hours. If you are not a professional or experienced trader and aren’t at a computer 24/7, it‘s a great idea to slowly build a position with a coin that isn’t doing well, but that you think is a good long-term bet based on solid fundamentals, real world use cases, utility, documented developers and price history. Your long-term goal is still the same by building a position low and holding until high. By doing so you are simply practicing good risk management protecting you from the volatility of the crypto market which is much more severe than the stock market on any given day. This DCA (Dollar Cost Averaging) technique supports protecting you during long bear markets.
43. Taxes in crypto are a thing: In many countries around the world, cryptocurrency is considered a digital asset so the tax agencies generally treat it like stocks, bonds and other capital assets. These assets and the money you gain from crypto is taxed at different rates depending on how you got your crypto and how long you held on to it. This will be taxed either as capital gains or as income. If you don’t understand crypto tax implications, it’s a great idea to consult a tax professional in your respective country and DYOR (Do Your Own Research). You certainly don’t want to end up in a situation where you make money on paper, but end the year down in crypto and thus end up owing a bunch of money you don’t have in taxes. Those crypto traders/investors who don’t have solid investment experience can get in trouble if they don’t understand the many complex implications of trading crypto. Do your best to get a basic understanding of taxable and non-taxable events to have a peace of mind around this important subject for a smooth, above board crypto journey.
44. Learn the lingo: You will have a better experience trading and investing when you understand the most important cryptocurrency terms. For an overview of the most common language typically used across this quickly growing space, refer to the chapter in the Crypto Millionaire 101 book called ‘Crypto Glossary Guidance’. This will most definitely give you a solid understanding and grasp of the language used amongst the community making it easier to make friends and alliances in crypto groups who speak in crypto lingo and use basic terms like “HODL, FOMO, YOLO and of course LFG!!!”
45. The macro economy affects crypto: Watch the news and stay tuned into major events happening around the world as they most certainly affect the stock market which then directly and indirectly affects the crypto market. Any bad news from around the globe could very well trigger unwanted FUD (Fear, Uncertainty & Doubt) within the crypto community leading to massive volatility on the charts and the prices of your favourite coins/tokens. Usually wars, inflation, taxation, leadership campaigns, natural disasters and other negative newsworthy big events indirectly contribute to the markets. Sometimes there are also negative direct events such as Bitcoin exchanges getting banned in China or the United States focusing on heavy regulation, however positive events like El Salvador making Bitcoin legal currency or Canada launching the very first Bitcoin ETF alter the charts for the better. It’s good to stay dialed in to the macro economy and worldly news because it will be better for you to make wiser decisions regarding your own cryptocurrency portfolio.
46. Research, DCA and HODL: Investing in cryptocurrency is a long-term play so thinking you are going to get rich over night could be depressing when it doesn’t happen. Although some retail investors do get really lucky by strategically getting into projects that 10X, 50X or 100X quickly, many don’t have the foresight of timing the tops or the discipline to take profits on the way up or the way down. The best proven strategy is to DCA (Dollar Cost Average) into your chosen projects over time especially ones that you have done your research on that have documented developers, real world use cases, solid utilities, a physical head office address and a great track record. Understand the 4 year Bitcoin Halving Cycle and base your investment plan around this versus the hourly or daily charts.
47. Watch out for market manipulation: The crypto space is full of spoofers, scammers, con-artists and bad actors all trying to get access to your portfolio and steal your bags or inspire you to make a bad move. A too-good-to-be-true price spike or sudden dip is often the work of either market manipulators or AI bots and sometimes a combination of both. Protect yourself by staying on top of current events, ongoing scams, failing projects and potential rug pulls in addition to surrounding yourself with positive people, experienced traders/investors, financial advisers and safe/supportive crypto communities like the FlyingHighCrypto Network.
48. Study YouTube University: An excellent, yet speculative source for ongoing evolutionary information is crypto YouTubers sharing their latest and most relevant content creation videos about your favourite coin/token projects. The algorithm is complex and competition is fierce on YouTube so each of them are doing their best to stay on top with the latest, correct and hottest updates. Obviously, take everything they say with extreme caution and DYOR (Do Your Own Research) before making any investment decisions as they are NOT financial advisers, however they are very supportive in guiding your crypto knowledge and experience within the space. To get an advantage, check out our ‘TOP 20 crypto YouTubers to follow’ list available exclusively by JOINING the FlyingHighCrypto.net.
49. Only invest what you can afford to lose: This known fact obviously goes without saying, however it’s a gentle reminder to truly understand this and act accordingly within your financial limits. It’s super easy to get carried away when the charts are green, with massive positive gains and coins/tokens that are rocketing to the moon! However what goes up in the bull market, can and does come down frequently within the crypto bear market. Cryptocurrency is riddled with extraordinary volatility. Understanding this concept in depth is the best way for you to become financially successful or even rich beyond your wildest dreams but it can also absolutely destroy you and your hard earned crypto portfolio if you aren’t careful, smart and strategic about investing. Join the FHCN to stay on top of things and in the know amongst other fellow crypto enthusiasts!
50. Buy low / sell high: Invest when people are fearful and charts bleed red. Take profits when people are greedy on big green candles!!!
Crypto Glossary Guidance
This Crypto Glossary is designed to be an educational forum where you can find the most common descriptions around products, services, items, terminology, slang, memes, specific names and everything that you might come across on your personal and/or professional crypto journey.
51% Attack - Can be referred to as a possible attack on a targeted blockchain by a group of ‘miners’ who can hold more than 50% of the hash rate. In situations like this the miners can deliberately not confirm transactions or will try to issue the transactions twice. (double-spend)
Address - This is a string of code that refers to a wallet of an individual who’s sending or receiving crypto. This private coded address is an individual’s digital avatar in a cryptocurrency network.
Affiliate link - A specific URL link that contains a special and mostly unique identification. This URL can be obtained when a specific website offers an ‘affiliate program’. Sharing an affiliate link makes it possible for the website to record the traffic generated. This action can now be traced and compensated with coins, credits or money.
Airdrop - This is an excellent way to distribute coins and/or tokens. End users can usually get them in exchange for a small task or for free, by sending a tweet, inviting other people via a personal affiliate link or by subscribing to a newsletter.
Altcoin - A cryptocurrency or digital token that was created after Bitcoin was developed. Although Altcoins have an important place within the cryptocurrency market now, many altcoins (Shitcoins) are illegitimate and aren’t trusted within the broader public. They are sometimes harder to transfer and may also be scams. Always Do Your Own Research! (DYOR)
Anti-Money Laundering - AML stands for legislation and policy on money laundering. This stops illegally acquired funds from being...
converted into a legal variant. Within the cryptocurrency world, it’s no longer unusual for AML techniques to be used by wallets and exchanges. This term is also often referred to as AML/KYC. (Know Your Customer)
API - This is the acronym for ‘ Application Programming Interface ’. It refers to an interface of websites or applications to easily push data, get data or get commands back. This is an important system that is widely used inside and outside the cryptocurrency market and around the world.
Arbitrage - A lucrative trading strategy for a cryptocurency trader who simply takes advantage of different prices for the exact same product on different cryptocurrency exchanges. Although arbitrage is mostly common for stocks and currencies, it can also be applied to the crypto markets.
ASIC Miner - This is an abbreviation for ‘application-specific integrated circuit’. These are microchips or processors, that are designed to perform a specific task very well. The Bitcoin ASIC is a very popular one which makes it possible to mine Bitcoins easily and efficiently. This also makes it impossible to mine them on a regular computer. ASICs are also developed for other coins, but they can become unusable after a protocol upgrade which makes that particular blockchain ‘ASIC-resistant’.
ATH - This acronym stands for ‘All Time High’. This common term refers to the highest price ever of an asset like a cryptocurrency or a stock.
Bagholder - A common term for a person who is left with a worthless crypto or stock after the successful completion of a pump-and-dump scheme. They are unfortunately the victims of these malicious scams.
Bear Market - A market where the long-term prices of cryptocurrency assets are decreasing. Investors during a bear market are much more cautious and pessimistic than normal. Prices can go down significantly.
Bearish - This is a negative attitude about an asset that the price will soon drop or continue to drop even further.
Bullish - This is a positive attitude about an asset that the price will increase soon or continue to increase even more
BIP - This is the abbreviation for ‘Bitcoin Improvement Proposal’ . Known as a standardized way to easily introduce functions and other issues such as design issues. Because of the decentralized nature of Bitcoin with a lack of a formal structure, this system is used to improve Bitcoin in a well-founded and consensus-driven way.
Bitcoin - This is the original form of cryptocurrency created. Bitcoin is so popular nowadays that its name has become shorthand for all forms of cryptocurrency at times even though there’s a thriving Altcoin market existing as well. The concept of Bitcoin was introduced to the world on Oct. 31, 2008, during the depth of the major global financial crisis by a pseudonymous person called Satoshi Nakamoto.
Block - This is a collection of data (transactions) that are grouped together for unique verification and eventually added to the blockchain.
Block Reward - This term refers to the reward that a miner receives for processing a part of the blockchain that successfully verifies a block of transactions. Block rewards are the way in which miners receive cryptos.
Blockchain - This is a transparent system of open ledgers that is protected by cryptography that computers or nodes in a network can access. This is the technological backbone infrastructure for crypto to run on.
Bollinger Band - This helpful tool is for crypto or stock traders. The Bollinger Band consists of 3 lines. The middle line is a ‘simple moving average’ and the outer lines are a multiplication of the middle ‘simple moving average’.
Bull Market - This is a market where the value of the majority of assets increases and they’re projected to increase even more in the future. This lucrative market causes investors to be more optimistic and go long more than usual. This type of market also attracts many newcomers.
Candlestick Chart - This useful tool shows the price of a tradable asset. One candlestick stands for a specific period (a day, an hour, or a quarter of an hour, etc.). The ‘body’ of the candlestick represents the open & closing price. The high & low prices in the period indicate the peaks.
CBDC - This stands for ‘Central Bank Digital Currency’ and is a digital form of fiat money. Unlike Bitcoin, this type of digital currency can be created by a centralized authority like a government, central bank or a monetary authority. It may or may not have a distributed ledger. Each central bank in the world can have a unique custom implementation.
Circulating Supply - This is the current amount of a crypto that’s been mined (created) and is technically available to utilize. However, it doesn’t include crypto coins that can be created but haven’t yet been created. It also doesn’t include known created cryptocurrency coins that are currently being held in escrow around the globe.
Coin - A representation of a cryptocurrency asset that resides on its own unique blockchain (like Bitcoin or Layer 1 altcoins).
Cold Storage - This is the much safer way in which individuals can take their cryptocurrency investments out of online systems so they can be kept away from potential hacking. Keeping your personal crypto in cold storage means that your assets aren’t connected to the internet. Your cryptocurrency is stored on a safe hardware wallet, USB stick or another encrypted storage device that can hold your private keys securely.
Consensus - The common term ‘consensus’ in the blockchain world can be defined as an agreement by a majority, which is most often set to a minimum of 51%. When at least this many people, accounts or entities on the (blockchain) network agree to a change (like a brand new transaction or significant change to the system), the consensus has been officially reached. Having consensus is a highly critical element of the crypto space since it is required to have the validity of transactions on a blockchain verified. This gives us a trustless method to manage decentralized systems.
Cryptocurrency - A digital currency in which transactions are verified and records maintained by a decentralized system on a blockchain using cryptography, rather than by a centralized authority.
Cryptography - The process of encrypting or encoding information to secure it against unauthorized access. Bitcoin and other blockchain cryptos use cryptographic methods to ensure that transactions are safer.
Cryptojacking - An illegal process where a computer system is unlawfully taken over and then is secretly used to mine cryptocurrency. Cryptojacking usually uses only a small amount of processing power from multiple computers for illicit mining operations to stay incognito.
Cypherpunk - A passionate advocate for the broader utilization of cryptography and technology to promote privacy with the focus of social and political change. These highly skilled computer people form an active community that has been around since the 1980s. There are rumours that Bitcoin was possibly developed by the ‘Cypherpunks’ of which one of was the pseudonymous Satoshi Nakamoto.
DAO - This term stands for ‘ Decentralized Autonomous Organization .’ A DAO, sometimes called a decentralized autonomous corporation (DAC), is an organization represented by encoded rules as a computer program that’s transparent, controlled by the organization members and is not influenced by any centralized government. A DAO’s record of financial transactions and program rules are maintained on the blockchain. The actual legal status of this type of business organization is unclear at present.
DAPP - This abbreviation stands for ‘Decentralized Application’. This is a specific application that uses blockchain technology which runs on a distributed network. It’s not hosted on a centralized computer or server but instead functions on a peer-to-peer decentralized network.
Decentralized - An effective and efficient system in which there is no central authority or organized entity that holds total control, but rather the system’s resources and processes are distributed among many entities.
DeFi - This is the abbreviation for ‘Decentralized Finance’. It is defined as a new financial ecosystem which consists of various financial tools, apps and services utilizing blockchain technology. It is an umbrella term for all these projects combined and is quickly growing daily. Examples of DeFi functionality are banking services in the form of stablecoins, derivatives, prediction markets, decentralized exchanges or lending systems. The last one can be either peer-to-peer or within a pool. Defi is a combination of replicating products and services in the traditional finance in dustry as well as innovative ones only possible with blockchain technology.
Degen - A shorthand term for degenerate and refers to certain people who are trading cryptocurrency assets (mostly shitcoins), without doing proper research on it. These types of risky traders usually just go into a trade based on signals and FOMO into price pump action. They’ll just buy it because it looks like a good coin to trade and are hoping to make quick gains on it.
DEX - This is short for ‘ Decentralized Exchange’ . This is a new type of exchange where people can trade cryptos and tokens without the need for a middleman. It’s normally run by code in a ‘smart contract’. The transactions are usually written to the blockchain, which makes a DEX by default slower than a centralized exchange that uses faster databases. The major benefit of a DEX is that nobody, except you, holds the private keys to the funds. Although a DEX will not have a middleman regarding the trades, the exchange and the website are centrally managed. Therefore it’s not actually 100% decentralized. Level of decentralization differs per DEX.
DYOR - ‘Do Your Own Research’ . This is a common term that you will often see in disclaimers and chat groups regarding the cryptocurrency market. It’s a quicker way of saying that no financial advice is being given and that you have to do your own research before you move forward to invest.
ERC-20 - This is the token standard of the Ethereum blockchain. ERC-20 tokens are easily exchangeable. Most ICOs to date use the ERC-20 standard.
Exchange - A centralized venue or website where a individuals can buy or sell cryptocurrency. Exchanges vary widely in their reliability, popularity and available coins or tokens that they are offering to there users.
Fiat - This is a shorthand term for traditional currency. Fiat money is a currency (a medium of exchange) established as money, usually by government regulations. Fiat money doesn’t have intrinsic value and does not have use value. It has value only because a government maintains its value, or because parties engaging in its exchange agree on its value.
Flippening - This is a term that is utilized to describe the moment that a coin becomes more valuable than Bitcoin. Ethereum has been the second most valuable coin to date, however so far its market cap has been always lower than Bitcoin. Another coin on the rise to watch is Cardano ADA.
FOMO - Short-form term for ‘Fear Of Missing Out’ . The excitement induced fear of missing out creates a serious bandwagon effect on many cryptocurrency assets. It’s one of the major motivating factors for crypto purchases from predominantly newer inexperienced retail investors.
Fork - The splitting of one crypto into various currency approaches with different network rules. Bitcoin first forked nearly seven years after its introduction followed by numerous other altcoins requiring this action.
FUD - This is an acronym that stands for ‘Fear, Uncertainty and Doubt’ The term refers to the forces that can either intentionally or unintentionally bring down the value of an asset. Paying attention to this type of negative news can be helpful for individuals looking to short an asset.
Gas - A cryptocurrency fee in Ethereum (ETH) for every transaction that is made on the Ethereum blockchain. Cost can and will vary. (DYOR!)
Going Long - This refers to an strategic investment where traders or investors buy a particular asset like a cryptocurrency with the hopes that the investment will increase in value. A strategy utilized during a bull market.
Going Short - An investment strategy where an individual borrows a specific amount of an asset to sell to a buyer in hopes of paying it back at a later date and lower price. Shorting an asset is a bet that the asset will lose money in the future. This strategy is most reliable during a bear market.
Hardware Wallet - A very secure hardware device for storing cryptos that is particularly effective for cold storage. Hardware wallets are more secure and less flexible than software wallets. Some popular examples of industry-proven hardware wallets are made by Trezor and Ledger, although there are other options as this type of storage becomes more popular.
HODL - Hodl is slang in the cryptocurrency community for holding an asset longer rather than selling it. An individual who does this is known as a Hodler. It originated in a December 2013 post on the BTC Forum message board by an apparently inebriated person under the influence of alcohol who posted with a typo in the subject, “I AM HODLING.” It is often humorously suggested to be an acronym to ‘Hold On for Dear Life’.
ICO - This is short for ‘Initial Coin Offering’ . An ICO is a process when a new crypto introduces its methodology and begins the official process of creating a network and verifying on a blockchain.
Immutable - A property that is defined by the inability to be changed. This is mostly true over time. Normally, a blockchain has this property by default and makes it distinct from a traditional database. Though a rollback of blocks is possible, this is rare to happen and would cause a chain split. That would mean that a transaction will be unchanged and gone. The more blocks generated, the harder it will be to have a rollback.
Interoperability - This term refers to blockchain interoperability. In short, this specifically means the ability to share info between various blockchains. Since the launch of Bitcoin, many new blockchains have emerged of which the most well-known is Ethereum. All of these newer blockchains are competing with each other to get adoption by users and developers resulting in a lot of silos. Since each blockchain normally has its own specialty, it would make sense for developers to use more than one blockchain. In order for this to work there is a massive need for successful interoperability and many projects are working on this task.
KYC - This is a common abbreviation for ‘Know Your Client’ and was created to fight against money laundering via cryptocurrencies. At almost every ICO, it is mandatory to prove that you are actually who you say you are. This is also regularly requested applying for centralized crypto exchanges.
Limit Order - An asset arrangement where a person agrees to purchase an asset when its price falls below a specific range and sell an asset when it rises above that range. Limit orders support minimizing risk for investors of any asset including cryptocurrency.
Margin Trading - Trading any kind of asset by borrowing money to increase the amount of volume being traded. This approach to trading is one of the riskiest possible. Definitely good to be an experienced trader.
Market Cap - This is the total value of a crypto asset. In the quickly growing world of cryptocurrencies, market capitalization is figured out by multiplying the number of crypto coins in circulation by their current price...
Miner - A person who mines cryptocurrency. After many years of expansion, crypto miners almost never work alone and often pool resources.
Mining - The processing of the blockchain in order to verify transactions and earn units of cryptocurrency as a reward. Mining is the way in which more crypto is created for the miner. This is a very competitive field.
Mining Rig - Any device that a person utilizes for cryptocurrency mining. For most individuals, a mining rig is an optimized computer or mining system with extra graphics cards. However, note that mining rigs can be also be any computer of almost any size or strength.
Mooning - This is a cryptocurrency asset with a value or price that has gone up massively in a very short period of time. Definitely exciting!!!
Node - This is a computer that possesses a copy of a specific blockchain and is working to maintain it.
NFT - The abbreviation of ‘Non-Fungible Token’ . This is a specific type of token representing a unique asset. These NFTs can be digital or represent real-world assets. Common NFT examples are ownership of a property, a unique original piece of art or an asset in a video game. NFT’s are generally scarce, unique and indivisible.
noob / n00b - An individual who’s not very experienced in a specific topic, like the complex world of cryptocurrency. They can be called a noob or sometimes spelled n00b. This person might think they know enough about the topic, but actually doesn’t and is often not overly willing to learn. This is different from a newbie or newb, where the topic is new to them and they ask questions to learn more about it.
Phishing - This is when bad actors or hackers try to get a crypto user to give up personal information such as login and password or credit card details. This is most commonly done using a fake application, online form or website which is very similar looking to the original site. This is common in cryptocurrency because only the private key is enough to steal all coins. Make sure to keep your private keys to yourself and never share them. A common saying in the space is ‘Not your keys, not your crypto!’
PoA (Proof of Authority) - PoA stands for ‘Proof of Authority’. This is a validation method to process blocks and transactions in a blockchain only by accounts that have been approved. These are commonly known as ‘validators’ and run precise software to store the transactions in blocks. Since an identity is linked to the overall system, it can contribute to much more trust than other blockchain methodologies.
PoB (Proof of Burn) - PoB stands for ‘Proof of Burn’. This is a method to invest in a new crypto by destroying numerous coins of a current one. It has been given the term ‘Burning’ in the crypto world. This is done by sending crypto coins to a special, unusable address. That’s usually the only way to destroy coins within a blockchain. This method can also be used when a coin gets a V2 relaunch with a new coin / team.
PoD (Proof of Developer) - PoD is the abbreviation for ‘Proof of Developer’. This will be any verification that serves as proof that a crypto was invented and created by a real software developer. This method is usually utilized when launching a new cryptocurrency to prevent scams.
Proof
of Stake (PoS) - The ‘Proof-of-Stake’ (PoS) consensus algorithm was introduced as an alternative to Proof-of-Work (PoW) without the energy-consuming aspect. In the case of PoS, the creator of the next block is randomly picked based on a combined selection of wealth and age, where the value is the ‘stake’ or amount of cryptocurrency that has been put to work. This is done by having the crypto in an unlocked wallet for staking. The staking can normally be done from a home computer.
Proof
of
Work (PoW)
- The ‘Proof-of-Work’ (PoW) consensus algorithm successfully came into existence with the introduction of Bitcoin. It’s the algorithm that is utilized to confirm transactions and the creation of new blocks on a blockchain. Specialized computers, devices or graphic cards will be used to do calculations. In PoW a new block is created or found by solving a mathematical puzzle. The process is called mining. The miners are usually consuming a lot of energy to find the solution.
Privacy Coin - This type of coin is a crypto which focuses on the anonymity and security of the users. Some examples are Dash, Pivx, and Monero. There are many methods to make a transaction anonymous.
Public/Private Keys - A public key is an address where you receive cryptocurrencies and a private key is how you can access your own cryptocurrencies. Both are a series of numbers and letters. Sometimes sharing your public key is safe and can be necessary in certain situations, however you should never share your private key with anyone you don’t know. Doing so can make you vulnerable to crypto scams and hacks.
Pump & Dump - A common scheme in the crypto scene where a group of investors place a large amount of money into a specific asset above its known value. This ‘pump’ lures in other people, predominantly newcomer retail investors, who see the crypto asset gain in value. The original investors then ‘dump’ the cryptocurrency and its price collapses.
Satoshi - This is the smallest fraction of a Bitcoin that can be currently utilized. 1 Satoshi = .00000001 Bitcoin
Sharding - A strategy for scaling upwards where various nodes on a crypto network already have big stretches of the blockchain to utilize. Storing strings of blockchain through sharding cuts down on the time required to process new parts of the blockchain and helps optimize power.
Shilling - An individual blatantly or illicitly advertising a cryptocurrency. Shilling is seen as more transparent and obvious than normal advertising.
Shitcoin - Exactly what it sounds like. Refers to less than par altcoins.
Smart Contract - A contract that governs crypto transactions and cannot be canceled or altered. Smart contracts usually have stipulations and conditions attached to various transactions.
Software Wallet - A computer program or app that stores certain public and private keys used to buy, sell and hold cryptos. The software wallet is the application that ensures crypto users can transfer and make purchases with their cryptocurrency.
Stable Coin - A term for a cryptocurrencies operated by large and trusted upstarts, unlike various volatile Altcoins. Usually pegged to $1 USD.
Token - A representation of a crypto asset or utility that resides on top of another blockchain (like Ethereum). Tokens are actually different from coins because coins typically operate on their own layer 1 blockchain (like Bitcoin, Ethereum or Cardano ADA).
To the Moon - This common expression is used in cryptocurrency forums and chat groups.. It is utilized to communicate the desire for a huge value increase. For that purpose, they say ‘When Moon?’. It’s also used at times when the price of a coin is rising quickly. In those cases the phrase ‘To the moon!’ is very common amongst excited investors!
Two Factor Authentication (2FA) – This is known as a second layer of identity verification to secure a user account when logging in. It normally requires you to enter a specific unique code that is sent to your mobile phone during the login process. This will prevent hackers from accessing your account with a stolen username and password since they would need your personal phone to authenticate the login procedure.
Yield Farming - This is the process of generating the most returns possible on your crypto assets by putting them to work. Within the crypto industry DeFi has taken on a massive role and services inside this space are making yield farming possible. Nowadays there are numerous ways to move your cryptocurrency assets to pools so you can gain interest on those assets giving the crypto an annual percentage yield (APY).
White Paper - This is essentially a blueprint for a specific cryptocurrency. It describes the function the coin is looking to fulfill, how much capital is needed, who is producing the coin and how many coins will eventually go into circulation. White papers are normally released during ICOs and can also include the unique details on how long the ICO will last and what methods of payment are accepted. If you’re thinking about investing in an ICO, the white paper will give you insight into the safety and credibility of the cryptocurrency project, as well as how likely the coin is to succeed.
Whale - A person who owns a larger amount of an asset such as a cryptocurrency. Whales have a disproportionate impact on the price and volatility of an asset. They can sometimes move and manipulate markets.
Volatility is Key... Embrace It
The volatile cryptocurrency market has significant ebb and flow which creates extraordinary opportunities for buying, selling and stategically taking profits.
Timing the market can be quite tricky and knowing the best time to take profits and get out or decide when to stay put is challenging, however can be very rewarding. There is no magic formula nor can we time the top or the bottom with 100% accuracy, but there are several strategies you can use to maximize your gains. Understanding chart Technical Analysis (TA) well supports this.
Get good at taking crypto profits! The deliberate act of selling crypto in an effort to lock in gains after a period of appreciation is called taking profits. This involves regular market trading and active participation versus HODLing (Holding On for Dear Life) which is a hands-off form of static investing.
When should you take crypto profits???
Regardless of how you decide to strategically do it, taking profits in crypto is largely dependant on one’s investment timeline and risk tolerance. If you are not in a rush and are playing the long-term accumulation game over a period of a few years or more, then HODLing may be the correct profit taking strategy for you. This plan still comes with significant risks and the need for calm unemotional attachment to ride out the price corrections and huge market dips. However, if you’re like most people, you may want to see profits and a return on your investment as soon as possible.
Ideally you want your crypto portfolio to pay out right away, over and over again. Many crypto investors don’t have the nerves of steel required for large downswings and seeing their account in the red. If this sounds like
In Closing... The New Beginning
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I genuinely and sincerely appreciate your valued undivided attention. Sending you my authentic appreciation for investing your valuable time to read this first book from PSYBIO Presence.
Within the pages of this crypto guide you’ve just consumed, absorbed and closely acted upon, was almost a decade of practical wisdom and real world experience from my very own cryptoverse journey. NO FLUFF, NO NONSENSE & NO BS!
Just my two satoshis. By no means financial advice. Just sharing my personal views and entertaining you. Please don’t take my word for your investment choices. Please always D.Y.O.R. (Do Your Own Research) . Stay safe, be smart and have fun making your BIG crypto profits!!!
Abundantly yours, PSYBIO Crypto Millionaire 101 by DYNAMO Publishing. CryptoMillionaire101.com FlyingHighCrypto.com
Crypto Millionaire 101 DISCLAIMER
IMPORTANT NOTE: The material in this book does not take into account the investment objectives, financial situation or needs of any reade is presented solely for informational and entertainment purposes and is not to be construed as a recommendation, solicitation or an offer to buy or sell / long or short any securities, commodities, cryptocurrencies or any related fin Nor should any of the content be taken as investment advice. FlyingHighCrypto and/or the Author (aka PSYBIO) is not a financial advisor. The views expressed in this book are completely speculative opinions and do not guarantee any specific result or profit. Trading and investing is extremely high risk and can result in the loss of all of your capital. Any opinions expressed in this book are subject to change without notice. FlyingHighCrypto and/or the Author (aka PSYBIO) is not under any obligation to update or keep current the information contained herein. FlyingHighCrypto and/or the Author (aka PSYBIO) may have an interest in the securities, commodities, cryptocurrencies and/or derivatives of any entities referred to in this material. FlyingHighCrypto and/or the Author (aka PSYBIO) accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material. FlyingHighCrypto and/or the Author (aka PSYBIO) recommends that you consult with a licensed and qualified professional before making trading decisions. The content covered in this book is NOT to be considered as investment advice. I’m NOT a financial advisor. These are only my own personal and speculative opinions, ideas, theories, hypotheses, charts, technical analysis (TA), insights, curated news publications and price prediction(s). The information in this book is completely speculative and does NOT guarantee any specific result or profit. The information in this book has NO proven rate of accuracy and past performance does NOT indicate future results. Do NOT trade or invest based upon the information presented in this book. Always do your own research and only invest solely based on your own findings and personal judgement after consulting with a financial advisor. I’ll never tell you what to do with your capital, trades or investments. I’ll also never recommend for you to buy or sell any asset, sec or cryptocurrency related instrument. I’m NOT a broker. I DON’T recommend or endorse the use of any brokerages or trading exchange platforms. Trading and/or investing in cryptocurrency and/or any related commodities/securities/derivatives/instruments is extremely HIGH RISK and you can very easily lose all of your in You should always consult with a professional/licensed financial advisor before trading or investing in any asset, security, commodity, derivative or cryptocurrency related instrument. I will NOT be held liable for any of your personal trading or investing decisions or losses/damages that you incur if you decide to speculate in the market. The Crypto Millionaire 101 book is purely for entertainment purposes only!!!
Crypto Millionaire 101, by PSYBIO is one of those must have books you will want to read in secret so you don’t have to admit to anyone what you don’t know!!
Whether you’re just beginning or whether you are an expert humble enough to know you don’t know it all, this book will save you t ime. It will let you quickly identify your personal roadmap of what you need to know, to master this enormous transfer of wealth and power taking place on Planet Earth.
Don’t be afraid of the stupid button. We learn together. Be courageous to dig in, test the volatile waters safely and powerfully with this great guide. Get this book’s principles into your head and use it to map your future.
Daniel M.
PSYBIO Presence
