by: Michaelson Williams
Creating a cryptocurrency portfolio has become easier than ever, and you can get started in just a few minutes. The level of control you want over your money will determine which platform you choose. For beginners, platforms like CashApp and Venmo offer a quick and simple way to dive into crypto investing.
The Basics: Setting Up Your Crypto Account
To get started, open your smartphone and download either CashApp or Venmo. Both of these apps are popular and user-friendly. Once downloaded, you’ll need to connect your banking account to the app. After that, load cash into your account, navigate to the Bitcoin or Crypto section, and hit the “Buy” button. Within seconds, you can purchase Bitcoin, Ethereum, Litecoin, or Bitcoin Cash using fiat currency (like USD). Just like that, you’re a new crypto owner!
The Trade-Off: Convenience vs. Control
While apps like CashApp and Venmo make it easy to purchase cryptocurrency, they come with limitations. The more popular a crypto-buying platform is, the less control you typically have over your assets. These platforms are heavily regulated and comply with government rules, which can impact your financial freedom. For instance, they enforce KYC (Know Your Customer) regulations, meaning you’ll need to verify your identity to use these services. If there’s any issue with your account or verification, your funds could be locked—essentially putting you in “financial prison” until the issue is resolved.
The convenience of these platforms is great for beginners, but it’s important to ask yourself: If you don’t control the keys to your account, is it really your money? This question gets to the heart of what makes cryptocurrency different from traditional assets.
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Why Crypto Represents Freedom
Cryptocurrency offers a level of financial freedom that traditional banking systems simply can’t match. In a world where personal privacy is being eroded, crypto represents a defense against government overreach and financial control. Cryptocurrency is not just about making money; it’s about owning your money in a true sense. Unlike traditional assets, crypto assets can be held securely without needing to trust third parties like banks or financial institutions.
One of the most empowering aspects of cryptocurrency is that it doesn’t necessarily need to be sold to access its value. Crypto is an asset class that can be borrowed against, allowing you to use your crypto as collateral while keeping ownership intact. This flexibility offers unique opportunities for long-term wealth building.
Moving Beyond Basic Platforms
Although apps like CashApp and Venmo are great for getting your feet wet, they are not the best options for serious crypto investors. For example, CashApp currently only supports Bitcoin, limiting your options if you want to diversify your portfolio. Additionally, these platforms are centralized and heavily monitored, meaning your transactions and assets are far from private.
As you gain more experience and knowledge, you’ll likely want to move to more advanced exchanges that offer better control over your assets. With decentralized platforms, you own your private keys, meaning only you have access to your funds. This is the true essence of financial freedom in the crypto world. Without the private keys, the crypto you “own” can be taken away from you at any moment by the platform you’re using.
Final Thoughts: Crypto as a Long-Term Investment
Using platforms like CashApp and Venmo can be a good first step in learning about cryptocurrency, but they’re just the beginning. As you progress, you’ll want to explore more secure and private ways to manage your assets. Remember, cryptocurrency is not just an investment; it’s a tool for securing your financial freedom in a world that increasingly seeks to control and monitor your wealth.
So, as you begin your journey into crypto, think carefully about where you’re putting your money and how much control you truly have over it. In the world of cryptocurrency, ownership means holding your private keys—and with that ownership comes freedom.
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Resources
https://michaelson-williams-s-school.teachable.com/p/building-your-crypto-portfolio
https://michaelsoneffect.gumroad.com/l/nybsd