Welcome to episode 33 of Understanding Crypto, the podcast where James Burtt and Paul Abercrombie demystify the world of Web 3.0 and cryptocurrency, as well as what it means for you and your business. In this episode James and Paul are talking with guest Spencer Lodge about what money is, the importance of crypto education and how society should move forward regarding crypto. 

Seek Out Your Learning 

It’s important to reach the people who don't understand crypto. Give them a way to understand and learn without confusing them. "The moment you confuse anybody, they're disengaged and you've lost them…and that's not healthy because this is the future of money," Spencer says. He stresses that inflation and excessive printing of money devalues it; this is a concept that the average person doesn't quite grasp. He adds that thinking your money is safe because it's in the bank is naïve, because your money's value is going down while it’s just sitting there.  [Listen from 4:54]

People have to start doing more professional research into money and its history, especially as money evolves. "We have to start embracing the future and the more we resist it, the more we alienate ourselves; and other people that embrace it will take more advantage of it and benefit further from it than you," Spencer remarks. [Listen from 10:13]

A Change in Activity 

Spencer talks about the importance of investing regularly, but not in large amounts especially in the beginning of a cryptocurrency. In the early stages of a currency, it’s volatile, he says. Investing gradually in increments is a smart move in order to not lose out on your investment.  

Women who are in the process of a divorce should get an attorney that understands digital assets to discover if their spouses are hiding finances from them. [Listen from 11:51]

Cryptocurrency was created as an alternative to the centralised money system, but the skepticism that followed has created a sentiment that it is not for everyone. Inflation is now hitting everyone in the pocket noticeably and so people have to start caring, and taking back control into their hands, James, Paul and Spencer agree. [Listen from 18:23]

Regulation in The Future

Regulation will impact the crypto world and while decentralisation purists balk at that, experts stress that this is how crypto will become mainstream. Spencer remarks that individuals who decide policy and laws surrounding crypto, should listen to the leaders in the crypto space. "When there's governance, then that can remove the banditos that are in [the crypto] space," he says. [Listen from 20:36]

Learning and Understanding

Spencer says you must have Gary V’s mindset to learning and understanding cryptocurrency: be committed to learning and developing the skills you need to excel in this field. You should also surround yourself with people who are already excelling in crypto and ask them questions - you’ll witness them brainstorming, and learn more. [Listen from 28:02]

You also have to understand that crypto is a very volatile space and you can't blindly throw your money in investments and expect your money to grow. Invest slowly by buying a bit every month, as that's the best strategy you can have with any volatile asset. [Listen from 38:10]

Key Takeaways

• Invest regularly but not carelessly.
• You have to be committed to learning and developing the skills you need to excel in crypto.
• Stop thinking about crypto as a hobby and start thinking about it as a business.

Resources

James Burtt on Twitter | LinkedIn | Instagram | Clubhouse

Paul Abercrombie on Website | Twitter | LinkedIn | Instagram