Parenting
Finance
January 16, 2023
We’ve all heard the terms “crypto,” “bitcoin,” and “NFT'” casually thrown around throughout the past couple years. But what exactly do any of those really mean, and does anyone truly know? For most of us, crypto feels elusive, ambiguous, and often appears to be reserved for financial gurus, but that’s actually not true.
In an attempt to break down the basics, we spoke to Kendra Cole founder of Sparrow Finance, a Black-owned and woman-run crypto investment platform with the mission of making cryptocurrency accessible and beneficial for any and all moms and parents.
According to Kendra in her interview with theeverymom.com, “as this industry continues to evolve, it’s important for women in particular to become educated about it, even at a basic level. And to make the best decisions for themselves and their families.”
Here’s the explanation we’ve been waiting for; so easy your boomer mom would understand!
Crypto, short for cryptocurrency, is a digital or virtual currency that uses encryption techniques to secure and verify transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not controlled by a central authority such as a government or financial institution.
Cryptocurrency is like pretend money that you can use on a special computer. Just like how you can play with pretend money in a toy store or pretend kitchen, people can use cryptocurrency on a special computer to buy and sell things. The special computer keeps track of all the pretend money and who has it. And because it's a special computer, nobody can cheat or take the pretend money away from someone else. So, cryptocurrency is like a special kind of pretend money that grown-ups use on a special computer to buy and sell things, and nobody can cheat or take the pretend money away from someone else.
Here are a few potential benefits of investing in cryptocurrency:
Cryptocurrencies are highly volatile and their values can fluctuate rapidly, which means that there is a high potential for returns on investment. Some people have made significant profits by investing in cryptocurrencies when their values were low and selling when their values increased.
Cryptocurrencies are decentralized, which means that they are not controlled by a central authority such as a government or financial institution. This can be seen as a benefit by some people who are distrustful of centralized institutions.
Investing in cryptocurrency is accessible to anyone with an internet connection, and it can be done 24/7 from anywhere in the world. Additionally, some cryptocurrency exchanges have lower fees compared to traditional financial institutions.
Yes, anyone can invest in cryptocurrency, but it's important to understand that investing in cryptocurrency carries risks. Cryptocurrencies are highly volatile and their values can fluctuate rapidly, so it's important to do your own research and understand the potential risks before investing.
An investment platform like Sparrow Finance makes it easier (and safer), than ever to buy, manage, and gift bitcoin in just three easy steps.
You can join her waitlist to:
As with any investment, it's important to do your own research, understand the potential risks and benefits, and consult with a financial advisor before investing any money in cryptocurrency. It's also important to only invest what you can afford to lose and to have a long-term investment strategy, rather than trying to make quick profits through day trading.
Overall, investing in cryptocurrency can be an exciting opportunity, but it's important to approach it with caution and be prepared to accept the risks that come with it.
So, are you diversifying your money in Crypto?
