(Money Matters) Crypto Crash Course - Kasfia Rashid

Kasfia Rashid - “Money Matters with Kash the Bookkeeper”

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Introduction: 
Hello! Welcome to Money Matters, the accounting show with no numbers. This season we are going back to the basics of business…. Plot twist…. The basics have changed! We have discussed how to make more money, where to store it, how to use it and how to grow it, today we discuss how MONEY itself is changing and getting a fresh new look in this digital age. 

What is money? By definition, it's something of value. Money is valuable merely because everyone knows that it will be accepted as a form of payment. But over the last 10,000 years, the material form that money has taken has changed considerably—from cattle and cowrie shells to today’s bit and altcoins.

It doesn’t matter what the money looks like as long as everyone agrees to a set value for it. With that in mind, on to our topic of the week..the new HOT BUZZ WORD in the financial industry!!!!!! Everybody and their grandchildren want to know what, how and WHERE CAN WE GET SOME! Cryptocurrency! *insert fan fare here* 

A cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. Much of the interest in these unregulated currencies is to trade for profit, with speculators at times driving prices skyward. 

Today we are talking with Portia Niles of Kronos Digital Asset Group - a woman owned financial services firm. 2021 heralds the most exciting year for Bitcoin & Cryptocurrency and KDAG will safely navigate you through everything you need to know to understand and take advantage of it! Cryptocurrency has entered into a bull market, and strong coins along with the DeFi space has opened up incredible opportunities to make money.

Sign up for their weekly zooms here: Info@kronosdigital.io 
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Show Objectives - The Why

Put the letters ”Cry” into google and the first thing that pops up is “Cryptocurrency”. I can think of no better way to illustrate how main stream and thus important cryptocurrency is. Well.. maybe I can. 

Major institutions have started to accept various digital currencies in addition to “fiat” (aka traditional) currencies, like Paypal, Mastercard, and Visa. Banks, mutual funds, and hedge funds are starting to make large investments into the digital currency world, indicating their belief that these are solid investments to make for long term wealth. 

As business owners and entrepreneurs, we have to stay ahead of current trends so we can take full advantage of them and cryptocurrency isn’t just a fad. It’s here to stay. 

Cryptocurrencies appeal to their supporters for a variety of reasons. Supporters see cryptocurrencies such as Bitcoin as the currency of the future and are racing to buy them now, presumably before they become more valuable. Some supporters like the fact that cryptocurrency removes central banks from managing the money supply, since over time these banks tend to reduce the value of money via inflation. Other supporters like the technology behind cryptocurrencies, the blockchain, because it’s a decentralized processing and recording system and can be more secure than traditional payment systems. Some speculators like cryptocurrencies because they’re going up in value and have no interest in the currencies’ long-term acceptance as a way to move money.

Long story short: Cryptocurrencies allow businesses to move more freely and with less restrictions on their liquid assets. Contrary to stocks, bonds and other long term investment vehicles, cryptocurrencies can be used to instantly purchase products and services, be donated, or traded on an open decentralized market for a hopeful profit. With so many uses and potential gains, why wouldn’t it be the newest buzz word of the 21st century!

What You Need to Know - The What

So what the heck is it? Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security. 

According to Wikipedia: A cryptocurrency, crypto-currency, or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.[1][2] It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems.[3] When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.[4]

More than 6,700 different cryptocurrencies are traded publicly, according to CoinMarketCap.com, a market research website. And cryptocurrencies continue to proliferate, raising money through initial coin offerings, or ICOs. The total value of all cryptocurrencies on April 13, 2021, was more than $2.2 trillion, according to CoinMarketCap, and the total value of all bitcoins, the most popular digital currency, was pegged at about $1.2 trillion. According to Jan Lansky, a cryptocurrency is a system that meets six conditions:[18]

1. The system does not require a central authority; its state is maintained through distributed consensus.
2. The system keeps an overview of cryptocurrency units and their ownership.
3. The system defines whether new cryptocurrency units can be created. If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units.
4. Ownership of cryptocurrency units can be proved exclusively cryptographically.
5. The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units.
6. If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them.

What You Need to Do​​ - The How
How do I buy cryptocurrency?
While some cryptocurrencies, including Bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoins or another cryptocurrency.

To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies.

Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell Bitcoin and other cryptocurrencies. I personally like Coinbase because you can earn free cryptocurrency by learning about them! They provide free educational videos to further explain this new world of digital currency and all its many varied players! 

AS always, the more research you do the better. This is all new technology and new territory we are exploring, if you can go in with a guide, do so! 

The Kronos Digital Asset Group Consulting service provides support for all levels of crypto-curious investors

•  Get help learning cryptocurrency & blockchain basics.
•  Learn how to monitor your investment.
•  Learn how to buy, sell, or trade cryptocurrency.
•  Learn about exchanges, online wallets, hard wallets and cold storage.
•  Improve your security practices. Theft and loss are common in this industry.
•  Diversify your current investment portfolio.
•  Learn about various coins, block chains, tokens/ICOs and their real-life
• applications.
•  Understand basic tax laws around cryptocurrency buying, trading and selling.
•  Learn about cryptocurrency mining.

Click here to join Coinbase and to get $10 in Bitcoin! 
Connect with Portia:
IG @Kronos_digital_asset_group
FB Kronos Digital Asset Group or @KDAG2021 
Twitter @Kronos_cryptogirl



Source Articles:

1. https://www.nerdwallet.com/article/investing/cryptocurrency-7-things-to-know#:~:text=A%20cryptocurrency%20(or%20%E2%80%9Ccrypto%E2%80%9D,at%20times%20driving%20prices%20skyward. 
2. https://www.investopedia.com/tech/most-important-cryptocurrencies-other-than-bitcoin/
3. https://www.investopedia.com/terms/c/cryptocurrency.asp 
4. https://en.wikipedia.org/wiki/Cryptocurrency 

Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners. 
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now! 
3. Want more KASH? Sign up for the free newsletter! 

Shows: 
Previous: Digital Marketing with Lynne Holloman
Next: Crypto Currency Crash Course - With Portia Niles of Kronos Digital! 

​Written by Kash the bookkeeper  
Check out the last QuickBooks Online Tutorial you will never need here! 

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