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We’ve all heard the terms “crypto,” “bitcoin,” and “NFT” thrown around casually over the past few years, but what do they actually mean? averageMore importantly, is there anything worth trying to figure out? Especially as a busy parent with over a million things on my to-do list, cryptocurrencies are arguably easy to wrap your head around. Not a concept. However, even though it may seem strictly reserved for savvy financial professionals and tech-obsessed business associates, using cryptocurrencies is more than what you might think. much more accessible (and perhaps even more useful) than Whether you just want to learn more or just get serious about getting started, we have an easy-to-follow 411.
Kendra Cole decided to create TheCryptoMom App after realizing that current exchanges weren’t accommodating women’s tech tastes. It is a black-owned, female-run crypto investment platform with a mission to make crypto accessible and beneficial to every mother and everyone. parents. A financial expert and her mother, she offers perspective on how cryptocurrencies can help with parenting and serves as a perfect resource for mothers interested in the world of digital finance.
We had a chance to ask Kendra about all things cryptocurrency, so if you’re ready to overcome the biggest question of them all, read on. W.What the heck is cryptocurrency?
Kendra Cole
Co-Founder and CEO of The CryptoMom App
I’m sure everyone today heard As for cryptocurrency, knowing exactly what it is is still a bit confusing.
Cryptocurrencies are digital currencies. Bitcoin is the world’s largest and most popular cryptocurrency. There are also other types of coins such as Ethereum and Solana called altcoins. We like to say that Bitcoin is like Kim and altcoins are the rest of the Kardashian/Jenner sisters. There are various utilities that fall into four categories of digital currency.
What do you think are the biggest benefits of understanding and investing in cryptocurrencies, especially as a parent?
As a parent, I am always looking for ways to not only support my family’s current life (financially, educationally, etc.), but also to support our future. Bitcoin, especially since it was created in 2009, has seen its price go up and down, but other coins have come and gone.
As this industry continues to evolve, it is important that women, especially women, are educated about it, even at a basic level, and make the best decisions for themselves and their families. We know how it permeates our lives. Now that cryptocurrencies are out there, we don’t want to see similar gaps in knowledge and usage develop if women don’t invest early and often.
I wanted to create an opportunity for women and mothers to save time and leverage cryptocurrencies in a tax efficient way. And when I looked at what products and services were out there, none of them spoke directly to me or prioritized what was most important to me. bottom.
Source: David McBee | Pexel
How did you first become interested in cryptocurrencies and why did you decide to create the CryptoMom app?
At the beginning of the 2020 pandemic, I wanted to keep myself busy and learn something new. At that time, there was a lot of news that the price of Bitcoin was going up. So I started talking and learning with a few friends who were trying to figure out what they wanted to do.
But I wanted to do more with my investment. I was pregnant with her third child and wanted to educate myself not only for my own well-being, but also to be able to have these conversations with my children. . I wanted to make financial literacy, including cryptocurrency, a familiar conversation at the dining table every day. As a result, I started thinking more about what this means for my larger financial portfolio. Could I start a college fund for my kids funded by cryptocurrencies? Is there a way to use my income to plan for my childcare needs? Where are the other women using platforms that offer a great place to invest? How can you gift your loved ones with cryptocurrency in a fun and meaningful way, like a baby shower gift?
I couldn’t find anything, so my husband Lord and I decided to make our own. The CryptoMom app is the leading destination for all cryptocurrencies, by women and for women.
Our platform allows women to buy bitcoin online in just 3 easy steps, create tax and tax-free accounts, and gift cryptocurrency for special occasions like baby showers and graduations. can do. The app makes cryptocurrency more accessible and approachable for women and mothers.
What do you think is the most important thing to keep in mind when navigating cryptocurrencies?
I am not a financial advisor and cannot give investment advice. But in general, if you’re doing something new, it takes time to learn and understand what you’re investing in. It’s also important to find other women interested in learning and growing in cryptocurrency to ask questions and build a community. Women are strong together!
How is investing in cryptocurrencies different from investing in stocks?
First, let’s talk about the similarities between the two. Both stocks and cryptocurrencies are risk assets. This means that there is a certain level of risk regarding the price. There is a belief that buying certain stocks or cryptocurrencies will increase their value or make a profit on their investment. This is similar to if you want to invest in real estate. Based on many factors, we believe that some properties will be good investments and some will not.
In terms of differences, traditional stocks and cryptocurrencies are classified differently by the Commodity Futures Trading Commission (CFTC), an independent government body that regulates financial markets. The CFTC classifies traditional stocks as securities. In other words, when you buy stock, you are buying part ownership of the company. In contrast, cryptocurrencies are classified as commodities. Another example of a commodity is gold. In general, the more people use a commodity such as gold or cryptocurrencies, the higher the price (because there is a constant supply of that commodity).
Source: Mikhail Nilov | Peksel
What are the biggest benefits of investing in cryptocurrencies?
In general, investing in cryptocurrencies is often different from traditional investments, giving everyday people the ability to increase their profits and make themselves do-it-yourself. It has been limited to people with access to financial advisors. Also, I love seeing innovation in this space.Founder female creators from diverse backgrounds building creative solutions that help communities around the world, from NFTs to education to mentorship. and startups.
Why should you spend time understanding a currency that is not federally accepted?
To clarify, in America the only currency accepted by the US government is the US dollar. For example, British Pounds and Euros are not available in the United States.
Cryptocurrencies are being adopted all over the world. With other technologies, such as smartphones, it is common for wealthier countries to adopt first, followed by less-wealthy ones. The beauty of encryption is that it makes it easier for people to access what they’re trying to buy, because all they need is internet access.
We are also seeing cryptocurrencies becoming embedded in our daily lives. Whole Foods accepts Bitcoin as a currency, major banks are now getting into cryptocurrencies, and we’re seeing some big commercials during the Super Bowl!
There is a lot of skepticism about cryptocurrencies, arguing that they are highly volatile investments with scalability issues. Do the pros outweigh such cons?
When it comes to investing, I encourage people to learn what they’re investing in first, and always do what they’re comfortable with and what’s best for themselves and their families. Investing in any market carries a certain amount of risk. For example, with the massive tech layoffs we’ve seen at major companies such as Meta, we would expect stock prices to fluctuate following unexpected earnings results, but we may or may not be able to sell all of our stock. there is. We may decide to hold stock based on the fact that we believe the meta will eventually recover in the long term.
With other technologies, such as smartphones, it is common for wealthier countries to adopt first, followed by less-wealthy ones. The beauty of encryption is that it makes it easier for people to access what they’re trying to buy, because all they need is internet access.
I have a similar view on cryptocurrencies, especially Bitcoin. You may read the news about bitcoin price changes, which may or may not affect your buying or selling decisions. Knowing that we take an investment approach to investing (as opposed to a trading approach), the CryptoMom app offers a financial vehicle that allows you to invest in bitcoin for a long period of time like 529. education account.
You mentioned the 529 Education Savings Account. Should parents consider cryptocurrency as part of their investment in their child’s education?
As with all parts of parenthood, I believe that a family should do what’s best for them. striving for financial independence, seeking education, and advocating for them to stretch and grow in the way their heart desires. When I see potential opportunities, I want to be able to invest some of my money in my children’s future.
There have been talks about cryptocurrencies being phased out. What are your honest thoughts on that?
Rather than being phased out, I think cryptocurrencies are maturing and “growing up.” As in any new industry, companies and ideas come and go (remember when you had a MySpace page?!). The last few months have seen the consequences of regulatory failures and corporate greed, but that is not the actual technology, benefits and potential of cryptocurrencies. It is a failure of human greed.
I believe cryptocurrencies are ripe for innovation with new technologies and use cases. That’s what’s really exciting for me. Her NFT projects by diverse women around the world, a cryptocurrency affinity group committed to making blockchain education more inclusive and equitable, and access to capital and resources are finally getting a fair chance. We’re looking at startups by underrated founders.
This is one of the missions of the CryptoMom app. Women should have a personalized, inclusive and secure platform where they can learn and utilize cryptocurrencies in a self-paced and friendly way. We don’t need men manspraying us with products that literally ignore our tastes and priorities. We believe that women are the future of cryptocurrency and that together she and her The CryptoMom app will lead the next generation of female investors and changemakers.
What’s the number one piece of advice you would give to other mothers and mothers who identify themselves as women who want to improve their financial literacy but are at a loss as to where to start?
First, know that you are not alone. Research shows that most women are less confident in their investment decisions, yet women are often better investors than men. So get the confidence of a mediocre white man! And finally, know that you can do this. Whether you’re a SAHM or a working parent, women juggle so much that little things like cryptocurrency don’t sweat your back.
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