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Khaleej Times
27-03-2025
- Business
- Khaleej Times
Learning about cryptocurrency is hard, but it's worth it
If you're thinking about investing in cryptocurrency and bring it up to a friend or colleague, chances are they'll hit you with the same tired arguments: 'Bitcoin isn't backed by anything.' 'It's a scam.' 'It's just for money laundering.' I've been in this space for nearly eight years now, and I've heard every surface-level dismissal imaginable. But here's the truth – crypto is real, but it sure isn't easy. And that's exactly why so many people criticise it, without taking the time to understand it. Let's start with the obvious: getting into crypto is incredibly difficult. The terminology alone can break your brain. Even signing up for an exchange can be overwhelming. I've watched smart, financially savvy people give up entirely because they got stuck on a know-your-customer (KYC) verification. A family member almost gave up because he said the interface of an established exchange in Canada felt 'sketchy'. I get it. If you're someone who's used to trading stocks, crypto can feel like not just like uncharted territory, but a completely different universe – and in many ways, it is. Then there's the dark side: scams. Crypto is transparent, which means anyone can see your wallet activity. This also means bad actors can airdrop you tokens, and if you interact with them, your wallet can be drained. I've seen it happen to multiple people in my crypto groups. It's terrifying. And the sheer volume of scams – fake giveaways, phishing links, people sending DMs on social media, pushing fraudulent projects that end in rug pulls that are tragic for the masses who invested – means that discernment isn't optional, it's everything. The level of personal responsibility required in crypto is almost unparalleled. If your assets are sitting on an exchange, there's always the risk of losing them. FTX is the one everyone remembers, but exchange collapses have been a recurring issue. (One of my wise circle of mentors would have $35 million worth of Bitcoin, if only he hadn't kept it on the Mt Gox exchange) Even established platforms, like Dubai-based Bybit, have had breaches. The phrase 'not your keys, not your crypto' exists for a reason. But transferring assets to a private wallet brings a whole new set of challenges. Managing your private keys, keeping track of seed phrases, and ensuring you don't accidentally lock yourself out of your own money – it's a learning curve most people don't have to deal with in traditional finance. If you don't double-check the address, or you send to a wallet operating on a different system – your crypto can disappear into the void. I once sent funds and couldn't find them for days – it took a ridiculous amount of troubleshooting to recover them. There are scam addresses designed to trick you, too. You have to be meticulous, diligent, and willing to double-check every transaction. For most people, the barrier to entry is simply too high. I started with Bitcoin and Ethereum, and for a long time, I stuck to major projects. But I wanted to get into altcoins, and that was a whole new challenge. You can't just go to an exchange and buy certain tokens directly. It's the opposite of user-friendly, particularly at first. The average person isn't going to jump through these hoops – and I think that is why the space remains pretty niche. But for those willing to put in the effort, the opportunities are huge. Emerging projects, decentralised finance, real world assets, new blockchain innovations – these are changing the future of investing. Crypto isn't just about making money; it's about participating in something transformative. Also, you can just start with an exchange like Coinbase or Finance, which operate much the same way as stock trading and investing online centers. So how do you even begin to make sense of this space? The best approach is to be methodical. I did that by joining several crypto communities of people who seemed like they knew what they were doing. I took courses with a Texas-based entrepreneur and marketing specialist Mike Dillard and former banker John Vasquez, who is Coach JV on TikTok, working through video lessons and live calls that covered everything from security to wallets to exchanges to reading charts. Be warned, this is the kind of space that just pulls you in – there's always more to learn. If this all sounds like a lot of effort, it is. But the returns, in financial growth, confidence, perspective and the people you encounter, are absolutely worth it. Being able to navigate this system – the future of investing, of real estate and a host of other assets – is empowering. And once you get past the learning curve, it's actually kind of fun.
Khaleej Times
21-03-2025
- Khaleej Times
Losing sleep over Bitcoin? How crypto helped me get over my fear of money
When I started in crypto, I had some of the strangest fears — ones that make absolutely no sense to me now. And looking back, the things I wasn't afraid of surprise me even more. My biggest, starting out, was that I wouldn't be able to get my money back out. Which, in hindsight, is ridiculous. If I could figure out how to put money into crypto, obviously, I could figure out how to take it out. But for some reason, I just didn't trust myself to be able to navigate it. Little did I know that seven years ago, even recently, people had their bank accounts shut down for dealing in crypto. Then there was the stress of keeping track of all my keys and passwords. When you use a crypto exchange, it's just a username and password — like any other website. But when you create a new crypto wallet, it comes with a set of keys. These are random words that act as the key to your funds. Lose your keys, lose your crypto. But also: 'Not your keys, not your crypto'. Because exchanges can go bust (Mt Gox, FTX) and be hacked (most recently, Bybit). I quickly learned that where and how people store their keys is a deeply personal decision. Some people circle random words in a dictionary. You're not supposed to store them in Google Docs or on your phone. Some use password apps or special devices. And this fear isn't unfounded. There are people with millions of dollars in crypto they can't access because they lost their keys. And then there's the infamous story of a guy whose hard drive, containing a fortune in Bitcoin, is sitting in a landfill somewhere. There is a legion of people ready to pounce, hack and steal your crypto. And coming up with new ways to do it all the time. That kind of thing can keep anyone investing in crypto up at night. If you do figure out a personal security system that works, hackers are always one step ahead anyway. Chris Larson, the co-founder of Ripple, reportedly had $150 million in XRP stolen when his password manager was hacked. There are also new crypto gangs targeting people in real life who have publicly talked about their stashes. And sending money? That terrified me, too. Crypto is complicated. It's not like buying a stock. If you're purchasing an altcoin on the Ethereum network, you first have to buy Ethereum, then swap it into the altcoin you want. Sometimes, you have to buy Ethereum in one place and send it to another wallet. And you wouldn't want to send Bitcoin to a MetaMask wallet — although MetaMask is making changes to allow that. At first every single step of the process felt like an opportunity to make an irreversible mistake, with so many bits and pieces to keep track of. It's gotten easier, but it still gives me pause. For a long time, I was even scared to talk about crypto. Not because of security concerns, but because people were dismissive, condescending — and sometimes, outright rude. I've realised that for many people, it's just a bridge too far. My late father, who was in finance and business, wanted nothing to do with it. I once visited his home, eager to discuss what I was learning, and he shut me down with, 'I do not want to talk about Bitcoin!' It was too much for him. People tend to reject what they don't understand. And who can wrap their head around a new form of money, and a new kind of financial system? What I didn't realise when I started was that crypto wasn't just about investing — it was about facing my fears. My fears about finance, security, scarcity and even my own worth. In the spring of 2023, those fears hit a peak. At 53 years old, all my friends were suddenly talking about retiring. I spent months freaking out. How am I going to do this? What's my plan? Why didn't I save more? Where's my rich husband? Then, one day, floating in the ocean in Koh Samui, staring at the sunset, I had a realisation: If I live to be really old, I have time. If I die soon, I have enough. And if it's somewhere in between, I have enough for that too. That moment changed everything. And crypto changed me. Every step in my journey — every wallet, every transaction, every fear and resistance level I had to push through — was an exercise in self-trust and resilience. The scares never fully disappear. But doing something over and over that scares you until you are versed in it? That's how you shift your mindset. That's how you grow. Crypto is more than an investment. It's a test. It will push you to your limits. And if you let it, it will change you in ways you could never have imagined.
