Chelsea, Sam and Rich discuss the rise in crypto and digital currencies. We’ve recently implemented crypto payments onto a website so listen in to hear all about this asset and how it might be useful for your business or you personally. No financial advice is given in this podcast – please do your own research before investing.
In this episode, we’re going to be talking about cryptocurrency.
Hello, and welcome to this week’s episode of so what’s up? I’m Chelsea and I’m here with Sam and rich and we’re going to be talking about crypto. Just a quick disclaimer though we are not giving any financial advice. So don’t take what we say as gospel, make sure you do your own research before committing to any crypto purchases.
Yeah, suppose today isn’t really advisory on what to buy and what not to buy. We’ve all got a little bit of experience with crypto. It’s more relevant than you think the weather has been a marketing web agency. We’ve actually implemented crypto purchases within a website recently, some sat next to me Did it not long ago. It’s working quite well, although not many transactions through cryptocurrency a few years ago. It was in its infancy, nobody thought it would stay around. And it’s it looks like it’s here to stay. I think it’s probably a fifth or sixth biggest asset at this moment in time. So
yeah, so I think at the moment, it’s outperforming every asset base that’s going especially some of the some of the smaller alt coins and Bitcoin had a massive spike towards the start of the year. And that’s when I started getting interested in it and wanting to learn a little bit more
about like some sums now a very new investor into cryptocurrency. He’s excited about all things crypto excited about a two pence increase a 10 Pence loss have sleepless nights a bit like myself, I’m a little bit more of a mature trader, let’s say I do the odd trade. I’ve been invested in Bitcoin for a few years now. And Ethereum. I wouldn’t say large amounts of money, just just play with a little bit of petty cash, let’s say just to see how the market goes is quite exciting. Don’t get me wrong, I’ve had sleepless nights as well. But I’ve now learned how the market works. And the retail investors that panic buy panic sell sorry, buy into a panic sell at the slices of drops is what causes it’s, it’s random fluctuations really. But it seems to be this year from January. The first especially investments are mainly from, from from large corporations, really. So it’s a very different kettle of fish. Now, I’m sure everybody sees it on social media quite often, the likes of Elon Musk and Tesla, buying, I think it was $1.5 billion worth of it like it was nothing. He sent me the same again, if not more, I think in profit. Michael Saylor, one of the biggest investors in the world, continues to buy bitcoin in the multiple millions of dollars, as often as he could possibly raise the cash. So it just gives you an understanding that if if these big players are investing in it, then it’s here to stay. And the only way it’s going to go up, that’s pretty much guaranteed. It’s just how long you’re willing to wait, or how long you want your investment to, when it when it needs to pay out for you to pay the bills, let’s say or to buy a nice car or a house or, or whatever you may be looking to buy. It’s something that will run out, demand is increasing supply is decreasing. So I think it makes perfect sense, we know what direction it’s going to go in is just got some volatility along the way that might scare a few people.
But that’s what makes it fun for us. It can be fun,
unless you’re investing lots of money, then it gets a little bit scary. We’ve got other people that we know they invested a lot lost a lot, had that panic sell moment and then weren’t in it for the long run. Let’s say I bought in I lost everything I say lost everything, the value of the asset dropped. And then a year later had an alert to say that things were going great. So logged in, and it was looking a lot better than my initial investment. So I was quite chuffed. But yeah, it’s not going to change the world. I’m not going to retire, buy a yacht, or even a car or even a bike. But it’s still exciting. It’s exciting.
I think with any investment though, just just the way I see it as I don’t invest money that I wouldn’t be happy to lose any weight or to kind of not touch for a few years. So if you go in with that mindset, you can just enjoy the ups and downs
so it’s a lot nicer losing pennies rather than pounds. For myself
gaining pennies and pounds I’m gaining pennies and pounds.
Yeah, since since Sunday today’s Monday.
So with crypto then rich, did you did you get into it with Bitcoin first of all?
Yep, pretty much Bitcoin straightaway. And it’s been like that for a long time. I’m now invested in a number of alt coins on a small level and nothing too exciting. I follow up quite closely on a daily basis than us and keep an eye on the markets and things just to see. But again a bit like you guys and pretty much everyone I know which we just enjoy Little bit little and often when we can and just see how it goes. Don’t get me wrong at times, I’ve wished I’ve had a million dollars to throw into it. Because the markets almost predictable at times. But I think I invested in crypto because while we’re all techie, we’re quite geeky. And I saw it as being something that may be the future, having an asset that didn’t require the banks, you can transact with it now. So I think that takes us in a totally different direction, the likes of visa involved. So turning it into a currency on the fly to make a purchase for that sandwich. The sandwich, it’s now two pound 50. That next week, maybe. So it’s Yeah, it doesn’t to me as a transactional currency, I don’t think I don’t, I wouldn’t use my bitcoin to buy a sandwich, for example, because it just doesn’t make sense. As a market as it is now, in the future, it may be a little bit more stable, a bit more mainstream, and not be increasing as much, but I don’t know, I don’t know, without getting too technical with it. It’s at the minute, it’s extremely exciting. It’s going in the right direction, people are investing in it. A year ago, I checked somebody, no one would know anything about it. Now, even my mother knows about it, she’s invested in it, and she sends me a 3000 pound profit. So she’s extremely excited. And her investment wasn’t all that much. So she constantly talking to me about it. And other people, I wouldn’t say if I force on people, but if they asked me about it, I will advise. And I’ll always advise, just invest whenever you want to invest really, because and whatever you can afford to lose.
Yeah, no, that makes sense. So going back then to the.com bubble, when that was all rising, would you compare the Crip to rise in interest to the.com Bubble back a few well, 20 odd years ago, whenever it was, because a lot of people online are saying it is like that.
It’s a comparison to let’s say, a tech trade investment. So if you invest in Apple or Google or, or even in this day and age of social media network, if you invest in Facebook, tick tock, everybody else early, and they boom and go really well. There’s a lot of people who just invested in new tech startups, or new apps that are developed based on social media, and then they hope for one of them to do really well. And that’s basically a very similar thing, it’s an asset, you’re not investing in a currency, or gold or silver, you’re investing at this stage in an asset. And that’s one thing to bear in mind. cryptocurrency is an asset. It’s not a it’s not a currency. So that works in a very different way. Hence why I think Bitcoin, it may not only now, but it’s very close to it’s like a ball Facebook, for example, in worth, and maybe even Tesla. So it’s it’s going, it’s going in the right direction, it’s going to stick around, there’s going to be some regulation in some some some point, any profits, you should declare tax wise and pay your tax on them. I think that’s the, that’s the issue at the minute or something that’s been regulated slowly and, and being bought on by their, by the exchanges that are doing the transactions, so they should be able to incorporate that to make it all a little bit more, let’s say controlled and legit, something that cryptocurrency was bought about to get rid of, in a way, it’s crazy.
Now, certainly very rarely, because I know a lot of people, especially with fiat currency and stocks, the kind of they’re worried sometimes about having to pay the taxes on them, especially at the larger amounts, like not like mine in some level of like 25 Odd quit here and there. But yeah, I guess, if they actually do start regulating Bitcoin and making it taxable, then they’ve kind of got rid of what makes a market special,
I wouldn’t say was the tax side of things. It says they can’t profit from it. And that’s the thing, so that there’s tax to be made on the gains like any, like, like any asset somebody owns. If you gain money, you owe tax, it’s an income. So that’s fine. I think it’s the fact that there’s a bank, they’re holding your money, making interest on that money, giving you very little back because they’re lending your money to somebody else and making more money. So there’s central person that controlling that, that that whole transaction between the lender, between the lender and between the the, the investor and the central person making all the profits. Where is it this they’ve got rid of that central bank? Central Bank is no longer like operational in a way it’s a it’s a currency that operates by itself.
Yeah, and I think this is a way for like the individuals to see like, so I can put my money into crypto and I know that that money is working for me, especially when it’s going up. Whereas if I put my money in a bank, I’m actually losing money on it because of inflation rates and the reduction in the middle. Especially Yeah, but as we look through and as we see it I don’t particularly see the market changing very much at the moment because of how it’s being propped up by everything. Whereas crypto is so volatile at the minute that you can, almost you can manipulate it in some senses because you know, when people are going to start panic selling, and then that’s when a learned person would go in and just start putting more money into it to try and hopefully gain on the next rise. Yeah,
this this weekend, for example, it dropped 10% or more, some bought in, we saw the opportunity bought in just to give it a little bit of a try. And then he gained as it starts to creep back up again. Volatility is something that can be it doesn’t get affected by social media, the tweet does affect it as we found out Dogecoin is a typical example of that. And we both both went for that just for a laugh, a very small investment, but we went for it and it’s been paid dividends this week. Next week, we might be saying different things. But it is a bit unpredictable, some of it, but so we’re stocks and shares, Apple shares the same.
Definitely. And I think social media is such a good thing as well, because we’ve all heard the stories of like, when Kylie Jenner tweeted about like Snapchat and how annoying she found it their shares like fell and fell on the backside. And now whenever Elon Musk tweets about whatever Bitcoin he’s doing, or like, whatever old coin, he’s like, onto next, they seem to go through the roof.
Yeah, retail investors jump on it, assuming that it’s just gonna be the future. And at times, they do well out of it. But you’ve got to invest real money to make some quick gains, or you’ve got to trade to trade the market with dollar cost averaging up and down, buying and selling constantly becomes a full time job. So you’ve got to invest enough and not have the anxiety or the knee jerk reactions to just sell out straightaway. You’ve got to know an awfully grip gets quite complex with all investing.
I think so I think, well, what do you think Sam is a newly newly acquired asset holder?
I think it’s quite scary to a degree, how much influence are these big people have on the market such as you know, Elon Musk, and anybody who has a decent following on any social media really to start influencing the process? If it’s Bitcoin or any other alt coins or whatever? It’s quite scary. But if you’re on the good side of it, then you are you can’t you kind of owe a lot to semester Muscovy. If you were like you, you guys obviously, invested. When those cream was what around five, six pants, and now it’s 23 or something. So yeah, I mean, you guys are like tripled or quadrupled your money. So it was? Yeah, it depends which side of the fence you fall on? Obviously, it’s a it’s quite a I think with corporate game at times.
Yeah, I think with me, so I didn’t really well, before all this. I didn’t know anything about investing at all and didn’t really not very financially literate. I am trying to change that now. But one thing that I do know quite a lot about is social media and the influencer landscape. So the reason that I thought I’d buy in today’s in one, it was a joke, like I literally invested in a meme, but also everything that makes a good social media. Kind of like persona is user generated content. And there is so much for Dogecoin on Twitter and Tik Tok a really strong sense of community. And I’ve never heard people talk about any crypto as much as they have Dogecoin people that absolutely demand for it. Then there’s a kind of like influencer base as well. And you’ve literally got Elon Musk, which most people see as like one of the gods of crypto, who seems to endorse this, this currency base. And that’s actually what made me want to invest in it not because I understood anything about it, it was just because I saw it as a really strong community and thought, You know what, this has got legs.
So that’s one thing you’ve got to bear in mind these crypto currencies. They’re not just they’re not just an asset that floats around for fun. They are projects, projects they’ve got, they’ve got their mind. They’ve got computer systems, they’ve got multimillion pound investors, they’ve got really clever people running these projects, doing good things, and offering their net operating there. They’re blockchains as networks that people can access to use for whatever. So it’s, it’s there’s a bigger picture. And sometimes you could go into the detail to to go into the detail and look at a project that you want to invest in just like you do a stock on a share. So I did want for example, I follow a number of people and Cardano ADA is another cryptocurrency it’s doing really well. And again, you look into the project and you invest for that reason. Not just because everybody’s talking about on Twitter, but Yeah, that’s that tends to be the the majority of serious investors do that. We all went for Dogecoin because it was a laugh. I don’t think anybody put any serious money into it, but wish they had now. Yeah. But then the moment comes, will it drop? Shall I sell whilst it’s
gaining popularity as well? And you just kind of try to ride that wave as it goes up with value as well. Because obviously, you can’t help but feel that will be luck and inevitable crash. Obviously, the underlying whole mantra of the of the crypto is, is it’s a meme currency.
Yeah, just a particular one in general. But, yeah, just I think it’s number five today.
I think so last week, it was it outperformed every single asset class, pretty much in the world. Dogecoin did, it was like the best performing one, which was just insane. And like most of my friends Finchem, absolutely mad because I basically invested in a meme.
Yeah, I think yesterday when it went up, and went down like 10%, all the way from like Bitcoin to pretty much NFM. I feel like Dogecoin was like the only real gainer. And in. So it was, it was pretty much.
And I think there’s so many things as well, like, not even just in Kryptos, and like the actual currencies, but also the platforms as well that are starting to take this on. So for example, Coinbase, which is one of like the biggest, I guess, crypt to provide changes. Yeah, they’ve just gone public, haven’t they
just listed, which is which is a big move. And a very, very, very, very big move for cryptocurrency. But they’ve been around a long time, I think I downloaded the app when they not long after they first started really. And then when we did, when we did investments, it’s changed so much since it’s not seen as seen, it’s very simple. So anybody can just use the app is great here in the UK. And it’s a simple app to use. But you can get a lot more complex like things like by Nance that can you can get really complex in the way you invest. But again, it’s let’s be honest cryptocurrency that we’re focusing on it as an agency because it’s going to be a method of payment, it’s going to be a method of payment, it already is a method of payment, I believe, Tesla while a few weeks ago, they put on their website, you can buy a Tesla cryptocurrency. And that’s the way things are going nothing. I said that the direction we’re gonna have to implement in website. So that’s why we looked into it a little bit more bought, we are actively invested anyway and have been for a number of years. So we follow the market. It’s just it’s just exciting to see where it will go, and how these individual countries like China and even the UK now on about talking about their own digital currency, which is crazy. It’s crazy the direction it’s going in. I don’t think it’s it’s predictable. But this is one direction I truly believe bitcoin is going to go in and that’s the only way it can go is up. Aetherium is doing absolutely fantastic at the minute. But last month or so I think every single one of them hit all time highs. Yeah, people are invested in COVID, in a way helped it freed up cash. People weren’t going out and spend it on meals and holidays and things so they spent it on cryptocurrency.
Yeah. Oh, all the stocks and shares as well. But I think as well, with the rise in the proliferation of them, I guess advice out there now on channels like YouTube and Tik Tok. Not all good advice either. But I think now that information and learning online and free social media is becoming such a big part of everybody’s lives. I think more people now don’t see things like Bitcoin or stocks and shares as things are super complicated that they now need professional help. And I think it’s something that people now feel comfortable that they can start to do and then themselves.
Yeah, the big the big players don’t like though. So we saw similar with the whole Gamestop stock stocks. No, no, it was just your average Joe just straight on the stock market and making a lot a lot of money out of it, which all the big hedge funds and on Wall Street weren’t too happy about so
no, no, but now they’re all getting invested in cryptocurrencies. It’s very, very different picture. They’re investing in people who who trust them with their pots of cash, saying invest in cryptocurrency. So that’s the direction these investment firms have been able to go in. I believe now the market cuts more than trillion. It’s now also accessible by insurance companies and things like that. So everybody’s going to be invested in even countries are invested in it. Councils are invested in it. It’s it’s happening globally. Now. From our point of view, I there’s there’s there’s a lot of advice out there. All I’d say is if you are thinking of investing this is just my advice. You go to YouTube straightaway. To get some information, there’s a lot of clickbait there’s a lot of people who know a little bit, but not enough really, to make informed decisions. There’s also some serious traders, the biggest subscriber bases on YouTube, they’re taken, they’re not giving advice, but they’re showing you their trades actively. It does make you feel a bit jealous at times, so on. So $10 million. They’re living in Dubai, and we’re locked down at home in Britain on a rainy day, it’s a very different life. But you look at it, you follow their investments and and majority the time it pays off. But all I say is zoom out on the graph and have a look, it’s only ever gone in one direction. There’s been some peaks and troughs, but along the way, if you look at all time, it’s only ever gone up. So just bear that in mind.
I think as well like, because I’ve not really looked at any YouTube videos, I’ve started just reading general investing books that teach you about like the economy, and how to invest in a sort of mindset that you need to develop to be able to actually manage risk and know the difference between risk and risky. And I think that’s helped me so much in terms of like coping with the volatility at times. And I’ve only started off like, incredibly small. But I do feel that that now my knowledge is growing and the fact that like, I’m able to kind of like deal with the risk on like the hundreds of pounds level, I’m definitely going to start putting more into it as, as my finance awareness
book. So it’s it’s an old school route to go down on such a quick digital market, that the almost when a book is published, the market changed.
It doesn’t give you like, I think, so what I wanted to develop was the mindset about like, how to invest in how to do it. Yeah, basically, that and just some fundamental principles, not the kind of like the text and technical functionality, because like, with managing social media accounts, like obviously, I need to know how Facebook works everyday. And functionally, it pretty much is always difficult, like different and it changes and you have to, I guess, manage that change. So that’s something that I’m quite used to doing on a day to day basis, but the fundamental values that you have to have, and the kind of like frameworks that you have in place, they don’t usually change like, whatever asset you’re doing like gold, silver, fiat currency cryptocurrency, the frameworks remain the same. It’s just the tools that you use to do your investing. They’re the ones that change.
Yeah, the angles still the same. Yeah, so that’s totally fine. If you do want to keep on top of like, as it happened, his news release got aggregator coin Gecko, they offer an app. Really good website, really good app, you can set up alerts as well for the cryptocurrency if it drops to a certain level, or if it increases by a certain level. It’s a really good app for news as well credible news as well that you can keep on top of so I always recommend that.
Yeah, I’m just always very game back to what you said about YouTube and sets, I can figure out that there’s always some people out there as well, they were just putting this stuff out just for their own self gain. So by all the hour, much of the currency they’re willing to invest in before they put the video out. Depends on how much sway they’ve gotten the market. Of course, it doesn’t make huge waves sometimes, but they’ll always be people are just out there for the self gains at the expense of you know, the average trader as well sometimes which is
and I think people that try and like on tick tock as well, I’m sure you’ve come across this some people that try and sell you like courses to like, learn how to do it. And it’s like, oh, $19 for this course. And like, hands down, if they were that good at trading, they would not be selling a $19 course, like they just be making their money purely through trading. That’s why there’s
quite a few YouTubers out there that they accept donations, but give it to charity. And they recommend that if you do make profit and you want to give back, give it back to local community, give it back to homeless people less fortunate. I agree on that. I think that’s a great ethos I have. There’s also there is a benefit to some of these YouTubers, they’ve they’ve gained quite a following. So the exchanges are working with them. They’ve given affiliate links that sometimes you just think oh, not another affiliate link, but but I’ve done it myself and other people, you click click the link to some of these exchanges. And when you register and start to trade depending on the amount you trade, you can get some hefty bonuses to trade with. And I think a bit like the betting apps and things that aren’t they used to be like that. And still, I suppose recommend a friend and get a kickback and and because of that, there’s some bonuses to have. So if you’re thinking of investing in don’t just download the app, try and get an affiliate link of some sort. So, so you do get a kickback.
Yeah, there’s some coin based ones where I’ll give you $10 worth of bitcoin or whatever. Just refer a friend.
Yeah, there’s some binance ones that give you $750 Yeah, there’s particular YouTube and he’s got some really good ones. But again, when you click the link You go through T’s and C’s, you start to break it all down, you’ve got to invest quite heavily to get the maximum bonus, which is fair enough, isn’t it? Boy is something for nothing. So definitely registered through some kind of link.
So some you have implemented crypto payment now on our website, how was that?
It was very new and unknown to me when I did it. But obviously, as crypto gets larger and larger Bitcoin, especially, which is what the site handles, it’s, it’s, there’s a lot more integration and help on different platforms you can use in order to take payment, which was at the start quite pleasantly surprising, really, just because of how, how there’s such a, such a, like an unknown, just because of how like, regulated it as and stuff. So obviously, as Rich mentioned, as well, if you make gains on it, do you should you pay tax on it and stuff like that? So? Yeah, I mean, like I say, there was a lot of help via API integrations and stuff to make it all work. So it was a lot easier to anticipate the the underlying message. Yeah.
And do you think that this is going to be a trend that we’re gonna see with clients asking us to incorporate onto their websites within the next few years?
I think? Absolutely. Yeah. Just because of a few different things really. Like we, we look at 2020. And even now, with, with the pandemic, I mean, I’ve, I’ve always kind of been under the belief that we will have like a cashless society at some point where, you know, we just fail out that the pandemic kind of helped to demonstrate up with no one wanted to really pass cash to each other so much at some businesses just said, it’s card only. Yeah. See, if you’ve got a digital currency that you can use to pay for things rather than physical cash. Then I just feel like that’s, as technology keeps evolving. That’s just the way things will go. So I definitely think it’s something that I’ll be doing more of as a developer on websites. Yeah, but I mean, bring it on, let’s say,
bro. So I guess if you do want to learn more about crypto and how you can incorporate it into your website, and we can now say that we officially can offer that service. So get in touch with us at Hello at SU marketing.com