Lesson: Common Myths and Misconceptions

hi everyone this is mario and welcome to the last lesson of module one introduction to cryptocurrency and in this one we are going to be talking about common myths and misconceptions about crypto let's get started so many people are confused or misinformed about crypto but we're going to break down some of the most common myths and explain what's true and what's not true So myth number one, crypto is only used for illegal activities. We've certainly heard this time and time again on mainstream media. So the myth is that crypto is only used or that crypto is just for criminals and hackers. But the truth is, crypto is used by millions for legal investments, payments, and innovation. So just like cash, it can be used for good or bad. Big companies, banks, and governments are entering the space. Myth number two, crypto isn't real money. The myth is that it's just fake internet money. But the truth is, crypto is real digital money. Bitcoin is legal tender in countries like El Salvador. You can buy goods, services, and even real estate with crypto. Myth number three, it's too late to get in. The myth is, if I didn't buy Bitcoin early, I missed my chance. But the truth is, we're still early in crypto adoption. Blockchain technology is just beginning to disrupt industries. There are many new opportunities beyond Bitcoin. myth number four and we've heard this so many times as well crypto is a scam so the myth is crypto is all a scam but the reality the truth some projects are scams bad actors exist in every industry but crypto itself is not learn how to research legit projects like any investment education is key And myth number five, you have to be a tech expert. The myth is that it's too complicated, I don't understand tech. But the truth is, you don't need to be a developer to use crypto. Wallet apps, exchanges, and learning platforms make it simple. With the right guidance, like joining this community and doing these courses, anyone can get started. So let's take a look at some key takeaways from this lesson. There's a lot of confusion out there about crypto, but with the right knowledge and mindset, you can see through the noise. Don't let outdated beliefs or fear hold you back. This is your chance to learn truth and take control of your financial future. Let's take it to the three main takeaways. Number one, don't let myths stop you from learning. Most people miss out because they believe misinformation. You gotta stay open, you gotta stay curious, and you gotta ask questions. Number two, crypto is real and crypto is legal and crypto is still growing. Governments, companies, and everyday people are embracing it. It's not just the future, it's already happening. Number three, do your research and get educated. You don't need to know everything today, but if you keep showing up and learning, like attending these lessons, you'll build the confidence and clarity to move forward. That is it for this one. Congratulations. You have completed module one, introduction to cryptocurrency. In the next module, module two, understanding blockchain technology, Jackie is going to be talking about what is blockchain. We'll see you there.

Lesson: Public vs Private Blockchains

Hi, this is Mario. And in this lesson, we're going to be talking about public versus private blockchains. Let's get into it. So public versus private blockchains. In this lesson, you learned the difference between public and private blockchains, two core types of blockchain networks. We'll break down how they work, why they exist, and where each one is used in real world. Whether you're exploring crypto or curious about how businesses use blockchain, this module will give you a clear understanding to both. Let's get into it. So what is a public blockchain? Number one, it has open access. That means that public blockchains are open to everyone. Anywhere, anyone, anywhere in the world can create a wallet, join a network, and interact with the system freely. It's also transparent, meaning that every transaction is visible to the public. You can verify activity at any time through blockchain explorers like Etherscan or blockchain.com. decentralized or decentralization. That means that no central authority controls the network. Instead, thousands of independent nodes maintain and validate the blockchain through consensus. And then it's using crypto. So most major cryptocurrencies operate on public blockchains. Those are the ones that we talk about here in the academy all the time. Bitcoin, Ethereum, and XRP are all powered by these open networks to ensure fairness and trust. Now let's get into what is a private blockchain. Number one, it has restricted access. So that means that unlike public blockchains, private blockchains only allow selected individuals or groups to access or participate in the network's activities. Number two, it also has controlled permissions. Permission networks limit who can read, write, or validate transactions. administrators define access levels for each participant. Number three, there's centralized management, meaning that a single company or small group typically controls the chain. This allows for faster decisions and the more efficient structure overall. Then it's used in business, meaning that enterprises use private blockchains for things like supply chain tracking, banking operations, and internal data sharing where control is needed. Let's take a look at the key differences. So when we look at things like access, control, speed, transparency, and use case, first looking at access, a public blockchain is open to anyone. A private blockchain is restricted to selected users or users that have access, that have been given access by the administrator. From a control basis, a public blockchain is decentralized, meaning that there's no one central entity, no one central person that has control over the blockchain. A private blockchain is centralized, or it can also be semi-centralized, meaning that there is an entity or that can be entities that control the blockchain. Then looking at speed, a public blockchain can typically be slower versus a private blockchain being faster. Again, less volume, less nodes allowing for it to be faster versus a public blockchain, which has more nodes for obviously the validity of the transactions and all of the like, and that can make it a little bit slower. Transparency, a public blockchain, fully transparent versus a private blockchain being limited with visibility. It can even be completely private. It all depends on the configuration of that private blockchain. Then we have the use case. So public blockchains, typically the use cases that we know today, crypto, DeFi, NFTs, obviously crypto, RWAs, tokenization, all of that falls in the public chain realm. Private blockchain, We're talking more along the lines of supply chain, banking, anything that involves leveraging blockchain technology, but keeping it private. So companies and enterprises leveraging the technology without having it from a public access standpoint. So which one is better? The reality, there's no best. There's just different use cases. So again, public chains, they're best for trust, openness, and transparency. Private chains, they're best for privacy, speed, and business control. Let's give a real world example. A public blockchain, let's use the example of Bitcoin. It's public. Anyone can send or verify transactions. All the information is available online on browsers, blockchain browsers. So obviously blockchain.com or Bitcoin, you can paste in an address. For Ethereum, you've got ether scan. For XRP, you've got XRP scan. You can put in your wallet address. You can see the balances. You can see the transactions. It's open to the public. A real-world example of a private blockchain is, for example, Walmart food tracking. It's private. Only approved users can update, view the chain. That means that only internally, and they can even define types of access, are going to be able to see what's on that private blockchain. Let's take a look at some key takeaways from this. So public and private blockchains serve different purposes. One offers openness and transparency, while the other provides control and privacy. Knowing both helps you understand how blockchain is used today. Three bullet points from this whole presentation. One, public equals open and transparent, meaning that anyone can view and verify all blockchain activity. Number two, private equals controlled and restricted, meaning that access is limited to approved users or companies. Number three, each serves a unique purpose. Use depends on goals like speed or openness. That is it for this lesson. In the next one, Gonzo is going to take you through consensus mechanism, proof of work versus proof of stake. We'll see you there.

Lesson: How to Set Up a Crypto Exchange Account

Hi, this is Mario. And in this one, we're going to be going over how to set up a crypto exchange account and even show you how to do KYC and verification. Let's get into it. So how to set up a crypto exchange account. In this lesson, we'll walk you through how to create your first crypto exchange account, including how KYC, which stands for know your customer verification works. It's easier than you think. And this is your first step towards buying crypto safely and legally. Let's get into it. So let's do first a quick overview of the steps, and then we'll go into detail into each one of these steps. Step number one is choosing an exchange. Pick a secure and trusted platform that works in your country. It can be different for even in the United States, depending in which jurisdiction you're in. There are certain platforms that have more accessibility than others, depending on your state. Coinbase is usually a great option. They're a public traded company. They're also available globally. I like to assume that Coinbase is probably available in a majority of the world. A choice number two for me tends to be Kraken. Choice number three, Crypto.com, Uphold. A lot of these other exchanges also really, really... reputable but essentially you want to pick one that's trusted and that works in your country so definitely do some research at into what's available for you step number two is going to be creating your account so you're going to sign up with a unique email and the strong password we're going to get into that further in this in this lesson step number three verifying your identity that's your kyc your know your customer which means submitting a government issued id and a selfie which is required for security Lastly, step number four is going to be enabling two FA stands for two factor authentication for protection. And we're going to be showing you how to set up two factor authentication to keep your account safe. So let's get into it. Step number one, choose a trusted exchange. Pick a platform that fits your needs and location. So what do you need to look for? Number one, regulated and secure. So that's why I gave the example of Coinbase. Coinbase, highly regulated, public traded company. They have to disclose all of their activities. So chances of there being bad actors in Coinbase are obviously very minimal because of that. So that tends to be my number one platform of choice, Coinbase. Number two, easy to use interface. Again, Coinbase fits the criteria a lot. I find that Coinbase is a great platform for people that are just getting started. Not promoted by Coinbase. I'm not trying to promote Coinbase. Definitely do your own research. Another one that I really like as far as interface, Kraken, Crypto.com. They've done a really good job at making it a very easy to understand and easy to use platform. platform, Uphold, another great intuitive app that you can download. So definitely do your research and choose the one that fits your research. Number three, active customer support. You want to choose a platform that if you run into anything, you can reach out to them for support. Coinbase does have an option to reach out to their customer support. They have live agents that you can communicate via chat and even communicate via phone calls. Not too sure about Kraken, definitely via email, but I don't think they have phone support. And then number four, good reviews and reputation. So again, you're going to find negative reviews with all of them, but the general consensus is that Coinbase, Kraken, and then the other ones that I mentioned, they too tend to have very good reviews and very good reputation. They've been around for a good number of years. And as I state here, some of the examples, as I've already mentioned, Coinbase, Kraken, Uphold, Crypto.com, Definitely do your research. You may be in a jurisdiction where there are others available. I know Canada certainly has other exchanges. Newton, Wealthsimple, every country is probably going to have specific ones. Definitely do your research and go with one that you have found to be trustworthy and reputable and obviously regulated and secure. All of those things definitely matter. Step number two, you're going to be creating an account. So what you need to do is you need to use a unique email. Now this is sort of a security slash best practice suggestion. Using a unique email for your crypto exchange account is going to isolate the activity of that email to specifically that exchange. meaning that if your other email, your email that you've had for years, that you used to register with everything else, that gets compromised, leaked into the dark web, they won't be able to use that to try and sign into an exchange. So it's a great practice and I always recommend it and we'll get into it on another module more around security, but I definitely recommend using a unique brand new email address that you're only going to use for your crypto exchanges. Then you will want to create a strong password. I definitely recommend sixteen plus characters and don't repeat that password, meaning that if you create a Coinbase account, you use one password. If you create a Kraken account because you want to get into some coins that are not available in Coinbase, you also want to have a Kraken. Then you'll use a different password. And again, in future lessons in another module, we're going to go over some good practices around your passwords. But just to give you a hint, you can use a password manager to keep these passwords and even generate the passwords. You don't have to try and remember them. It's tough, especially when we're talking about different passwords every time. But definitely, sixteen plus characters just to make it more difficult for things like brute forcing. Then you want to confirm your email with a verification link. So typically when you create an account with an exchange, the process is very similar. They're going to send you an email with a confirmation link. You're going to click that and you're going to verify it. So a pro tip, use a separate email just for crypto to increase security. Again, as I mentioned in that first step, very crucial. It isolates your activity and reduces the chances of your email that's leaked in the dark web becoming compromised. Now we're going to go into the step, which is KYC. But first of all, let's get an understanding of what is KYC. KYC stands for know your customer. And it's a legal process used to verify your identity before you're allowed to trade crypto on most major exchanges. So it's just basically a, it's a process that these exchanges have to put in place in order to be compliant, to know everyone who registers with their platform, with the exchange. So that means that if you are registering with Coinbase and you live in New Jersey or you live in California, you are submitting your information, your identity, and they know that you are who you say you are and you live in that jurisdiction where they are allowed to provide services. What this aims to do is reduce the chances of Coinbase and all the other exchanges allowing people into their platforms from jurisdictions that they may not be allowed to serve. So for example, at some point, Coinbase was not serving New York residents. So if you were from New York and you registered for a Coinbase account and you submitted KYC, you would have been denied. If they didn't require KYC, you would have just been in the platform. They would have been at the scrutiny of potentially getting sued for KYC. for not complying. So why does it matter? Well, number one, it helps prevent fraud and scams. Number two, it's required by law in most countries. And number three, it protects users and keeps exchanges compliant. We're moving from a world of crypto wild west to crypto being compliant. So rules are going to be crucial and exchanges are going to definitely implement the rules to make sure that they're compliant and that they're on the right side of the law and not on the wrong side of the law. So it usually involves submitting your ID in a selfie. So it usually involves you using your phone, taking a picture of the front of your ID, whether that be your passport, your ID card, your driver's license. And then if there's a back, you may have to take a photo of the back as well. And then it involves doing some sort of face scanning. So you will be grabbing your phone, pointing to your face in a selfie style, and it will be scanning your face just to verify that you, your face matches the one that's on the identity that you provided. So that is step number three. Step number three is completing your KYC verification, which I just outlined. It involves uploading a photo of a government issued ID. The platform is going to tell you exactly which ones they allow, which ones you're going to be allowed to use. Again, in the US, a passport tends to be one that's usually available. A government issued ID also tends to be one that's available and a driver's license. Then taking that real-time selfie or face scan, And then lastly, entering your full name, birthday and current address. So all of these things have to match in order for you to be approved for that KYC verification. You will not be allowed to do any sort of transactions, buy, sell, withdraw deposits until you do your KYC verification. And the time to approve, Usually it depends on the platform, but it can be anywhere from a few minutes. They do use these services that have almost instant verification, but it can take anywhere from a few minutes to a few hours, even up to twenty four hours, depending on the platform. But you will be informed and you will be notified when when it's complete. Then step number four, some platforms may make this optional. I definitely think you should not make it optional. Do it every single time you create an exchange account, which is setting up two FA. And two FA stands for two factor authentication. This just adds an additional layer of security. So again, going back to that example of using a unique email, the reason why you do that is because sometimes our information gets leaked into the dark web. Somebody takes your email and password, tries their luck signing into something like a Coinbase, If you don't have two FA, they will be right into your account. They will go right into your dashboard, see your entire account. If you have two FA, chances are, if you have something like an authenticator, they're going to be prompted to enter a code, which most likely they won't have. So it just increases security. Definitely set up two FA. And the steps for that usually is just installing Google Authenticator. I like to use Google Authenticator. More recently, I also started using, because I use a password manager, which I'll talk about in a future module as well, but I use a password manager called Bitwarden. And Bitwarden, not with the free version, but with the paid version of Bitwarden, you can also... do two-factor authentication codes attached to the username credentials. So I use that. But I also use a combination of Google Authenticator. Authy is also another very popular one. Microsoft Authenticator is also another very popular one. Just make sure you're using a reputable. Don't go with just a random one that you find on the internet. It may be used actually as an exploit. So definitely go with either Google, the ones that I use, Google, Microsoft. Authy I've used once or twice, and then I use the Bitwarden two FA for that as well. And the process is usually, again, you install that, then you scan the QR code that you're presented with when you're creating or setting up the two FA. And then it usually gives you something called the backup codes. Again, with Bitwarden, they make it very easy because the backup codes are sort of stored right there. it's always best to write that down. Putting it somewhere digitally, I don't really recommend it. Definitely writing it down and putting it somewhere just in case you lose access to that Google Authenticator or to whatever Authenticator app you used. Having the backup codes is sort of like having the seed phrase for a wallet. It gives you access to restoring that to a face setup again. So then you will need to enter a six digit code, typically a six digit code from the app each time you log in. Signing into Coinbase, it's going to prompt you for the authenticator. You're going to open it and you're going to get a code which usually has a refresh time. You get the code, you put it in there and it signs you in to the account. So let's go over some key takeaways. Setting up your exchange account is the first step towards buying and managing crypto. Let's look at the four bullets. Number one, KYC keeps you safe. Verifying your identity helps protect users and prevents fraud. Number two, choose the right exchange. Not all platforms are the same. Pick one that fits you. Use strong security from day one. So don't procrastinate. Do it right from the get-go. A unique email, strong password, and to a fake, keep your account secure. And lastly, number four, you're ready to start buying crypto. Your account's set up and you're ready to buy your first crypto. That is it for this one. In the next lesson, Gonzo is going to take you through how to buy your first cryptocurrency. We'll see you there.

Lesson: Private Keys & Seed Phrases_ Why They Matter

Hey, it's Mario. And in this one, we are going to be talking about private keys and seed phrases and why they matter. Let's get into it. In this lesson, we'll explain what private keys and seed phrases are, why they are the most important part of your crypto security and how to protect them. Losing access means losing your crypto. So this is a must know. First of all, what is a private key? A private key is a secret code that gives you full control of your crypto. It's what proves the crypto belongs to you. So whoever has the private key has access. If you lose it, your funds are gone forever. An example of what it can look like, you can see over on the left side. And it varies from blockchain to blockchain. Bitcoin is going to look a certain way. Ethereum is going to look a different way. So what is a seed phrase? A seed phrase is a list of twelve to twenty four words that acts as a master backup to your wallet. Think of it like like a master key. If your device is lost or stolen, this phrase lets you recover your crypto on a new wallet. So example, Olive, Raccoon, Gentle, Orbit. You can see also an example of what it looks like on the left. You typically get a seed phrase when your first step setting up or creating your wallet. It is given to you only at that time. So why are they so important? Well, number one, they control your funds. Private keys and seed phrases give full access to your crypto. If someone has them, they can send your funds, no password needed. Secondly, there's no recovery option. If you lose your seed phrase, there's no reset button. You won't be able to restore your wallet or access your crypto. Number three, they are targeted by scammers. Hackers and fake support agents often try to trick users into giving them up. Sharing it equals losing your assets. And lastly, they are your true ownership. Seed phrases and private keys are what make self-custody possible. They're the core of Trustless, decentralized crypto ownership. Let's look at how to store your seed phrase safely. Step number one, you write it down. Never store it digitally. Always write it by hand or paper metal. I am not a fan of storing it digitally just because it can get compromised. Step number two, store it securely. Keep it in a fireproof safe or use a metal backup plate. The metal backup plate, it's something that you could typically find in places like Amazon that allow you to either engrave it or manipulate the letters in a way where it gets stored in metal. And obviously it becomes fireproof, tamper proof, and then you can store it in a place like your safe, a safe deposit box as well. Step number three, don't share it. Never tell anyone, not tech support, not even friends or family. It's crucial that you keep it super private, super personal. Step number four, don't save it online. Avoid storing it on your phone, cloud, email, or screenshots. Again, these things can get compromised on a regular basis. The last thing that you want is for a hacker to come across your seed phrase and therefore have access to your wallet. And it could even be a cold storage wallet. It doesn't matter. The seed phrases and private keys are the ultimate way to your funds. Doesn't matter if it's a cold or hot wallet. So let's look at some common mistakes to avoid. Number one, saving seed phrase in your phone or cloud. Number two, taking a picture of your recovery words. Three, sharing it with tech support or fake giveaways. Somebody is asking you for your seed phrase in order to help you. That is definitely a scam. That is definitely a red flag. Nobody, especially tech support in crypto is ever going to ask you for your seed phrase or your private keys. Writing it down, but losing it or misplacing it. So obviously write it down, but write it down in a way where it's safe and you're not going to lose it. It's not going to get tampered with. Obviously there's a fire. So definitely have multiple copies that you're keeping in multiple places in case something happens. Now let's look at a real world example. In, a user lost over a hundred thousand dollars in crypto after saving their seed phrase in a screenshot. Now what happened was hackers found it through cloud backups and drained everything. And this is why offline secure storage matters. So even something like a flash drive, you could technically store it as a document on a flash drive. You could encrypt that flash drive. Again, I'm getting a little bit technical, but that is one way that you can look into keeping that seed phrase secure in a digital format, yet offline, because it's not connected to a cloud. It's not even always connected to the internet. It's on a physical device that is only viewable when plugged in. So much better option. Let's look at some key takeaways. Your private keys and seed phrases are the foundation of wallet security. If you lose them, you lose access forever. If someone else gets them, they get your crypto. Protect them like your financial life depends on it because it really does. Point number one, they give full access to your wallet. Anyone with your keys can move your crypto. Number two, there is no reset or recovery option. If lost, your funds are gone permanently. We've all heard stories of people that had X amount of Bitcoin bought The very beginning, they lost their private keys, they lost their recovery seed phrase, and it's gone forever. So we don't want one of those people to be us. They must be kept a hundred percent private. Never share them, not even with support, like I mentioned. And then number four, store them safely and offline. Write them down, never save them digitally. That is it for this one. In the next lesson, I am going to be going over how to keep your wallet safe. I'll see you there.

Lesson: How to Keep Your Wallet Safe

Hey, it's Mario and welcome to the last lesson of module four, how to keep your wallets safe. Let's get into it. So in this lesson, you'll learn simple but powerful ways to keep your crypto wallet secure from choosing the right type of wallet to smart habits that prevent theft, scams, and costly mistakes. Why does wallet security matter? One, crypto equals self-custody, which means you control your funds, but also your risk. Number two, there's no customer support. If you get hacked, there's no help desk. Three, mistakes are permanent. Once funds are sent or exposed, they're gone. There is nothing you can do to reverse it. Let's look at some best practices for wallet security. Number one, I recommend using a hardware wallet. It keeps your private keys offline and safe. It's an added layer of security to protect your assets. So definitely a hardware wallet is the number one recommended way of storing your crypto. Two, use a dedicated device. That means you're only using it to access wallets online. from a personal device. You're not using it to browse the internet. You're not using it as your everyday device. An example is if you have your computer that you use for work, you would want to get a secondary device that you only use for your crypto activity. It just allows you to isolate that activity. So if your device becomes compromised, hacked, or a virus, your crypto is not exposed. Three, back up your seed phrase. Use paper or metal, not cloud storage. We went over this in the previous lesson. So definitely backing up your seed phrase is extremely important as there is no way to recover it. Lastly, avoid unknown dApps. And dApps stands for decentralized applications. Only connect your wallet to trusted platforms. I like to say, never connect your cold wallet to anything. Your cold wallet should only be used to receive crypto and then send your crypto back to the exchange if you're looking to sell or if you're looking to move it somewhere else. If you're playing around in the DeFi space, get what I call a burner wallet, which is a secondary wallet. It doesn't have to be cold. It could be a hot wallet, something like an Exodus, a MetaMask, and then you transfer funds into there that you wish to use to interact with a website or with a platform or with a decentralized application. Never connect your cold storage wallets to any platform whatsoever. So let's look at some things to avoid. Saving seed phrase in your phone or email. We went over this in the last lesson. Very important to keep your wallet safe. Reusing passwords across platforms. Do not reuse the same passwords. If they become compromised in one platform, then they're compromised across the board. Letting someone help you to access your wallet. That information should always be confidential and personal. Do not allow just anyone, especially somebody claiming to be tech support or customer support to help you accessing your wallet. And then avoid clicking on pop-ups that ask to connect your wallet. Again, especially with a hot wallet, you don't with a cold storage, cold wallet, you do not want to be connecting it to anything. If it's your hot wallet, again, make sure that you're on official websites and you're not connecting to just anything. So let's give a real world example. A user lost twelve thousand dollars by clicking a fake NFT mint link that connected to a scam contract. Their wallet was drained in seconds and it was unrecoverable. So you always need to double check the platform before connecting. And this happens not just with NFTs, but across the board. One of the most common ways to steal funds from wallets is by creating a fake environment where they want you to connect your wallet. When you're connecting your wallet, you're granting specific type of access. People typically, and especially people who are not too tech savvy, they may not pay attention to what it says, but you end up giving access to your private keys, which then the hackers have access to your private keys and they just drain your wallet out of all of your crypto that was in the wallet. Let's look at some key takeaways. Your wallet is your personal bank, and you're the only one with the keys. Cold storage, smart habits, and caution when connecting to websites can save you from major losses. So much like when you put your money in the bank, the bank is responsible for keeping it safe. when you take ownership of your crypto, you do self custody, you are solely responsible for your crypto. So things like having all your crypto on wallets that are on your phone, if you had a hundred thousand dollars in your safe, In a briefcase, would you walk around with it every day? The answer is probably no. So take the same concept and apply it to crypto. If you wouldn't walk with a hundred thousand dollars in a briefcase every day, you probably shouldn't walk around with a hundred thousand dollars worth of crypto on your phone every day so that's why some of the things that we went over you know use cold wallets for long-term protection keep your wallet off shared of or public devices again not having it on your on your cell phone but having it on a dedicated device that's at home use only for that activity back up your seed phrase securely offline and then lastly avoid connecting to unverified platforms or dapps And that is it for this one. Congratulations on completing module four on crypto wallets and how to store your assets. Next module, module five is crypto safety and security. And Jackie is going to get us started with common crypto scams and how to avoid them. See you there.

Lesson: Importance of 2FA and Strong Passwords

Hey everyone, it's Mario. And in this lesson, we will be going over the importance of two FA and strong passwords. Let's get into it. This lesson will show you how two FA and strong passwords protect your crypto, whether you're using it in exchange or a self custody wallet. These habits are your first line of defense against hacks, scams, and accidental losses. So why does it matter? Crypto equals full responsibility. Exchanges and wallets don't work like banks. If you get hacked, you're on your own. Weak passwords equals easy access. If you get hacked, there's no help desk. Two FA equals extra lock on your accounts. Once funds are sent or exposed, they're gone forever. So let's go over these. What is IIFA? IIFA is password plus temporary code. IIFA stands for two-factor authentication. It's commonly used for logins, withdrawals, and settings changes. So when you're signing into your exchange account, we went over this on a previous model of how to set up your exchange, you should have your IIFA and it should be prompting you to enter the code. when you're doing withdrawals it's always a good measure as well to have the two fa to add that security for the withdrawal setting changes as well very important it applies to both wallets like metamask and exchanges like coinbase So how do we set it up? Step number one, you want to enable two FA in security settings. Most exchanges ask during signup. If it doesn't, if it didn't, then definitely go into settings in the security part of the settings and enable two FA. And we have a lesson on that. So if you've missed it, definitely go back and rewatch that on how to set it up. Step number two, you download that authenticator app. That's going to allow you to have the two FA. Step number three, you scan the QR code. Step number four, you verify the login. So you enter the code generated by the two FA in order to sign it. But then how do you set it up with a wallet? Some wallets support to FA, like Coinbase Wallet, Trust Wallet Browser Extension. Others use app level pins, so a pin number. You can also have biometric access and you can also have hardware signing. So biometric access, Decent Wallet, hardware signing, Ledgers, Trezor, they're a great example where they're required to put like a pin on the hardware wallet, which then signs for you to be able to do the transaction. authorize the transaction. The key is securing your device and the seed phrase, which we covered in previous lesson. So here's some mistakes to avoid. One, using the same password across platforms. Two, no two FA set up on exchanges. So definitely have it set up. Three, saving passwords or codes in notes or screenshots. Definitely don't do that. And four, ignoring backup recovery codes. Every time you get a backup recovery code, definitely save it because if you happen to lose access to whatever you just set up, the recovery code is your only way to get access to it again. Let's look at a real world example. A user had four thousand seven hundred dollars in crypto stolen from Binance after reusing an email and password combo from an old breach. There was no two FA. Within minutes, funds were withdrawn to a scam wallet. The lesson is that strong passwords plus two factor authentication are absolutely crucial and even on secure platforms. Some key takeaways is that whether you're using a wallet or exchange, weak security habits can cost you everything. Strong passwords and two-factor authentication are the simplest and most effective tools to protect your assets. Number one, enable two FA on every wallet and exchange. Number two, use unique strong passwords every time. Number three, don't store credentials on your device. And number four, backup recovery codes safely offline. That is it for this one. On the next lesson, I am going to be going over phishing attacks and red flags. I will see you there.

Lesson: Phishing Attacks & Red Flags

Hey, it's Mario. And in this lesson, we're going to be going over phishing attacks and red flags. Let's get into it. This lesson will teach you how to spot phishing scams and protect your crypto from fake emails, websites, and wallet connection traps. Learn the common tactics used by scammers and how to avoid becoming a victim. So first of all, what is phishing? Phishing is fake identity, meaning that scammers pretend to be support exchanges or crypto brands. And even, which unfortunately we've seen a lot in our community, is pretending to be influencers. That is also an example of fake identity. Urgent language, which is where they say your account is at risk. They create panic to rush your actions. They try to get you to react emotionally, which is unfortunately how they know you're going to be most likely to fall for it. And then there's also link trickery. So that's where they use fake websites that look nearly identical to real ones. They're going to make websites look like Coinbase for password resets. They're going to make websites look like some airdrop for you to connect your wallet. That is also a very common one. Now we're going to be talking about the common phishing methods. Number one, fake emails or DMs. Your wallet is compromised or verify your account. That tends to be the most common ones out there when it comes to fake emails or DMs. You try to create that worry and urgency in your mind that your wallet's been compromised. You need to do this. A lot of times the emails, they look identical. to the real ones they're gonna have the logos they're gonna have the formatting everything looks super legit so uh you definitely want to watch out for that some some uh some suggestions on what to look out for on those fake emails and dms is the links that they're providing you you want to inspect the link make sure that if it's coinbase it's coinbase.com it's the official website link If it's MetaMask, again, MetaMask doesn't even email. So that would be one that would be very easy to spot. MetaMask does not email. When you create a MetaMask wallet, you don't give them your email address. They don't know your email address to be able to email you. Fake support agents. Scammers posing as exchange support in Telegram, Discord, or email. And I've even seen it on social media. I've even seen it happen on platforms like X where they will have uphold support, a fake uphold support. And they'll proactively reach out to people saying, hey, your account's been compromised. We're here to help you. So definitely one very big red flag to look out for. Fake giveaways. Send, and here's an example, send one Ethereum and get two Ethereum back. We've definitely seen a lot of XRP related ones where they even used AI of Brad Garlinghouse saying, we're celebrating the victory of XRP not being a security. Send us some XRP to this wallet and we're going to send you some back. That is definitely a scam every single time. And lastly, malicious links and wallet connects. It kind of ties with the fake emails, kind of ties with the fake support agents. It's links that connect your wallet and drain it with one click. And we touched it in prior lessons where if you connect your wallet to a malicious contract, you're giving them access to your private keys, you're giving them access to being able to completely drain out your wallet. Let's look at a real world example. Over on the left side, you can see a MetaMask support form. It's prompting you to connect your wallet, but a user clicked a link from a fake MetaMask tweet, thinking it was a support form. It asked them to connect their wallet. Within thirty seconds, they lost three thousand eight hundred dollars. And these are the low numbers. There are people that unfortunately have lost thousand even tens of thousands and hundreds of thousands of dollars through um through scams like this so the lesson is never trust wallet links from dms or in verified sites nobody's going to reach out to you saying hey there's a problem with your wallet Most of the time, you're going to realize there's an issue and you're going to seek support. Whenever somebody proactively reaches out to you, especially via a weird method like Discord or Telegram or WhatsApp or email, that's usually a big red flag. So how do you protect yourself? Step number one, here's some tips. Step number one, bookmark official sites. So don't Google or search for wallet or exchange URLs. What tends to happen a lot of times is, and I've seen this also be a way which scammers have been able to target people, is that somehow they've been able to create ads that are shown based on specific keywords. So search coinbase.com, there'll be an ad, which the person it's going to say coinbase.com, it's going to mimic a result, a search result, which in this case is going to be coinbase.com. But when you click on it, it goes to a fake Coinbase website. I've seen this done time and time again, especially when it comes to web three, platforms where they're able to infiltrate those ads in there and Google doesn't do a good enough job of filtering them and people click on those ads and end up going to the wrong website. Step number two, never share private information. No legit support will ask for your seed phrase. Somebody's saying that they need your private keys, they need your seed phrase, that is definitely a massive red flag. No support's ever going to ask for that. Step number three, you want to check the URL carefully. So again, it ties a lot with what we've been discussing. You want to look for misspellings or weird domain names. Coinbase should be coinbase.com, you know, so on and so forth. All these platforms should be their official website. It will never be a variation of it. If it's a variation, it's most likely a scam. And then you want to use two-factor authentication and alert settings. So even if you click, you still have protection. If you click and it's trying to get you to sign into Coinbase.com, then you're going to have the two-factor authentication. So definitely implement these strategies and these tips. Here's some red flags to watch out for. If it's too good to be true, it probably is. We've all heard that, right? So scams promise massive returns or free crypto. It tends to be something that we see all the time. They're promising returns, send a thousand, get two thousand, we'll double it. And if it's too good to be true, it often is. Look for grammatical errors. Fake sites and messages often have spelling mistakes. Also, feel the sense of urgency. If it's saying act now, they're trying to get you to react emotionally. I mean, you'll lose access is another one. Those are scare tactics. So definitely a red flag. Random contact from support. Again, we've talked about this. If you're getting a DM on your social media saying your wallet's compromised or you're getting a message on WhatsApp from a social media person, an influencer, an educator in the space, I can tell you no influencer is proactively reaching out to people saying they're going to help them manage their crypto or they're going to help them invest. That has been, I would say, ninety nine point nine percent of the time. It's a scam and it's fake. Let's go over some key takeaways. Phishing attacks are one of the most common ways crypto gets stolen. Slow down, verify links, and remember, no real team will ever ask you for your seed phrase or password. So number one, don't click links from unknown sources. Number two, never share your seed phrase or passwords. Number three, look for urgent or shady message. And number four, when in doubt, go directly to the official site. That is it for this one. In the next lesson, I am going to be talking about safe practices for sending and receiving crypto. See you there.

Lesson: Safe Practices for Sending & Receiving Crypto

Hey, it's Mario, and in this lesson, we will be covering safe practices for sending and receiving crypto. Let's jump into it. You'll learn how to safely send and receive cryptocurrency. We're going to cover address verification, network fees, and the best habits to avoid costly mistakes, even when moving funds between your own wallets. So why does this matter? Crypto transactions are irreversible, meaning that once you send it, there's no refund button. There is no undo. One wrong character equals lost funds. A single mistake in a wallet address can cost you everything. Scammers trick users into fake addresses, so you always want to confirm even if you think it's safe. Let's go over some steps that you should take before you send your first crypto or before you send crypto in general. Step number one, double check the wallet address. One thing I like to do is I like to compare the first four and the last four characters. So for example, if I am sending crypto from Coinbase to my cold storage to a ledger, I will compare, I will copy the address from my ledger, paste it into Coinbase, but still go back and compare the first four characters and the last four characters to make sure that they match. Step number two, you confirm the network is correct. ERC-XX, BEP-XX, Solana, XLM, XRP. They must match on both ends, the sender and receiver. So again, in the same example, if you're sending crypto from Coinbase to Ledger, you need to make sure that that crypto is being sent over the same network. Same network that shows up in Coinbase is the same network that should be selected in your receiving wallet. In my example, the Ledger. Step number three, send a test amount first. So try a small denomination. Try five dollars, for example, or less before sending your large amount. If you send your small amount and it gets there, you see the crypto arrive. As long as you follow the same process, you do everything the same, the funds will arrive the second time. Step number four, use a secure environment. So I don't like to use public wifi when I'm dealing with crypto and definitely no distractions. The last thing that you want is to not be paying attention, making a mistake and your crypto never getting there. So let's look at some best practices for receiving crypto. You always want to use your own verified address. That means never accept a copied address from anyone or someone else basically. Label your wallets if possible. This helps you avoid sending to the wrong account. So for example, if you're sending crypto from your Coinbase to your Ledger, if you're buying crypto on Coinbase regularly, sending it to your Ledger for long-term storage, there is a way where you can save the wallet address and label it so in the future, you can just select it and not have to continuously copy and paste it back and forth. So that definitely is a good practice. Be aware of network compatibility. We spoke about it before. Some wallets only accept specific tokens. There are tokens that exist in multiple networks. You always want to make sure the network on one side is the same network that's on the other side. Then you want to check for incoming confirmations. When you send crypto over the blockchain, there's something called confirmations. So wait for enough blockchain confirmations before acting. If you just send some crypto, it's taking a little bit of time. Don't panic. Check the confirmations. Check the public blockchain. Some blockchains are faster. XRP takes only a few seconds. Other blockchains like Bitcoin, it can take a few hours. That's absolutely normal. So here's some mistakes to avoid. And we spoke about this already a little bit. Copy and pasting the wrong address, obviously. Sending on the wrong network. For example, Ethereum or the BSC, which is the Binance Smart Chain. Could be Solana as well. Not checking token compatibility. And sending to a scam or fake contract address. Here's a real world example. A user sent two thousand USDT, which is US dollar tether on the TRC-Twenty network, which is a Tron network to a wallet expecting ERC-Twenty, expecting the Ethereum network. The funds were never received and couldn't be recovered. So always double check the token standard and network. Always make sure that the network shown in your Coinbase is the same network that you're sending to on your ledger or whichever other wallet or vice versa. So let's look at some key takeaways. Crypto transactions are final. Accuracy matters. Just like you wouldn't send money to a random bank account, you need to be extra careful with wallet addresses and network details. One, double check wallet address and token network. Two, send a small test before the full amount. Three, avoid copy pasting from unknown sources. And four, when in doubt, stop and verify first. That is it for this one. In the next lesson, I am going to be going over how to identify legit projects versus rug pulls. See you there.

Lesson: How To Identify Legit Projects vs Rug Pulls

Hi, it's Mario, and in this lesson, we'll be going over how to identify legit projects versus rug pulls. Let's get into it. So in this lesson, you'll learn how to spot warning signs of scam crypto projects, also known as rug pulls, and what to look for in legitimate projects. We'll cover tokenomics, team transparency, and red flags to avoid losing your investments. First of all, what is a rug pull? A rug pull is when a crypto project disappears or pulls all funds after attracting investors, usually through hype, fake promises, or hidden code. It's like a startup taking your money and vanishing overnight. Unfortunately, we see it a lot with things like meme coins where you see the chart go up and then it just goes back down to zero. That is essentially a rug pull. It can happen in many different ways, but it all comes down to just being bad actors and with the specific intention of taking people's money. So here's some red flags to watch out for. you're looking into these creeped up crypto projects look into whether they have a real team or in this case no real team or white papers that means that there are there's anonymous founders or missing docs those are instant red flags unrealistic promises like one thousand apy or guaranteed gains those are scambades no audit or locked liquidity check if the code and liquidity pools are verified. There is definitely something to look out for. And then the hype and substance. Is it all marketing, no roadmap, or tech development? So how do you actually research a project to make sure you're not investing in a rug pull? This is some of the steps that I take personally when researching projects. Step number one, I Google the team and founders. So are they real? Do they have history in crypto? Do they have history in finance? Do they have history in general? I usually go to the main website. That technically would have been step number one. As I go to the website of the project, I try to obtain information on who the team is. And then I Google the team members. And I look at things like their LinkedIn, professional profiles that can give me some sort of history on who they are, what they've done. If a project has... anonymous founders, that is a massive red flag, especially in this transition that we're doing of crypto going from Wild West to highly regulated. I just don't see a future where crypto projects with anonymous team members have good intentions. Step number two, read the white paper. I get it. I know a lot of white papers, very extents, but it doesn't, I mean, spend the time, read it, and you'll have even a better sense into what they aim to do with the project. It will actually give you more clarity into what the project is trying to do. And therefore, in your mind, you can come to a conclusion on whether you think it's a good investment or not a good investment. Step number three, check token distribution. This is a massive one. Is most of the supply held by insiders? So one of the things that we see a lot of times is that most of the supply is allocated to the team. That is done on purpose. So as the price becomes... higher, which obviously will be due to available supply and people buying that available supply, those insiders who have a majority of the tokens, they will just dump them into the market by selling them and therefore do a rug pull. Step number four, look at community feedback. So go to places like Reddit, X, and even Telegram, and that can expose sketchy behavior. So if you're researching a project, go into X, search up the name of the project, see what other people are talking about it. Also Reddit is a very good place. Reddit and X, Telegram sometimes when they have a community, I like to tap into that and see what information people have to share there. So let's look at a real world example. The Squid Game token soared in price and then the devs vanished with over three point three million in investor funds. There was no audit. There was no transparency and no way to sell the token. What is the lesson? Hype isn't proof and fundamentals matter. There's a lot of pump and dumps. People get swayed into getting into these projects because quick money is being made. But in the reality, and especially for me, I prefer getting into the strong fundamental projects that maybe don't have a strong hype right now. The price is not necessarily exciting right now, but I know that long-term it's more likely to go up and it's less gambling than just putting it into meme coins. So here's some key takeaways. Scam projects prey on excitement, greed, and lack of research. Protect yourself by studying the team, tokenomics, and code. And never invest in something you don't understand. Number one, verify the team and project details first. Number two, avoid hype coins with no real roadmap. Number three, check for audits and locked liquidity. And number four, if it sounds too good to be true, it is. And with that said, congratulations on completing module five. Next, we're moving over to module six, intro to investing in trading crypto for beginners, where Jackie is going to get started into with hodling versus trading. So we'll see you there.

Lesson: Liquidity Pools_ Risks & Rewards

Hey, it's Mario. And in this lesson, we are going to be covering liquidity pools, risks and rewards. Let's get into it. In this lesson, you will learn what liquidity pools are, how they work and why they're key to DeFi. We'll break down the benefits like earning rewards and risks like impermanent loss in a way that's beginner friendly and clear. So first of all, what is a liquidity pool? A liquidity pool is a smart contract that holds pairs of tokens to allow users to trade them directly without a centralized exchange. Anyone can provide liquidity and earn fees in return. Think of it like a pot where people are depositing two tokens and others swap in and out. That is a perfect visual tip. So why use a liquidity pool? One, you can earn passive income. You can get a portion of the trading fees by providing that liquidity. There's no middleman. Smart contracts handle everything. No exchange needed. Then you get access to early projects. Some new tokens are only available through pools, not on big exchanges. So here's some key terms you should know when it comes to liquidity pools and essentially getting involved with that. LP tokens. These are tokens you receive for providing liquidity. They represent your share. APR, APY, most of you are going to be familiar with these two. They're the annual percent return based on rewards earned over time. No audit or locked liquidity. That means temporary loss that can happen if token prices change too much. And then there's slippage. That is the difference between expected and actual price due to pool size. Let's go over some risks of liquidity pools. One, there's impermanent loss that can eat into your profits. Some pools are in audited or scam tokens. Rewards may not be worth the risk in volatile markets. Lastly, LP tokens can be exploited in hacks. Here's a real-world example. An investor added Ethereum and SHIB to a pool. When SHIB's price spiked, their Ethereum was mostly swapped out. Even though SHIB gained value, the investor earned less if they had held both tokens separately. So the lesson? Impermanent loss is real, especially in volatile pairs. So let's look at some key takeaways. Liquidity pools offer unique ways to earn passive income in DeFi. But they come with risks. Understanding how pools work and what to watch out helps you make smarter decisions. Number one, LPs earn rewards but also carry risk. Two, impermanent loss can reduce your returns. Three, always research the tokens in the pool. And four, use trusted platforms with audited smart contracts. That is it for this one. Congratulations on reaching the end of module seven, DeFi, decentralized finance essentials. Next for module eight, Web three and NFTs. And Jackie is going to be going over what is Web three. We'll see you there.

Lesson: Record-keeping Tips

Hey, it's Mario. And in this one, we'll be covering record keeping tips. Let's jump into it. So this lesson covers smart ways to track your crypto, no pun intended, so you're ready for tax season. Whether you're buying, selling, staking, or swapping, keeping good records helps you stay compliant and organized. And further along this lesson, we'll find out exactly why I kind of laughed and said, no pun intended, to smartest way to track your crypto. So why does crypto record keeping matter? Every transaction counts. The IRS and other tax authorities, they treat every trade or transferable as a taxable event. Many platforms equals many records. That means exchanges, wallets, and staking platforms, you need to track all of them. Being organized saves you time and stress. Clean records helps you file faster and respond to audits if needed. So what do you need to track? Buys and sells. Track amount, date, price, and exchange used. You also need to track transfers between wallets. Include from-to wallet labels and transaction hashes. Income from staking or airdrops. Note source, date received, and token amount. And then also fees paid. Record network fees or platforms charged for accurate cost basis. So how do you actually stay organized? There's a lot to track. How do you stay organized? Step number one, use a portfolio tracker. And here's where I'll say apps like Merlin help centralize your data. And what is Merlin? It is the smartest way to track your crypto. Merlin is an application that allows you to connect all your wallets and exchanges so that you can see everything in one place. Very soon for tax season, for the next tax season in twenty twenty five, you will be able to use Merlin to generate your tax forms in the US. We're focusing on US markets. Unfortunately, we can only do the US markets now to begin with, where you'll be able to generate the forms necessary to file your two thousand twenty four taxes. So Merlin is going to be the tool that allows you to fix All of these things allows you to track, manage, stay organized. So coming very soon. Step number two, you can export CSVs regularly. Download transaction data every few months from exchanges and wallets. There has been instances where I've seen exchanges lose certain data over time. So definitely over the course of the year, try to stay organized, keep a record for yourself so that you can be essentially prepared. label wallets clearly, name personal hardware and custodial wallets to avoid confusion essentially. Step number four, backup your records. So store your data in secure backed up folders, preferably offline. So here's some mistakes to avoid. Relying only on exchange history, forgetting to record staking income or airdrops not tracking fees because that can lower your tax bill. That's a deduction. And then ignoring wallet to wallet transfers. So if you're not ignoring wallet to wallet transfers, you could be getting classified with a taxable transaction when in reality it should not be a taxable transaction. If all you did was move your XRP from Coinbase to Ledger, that's not a taxable transaction. Only when you take XRP and change it for something else, whether that be dollars or another crypto. If you're sending even from your Ledger to your Coinbase, that's not a taxable event. So sometimes tax software can automatically market as a sell and therefore creates a taxable event. You definitely want to ignore wallet to wallet transfers. So here's a real world example. An investor used four exchanges and three wallets in two thousand twenty two, but didn't track transfers at tax time. They overpaid due to untracked cost basis and missing fees. So what is the lesson? Tracking everything early prevents costly mistakes later. So here's some key takeaways. Good record keeping helps you save time. It reduces stress and avoid paying more than you should. With a little effort each month, you'll be prepared come tax season and protected if ever audited. Merlin's going to make that super easier for everyone. So number one, track all buys, sells, and transfers. Number two, don't forget income from staking and airdrops. Number three, use tools like Merlin to stay organized. And lastly, number four, expert and back up your records regularly. That is it for this one. In the next lesson, Gonzo will be taking over regulatory trends to watch. So we'll see you on that one.