The Crypto Entrepreneur: The Entrepreneur Trilogy, #2

By Philip Klang and Dennis Sahlström

Embark on a transformative journey into the world of cryptocurrency with the second installment in the Entrepreneur Trilogy, 'The Crypto Entrepreneur.' This comprehensive guide is designed to take you from a curious beginner to a seasoned expert, offering practical examples and proven strategies to build a successful crypto venture. Delve deep into the fundamentals of blockchain technology, unravel the intricacies of various cryptocurrencies, and gain the knowledge required to navigate this rapidly evolving digital landscape.
This book covers a wide range of topics, including cryptocurrency mining, trading, and investing, as well as ICOs, DeFi, and NFTs. Learn how to identify profitable opportunities, secure your digital assets, and develop an adaptive approach to an ever-changing market. With step-by-step instructions, real-life case studies, and expert advice from industry insiders, 'The Crypto Entrepreneur' serves as your ultimate roadmap to a thriving crypto enterprise.
Whether you are a complete beginner or have some experience in the crypto space, this book will provide you with the essential skills, insights, and practical knowledge to excel in the world of digital currencies. Unleash your potential and embrace the future of finance with 'The Crypto Entrepreneur.

• Language: English
• Publisher: Philip Klang
• Release date: Jun 12, 2023
• ISBN: 9798223037897

Book preview

The

Crypto Entrepreneur

Everything you need to know about  cryptocurrencies and how to invest

(Includes section on NFTs and the Metaverse)

Philip Klang & Dennis Sahlström

2023 Edition

Risk and Disclaimer:

These Terms and Conditions form a part of P&D Group AB agreement with you (this ‘Agreement’) and apply to all online Membership courses, for example YourCryptoClub.com, to the exclusion of all other terms and conditions issued or stipulated by anyone else other than P&D Group AB.

The information presented by P&D Group AB or any of its staff is for educational purposes. Any examples used are for educational and illustrative purposes only. P&D Group AB is not a stockbroker, broker dealer, or investment advisors. They are not recommending particular Cryptocurrencies, ICO/IEO/IDO/STO, Blockchain technology, NFTs or any coins or tokens whatsoever. The names of any firms of Crypto Exchanges, financial institutions, wallets, financial websites or otherwise mentioned are for illustrative and/or educational purposes only. The decision on which company to use if any is at the total discretion of each individual person. It is recommended that you seek a professional licensed broker prior to implementing any investment programme or financial plan.

The world of Cryptocurrencies and blockchain is HIGHLY speculative and you can lose all your investments. P&D Group AB cannot guarantee any results or investment returns based on the information you receive. You must read and understand the above and be aware of the risks of all trading and investing and be willing to accept them before investing.

Foreword

Congratulations on taking a crucial step towards financial freedom by choosing this book. With our investment journey beginning in 2014, we have developed the Entrepreneur series, encompassing Crypto, Stocks, and Property, to furnish you with the comprehensive knowledge necessary for success in your investments. 

Throughout our experiences, we have encountered and overcome countless mistakes, persisting in our pursuit of financial independence. Now, we are fortunate enough to sustain our livelihood through investments across various markets. Inspired by our own growth and the support we received from Investment Mastery LTD, we have made it our mission to pay it forward and assist those who are eager to learn and embark on their own financial journey. 

The time has come for YOU to take charge, and we are delighted to be your guides and mentors along the way. 

Should you have any questions or concerns, please do not hesitate to reach out to us. Visit our website at www.pdgroupsweden.org to book a call or participate in one of our training sessions. 

Book a free strategy session here: 

https://calendly.com/tradingklubben/20-minutes-trading-investment-consultation-zoom

This book has been meticulously crafted with you, the beginner, in mind, setting the stage for your future accomplishments in the world of Crypto investments. 

We sincerely hope that this resource proves invaluable on your journey towards financial success. 

Remember, the best is yet to come. 

Here's to your triumph in the realm of Crypto, 

Philip Klang & Dennis Sahlström 

Table of Contents

Chapter-1

Understanding Cryptocurrency and Its Fundamentals

Cryptocurrency: An Overview

What Is Cryptocurrency?

Cryptocurrency: Inner Workings of Cryptocurrency

Blockchain

Purpose Of Using Cryptocurrency

The Cryptocurrency Market and Digital Assets

Types Of Cryptocurrencies

There's a vast range of cryptocurrencies out there

Cryptocurrency: Main Types

Chapter-2

Trading Cryptocurrency

Buying Cryptocurrency

Prerequisites for Buying in Cryptocurrency

PayPal as a Payment Method for Purchasing Cryptocurrency

A Credit Card as a Means of Purchasing Cryptocurrency

Alternative Methods to Acquire

Cryptocurrency

Selling Cryptocurrency

Best Time for Crypto Trading

When To Sell Cryptocurrency

Risk Management

Risk Management: Working Mechanism

Managing financial risks

Common risk management strategies

Chapter-3

Basic Trading Strategies

Long Position

Short Position

HODL A Crypto

Best Platforms for Trading & Investing in Crypto

Chapter-4

Portfolio, Market Value, and Investment in Cryptocurrencies

Crypto Portfolio

Types of Cryptocurrencies in your Portfolio

Crypto Market Capitalization

Market Cap Ratio

Cryptocurrency Investment

Is Cryptocurrency a secure medium of exchange?

Cryptocurrency Insurance

Should You Invest in Cryptocurrency?

Chapter-5

Cryptocurrency: Business Model and Mining

Cryptocurrency: A Lucrative Business Model

Buy and HODL

Invest in Cryptos with the Crypto Cost Average (CCA) Strategy:

Investing in Promising New Coins Early

Staking and Interest

Day Trading

Play-to-Earn Crypto Games

Crypto Yield Farming and Lending

Cryptocurrency Faucets

Airdrops

DAOs

Mining

Cryptocurrency Mining

The Mining Process

Guessing at the Target Hash

Mining Pools

A Pickaxe Strategy for Bitcoin Mining

Downsides of Mining

Cryptocurrency Staking

Chapter-6

Cryptocurrency: Pos and Cons

Advantages Of Cryptocurrency

Transformational Technology

Drawbacks Of Cryptocurrency

A conceivable or possible outcome

Scams and Other Losses

Volatile currency is unusable

Mining the currency is expensive and polluting

Some cryptocurrencies have a fixed supply

Increasing regulations

Additional Drawbacks

Chapter-7

The Future of Cryptocurrency

Cryptocurrency to gain more traction in the mainstream

Libra: In spite of first impressions

The Future Is a Stable Coin in Cryptocurrency

Predictions for the Cryptocurrency Market in the Future

Cryptocurrency: The Currency of the Future

Ransomware and other future hacks

More governments are adopting laws to regulate cryptocurrencies.

Chapter-1

Understanding Cryptocurrency and Its Fundamentals

Cryptocurrencies can function independently of a central banking institution because of the blockchain technology that supports them. In 2009, a programmer or group of programmers going by the name Satoshi Nakamoto produced the first cryptocurrency. According to Satoshi Nakamoto, the widespread mistrust of centralized financial institutions and governments is a major flaw in the current monetary system. Bitcoin uses cryptography to make sure that a user's private key is never shared with anybody outside of the user's computer, despite the fact that the public key is accessible to everyone. Bitcoin transactions need the exchange of public keys between the buyer and seller. Transactions are digitally signed using private keys and then broadcast to the Bitcoin network. Due to the decentralized structure of the network's ledger file, which records all transactions, double spending Bitcoin is very difficult. It's obvious to everyone that Bitcoins have been converted to fiat currency. Blocks are used to capture and store transaction data. A duplicate of each and every block ever generated is kept in the blockchain. Due to the mathematical complexity involved in the block generation process, it would be very difficult for a single user to take control of the network in a blockchain setup. Even Bitcoin skeptics agree that the blockchain technology it employs provides a rock-solid foundation for entirely trustless, distributed financial transactions and ledgers.

The Bitcoin client software must be installed and running before a user may generate Bitcoins. By solving a difficult mathematical challenge in a block, consumers are rewarded with bitcoins. Even if several miners are at work at once, the average Bitcoin mining difficulty is overcome every six minutes. One Bitcoin is awarded for each successfully completed job. Due to the tremendous difficulty of mining this money, its supply remains stable. Since the total quantity is halved every four years, there are around 21 million bitcoins now in circulation. There are now over 19 million Bitcoins in circulation, and it is projected that by the end of 2140, a total of 2140 Bitcoins will have been generated. Bitcoin's proof of work system relies on the computational might of its users to add new blocks to the network. In the proof of stake approach, a user's Bitcoin holdings are utilized to verify blocks on the blockchain.

By 2022, the market value of all cryptocurrencies is projected to reach $1.8 trillion, with Bitcoin and Ethereum accounting for the vast bulk of this figure. There are hundreds of virtual currencies, but the top twenty have a market value of almost $1.55 trillion. There are a lot of dollars at stake in the bitcoin economy, so criminals have taken note. In February 2014, over 650,000 Bitcoins were stolen from Mt. Gox, the third-largest Bitcoin exchange in the world. This theft likely cost $380 million. $614 million worth of Ethereum and USDC (stablecoin of the US dollar) were stolen from the Ronin Network. It is expected that by the end of 2021 or the beginning of 2022, users of the Axie Infinity token exchange will be able to trade their tokens for bitcoin. According to the FBI's investigation, the Ronin Network was stolen by hackers from North Korea's Lazarus Group.

Some economists and financial experts see cryptocurrencies as little more than a speculative toys. Due to the limited supply of products and services priced in cryptocurrencies, they are of little utility as a means of exchange or unit of account in this setting. To entirely replace government-issued fiat money, experts concur that cryptocurrencies still have a way to go. It has been debated whether or not Bitcoin and other Proof of Work (PoW) currencies are sustainable because of their very high energy consumption. The Bitcoin network may be responsible for as much as 5% of global electricity consumption. Many Bitcoin supporters argue that the cryptocurrency might speed the global adoption of green energy by facilitating the usage of wind and solar power produced during off-peak hours. Bitcoin is only accepted as legal money in El Salvador and the Central African Republic until the year 2022. For reasons including the high energy costs of cryptocurrency mining networks and their potential for misuse in illegal activities like fraud and money laundering, the use of cryptocurrencies has been banned in a number of nations. China is an example of such a country. There are countries outside the US that have outlawed Bitcoin exchanges and trading platforms.

Cryptocurrency: An Overview

Many diverse concepts might be included under the umbrella term cryptocurrency. Some popular examples of digital currencies are Bitcoin, Litecoin, and Ethereum. When making purchases on the web, cryptocurrency is increasingly being used. Before making the conversion from traditional money, you should educate yourself about cryptocurrencies, the hazards involved, and how to safeguard your investment.

Any kind of digital money that is created by encryption is considered a cryptocurrency. Cryptocurrencies are digital assets built on top of a decentralized ledger system that uses encryption technology to secure financial transactions. To get started with cryptocurrency, you'll need a cryptocurrency wallet. Several of these wallets are downloadable apps that you may use on your PC or mobile device, while others can be accessed entirely online. Bitcoin wallets are digital containers for the verification keys that allow users to access and spend Bitcoin.

The volatility of the bitcoin market may be attributed to the novelty of the currency. Since cryptocurrencies are not backed by a central bank or other regulatory agency, they are difficult to insure and convert to fiat money. Cryptocurrency and other intangibles are susceptible to hacking just like any other digital asset. All of your Bitcoins will be gone if your electronic wallet is lost or stolen.

Cryptocurrency: Meaning and Definition

Both cryptocurrency and crypto-currency are often used when referring to digital currency. In contrast to a centralized system, the cryptocurrency system relies on a decentralized process to record transactions and issue new tokens. Follow these guidelines to ensure the safety of your bitcoin:

Prepare your jumping attire in advance. Before making a purchase, you should educate yourself about cryptocurrencies, their applications, and the rates of conversion between them and other currencies. Learn as much as you can about Ethereum, Litecoin, or Bitcoin before putting any money into them by perusing their respective websites and any authoritative third-party resources.

Maintain a secure location for your cash at all times. Finding the ideal wallet for your needs may involve some investigation and trial and error. Controlling a Bitcoin wallet requires special software to be downloaded and installed on a computer or mobile device. Bitcoins no longer need to be kept in something as vulnerable as a paper bag since there are now more secure choices available. Verify that your wallet is