Digital Money Demystified: Go From Cash to Crypto® Safely, Legally, and Confidently

By Tonya M. Evans

Digital Money Demystified looks to bridge the gap between the FinTech bro talk surrounding cryptocurrency in a way that makes this wealth-building technology accessible to everyone.

• Language: English
• Publisher: Broad Book Press
• Release date: Oct 24, 2023
• ISBN: 9798985191394

Tonya M. Evans

Tonya M. Evans is a professional speaker represented by Gravity Speakers, published author, investor, entrepreneur and tenured professor of law at Penn State Dickinson Law School with an expertise in blockchain and cryptocurrency, data, technology, entertainment law and social justice. She was named to the 2021 Forbes 50 Over 50 Investment List and the FastCase 50 2021. She also founded Advantage Evans™ Academy and hosts the Tech Intersect Podcast, a weekly podcast that highlights new and notable experts at the intersections of law, business and technology.  Professor Evans is the chairperson for the MakerDAO’s Maker Ecosystem Growth Foundation, NFT Law advisor to several creative startups, and member of the Bermuda Global FinTech Advisory Board, Emerging Impact Advisory Board and observing member of the Global Blockchain Business Council. She’s a “Philly jawn”, member of Alpha Kappa Alpha Sorority, Inc., foodie, travelista and oenophile.

Book preview

Foreword by Arlan Hamilton

In the rapidly shifting landscape of digital currencies, a voice of clarity, discernibility, and learned authority is not just welcome, it’s absolutely vital. Enter Professor Tonya M. Evans, an esteemed law professor, cryptocurrency educator, and a valued advisor on legislative policy. It is my immense honor to write the foreword to this book.

We live in a world where technology is reshaping our financial system. Cryptocurrencies are at the forefront of this revolution, but for many, they’re an enigma. They seem wrapped up in complex jargon and mysterious technology. This is where Professor Evans comes in, guiding us through the labyrinth with a clarity that’s rare to find.

Digital Money Demystified is not just for tech wizards or Wall Street pros. It’s for everyone. Professor Evans believes in the power of shared knowledge, and her dedication to making cryptocurrency accessible to all is reflected in every page.

She breaks down complex concepts into digestible pieces, bridging the gap between academic discourse and everyday understanding. But don’t be fooled. This book doesn’t shy away from the nuances. It embraces them, highlighting both the opportunities and challenges that cryptocurrencies bring along.

What I appreciate about this book is its foresight. It’s not just about how cryptocurrency functions today, but where it’s headed in the future. Professor Evans illustrates how digital money could shape our society, politics, and economic systems. She also addresses the potential obstacles we might face along the way, from legal challenges to ethical dilemmas.

Being a leader means providing guidance amidst change and uncertainty. With this book, Professor Evans does just that. Whether you’re an aspiring investor, a curious student, or simply someone trying to understand the world of cryptocurrencies, this book is a compass in the sometimes-bewildering world of digital finance.

As Professor Evans says, In the world of cryptocurrencies, you’re not just watching the play; you’re part of the cast. Reading this book is a step towards understanding, engaging, and making informed decisions. It’s about choosing to be part of the future.

Kudos to Professor Tonya M. Evans for creating a guide that will be invaluable to many. Digital Money Demystified is set to become the go-to book for anyone trying to understand cryptocurrencies.

This isn’t just a book, it’s a gateway to the future. And the future, y’all, is digital.

— Arlan Hamilton, founder and Managing Partner, Backstage Capital

Foreword by Lynnette Khalfani-Cox

As The Money Coach®, I have made it my life’s professional mission to demystify money, debt, and investing for people from all walks of life. It is therefore with profound pleasure and excitement that I write a foreword for Professor Tonya M. Evans’ outstanding book, Digital Money Demystified.

Money, that essential tool we use to exchange goods and services to build and sustain our lives, has gone digital. And not just in the form of credit cards, mobile apps, or online bank transfers. I’m talking about an entirely new form of currency, cryptographically secure and decentralized, and with the potential to reshape our economic, social, and political landscapes.

For those already traversing the digital frontier, crypto isn’t just the future of money; it’s already here. Yet, for many, it remains elusive, opaque, even intimidating. Perhaps you have asked yourself: What is cryptocurrency? How does it work? Is it safe? Is it legal? If so, this book is for you.

Professor Evans, an internationally recognized scholar in blockchain, intellectual property, and social justice, knows that the transformative potential of digital assets isn’t just about technology. It’s about access, inclusion, and empowerment. It’s about transforming crypto curious into crypto confident, and from that confidence, shaping a future where wealth is more evenly distributed, creativity is rewarded, and work is fulfilling.

Digital Money Demystified builds on Professor Evans’ extensive knowledge, academic rigor, and real-world expertise to deliver a clear, cogent, and comprehensive guide to understanding and leveraging the crypto landscape. She tackles head-on the myths, misinformation, and FUD (fear, uncertainty, and doubt) that too often cloud perceptions of this burgeoning asset class. She speaks to the promise and pitfalls of crypto assets, demystifying the complex while avoiding sensationalism and hype.

What stands out most to me is Professor Evans’ remarkable ability to synthesize a wide range of perspectives. She brings together the economic, legal, policy, and social dimensions of cryptocurrency, laying out the foundations and potential implications in a manner that is as engaging as it is informative.

From exploring the economic mechanisms that drive crypto to the regulations that govern its use and trade, she lays it all out in plain language that doesn’t require a degree in computer science or finance to understand. Her focus on debunking myths and highlighting opportunities is a breath of fresh air in an often speculative and hyperbolic discourse.

Perhaps most compelling is the inclusion of real-world examples ripped from the headlines, providing context and grounding the theory in tangible reality. Whether you’re a seasoned investor or a small business owner wondering if accepting Bitcoin might be a good move, these case studies will help illuminate the practical aspects of engaging with digital money.

But this book is more than a guide; it’s a call to action. As Professor Evans underscores, the decentralized web’s future of work, wealth, and creativity won’t be shaped by technology alone. It will be shaped by the decisions and actions of individuals like you—investors, entrepreneurs, policy makers, educators, and everyday users.

Digital Money Demystified is not just an invitation to participate in the new digital economy, but a roadmap to navigate its terrain with confidence. From avoiding scammers and carnival barkers to understanding how digital currencies can be tools for financial inclusion and economic empowerment, this book is an invaluable resource.

As we stand on the precipice of a new economic era, there is an urgent need for accessible, reliable, and unbiased information about cryptocurrency. This book isn’t merely about understanding digital money. It’s about equipping readers with the knowledge to be active participants in this transformative shift. As such, it echoes my own commitment to financial literacy and empowerment.

So, whether you’re crypto curious or looking to build your digital asset portfolio, I encourage you to read this book. With Professor Evans as your guide, the journey into the world of digital money needn’t be intimidating. Instead, it can be a journey of discovery, empowerment, and, potentially, prosperity.

Welcome to the future of money. Welcome to Digital Money Demystified.

— Lynnette Khalfani-Cox, The Money Coach®

Introduction

Anyone who knows me, the highly risk-averse, color-inside-the-lines, follow-the-rules-even-when-no-one’s-watching me, knows that I am one of the most unlikely people to let any risky venture see the light of day in my life. Not with my hard-earned money. Or my harder-earned law degree and licenses to practice law in four jurisdictions. Or my unimpeachable reputation as a well-respected attorney and successfully tenured law professor. Not for some newfangled magical, untraceable internet money I’d heard was only used by criminals on the dark web.

Something that was surely a scam and little more than a Ponzi scheme. Money (imagine me using air quotes for added eye-rolling, gimme a break effect) that wasn’t backed by anything real and, therefore, had no real value. Some types of money people referred to as currency but that was not money issued by any government or recognized as a lawful currency. Currency that was not currently kept in traditional banks or federally ensured by the Federal Deposit Insurance Corporation (FDIC), was not regulated, had no physical form, and was mined (like gold?) but with computational power (whatever that is). Bottom line? A fad, clearly. Only for the Libertarian-leaning crypto bros. And too complicated and too risky with no redeeming qualities worth investing any time or actual government issued currency (fiat) into. Period. Or so I thought.

But somehow, my intellectual curiosity got the best of me. On my quest to get to the bottom of what cryptocurrency and blockchain are, why they were created (and by whom), and even more importantly, what impact these technologies would have on the next iteration of the internet, trade, data creation and management, and the transfer of value globally, I began busting myth after myth. And it did not take too long for me, the most unlikely crypto fan, to find myself falling headfirst in to the infamous crypto rabbit hole and changing my life, both personally and professionally, forever.

What’s the Crypto Rabbit Hole?

The crypto rabbit hole is a phrase used to describe the experience of getting deeply immersed in the inner workings and wild west world of cryptocurrencies and blockchain technology. Think of the rabbit hole as the process of learning about and becoming increasingly involved in the crypto ecosystem to the point where it can be difficult (or dare I say, impossible) to pull yourself out. The reason is because every time you learn something new or answer a question, the answer leads to more questions and more terms to define, more confusion in need of clarification. It’s a lot like Alice’s experience in Wonderland.

Alice’s Adventures in Wonderland is a novel written by Lewis Carroll in 1865. The story follows a young girl named Alice who chases a white rabbit down a hole and discovers a strange and magical world.

In the story, the rabbit hole represents the gateway to Wonderland, a magical and fantastical world in which Alice encounters bizarre and unpredictable situations. As she falls deeper and deeper into the hole, Alice becomes disoriented, confused, and disconnected from everything she knew, trusted, and believed.

Alice’s rabbit hole experience is a metaphor for her psychological growth and exploration as she confronts her fears, challenges, and assumptions about the world she once knew. In popular culture, going down the rabbit hole has become a metaphor for getting lost in a complex and confusing situation or diving into a subject or topic that is challenging to understand. The crypto rabbit hole metaphor? It describes my headfirst plunge into the disorienting deep end of the crypto curious ocean to a tee. It relates the deep-dive experience that required me to take a breath as I allowed myself to disconnect from the safety of the familiar to explore (and ultimately embrace) a whole new fantastical foreign world of empowering possibilities just below a surface understanding.

Many people who become interested in crypto, including me, often find themselves drawn into its origin story, the promise of access, inclusion and self-sovereignty, the complexities, and the ever-evolving landscape of a 24/7/365 global value exchange market that can be challenging even for seasoned tech and finance experts to navigate. And that is because crypto is what you get when tech and finance have a baby—a new being with a life all its own.

The crypto rabbit hole can take many forms, and I have experienced almost every one of them at some point. For some people, the rabbit hole might involve spending hours (and hours—did I mention hours?) reading whitepapers and studying the technical aspects of different cryptocurrencies. For others, it might involve becoming active in online communities or attending crypto conferences and meetups. Some people get bitten by the investing bug and start day or swing trading cryptocurrencies or collecting creative and collectible non-fungible tokens