** This is one in a series of interviews with more "mature" crypto holders about their motivations and views about cryptocurrencies, enjoy!**
PC is one of the members I've met and made friends with in the $WSB crypto community, and I asked him some questions about how he got into crypto and where he was going, sharing a bit of advice on the way.
* What made you first look into cryptocurrencies?
"It was reading Satoshi Nakamoto’s Bitcoin white paper. The idea of this digital currency protected using cryptography and cybersecurity protocols; maintained on distributed ledgers versus centralized ledgers of the present day banking system. I was intrigued by the idea of being able to send money to anyone located anywhere on Earth over the internet. That this digital currency provides an alternative payment system free of central control, that I’m the one in full control. "
* What were your first impressions of Crypto?
"It’s the Wild West out here! Hype, FOMO (Fear Of Missing Out,) FUD (Fear, Uncertainty, and Doubt,) the roller coaster of prices swings. It can be overwhelming. There’s so much information to absorb. The internet is an invaluable resource. Google, YouTube, all the various chat rooms like Reddit, Telegram, and Discord. Picking others brains and reading DD (Due Diligence). "
* Did you feel intimidated by the stigma that crypto was for "the younger generations?"
"Not at all. I’m from DOS days of computing and I’m definitely more tech savvy than many those of “the younger generation”. I have been involved with all things computer and technology related since the early 80’s."
* I used to know how to program in DOS too, do you still use the Control Window in Windows occasionally?
"I do use control window occasionally. Not much PC use now, most everything I do is on my iPhone and iPad."
* Do you have any crypto holdings in a specific account for "retirement" (i.e. there are accounts where you can invest your retirement funds in cryptocurrencies)
"Yes, I have a ROTH account with SOFi where I DCA (Dollar-Cost Average) BTC (Bitcoin) and ETH (Ethereum.) Putting crypto holdings in my retirement account forces me to be a Diamond Handed HODLer!" (Diamond Hand = Long-Term Investor, HODL = Hold On for Dear Life)
* What do you think the advantage of having your crypto in your retirement account is? None of the other interviewees have said they keep their crypto in pre-structured retirement accounts.
"The reason I will like a Roth IRA with crypto assets in it is that all gains will be tax free when I withdraw at 59½ years old. I only recently started my Roth IRA as I had a 401k with previous employer. I can contribute $6k per year and since I’m over 50 I can contribute another $1k as a catch-up contribution. Now imagine, as I hope, my crypto assets rocket to the moon and my 1 BTC (Bitcoin) and 5 ETH (Ethereum) is worth $500k or more. I’m dreaming I know, but this is not an impossibility with crypto. Now imagine some 20 something opens a Roth IRA and contributes just $1k of his $6k contribution a year for 30 years. Millions of earnings all tax free when the crypto value increases. The other $5k contributions towards safe index and dividend funds as a balanced investment approach."
* What do you feel are the main mistakes you make along the way, and what did you learn from these mistakes?
"I believe the future that crypto and blockchain offer, but I waited to invest. I missed out on some financial growth opportunities. But its early in crypto and there’s still plenty of opportunities. I like to say “The best time to invest in crypto was yesterday, but today is great too!”"
* How do you feel you've grown since venturing into the crypto world?
"Immensely! I knew the basics of BTC, ETH, blockchain and the such. But, that's just the surface! Hot wallets, cold wallets, DeFi, DEX (Decentralized Exchanges,) staking, liquidity pairs, yield farming, etc. I’ve learned to speak another language called Cryptolese. "
* I've never heard the term "Cryptolese," did you coin that phrase?
"Cryptolese is my made up word. Ex military I can make jargon and acronyms for anything."
* Haha, then I assume you know what "BOHICA" stands for?
"Oh yeah!"
* What advice would you give other "mature" people looking into joining the crypto world?
"Don’t do this is a vacuum. Ask questions. Find someone to help discover the basics. The large market cap coins are the “safer” cryptos to invest. DYOR (Do Your Own Research) is the most important."
