This article is a summary of the first Blockchain Boleh Series with our special guest, Ross Stephenson, a crypto enthusiast and ex-Luno employee

Introduction

The world of cryptocurrency has taken the financial industry by storm, providing individuals with a new avenue for investment and financial independence. As more and more people are becoming interested in this exciting and innovative space, the question on many people's minds is, "How can I get started in the crypto space?"

Recently we conducted an AMA (Ask Me Anything) session in our Twitter Space as part of our Blockchain Boleh Series with Ross Stephenson who is a Bitcoin educator and a proponent of crypto who once thought crypto was a big scam but changed his opinion because over the years he understands what cryptocurrency is and how it can impact the world. In terms of work experience in crypto, Ross initially started by doing YouTube videos with some friends and educating people on Zoom. But then he used to work for a company called Luno which is the biggest crypto-regulated exchange in Malaysia.

Questions

1) How would you reply to the people saying crypto is a scam?

We always hear people referring to crypto as scams, frauds, etc. So when asked how he would reply to them, Ross argues that everything in life is essentially a scam 🤣, but it's up to each individual to decide which scam they are willing to invest in. One example used by Ross is the US dollar and how it has value because people give it value, not because it has intrinsic value. Ross discussed the value of Bitcoin and how it is valuable because people are willing to buy and sell it. He refutes the concept that gold has intrinsic value and instead argues that its value is determined by people's willingness to buy and invest in it. At the same time, he believes that everything has value as long as there is demand for it and that people should question what they value in their own lives.

2) How to Do Your Own Research (DYOR) and prevent yourself from investing in scam projects?

Last year, there were a lot of "scams" in the crypto space, such as FTX and Terra Luna crashes. When Ross was asked how a person should do their research and prevent themselves from investing in this kind of scam, he shared his experience of investing in crypto during the bull run in 2019 and losing money due to a lack of knowledge and wisdom. He emphasized the importance of research in crypto investment but also acknowledged the unpredictability of the market and the need to be adaptive to changing situations. He recommends having an emergency fund that can sustain six months of expenses to avoid being emotionally affected by market fluctuations. He also advises investing in regulated platforms and being aware of scams that promise unrealistic returns. He highlighted the importance of emotional stability when investing in crypto.

3) Even if it is regulated, how to keep ourselves safe?

Regulators are a very important thing now, but the regulated banks in the US, such as SVB, use the funds of depositors to buy bonds and other investments. When Ross was asked for his opinion on this issue, he emphasized the importance of having an emergency fund and being able to adapt to market conditions when investing. He suggested investing in multiple areas to reduce the risk of losing all of one's money. All investments carry some level of risk, even fixed deposits in banks. Ultimately, investors need to be prepared to face these risks if they choose to invest. As the saying goes, 'Don't Put All your Eggs in One Basket'.

4) What are the most important things that beginners need to understand about investing in cryptocurrency?

When asked about this, Ross encourages beginners to try investing in cryptocurrency despite the fear of the unknown. He suggests setting aside a small amount of money to invest in a few things and learn from the experience. He emphasizes that one should not have the mindset of making a profit immediately but rather learn from losses and gains. He also acknowledges that not everyone may be interested in investing in cryptocurrency, but he encourages people to be open-minded and not get left behind in terms of new technology. The overall message is to take small steps and be willing to learn to be part of the future of currency and financial innovation.

5) What are the examples of cryptocurrency exchanges that beginners can use to buy cryptocurrencies?

When asked about any examples of exchanges that beginners can use to buy some cryptocurrency, Ross advised beginners to start with a regulated and secure exchange if they want to invest in cryptocurrency with low risk. In Malaysia, there are four licensed exchanges - Luno, Tokenize, Sinergy, and MX Global. Ross recommends Luno, for which he used to work, but encourages people to explore the other options. Other unlicensed exchanges, like Binance and KuCoin, are not recommended as they offer no protection if anything goes wrong. Beginners can easily download the Luno app, create an account, deposit money, and buy Bitcoin within 10 minutes. The Securities Commission in Malaysia regulates licensed exchanges and provides some protection for investors.

6) How to stay informed with the latest developments and news in the cryptocurrency space?

So how does Ross stay informed with the latest developments and news in the cryptocurrency space? Ross recommends finding reputable sources of information to stay up to date on the market, such as CoinGecko's daily newsletter, and avoiding content creators who make unrealistic claims about tokens. He suggests joining a group of friends to learn and grow together in the world of cryptocurrency. Ross also mentions his approach to investing in cryptocurrency, which is to dollar cost average by buying a little bit of Bitcoin or Ethereum every month with extra money and splitting the investment in half, with one half going into a hot wallet such as a Luno account and the other half being stored in a cold wallet.

Q&A

Q1: How can we as a club can help educate students more easily?

During the Q&A session, the first question that was raised to Ross was regarding how APUBCC as a club can help educate student that has no idea what cryptocurrencies is and blockchain. In Ross opinion, he discusses the difficulty in teaching cryptocurrency and offers two strategies for effective teaching. The first strategy is to use analogies and stories to help beginners understand complex concepts. He then gave examples of how they use real-life experiences to explain topics such as swapping and gas fees. The second strategy is to conduct hands-on workshops that allow students to actively participate in the learning process. By creating their crypto accounts and completing tasks, students can better understand the practical application of what they are learning. Ross emphasizes the importance of making learning simple and relatable to real-life experiences.

Q2: How to explain NFTs to beginners in layman's terms?

When asked how he would explain NFTs to beginners, Ross used the example of verified Instagram accounts, which have a blue tick to signify their authenticity. He then displayed a picture, comparing a regular image to an NFT with a unique serial number that verifies its authenticity and tracks its sale history. Ross further illustrated this concept by comparing it to an iPhone's serial number. By using relatable examples, Ross simplified the concept of NFTs and highlighted their ability to verify ownership of digital assets.

Q3: Is it possible to mint an NFT using the same image that has already been uploaded?

During a Q&A session, Ross was asked if it's possible to upload another picture with the same image as an NFT that already has a unique serial number attached. Ross responded by comparing it to the possibility of creating fake money in the real world, emphasizing the potential for someone to cheat the NFT system by creating a duplicate NFT. To verify the authenticity of an NFT, Ross suggests relying on multiple sources of information rather than a single piece of information. He gave the example of the artist Red Hong Yi, whose NFT can be verified through various sources such as her website, Instagram page, news articles, and the NFT website. Ross believes that in a world where AI can create realistic fakes, the ability to verify information will become an important skill, and suggests using multiple sources of information to verify the authenticity of anything, including pictures, WhatsApp messages, and crypto platforms.

Conclusion

In summary, the popularity of cryptocurrency has attracted many people seeking new investment opportunities. Ross highlights that while everything in life can be viewed as a potential scam, individuals must decide which investments they are comfortable with. To minimize risk, he emphasizes the importance of conducting research, being aware of scams, and investing in regulated platforms while also creating an emergency fund. For beginners, Ross recommends starting with a secure exchange like Luno and investing a small amount to gain experience. Additionally, he suggests joining reputable groups and finding reliable sources of information. To teach cryptocurrency, Ross proposes two strategies: using analogies and stories to simplify complex concepts and conducting hands-on workshops to encourage active learning. In conclusion, Ross encourages individuals to be open-minded, learn continuously, and embrace the future of currency and financial innovation.