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Crypto & NFT Questions

Answered

Have a question about crypto or NFTs that you just can’t find answers to? Drop your question below and we’ll try to answer it for you! 👇

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Have your question answered live on the Crypto Safari podcast or in the “Answered Questions” below.

Answered Questions

Do I need a crypto wallet to invest in crypto?

– Romona

Great question! You actually don’t need a crypto wallet to invest in crypto. You can safely invest using one of the popular crypto exchanges (see my top 5 recommendations here). The only time you need a crypto wallet is if you want to move your crypto to somewhere else. Some examples include:

1. If you want to move your crypto from one exchange to another

2. If you want to buy an NFT

3. If you want to keep your crypto in your home

Is it safe to keep my crypto on an exchange? I heard that a hardware wallet is safer.

– Matt

This is a very common question and the answer varies depending on who you ask. I personally prefer to keep my crypto on an exchange because the crypto exchange I use insures it (with FDIC insurance) up to $250,000. A hardware wallet can be safe, depending on where you keep it. If you keep your hardware wallet at your house, you risk either a) losing it or b) someone stealing it if there is a break-in.

How do you get your money back out of crypto?

– Stephen

The process to get your money out of crypto is the reverse of putting your money in crypto. You simply sell your crypto, which will convert it into U.S. Dollars (or your local currency). Then you transfer it to your bank account using a standard withdrawal (usually takes 2-3 days).

Why are NFTs so popular? Do they actually do anything?

– Rebecca

This is a great question! NFTs are probably the most misunderstood thing in the web 3 ecosystm. Most people think NFTs are simply jpegs, but they actually have much wider applications that are very exciting. Some applications include:

1. NFTs as memberships to a group or club

2. NFTs as early stage investments in a project (similar to angel investing)

3. NFTs allow creators to charge less for their creations, but earn more money over time.

4. NFTs allow the authentication of physical goods (Rolexes, makeup, shoes, etc).

5. NFTs allow for fraud-proof voting

There are much more applications we haven’t even found yet. For a full rundown of NFTs I recommend joining one of our NFT workshops.