Carter Thomas (@carterthomas) started as a marketer and strategist in the mobile app space, publishing over 1,500 apps on multiple platforms that have generated 18M+ downloads. Now he educates the curious about cryptocurrency and blockchain technologies via videos and a podcast under the Coin Mastery banner.
What We Discuss with Carter Thomas:
- A primer on cryptocurrency and blockchain so you can understand what people are talking about even if you’re not interested in investing.
- Beyond finances, how blockchain can be used to better secure everything from identity to medical data.
- Why it’s important to understand this technology now instead of waiting for it to saturate the markets of the mainstream.
- The pros and cons of cryptocurrency trading from the perspective of the vendor as well as the consumer.
- How cryptocurrency is being used today to counteract the hyperinflated conditions of Venezuela’s traditional economy.
- And much more…
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Not long ago, it seemed like you couldn’t tune in to any notable news source for 10 minutes without being pelted with buzzwords like “cryptocurrency,” “Bitcoin,” and “blockchain.” And then, almost overnight, they disappeared from the headline circuit and receded into back-page obscurity. But are cryptocurrency, Bitcoin, and blockchain just dead remnants of get-rich-quick hype, or dormant portents of the economic landscape to come?
For episode 79, I’m joined by Coin Mastery founder Carter Thomas to talk about the basics of cryptocurrency and blockchain technology, what we can expect from them in the not-all-that-distant future, and specific actions you can take to become a better investor, trader, and decision maker. Listen, learn, and enjoy!
Please Scroll down for Full Show Notes and Featured Resources!
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More About This Show
Thanks to security concerns, you won’t get far if you try calling Coin Mastery founder Carter Thomas on the telephone. While he’s always taken online security seriously, there’s no shortage of victims in the cryptocurrency community being robbed regularly to remind him to remain vigilant.
While Carter admits it’s cumbersome to have phones dedicated to certain online tasks and none of them utilizing his actual phone number, it makes it even more cumbersome for any would-be hacker to successfully rip him off. A better target would be someone who doesn’t bother using two-factor authentication to protect his or her cryptocurrency assets and feels their Gmail password is probably secure enough to use for this purpose — and every other online service.
Sound like anyone you know?
“Get your coins off the exchanges, put them into a hardware wallet, lock it up somewhere, have a dedicated computer,” says Carter. “At the very least put two-factor authentication on it. I don’t care if you have 50 bucks or two million or whatever it may be — it’s just so critical.”
What Is Cryptocurrency?
If you’ve been nodding along in polite company whenever cryptocurrency, blockchain, or Bitcoin have been mentioned and secretly hoping nobody would quiz you on what any of it means because you have no clue, you’re in luck that Carter’s here to explain it all.
“It started as a payment system,” Carter says. “The vision of cryptocurrency — especially of Bitcoin — was ‘let’s revolutionize payments, banking, and money.’ And that has evolved really with Ethereum, which is a new form of blockchain, a new technology that came out a couple of years ago. That’s changed into the ability to change economies — micro-economies, networks, and how networks are used and integrated.
“That is starting to evolve into changing the way that companies really behave — how stocks are being issued and making up companies, how people are breaking the value of companies down. So I think a more accurate term now is crypto assets.
“So Bitcoin, being the original and the biggest still has this idea of moving money around, holding money, censorship resistance, everything around it. But the whole cryptoworld is really just a way to take ideas that ordinarily had one model becoming a company and now you have this whole new way to create value through that company.”
The very reason cryptocurrency was a turn-off for early adopters — that it could be used by terrorists and criminals — is the very reason it has the potential to be so valuable to present and future economies: it’s a threat to established orders that can’t ultimately control its value.
“I think there’s two big phases of this crypto revolution,” says Carter. “I think that we are phasing down from the first chapter, which is the hype, the get-rich-quick scheme idea and we are beginning the next phase — the Spotify phase” [in contrast to the wild west Napster phase].
Listen to this episode in its entirety to learn why people who are disappointed they missed phase one should rejoice that they’re still early enough to the party to get in on the ground floor of phase two, how cryptocurrency has the power to disrupt the status quo once it’s understood and embraced by the mainstream, how the blockchain works to secure crypto assets in a way most initially find counterintuitive, how Venezuelans are using Bitcoin to overcome the hyperinflation of its traditional economy, non-financial applications for blockchain technology, and lots more.
THANKS, CARTER THOMAS!
If you enjoyed this session with Carter Thomas, let him know by clicking on the link below and sending him a quick shout out at Twitter:
And if you want us to answer your questions on one of our upcoming weekly Feedback Friday episodes, drop us a line at [email protected].
Resources from This Episode:
- Coin Mastery on YouTube (videos)
- Coin Mastery on iTunes (podcast)
- Carter Thomas at Instagram
- Carter Thomas at Facebook
- Carter Thomas at Twitter
- How Do I Set up Two-Factor Authentication?, Coinbase
- What Is Blockchain Technology?, Coindesk
- Free Course: How to Buy Your First $100 worth of Bitcoin, Coin Mastery
- How to Buy Ethereum (Eth) Coins, Coin Mastery
- 335,000 Banned Fans: The History of Metallica’s Costly Napster Battle, Ultimate Classic Rock
- Venezuela: The Price of Bitcoin is Now Doubling Every 18 Days, Bitcoinist
- How Does Bitcoin Mining Work?, Investopedia
- U.S. Senator on Equifax Hack: ‘Somebody Needs to Go to Jail’, Reuters
- Why Criminals Can’t Hide Behind Bitcoin, Science
- TJHS 25: Joshua Fruth | The War on Money Laundering and Why You Should Care
- What You Need to Know about Taxes and Cryptocurrency, Forbes
- Bill Gates on ‘The Internet’ in 1995, David Letterman
- What Bill Gates Got Wrong About the Internet in the 1990s, Inc.com
- Ray Dalio: Short Term vs. Long Term Debt Cycles, Money Panda
- How to Start: A Gary Vaynerchuk Original
- The Quiet Master of Cryptocurrency: Nick Szabo, The Tim Ferriss Show