Tech Intersect Ep #240: Five Tips to Go From Cash to Crypto Safely, Legally and Confidently

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Speaker B: Remember, the future belongs to those who understand it, not those who close their eyes, shrug their shoulders, bury their heads in the sand and hope for the best, right? Staying in that place because of fear. So whether it's fear of missing out or getting in, remember that fear is not a wealth building strategy. At least not a successful one. Welcome to Tech Intersect. I'm your host, Tonya Evans, and my life and work exist at the heart of law, business and technology. Yeah, I've earned a few fancy titles and degrees over the years, but the bottom line is I'm a writer, speaker, teacher and lifelong learner. And I'm really excited that you've joined on this journey. So what is Tech Intersect? Well, it's authentic, empowering conversations with really interesting guests who demystify complex topics to prepare you for the future. Because your future is now and it exists where law, business and Tech intersect. Get ready to listen, learn and leverage. Let's get started. Hey everybody. Welcome to the final episode of the Tech Intersect Podcast. The podcast that has explored the powerful and transformative intersection of law, business and technology. I'm, um, your host, Dr. Tonya M M Evans, and this episode is bittersweet as we close this chapter that began four years ago without missing a week, I might add. Okay, I had a few best ofs, et cetera, et cetera, but I did not miss a week. And now we open the door to a new journey. One that continues the mission we started here. That is to empower you with knowledge and tools and resources to navigate the digital economy confidently, safely and legally. But don't worry, this isn't exactly goodbye because today I'll share exciting news about what's next and including the debut of my new SiriusXM M podcast segment, Confidently Crypto, which is now live as part of the financially speaking podcast on the Women's Empowerment Network. And this visionary platform was conceived and is executive produced by the visionary Pulitzer Prize winning journalist and XM UM Urbanview radio host Karen Hunter. Starting as of, uh, December 16th, you can now tune in to Confidently Crypto with Dr. Tanya every Monday. And that's when I'll guide you through the exciting world of cryptocurrency, blockchain and decentralized finance. Or as you know it, defi. And together we'll go beyond buzzwords and headlines to equip you with actionable strategies to to thrive in the digital economy. Now, in, uh, this final episode here at Tech Intersect, I'll reflect on what inspired the podcast, how far we've come, and some of the challenges that remain. I'll also walk you through the five essential steps to go from cash to crypto. Uh, safely, legally and confidently. So be sure to listen all the way until the end so I can leave these gems with you. And whether you're just starting or looking to deepen your knowledge, this episode is packed with actionable insights and resources to help you take charge of your financial future. Let's Intersect this one last time. Now, when I launched Tech Intersect back in late December of 2019, my mission was abundantly clear. And it really hasn't changed all that much. That's to demystify the digital economy and its rapidly evolving landscape. And all of my guests throughout these years have believed in that mission too. And even though four years ago crypto and blockchain were seen as niche or even fringe technologies, and certainly something only tech bros and venture capitalists cared about, I saw something different. I saw a, uh, transformative potential to break down barriers and to empower everyday people, especially those who have been historically excluded from wealth building opportunities here in the United States and around the world. For me, it wasn't just about the tech or about the finance. It was about equity and inclusion in a new an emerging economy. I wanted to shift the narrative from number go up speculation on the price of the latest meme coin to something much, much deeper. Not just chasing speculative gains and price chasing like a tornado chaser, but building long term indestructible wealth, fostering innovation, and creating a financial ecosystem that works for everyone, not just the wealthy. 1%. Throughout this journey, we've tackled complex topics like the promise of blockchain, the pitfalls of regulatory uncertainty, the opportunities for financial empowerment, and what all of that meant in the context of the 2024 elections. We've talked about everything from the bitcoin halving to the SEC's approach to crypto regulation. And we've always kept our focus on you, the investor, the entrepreneur, the lifelong learner who wants to thrive in this new digital economy. So while Tech Intersect is coming to an end, the mission isn't over. And I'm thrilled to announce the next phase of this journey. My brand new SiriusXM podcast segment, confidently Crypto, now live on the Financially Speaking podcast, which is part of the Women's Empowerment Network. It's available wherever you get your podcasts. And so that includes Spotify, Apple Podcasts, uh, anywhere you listen to podcasts. Look up Financially Speaking or the Women's Empowerment Network, or my name, Tanya Evans, and you'll find my segment every Monday, Confidently Crypto a little bit more about this platform now. This visionary podcast led by Karen Hunter, is dedicated to uplifting, educating and inspiring women across all walks of life. And every Monday, I'll be breaking down complex topics in plain and simple terms, taking your questions, empowering you to navigate the exciting world of crypto and DeFi. And whether you are crypto curious or a seasoned investor, this podcast will be your go to resource for demystifying digital money and building long term wealth. And in my first episode, which is now live, I share my rabbit hole experience, which is how I went from skeptical law professor to crypto advocate. And I also tackle critical issues like systemic barriers to wealth and the steps women are taking to lead in this space. Bottom line, this is more than a new podcast, it's a movement. And together we'll reclaim financial autonomy, break through systemic barriers and unlock opportunities in the digital economy. Now, one of the most damaging narratives in the crypto space is the focus on number go up, meaning this myopic focus solely on the price of the moment. And while it's certainly understandable, especially during times like these, in yet another epic bull market run for Bitcoin in particular, and the fact that Bitcoin has hit a dozen or so new all time highs in 2024. And as of this recording on December 18, 2024, the current price is $104,819 and change in the equivalent of the United States dollar with the most recent new all time high of over 107,000 per coin in USD. But this price FOMO inducing mania reduces an incredibly transformative technology into, I don't know, like a uh, speculative casino like atmosphere and definitely obscures the real potential to solve systemic problems like access to wealth and to the knowledge and connections that it often takes in order to achieve, grow and leave that type of wealth to the next generation. The digital asset economy isn't just about Bitcoin's price or Ethereum's market cap. It's really about financial inclusion, giving unbanked or underbanked communities access to financial tools. It's about transparency, reducing fraud and corruption in industries like supply chain and health care. And it's about decentralizing power, breaking down monopolies, empowering individuals to own their data and their assets and to exchange them directly with each other without the need to rely solely on a government or a corporation. So if you've been tuning in to Tech Intersect over these years, you know we've always emphasized the long game. Wealth building is about education, strategy, and patience. It's about using tools like blockchain, smart contracts along with digital assets to create lasting value, not just chasing the next bull run. And obviously, as a law professor, education has always been at the heart of my mission, and I'm so proud to offer resources that go beyond podcasts and courses. That includes my books that are designed to empower you with the knowledge and tools to thrive in the digital economy. First, there's Digital Money Demystified, where I break down the complex world of blockchain, crypto and defi in plain language. And this book tackles myths, answers the most pressing questions, and provides a step by step guide for anyone looking to transition from crypto curious to confident investor. And whether you're a beginner or just looking to deepen your understanding or get back into the game, this book is a roadmap to navigating digital money safely, legally and confidently. And you can get your copy@, uh, digitalmoney demystified.com that's digitalmoney demystified.Com and now I'm also super, super excited to introduce my newest ebook, the Cooperative Economics of Crypto. Uh, From Black Wall street to Black Web Street. Now, this work is deeply personal to me because it examines the history of systemic economic exclusion, from the devastation of Black Wall street to the challenges we face today, and connects those lessons to the opportunities that blockchain and crypto present for economic empowerment. And in this latest book, I explore how cooperative economics, which is a principle rooted in shared wealth and collective uplift, out of the Kwanzaa principle and celebration. It shows how you can intersect that with the crypto economy and financial technology to create generational wealth and rebuild trust in financial systems, in communities, and ultimately in yourself. It's a call to action for communities of color and allies and in order to embrace the tools of the digital economy and work together to shape an equitable financial future for all. And these books aren't just resources, they're invitations. Invitations to learn to engage and to build a, uh, better economic future. So I encourage you to explore them, share them with others, and let them inspire you to take charge of your financial destiny. Both books are available now@digitalmoney demystified.com and I can't wait to hear how they resonate with you. So let's continue to learn, grow, and thrive together. And now let's take a deeper dive into the five steps to go from Cash to Crypto safely, legally and confidently. Have you ever found yourself puzzled, wondering if cryptocurrency is just a fleeting trend, a scam, or perhaps the Future? Hi, I'm Dr. Tanya Evans, and I'm here to introduce you to my new book, Digital Money Demystified, your ultimate guide to deciphering the crypto maze. As a legal, policy and crypto education expert, I've crafted this book to cut through the chaos, debunk the myths, and tackle the bud that's fear, uncertainty, and doubt. From captivating headlines to meticulously sourced data, I guide you through the promises and the pitfalls of digital assets. With 12 chapters and 10 myths dispelled, digital Money Demystified is designed for investors, business owners, and professionals eager to navigate the digital economy. It's more than just a book. It's a tool for economic empowerment that directs you safely and confidently from cash to crypto. Say goodbye to bewilderment and hello to enlightenment. Transform from crypto curious to confident. Sidestep those scammers and embrace the future of work, wealth, and creativity. Grab your copy of Digital Money Demystified today at the book's companion website, digitalmoneydemystified.com or or wherever books are sold. This is the right book, the right voice at the right time. Don't miss out on the digital revolution. Stop by digitalmoneydemystified.com now. So first, and this is no surprise coming from, again, a professor. Educate yourself. Number one, educate yourself. Knowledge is power. So start by understanding the basics of cryptocurrency Blockchain defi. Find a great glossary. You can Certainly go to digitalmoneydemystified.com or coinmarketcap.com has a really great glossary of terms as well that continues to be built out as we continue to innovate in this space. Resources Also my academy@advantageevans.com and of course the Confidently Crypto Monday segment on financially speaking. Again, coinmarketcap.com and also coindesk.com are great starting points. I love scanning the headlines and diving into some of the journalism@coindesk.com and I offer that to you as well. Coinmarketcap.com is an aggregator of data and you will find every native currency which is a coin or every token is every defi project and every exchange listed. There you can see historical data market cap. It's a treasure trove of information and it is free 99 so that's an Investopedia for is great for terminology as well. And also follow me at forbes.com go to forbes.com look up my name and you will find all of my articles there. I am a Forbes contributor and write roughly one article a week and so that's a great way to stay up to date with what's going on and my reaction at the intersection of law, business and technology for forbes.com Number two choose a trusted exchange and or platform by which to purchase cryptocurrencies like bitcoin. Use a trusted platform like Coinbase or Kraken or binance us. Not binance.com, but binance us to buy and sell cryptocurrencies. You can check reviews, ensure the platform complies with know your customer or KYC and anti money laundering or AML laws or even apps that you already use. You know you have the power in your phone. You may or may not have noticed that apps like Cash app or Venmo allow you to buy Bitcoin. And at least with Venmo you I think there are at least three other cryptocurrencies you can purchase as well. So open up those apps. Commit to buying some small amount if you've never purchased before just to get your feet wet, to get acclimated with how to purchase and what it feels like and the rush of really saying I don't know everything fully, but I'm already using this app that I appear to trust and it appears to trust Bitcoin. So I'm going to buy a little Bitcoin and then we'll figure out the next steps. So you do that first and then join me over at uh, confidently Crypto and@proftanya evans.com for other resources and you can keep learning so you can keep earning. Number three, secure your assets. And number one to number three, never ever, ever, ever, ever allow someone else to buy crypto on your behalf, whether you know them or not. That's not the ideal vision. You know, maybe it's, you know, you're perhaps your mate, you know, your significant other and you're doing this together or one person knows a little bit more than the other, but the point of cryptocurrency is that you are in charge of your own assets. You are the gatekeeper. There's no other gatekeeper but you. In fact, the only gatekeeper that stands between you and really diving in headfirst into the crypto economy is actually knowledge. And your lack of knowledge is what makes you susceptible to scammers, because the technology is agnostic in and of itself. It just is what it is. But scammers are going to scam and they're going to use and leverage your lack of knowledge in order to take advantage of you. And so one of the ways they do that is sliding into your DMs or saying, I will gladly pay you Tuesday for a hamburger today. Or if you send me this money, I will invest it on your behalf and send it back plus interest. No, no, no, no, no. Do not do that. Full stop. If you don't take anything else away from this podcast, don't do that. And especially don't do that if someone slides into your DMs or pretending to be me, because I have lots of other things to do, including protect my licenses in four states, I.e. new York, Pennsylvania, New Jersey and D.C. come see. About Me I'm not an investor. I'm not a day trader or a swing trader. Trader, excuse me, I am an. An educator. I am your chief learning optimizer. Uh, and I want to empower you to make a choices so that you are your own business bank. Another lesson is also never leave your crypto on an exchange or platform that you use to buy it unless you are, well, I was about to say unless you're using some decentralized exchange. But if you're using a defi exchange, a decentralized exchange, excuse me, you wouldn't lose control of your assets or send them onto a, uh, centralized exchange waiting for them to do something and then send it back to you. All right, so ultimately you should use what we call a hardware or cold storage wallet, like Ledger or Trezor, to store your assets securely. Or at least if you have a, ah, warm or hot wallet. And that means one that is always connected to the Internet. So that is an app. It might be a browser based wallet, for example, where there's a slightly higher risk of being compromised because it's connected to the Internet as opposed to cold storage, meaning disconnected from the Internet. If you don't know what I'm talking about right now, don't worry, it's okay, I will. I want to get you from where you are right now. To being in charge of, let's call it, your own personal vault in the digital world. There are plenty of tutorials at YouTube University, also at the Advantage Evans Fintech Academy on YouTube. So look me up there. Visit early and often. I have dozens and dozens and dozens and dozens, probably hundreds at this point, videos. So visit there early and often. Uh, be sure to like and to subscribe. That's the Advantage Evans Fintech Academy. A full range of free resources there on YouTube. Okay, number four, diversify your portfolio. Just like traditional investments, diversification is key. When something is up and other things are down on balance, you want to be moving at a reasonable rate of return. And that means you can't put all of your proverbial eggs in one basket. Research different types of cryptocurrencies. There are thousands of them. You hear me talk about talking about Bitcoin or Ethereum Ripple, which is XRP or Dogecoin, or some of the other memes as well, Stablecoins that always match the equivalent of the underlying asset. So a stablecoin could be connected to the dollar and always represent roughly a dollar. That's a way actually to purchase crypto without experiencing the volatility. If you are not really into risk or you're working with yourself to develop a higher risk tolerance, having stablecoins as part of your portfolio is an important part as well. There's so much to learn about the different types of coins. Bitcoin is the OG. It was first launched in January of 2009 and it's been going strong ever since. It started out literally being worth a, uh, zero. A big goose egg. And now to see where we are in this world these years later. It's just a sight to behold and really speaks to the power of people, powered assets. So the final point on that, diversify your portfolio. And within your crypto portfolio, be sure to diversify that as well. And number five, stay compliant. This is the legal portion. Stay compliant and stay informed about the developments. So crypto regulations are evolving. They often change with each new administration. There are laws both at the federal and the state and local levels as well. So stay informed about tax obligations and legal requirements. A great way to do that obviously is to stay in touch with me. So, uh, when you go to proftanyaevans.com make sure we link in on LinkedIn. There's a direct connect there. Get on my mailing list as well and stay connected. And again, follow me@forbes.com I am often writing about the legal and business consequences, uh, and issues of the day in the digital asset economy. And finally, in terms of staying compliant, tax compliance is paramount. So tools like Cointracker can help you stay compliant while optimizing your investments. And I have linked to that and some of the other resources in the show notes. So remember, crypto is not a, uh, get rich quick scheme, not the way we're playing it. It's a tool. One of the tools in the toolbox for building sustainable wealth, financial autonomy, creating opportunities for yourself and your family now and for the future. I have, uh, zero problems, I should say, with getting rich quickly, especially given the alternative. But what I know for sure over the years with my little Gen Xer self is that if you want to get wealthy quickly, you need to focus on getting smart even quicker. That's the ultimate investment in the knowledge that creates personal and professional power in this new economy. As I close this, uh, final episode of Tech Intersect. Oh my goodness. I want to thank each and every one of you for joining me on this journey. This podcast clearly has been a labor of love. It was born out of a desire to empower and to educate. And I hope that I have left you better than I found you. No matter when you joined me on this awesomesauce journey. I hope you'll join me each week on Financially Speaking for my confidently crypto segments as we continue to explore the future of money, work and wealth together. And remember, the future belongs to those who understand it, not those who close their eyes, shrug their shoulders, bury their heads in the sand and hope for the best. Right? Staying in that place because of fear. So whether it's fear of missing out or getting in, remember that fear is not a wealth building strategy, at least not a successful one. And as for this amazing four year journey at the intersection of law, business and technology, I thank each guest and the producers along the way. Hey Steph McNeil. And of course the current producer, Lucia Galati from Galati Media. I am, um, reminded of some soul stirring advice that one of my Costa Rican retreat sisters shared with me recently. I did a, uh, retreat deep into the jungle of Costa Rica and I lived to tell about it. I came out forever transformed. And as we communed as a group at the Imoloa Institute Retreat center, joining there to activate our highest and best selves, to embrace a new and renewed vision about our power and our purpose. The words that she left me with. Thanks Tiffany B. Something that she learned in one of her professional retreats as well. Um, and so I'm going to share it with you because I think it's particularly relevant as we wind down in this moment. Whenever it begins is the right time. Whoever shows up are the right people. Whatever happens is the only thing that could have happened. And when it's over, it's done. Until we meet again, stay safe, stay informed, and as always, stay curious and stay connected@proftanyaevans.com as the next chapter continues to be written. This has been Tech Intersect. Thank you for listening, for learning, and for building the future with me one episode at a time. Be good to yourself and others. This is your chief learning optimizer, the CEO of me. Over and out. Hey y', all, it's a wrap. Thank you so much for listening to the Tech Intersect Podcast. I hope you enjoyed this episode. If you love it, please tell the world. If not, go ahead and tell me and in either case, drop a comment or ping me on social media. PProf Evans with the hashtag techintersec. And finally, a quick reminder on digital safety. There are a lot of scammers out there impersonating me and others, and I need your help. Now hear this and remember, I will never slide into your DMs to say Peace and blessings or hey. And I will never reach out to solicit your time or your money on social media, like, ever. I'm not a trader. I am an educator and an attorney licensed in four states. Thank you very much. I'm here to inform, inspire and empower. No cap and definitely no forex. So be careful, make good choices, and remember, I developed an entire free masterclass about the topic of digital safety in the crypto space. So check out secureyourcryptobag.com for more information. That's secure your cryptobag.com all right, that's all for this episode. Until next time, continue to shine. Sam.