April is Financial Literacy Month, so today we have Chicago mom Kendra Cole with us sharing the top 4 things we all should know about cryptocurrency! Kendra is the CEO and co-founder of The CryptoMom App, the premiere destination for all things crypto for women, by women. Be sure to check out Kendra’s bio at the end of the article – she’s an amazing Chicago mom and we so appreciate her sharing these tips with us today!
Did you know that April is Financial Literacy Month? From college funds to building credit, as parents, we want to set our kids up for success. However, one part of their financial future may be a bit murky (and if we’re honest, spammy): Cryptocurrency.
The news has been filled with headlines about companies going out of business and cryptocurrency scams, which leads us to feel uneasy and skeptical and rightfully so. But if we’re honest, our kids are already exposed to the basic concepts of web3 and are already playing video games in the Metaverse and Roblox so as parents, it’s our responsibility to make sure we’re informed so we can set them up for success.
When I realized that there were women and moms taking the lead on learning about crypto to empower themselves and their families, I was inspired to create The CryptoMom App, the premiere destination for all things crypto for women, by women. I wanted to create an inclusive, secure platform for women to learn about crypto and then invest it using products that are relevant and useful to our lives, like college funds.
Are you ready to start your crypto wealth-building journey? Awesome! So let’s start with the basics. Here are 4 things you need to know about the basics of cryptocurrency:
I’ve heard about cryptocurrency but it’s still so confusing. What the heck is cryptocurrency in simple terms?!
Simply put, cryptocurrency is a digital currency. Bitcoin is the world’s largest and most popular cryptocurrency. All of the various types of cryptocurrencies have different utilities that are typically divided into 4 categories: payment coins, tokens, stablecoins and central bank digital currencies.
Ok, that makes sense. How is this different from stocks?
I think it’s important to first talk about what’s similar. When you purchase stocks and cryptocurrency, there is an understanding that there is a certain level of risk when it comes to the price. You hope that the stock will continue to rise so you will get value out of it, and that’s the same with cryptocurrency. Now, here’s where they differ: The Commodities Futures Trading Commission (CFTC), an independent agency of the government that regulates financial markets, categorizes traditional stocks as a security, which means when you purchase a stock, you are purchasing part ownership of a company. In contrast, the CFTC categorizes cryptocurrency as a commodity. Another example of a commodity is gold; In general, the more people use a commodity like gold or crypto, this drives the prices up.
Should parents think about investing in crypto for themselves and their families?
Like all aspects of parenting, I think that you should do what’s best for your family. For women in particular, I always encourage women to learn about finances, as we’re all aware of the specific challenges women face when it comes to the wage gap. With that in mind, when I look at all the potential opportunities that crypto presents, I don’t want women to be left behind in both the education portion but more importantly, investing and reaping the financial benefits.
How do I get started? I don’t know the first place to begin.
First, I always encourage people to research and educate themselves. There are a lot of really great social media accounts, like SheFi and CryptoWitchClub, that are awesome communities of women exchanging ideas and learning from each other about crypto. Next, if you visit The CryptoMom’s website, you can sign up for our waitlist to receive monthly education resources as well as be one of the first to try out our investing platform. On The CryptoMom, women can buy bitcoin in just 3 easy steps, allocate that bitcoin to meaningful products, like college funds, and also give the gift of crypto for special occasions, like baby showers and graduations. To learn more and to sign up for our waitlist, thecryptomom.app/
Kendra Cole is the CEO and co-founder of The CryptoMom App, the premiere destination for all things crypto for women, by women. She created The CryptoMom App with her husband after realizing that women were seeking a community of other women to learn about and invest in crypto on their terms, at their pace. Prior to founding The CryptoMom App, Kendra was an award-winning, veteran communications specialist and strategist, with a focus on public relations, talent relations and event planning. Kendra is on the board member of Young, Black & Lit, a 501(c)3 organization committed to putting books that center, reflect and affirm Black children into the hands of local youth, the parent representative for the Illinois Department of Health’s Emergency Medical Services board, and volunteers for the Sickle Cell Disease Association of Illinois.
Kendra lives in Chicago with her husband Lord and their three children.