SkimmU·3 min read

SkimmU Money: Feeling Crypto FOMO? with Maggie Love

September 23, 2022

Maggie Love, Founder of SheFi, made investing in crypto a little less cryptic in our final SkimmU Money course. Then, Guidefi’s Charlene Fadirepo joined for a panel discussion and audience Q&A. We’re cashin’ out.

How can I decide if investing in crypto is right for me?

First, determine your risk tolerance. If you have a low risk tolerance, crypto probably isn’t for you. But if you feel ready to take a walk on the wild(er) side, it could be worth considering. Either way, education is important.  Do your research and learn about a few coins and crypto exchanges that interest you before building an investment strategy.

What are the risks of investing in crypto?

ICYMI: Crypto is volatile. It’s decentralized, meaning, there’s no central authority regulating cryptocurrencies. And, crypto doesn’t rely on trusted parties (think: banks) to manage or hold assets. So more of the responsibility and risk are placed on the investor. Aka you.

If I decide to invest, where do I buy and store crypto assets?

After doing your research, check out a crypto exchange to get started. When it comes to storage, there are a few options if you want to store it yourself (like hot wallets or cold wallets). You can also consider a custody solution (aka a third party provider to manage your crypto wallet). Consider security when deciding which crypto wallet you want to go with.

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