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This is the stuff you millionaires in the making need to know to kick start or propel you on your financial fitness journey. Tracey Bissett, Founder of Bissett Financial Fitness and award winning Financial Literacy Champion, gives you the straight goods each week to set yourself up for financial success. As a former executive at TD Bank, one of Canada's Big 5 Banks, Tracey has worked with and in support of thousands of individuals and entrepreneurs to secure the financing they needed.  This hands on experience combined with her formal financial education, Masters of Business Administration and Chartered Financial Analyst designation, position Tracey uniquely to coach all things money. Tracey goes behind-the-scenes of all the money matters with need-to-know tips, money-making demystified, and special power-player interviews. Join us weekly for Financial Fitness Training that will turn even a Cash Couch Potato into a Marathon Money Maker.

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  2. EP047 Adventures with Crypto - 5 Lessons Learned with Digital Wallets and Buy Transactions

EP047 Adventures with Crypto - 5 Lessons Learned with Digital Wallets and Buy Transactions

Sep 4, 2018

Education is critical for ensuring your financial fitness and creating a future of financial freedom. Beyond seeking advice and listening to other people’s stories on the strategies they use to make investment decisions, one of the best strategies to understand new concepts and ideas is to experiment and try new things yourself.

 

On today’s episode, I share how my discussion with Alan Wunsche on Bitcoin and other cryptocurrencies inspired me to learn more about digital wallets and how to use them to complete various transactions. I share the research I have conducted on the different types of digital wallets, the level of security you can expect from each type, and the lessons I have learned about cryptocurrencies and digital transactions after setting up my first digital wallet. I also explain why many financial institutions prohibit using your debit or credit card to acquire cryptocurrency and how to choose the best digital wallet to meet your personal financial needs.

 

“Since early 2018 Canadian banks have made changes, that vary by institution, about how clients can use credit or debit cards as it pertains to cryptocurrencies.” - Tracey Bissett

 

This Week on Young Money:

 

  • The types of digital wallets.
  • The pros and cons of using electronic wallets and software wallets.
  • The difference between a “hot wallet” and a “cold wallet” and why I chose to use a hot wallet to learn more about digital wallets and cryptocurrencies.
  • Security measures you can expect when setting up various digital wallets.
  • Why some financial institutions prohibit the use of debit or credit cards to acquire cryptocurrencies.
  • The importance of researching cryptocurrencies and exchanges before investing.
  • The importance of continuing your education about cryptocurrencies and digital wallets.

 

Top 5 Lessons on Digital Wallets & Cryptocurrencies:

 

  1. Before you set up a digital wallet, make sure it is compatible with your country and/or currency of accounts.
  2. Be prepared to provide confirmation of your identity - similar to setting up a bank account.
  3. Before entering into cryptocurrency transactions, know how you will pay for them - find out what is possible in your country and at your financial institution.
  4. Research cryptocurrencies and exchanges prior to making transactions, so you understand the risks of this type of investment.
  5. Be curious and continue to educate yourself. The cryptocurrency market is evolving daily.

 

Resources Mentioned:

 



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