Transferring money through a third party can add substantial fees and using cryptocurrency bypasses those. However, does the emerging technology invite additional risks?
Today's guest is Erica Stanford. Erica is founder of the Crypto Curry Club, UK's number one rated networking educational event for blockchain, digital currency, crypto payments AI, and tech for sustainability. She is the author of Crypto Wars: Faked Deaths, Missing Billions, and Industry Disruption. Erica is a public speaker, crypto currier, and conducts blockchain industry reviews.
Show Notes:
- [1:02] - Erica shares what began her interest in cryptocurrency.
- [2:11] - After being mugged while overseas, Erica explains how she could only access money from a Western Union with high fees.
- [4:25] - This experience opened Erica's eyes to how many people in the world live without access to money and she learned about cryptocurrency.
- [5:06] - The Crypto Curry Club started off as a way for Erica to meet other people in the industry through events.
- [7:17] - Cryptocurrency is digital currency; money that is secured by encryption and blockchain.
- [9:05] - Prior to crypto, going through a third party was the only way to make a digital exchange. Erica explains what could happen if the third party disappears.
- [10:50] - Erica explains how blockchain works.
- [11:56] - The best part of transferring money through cryptocurrency, it is usually free of charge with absolutely no fee.
- [12:59] - Some businesses would have a minimum transaction amount due to the price they pay in fees. Crypto bypasses that.
- [14:40] - It is digital money and very volatile. People have started taking advantage of this.
- [16:02] - There's a lot of hype around cryptocurrency which means it can also get a lot of scammers creating their own currency.
- [18:22] - Even in cases where the cryptocurrency business is terrible, they still brought in millions of dollars because of the hype.
- [20:17] - There have been scams where celebrities have been hacked or a fake profile has been created stating to send them money and they'll double it for you.
- [21:05] - Erica describes recent Ponzi Schemes, networking marketing, and multi-level marketing using cryptocurrency.
- [22:22] - Cryptocurrency is created through a process called mining.
- [24:31] - In a recent Ponzi Scheme, good people invested everything they had and lost it. Some people knew it was happening but many were victims.
- [26:09] - A cryptocurrency business recently shut down. Erica discusses red flags.
- [27:51] - Erica explains "staking."
- [28:46] - Some red flags are claims of working with huge companies as customers and partnerships. Scammers can be very brazen.
- [30:00] - If you see one single thing that is fake or dishonest, you have to assume that there are more things that are untrue.
- [30:40] - Erica explains why she decided to write the book Crypto Wars.
- [31:53] - A huge scam that is still shockingly going on inspired Erica to get more information and start her research.
- [34:23] - That one event and the fact that Erica already had an audience and community, she was asked to write the book.
- [35:14] - Erica shares a discount code for the book when it is released this month.
- [36:11] - There have even been faked deaths and Erica tells the story of the scammer behind Quadriga.
- [38:40] - Some of these shocking stories are really happening and possible with cryptocurrency.
- [40:16] - There could be ways to track everything, but if someone has been planning a scam, Erica explains how they can get around that.
Thanks for joining us on Easy Prey. Be sure to subscribe to our podcast on iTunes and leave a nice review.
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