20 Things to Know About Crypto in 2020

Over the past ten years, crypto has evolved from a single whitepaper to a global asset class and we believe 2020 will be a transformational #YearOfCrypto. Whether you’re an experienced day trader, HODLer, institutional investor, or someone who is completely new to crypto, our 20 Things to Know About Crypto in 2020 covers a broad range of topics — from blockchain 101 to crypto custody to what to look for in a crypto exchange — to help you further engage with the asset class. Here are a few of our favorites:

What is crypto?

Crypto is a form of currency built for the internet. It's powered by the blockchain, which is a technology that allows transactions to be recorded, and is very difficult to reverse.

Can you tell me more about blockchain?

A blockchain is a list of records, called blocks, that make up a public blockchain ledger. Each block includes transaction data and is linked to the previous block by a cryptographic hash, making it very difficult to reverse. Blockchain is the underlying technology that ensures the accuracy of accounting, and cryptocurrencies like bitcoin run on top of this technology.

What are the global benefits of crypto?

Blockchain networks give people unprecedented access to credit, secure financial products, and spending power for both physical and digital goods. Crypto also allows people to transfer their funds globally and almost instantaneously, without high transaction fees.

What are stablecoins and how do they remain stable?

Stablecoins are issued to customers in exchange for a specified currency at a fixed exchange rate. The specified currency can be a fiat (like the U.S. Dollar), a cryptocurrency (like bitcoin), or a commodity (like gold). Stablecoins remain stable because of the fixed exchange rate and the stability of the underlying currency. The Gemini dollar is pegged to the U.S. Dollar meaning you can exchange one Gemini dollar for one U.S. Dollar.

How can I get started in crypto?

• Buy it on a regulated cryptocurrency exchange.
• Find peer to peer freelance opportunities that pay in crypto.
• Use a bitcoin ATM.

What should I look for in a secure exchange?

• Does the exchange have a regulated Know Your Customer (KYC) process?
• Is the exchange/custodian organized as a Trust company?
• Does the exchange have insurance on both online and offline wallets, and how much of your funds will it cover?
• What is the exchange's approach to security?
• Who is on the exchange leadership team?

What is crypto custody?

Think of custody as a digital safe deposit box for your crypto. Custodying crypto, as opposed to storing other assets like cash, requires a new class of digital-first infrastructure. Custody solutions come in two forms, which are often referred to as online (“hot wallets”) or offline (“cold storage”) systems. The key difference between the two is whether the storage system is networked or in any way remotely operable.

Our three-part series covers the most important factors to consider when choosing how, why, and with whom to store your crypto for optimal safety and security:

1. The Three Tiers of Securely Storing Your Crypto Assets
2. Understanding Institutional-Grade Crypto Custody
3. Questions and Considerations for Crypto Custodians

How can I help secure my account?

Hackers continue to build sophisticated methods to target online accounts. One of the more common attacks is called SIM swapping, when an unauthorized individual tricks a mobile carrier into switching an existing phone number to a different device. The unauthorized individual can then intercept texts and calls, including two-factor authentication (2FA) confirmations sent via SMS. To help prevent this type of attack, consider switching to app-based 2FA such as the Authy app.

Where can I use crypto in 2020?

There is a growing list of companies that accept it as a form of payment.

• AMC
• Bed Bath & Beyond
• Expedia
• Nordstrom
• OKCupid
• Petco
• And more...

How can I continue learning more about crypto?

Some of the best resources are news outlets, newsletters, podcasts, and books:

• Books: Bitcoin Billionaires, Ben Mezrich. The Truth Machine: The blockchain and the future of everything, Michael J. Casey and Paul Vigna. The Bitcoin Standard: The Decentralized Alternative to Central Banking, Saifedean Ammous

• Podcasts: Off the Chain, Anthony Pompliano. Unchained, Laura Shin. What Bitcoin Did, Peter McCormack

• News: CoinDesk, CoinTelegraph, Bloomberg

• And more...

Read the full list of our 20 Things to Know About Crypto in 2020 to learn more and open a cryptocurrency account with Gemini to get started today.

Onward and Upward!

Team Gemini