With the number of opinions present surrounding cryptocurrency whether it be negative or positive, no one can deny that it is in fact a real type of currency that people over the world use.
However, due to its recency of relevance, a majority are still unsure of what to make of crypto.
Join Chad Wittfeldt from Crypto Renegades as he breaks down the world of cryptocurrency and its potential for financial success. Learn about the evolution of cryptocurrency and how it has gained popularity, especially during the COVID-19 outbreak. Discover the risks and benefits of investing in this unregulated market, as Chad shares his proven strategies and risk management tips. Find out how to navigate the endless scams and pitfalls that await the unprepared. Get valuable insights on long-term investing in crypto and why it's essential to have a proper mental model and professional guidance.
Don't miss this opportunity to transform your financial future and build lasting wealth through crypto!
What You’ll Learn On This Episode:
Who is Chad Wittfeldt?
What is Cryptocurrency
Evolution of Crypto
Risks of Crypto
How to not go the wrong path of cryptocurrency
Want to learn more about cryptocurrency and its benefits?
Connect with Chad@:
Facebook: https://www.facebook.com/CryptoRenegad3s
Connect with Corwyn@:
Contact Number: 843-619-3005
Instagram: https://www.instagram.com/exitstrategiesradioshow/
Youtube: https://www.youtube.com/channel/UCxoSuynJd5c4qQ_eDXLJaZA
Website: https://www.exitstrategiesradioshow.com
Linkedin: https://www.linkedin.com/in/cmelette/
Shoutout to our Sponsor: Exit Realty Lowcountry Group
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Exit Realty has a revolutionary compensation model training and technology that provides you with the tools you need to start and build your successful real estate career. Call Exit Realty Lowcountry group today at 843-619-3005 that is 843-619-3005 or visit https://exitlowcountry.com/joinexit and make your Exit today.
Corwyn:
Good morning. Good morning. Good morning, guys. Welcome to another fabulous episode of Exit Strategies Radio Show. I’m your host Corwyn J. Melette. Broken on Exit Realty Lowcountry Group. Yes. in beautiful North Charleston, South Carolina. If it’s your first time listening to this show you sir, ma’am are in for a treat. Our mission is very simple. That is to empower our community to do financial literacy and real estate education guys. That is what we do. We have been off the meter. I am so excited about what we’ve been doing. Over the last several weeks with the show, the guests that we’ve been bringing on top-notch, superb caliber. I’m talking about, quote-unquote, as the old folks say from a long, long, long time ago, the cat’s meow that is what we have been doing today is no different. We’re going to delve into another world of financial literacy and investing. So I want you out to get ready. I want y’all to load up on the mothership. Because we’re about to go on a fantastic voyage, that’s what we’re going to do rocket today. I’m very humbled and honored to have with me as a guest on this show. Chad, how are you doing today, man?
Chad:
I’m doing great. I’m doing great appreciate you having me on.
Corwyn:
You’re quite welcome. I appreciate you making time in your busy schedule. To be a part of the show today. I’m gonna jump straight into it. Because we got to talk about some stuff that I look at and I am unsure if you’re going to be preaching quote unquote, not to the choir that day, you’re going to be preaching to somebody that you tried to get delivered. So Chad, tell us if you can high-level what it is you do a little bit about your company.
Chad:
Absolutely, man. Yeah, so what we do specifically is basically what everyone else doesn’t do in cryptocurrency. What everyone else does in this world of crypto is treated like a slot machine like a casino right? They come out of this world emotionally. They’re looking at it for a get-rich-quick lottery ticket. And me and my people, we treat it like a business, with unemotional systems strategies and proven processes, and navigate it as it should be simple enough.
Corwyn:
So for our listeners who may be completely unfamiliar with crypto, let’s talk about what is it.
Chad:
Yeah, absolutely. So crypto in general is a slang term for cryptocurrency. All cryptocurrency is the type of currency that is encrypted over what we call the blockchain. Now you’re gonna go grab a Starbucks coffee, take out your credit card, swipe it on the terminal, and that transaction gets validated across a multitude of channels to say, hey, this charge from Starbucks merchant A is going to bank B to C, etc. And we’re going to validate and encrypt that transaction over the air. And so essentially, the blockchain offers that very, very similar type of service. However, all the data is public, right? Can see it all. And blockchain is constantly evolving, but essentially in just that technology, giving us an opportunity to take the financial transaction system out of a traditional banking institution.
Corwyn:
That is interesting. Let’s talk about the evolution of cryptocurrency. I mean, hype, a lot of publicity, some good, some bad over the last several years, as people have been kind of trying to work to understand and I think, probably doing and correct me if I’m wrong chat, but I think probably doing the COVID outbreak is when there was a significant increase in interest in cryptocurrency because in my opinion, and correct me if I’m wrong, but people kind of started to look and say, Wait a minute, the world’s economy is going to change drastically. And we need a different separate economy, if that makes any sense. Is that correct?
Chad:
Oh, 100%, there are really two components there one being exactly what you said, simply, people had way more time on their hands than they ever had in the past, right? And so people get bored. And oftentimes, when people get bored, they’ll either go and want pathways or destructive pathways or try to create a pathway. During that time, people were seeing others make millions and crypto and they wanted in action, they had extra time. And then obviously, government stimulus checks in the economy are being inflated with new money. And one wonders why it was just the perfect storm for the crypto market in general.
Corwyn:
During that time. While I believe I saw a significant increase in types of crypto, because I don’t think you know, and I’m gonna liken it this way. In the US, we have the dollar, there’s a yen in China, there’s a euro in Europe, and there’s a different currency for most countries or all current countries. But there is an exchange, I like what I saw happening in crypto to that where there are different currencies that came out by different companies, and or individuals, however, that looks in please, let’s unpack that and kind of dig in there. But I saw these various currencies that took place. Now, is there an exchange of something that takes place or can take place like you can go take the dollar to China and get a certain number of yen to the US and get a certain number of dollars? Does it work the same way?
Chad:
Yeah, it does. And each one of these different cryptocurrencies is going to have a different price allocation in that exchange rate. And that price is set by speculation, right? There’s really not any governing body regulating this stuff, at least right now, at the time of its reporting, right? And so with that being said, these prices are just allocated based on our pure speculation. Whoever is willing to pay X or Y for that currency over and over and we extrapolate that out, that’s what’s dictating the price. Every cryptocurrency is going to be a little bit different, every price allocation is going to be a little bit different. And ultimately, that’s really what makes this stuff so volatile.
Corwyn:
Let’s talk, about risk. Chad, real talk, I think you may have mentioned kind of touched on this a little earlier. There are so many quote-unquote, get-rich-quick schemes and people are just kind of delving into things. I’m trying to instantaneously become wealthy or make a million dollars. Let’s talk about in real frank conversation, the pros and the cons here. I’ll start with the pros of cryptocurrency. You know, let’s talk about that. What does that look like?
Chad:
Yeah, I think it’s something there are quite a few different pros, but for me during the.com Boom, I was still a kid. I’m 30 right now. Okay, so I was still a kid during the.com Boom, it took till college when I learned about the .com Boom, right? And if anyone listening to this is completely unfamiliar with it, it was basically essentially when the Internet became the Internet and All these .com companies go public for the first time and issue an IPO, Initial Public Offering of an equity option into these companies. Wall Street was insane during this time, insane evaluations, insane price hikes and volatility in these companies because the internet was so new, we didn’t know how to value these companies on a cost basis like we do today. And so during that time, you could make a ton of money if you knew what you were doing. And if you knew it was the .com, boom and knew to cash out your profits, hold on too long. But ultimately, what ended up happening is a lot of these .com Boom companies went insolvent, a lot of them failed, and a lot of them went under. And I just remember learning about this and thinking to myself, Man, if only I knew, if only I knew the .com boom was the .com Boom, if only I knew and only I was capable, to take advantage of it. And so essentially, once I started seeing cryptocurrency, I’m like, the history repeats itself. This feels like another .com Boom. And so ultimately, the way I view cryptocurrency is a model as in really a process, the most important foundation and cornerstone of my success with this is simply risk management. I don’t care if you’re buying real estate, or building a business, it does not matter what you’re doing. If you cannot analyze your risk allocation into anything, the likelihood of success is very, very low. Right, because the emotions that are going to overtake the fear of missing out on the greed, the excitement, all of these things, cloud your judgment, and you don’t have something to fall back to, to mitigate your risk on the back end, right? And so we take that part very, very seriously. And the reason why that’s so important, really passionate to me, is because during that era, that COVID era, when people were in this mass social craze around crypto, and you had people taking HELOC on their home, home equity line of credit on their house and buying Bitcoin with it. Right, we have people taking these crazy risks, to try and change their life overnight. We’re really passionate about that because we literally do the exact opposite. We use very, very strict risk management with what we do very, very sound proven strategies. And it’s a system it’s not good luck, right? So, that’s ultimately like really a foundational piece of this for me.
Corwyn:
You just describe I’m gonna call it this period as a mirror of the .com Boom.
Chad:
100%
Corwyn:
That is interesting. During that time period, some people bet at all. And some people walk away winners, and some people walk away losers. So I’m gonna take you on the other side of the coin and congregation, preacher, what are the risks for people in getting into cryptocurrency?
Chad:
Tons of them, tons of them. Truthfully, you can go to YouTube and go anywhere, and nobody’s gonna really shoot it straight like I will. So please listen up to this, if you’re watching this. There are not many people like me who make a full-time about healthy living in crypto. And we’ll tell you this. It’s completely unregulated. It is the wild wild west. So that’s the environment, unregulated, wild, wild west, this world economic marketplace, the whole world can involve and take place in crypto. And so the reason why that is so important is because when we stack the early hood of cryptocurrency, right, it’s still a very new thing. It’s only been around for about 10 years, and it changes dramatically every single year. So when we stack how new it is, to that environment, completely unregulated, and then extrapolate that out with the emotions that people have around cryptocurrency, it’s the perfect storm for massive risks that people don’t know how to mitigate. Right? And so people find crypto in general as very vulnerable in predatorial Industry and Market so you have endless scams that you have to navigate. This can look in a wide wide variety of things. This can be somebody messaging you on Facebook, hey, I have this cryptocurrency mining operation, send me 10 grand, I’ll set you up with this mining rig, hey, I have this trading bot, I’ll set you up with it, hey, I have this. It can look like even a world-renowned cryptocurrency exchange like FTX going completely insolvent because they were taking massive risks with their customer funds. Right? And so the examples are endless, right? But the point is understanding that that’s the dynamic and the world you’re walking into. Like Truly, it is the valley of the shadow of death, right? Because it is so predatorial and I personally feel like if you don’t have that light to walk with you through that valley, the likelihood of you being successful on the back end of it is extremely low. I personally feel as if the overwhelming majority of people who got into cryptocurrency over the last three, or four years, never made $1. In fact, they’ve lost, I would say at least 97% of people. The risks are, once you understand them, and you know how to navigate them. If you ever had to solve a Rubik’s Cube, right, you have no idea what you’re doing. It can be really daunting. But if you have a professional Rubik’s Cube guy sitting right next to you telling you, Hey, turn this, turn this do this, it’s kind of like that you got the information, you know how to avoid it, you can do really well, best advice, like, don’t go into this stuff blindly. My number one mission with all of this and just kind of sharing my message on platforms like yours is at least helping one person, you know, helping as many people as I can, not go down the wrong path in crypto, I’ve seen it break up marriages, I’ve seen it break up homes. I’ve seen people over-leverage, over-risk, or do all these crazy things. I hold a lot of passion there, you know, on the backside of things.
Corwyn:
Chad, I appreciate that. I knew that you were going to because, in this show, we got to give it real. We’re not going to paint a false picture or a narrative again, looking at this is my theme for the day. Because again, a congregation
Chad:
Yeah
Corwyn:
Preacher. required because I don’t know anything about this, other than the fact that as you said, it’s unregulated. It has a tremendous amount of risk in it. And someone like me, we’re always asking a question, we’ll look, how do we know that it’s safe? How do we do this? How do we do that? Now one thing that I did pick up is that, what you’re talking about, crypto is not a short term, it is a long-term investment, because you got to stay with it. To see the return. Is that fair? To say?
Chad:
That’s exactly my methodology as well. Yeah. I think a lot of people want to come to crypto to make short, quick, easy, fast, big money. For me, we look at it a little bit differently. As I said, we treat it like a business. And so with a business, the likelihood of you building your company to $10 million. And having a multiplier on exit in a year isn’t very high. It’s gonna take time, it could take a decade, right? And so for me, this is really anything in life, when I get rid of these finite timelines, I need to make, you know, my first 10 grand and crypto in 60 days, right? I extrapolate my goals and everything else out and make it more infinite. Right and start thinking 10 years, 20 years, 30 years. Alright, so for me, I’m personally really vested in the sense of creating long-term wealth with crypto, and sustainably doing such,
Corwyn:
I’m gonna throw something in there because you know, as we are talking about these numbers, so in that scenario, you just spoke about making 10 grand and crypto in this time period. My question would be, is that 10 grand in dollars? Or is that 10 grand in crypto? Because those two things differ? Am I right?
Chad:
Yeah, yeah, the asset itself is going to differ, for sure. But the valuation stays the same in the sense that at that specific time period, so let’s say, just take a trade I made $10,000 worth of bitcoin, that $10,000 worth of bitcoin, in sitting in Bitcoin can sell for $10,000 of us very quickly, it’s extremely liquid. So I can literally place an order and it would fill. I can convert $10,000 with a Bitcoin into $10,000 with a US dollar and it would fill in I’m probably no more than eight seconds flat.
Corwyn:
We’re talking about this: people do this with currency, people will exchange their dollars for euros again. Say that $1 falls against the euro. I’m gonna switch that back or switch that the other direction, whichever way that is. I’m trying to get my head wrapped around that the right way. But I’m gonna move this back and forth because as the currency if you will, ebbs and flows when I switch back, I’m actually making money. What I just heard you say is that a similar game is not the right strategy. Let’s say that’s a similar strategy with others with cryptocurrency Bitcoin, and I know there are a number of other currencies out there. Basically, you’re just kind of okay, well, Bitcoin is down today, against this currency you’re up today against this currency. So let me buy more of this currency because I’m expecting that that currency is going to eventually be up against the next I may be up against Bitcoin in the future, which then will allow me to come back to Bitcoin at each time. might combine, I’m buying low. And when I sell I’m selling high in comparison to what I’m trading to. So essentially, I’m gaining more equity, more money. I don’t want to confuse our listeners with money and currency. So the currency, we’re gaining and eventually we get to a place where this cryptocurrency, and we’ve accumulated a massive, a lot of it, let’s say against the dollar now I can Okay, I’m gonna sell this out. I’m gonna get me some dollars. Now. Let’s talk about your company. Chad. What’s the name of your company? For our listeners?
Chad:
Yeah, so our company’s called crypto renegades. And what we do is help people understand our mental model of cryptocurrency, we really take the time and hold people’s hands to not only show them everything that we’ve done. So I have a business partner, his name is Nico Macarius. Between the two of us, we’ve been in this market for over 25 years in currencies in general, quite a few different things on that front. But essentially, you know, helping people not go down the wrong path and guiding them to a proper mental model with proper strategies, risk management, process, all that stuff.
Corwyn:
That is interesting, man, I’m over here computing processing, as my son says, you know, just processing this thing, a future show, I want to get you back in because I want to see what that looks like. Have you explained to our listeners, you know, how you’ve walked someone from, if you will, entering into, you know, the cryptocurrency world all the way to z? What does that look like in Fiat, let’s not call it Z? because z is the end of the alphabet. And the reality is that you still probably got them somewhere in the middle, you probably got them around m hovering around, I am just getting money, money, money, money, money, money, money, that’s what’s probably doing right doing that. No, because we got to get past the Al because we can’t take any losses. So I want to kind of walk people through the pros, the cons, the risks, you know, the pitfalls, we’ll kind of really break that down to our listeners, because chair, you’re doing something and again, congregation man, I don’t know if I’m quite an altar call today. But we want people to get up and move forward on this because this is a way to diversify a financial portfolio. Is that fair?
Chad:
It is yeah, for sure. And everyone’s lifecycle and journey into crypto is a little bit different. Everyone’s a little bit different. But I would say, again, the overwhelming majority of people who end up wanting, deciding, hey, I want to try this, I want to see what this is all about, I want to get into this, the overwhelming majority of them are ultimately going to get in because their brother in law bought some random token or some guy on Facebook said, look at this new cryptocurrency project or buy this, buy that and they just ultimately end up just okay, like, I’ll try that. And they don’t really actually have a strategy, they don’t really understand what they’re doing. They don’t understand the market, they don’t understand the dynamics. They don’t have all of these tools, resources and endless years of experience that somebody who does this professionally does and has taken the school of hard knocks to get them. So ultimately, depending on which one of those paths people go down, then they’ll start looking into all kinds of other platforms, mean, tokens, NFTs, high yield staking platforms, like there’s all these shiny objects and exciting new opportunities in crypto, right? But they don’t really understand how to vet them, they don’t understand how to find good ones, they don’t understand how to mitigate their risk on the back end, they don’t understand how to exit them profitably, right? So, the list is endless. And so ultimately, what we do is help people skip taking those hard paths. And really to give them our exact framework, mental model, all these things, so they don’t have to go through the crap.
Corwyn:
That’s interesting. So I’m gonna say this as a segue to begin to take us out. Because what you just described to me, is what I do for real estate investors, they have no idea what they’re doing there. I had taken all this information, random places don’t know how to apply it. And they jump in, without consulting and working with professionals who understand what they’re doing. You know, you can do it on your own. The vast majority of people that you know, that just kind of randomly jumped in without professional assistance without someone who understands crypto. And they just did it because somebody called and said, Hey, you gotta jump in on this thing. And they dropped off 10 $15,000.20 25,000 You know, into the crypto market, and they probably lost all that money or the vast majority of it 97% is kind of what you said earlier. That’s the same thing over here in the congregation because I’m in the congregation, behind me the congregation. You know that we only say Hey, can I hear ya? Yeah, we know what it’s talking about. So looking at that with you today, man, that’s probably gonna resonate with you for a while. Tell our listeners, how can they reach you and your website? Where can people connect with you so they can learn more?
Chad:
Yeah, for sure. The best way to connect with my group crypto Renegades is through our Facebook group, we go to Facebook typing crypto Renegades will pop up. That’s really our community of people who think like us, act like us, breathe like sleep like us, execute like us in crypto, right? And so if you want quality information from guys who are actually successful in doing this, that’s where you’ll find it. We go live once a week, every single week, with new training, a new framework, etc. To give you, put the power in your hands. And it’s a really powerful community seeing people either, you know, just simply not make a bad decision, or starting to do this full time alongside us. Incredible living doing it, completely free resource. And again, if you have any amount of interest in crypto, even if you’ve just bought some bitcoin six months ago or whatever, jump in there, I guarantee you’ll get more value in that group than you will find anywhere else
Corwyn:
But Chad Look, man, I appreciate you. I appreciate you being on the show with us today. Thank you for taking time out of your schedule. I know that you’re always on the move. You’re around everywhere. And developing and building this community. So I appreciate you and what you do. I appreciate my man, my friends, and our listeners. Hey, look, this has been an awesome show. Y’all got a nugget. Y’all got several nuggets. And I gotta go back through. I mean, you gotta go to the website, exit strategies radio show, I need you to pull this episode, I need you to stay engaged and involved. And let’s pick this thing apart. Let’s unpack we’re going to have Chad back in the future. But let’s unpack this and see if this has a place in your financial home. Let’s see what we pull out of his bag. Is there a place on the shelf and your financial home your financial kitchen for cryptocurrency I want you to engage with Chad, and the Crypto renegades. And in turn, make sure that you learn something before you do something, okay, that you might not like or otherwise may regret. One final time for our listeners. Hey, you know how I feel about you? You know what I say? So I’m gonna put the two of those things together. And I’m gonna say it to you this way. And that is that I love you. I love you. I love you. And we can see you guys out there in those streets.
Guys, that was a great show today. And we thank you so much for taking the time to listen to the Exit Strategies Radio show. My name is Corwyn J. Melette. Yes, that is me. And I thank you from the bottom of my heart for tuning in today’s episode. Exit Strategies is my baby. It is how I give back to our community. It is how I foster goodwill, spread the good news, and trustfully help you get great results. Guys, as I always say to you, as I always say to you, I love you. I love you. I love you. And we can see you guys out there in the streets.
