Cryptocurrency or ‘crypto’, sounds like a magical and scary beast to an outsider.
I always thought that crypto was just another word for Bitcoin and something you need risk thousands of dollars to get into.
The media reports daily that Bitcoin has either gone up resulting in ordinary people becoming millionaires, or crashed spectacularly with people losing everything.
It’s no surprise that my perception was that crypto is too volatile, and not something I’d want to risk money on. Knowing my luck, I’d lose it all in an instant.
But many people are invested in it and making handsome returns on it. So there must be something to it surely?!
I like to do one new thing every year, and I’ve decided that it would be learning what crypto is and if it’s something I could buy into and create a small investment portfolio for myself.
Last week, a person I’ve known for over 10 years, Chris Farrell, popped into my email inbox advising he was hosting a webinar on how he was earning a passive income using crypto. It immediately piqued my interest. So I signed up to attend! In the video that followed the sign up form, Chris performed a case study showing his earnings over a 14 day period in March 2022. I noticed in the video Chris had invested $10k to start with, but by doing nothing but compounding the money over that period, he was earning yields from $200 to $1k a day! How could that be possible?!
My immediate thought is that it wasn’t attainable for me. I don’t have 10k lying around. I asked Chris if there was a lower entry point to this and he assured me that I could invest $100 if I wanted to and still earn a yield, though not to the extreme that Chris does!
Now I really wanted to learn more.
I also noticed that Chris had created a beginner course on Crypto in his new membership site. The membership only costs $49 a month, so I thought I would buy a months access and do the course as a starting block.
Chris Farrell is well known for making courses that every day people can understand. He doesn’t use jargon, he doesn’t go through information so quickly it makes your head spin, there is no ego getting in the way. Chris explains things (to quote from the movie ‘Philadelphia’) as if you are a three year old. Some people may not like that style of teaching, and yes, there are times that even I mumble “get on with it” to myself, but I always come away from his courses knowing so much more than I did at the start. This course was no different. I really enjoyed it.
After completing the course, the myth of Crypto was well and truly busted for me. It wasn’t a magical and scary beast anymore.
Later that week I attended Chris’ webinar to get a better understanding of how he was earning those amazing figures. The information he shared was mind blowing!
Chris talked about a relatively new concept in Crypto called ‘DeFi’ (or Decentralized Finance). Essentially DeFi is where we become the bank. The same services that a financial institution offers can be accessed on a digital platform with no middle man in-between taking a piece of the pie. It sounded like a revolution was happening, and I wanted to hear more.
Chris also spoke about a process called ‘Yield Farming’. This is where people provide liquidity to a DeFi Protocol (a digital bank) and earn daily interest from their investment – kinda like the traditional term deposit.
The platform Chris is using for this, EMP.money, is one of the protocols where you deposit your crypto currency and ‘stake’ it for a set period of time. In return for providing the liquidity, EMP money offers a very handsome return. The APR (annual percentage return) is close to 2000%, though this rate fluctuates a lot. Interest on EMP money is paid out after 6 hours (that’s how long the ‘term’ is). So daily, the return can be anywhere between 1 – 5%.
My mind was racing and calculating what this meant; if I invested $100 into EMP money, at 5%, I could earn almost $5.80 a day in interest. And the longer I leave it there, the more the investment grows. It sounds too good to be true!
The webinar of course had a sales pitch at the end; a paid masterclass teaching the exact process Chris is using to generate his passive income. I decided to get on board and buy into it. If this concept works out, I don’t want to miss out. Plus, I would get my money back quickly if the results are genuine.
The masterclass is four weeks long, with content dripped out every week. And at the end of the course, Chris guarantees that participants will be making a passive income, big or small.
I’ve decided to document this journey and share what I’m learning from the masterclass. Almost like a case study for people to see for themselves how it is possible.
I’m not going to share the exact process word for word, but I will give an overview of the steps taken. Enough for anyone reading this to see how it’s possible and go away to investigate it for themselves.
I’m really excited about what’s coming next and hoping this will be a game changer. Wish me luck!