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What is a blockchain?
A blockchain is basically just a long list of transactions. Blockchains are also referred to as Distributed Ledger Technology (DLT), because this list of transactions is stored on many computers comprising a distributed network. The “blocks” are batches of transactions that are processed and stored in sequence (or “chain”).
What is Web3?
Web3 is a term referring to the economy on the blockchain. The main characteristics are decentralization and disintermediation. Decentralization means you no longer access your content (pictures, music, videos, money, etc) via a corporate portal (think Facebook, Twitter, Instagram, etc), but via the blockchain, which cannot be censored or turned off so easily. Disintermediation means it’s peer-to-peer, for example, you send crypto directly to another person without any bank in between.
What are the advantages of blockchains?
Blockchains are immutable, meaning once a transaction or a contract is stored, it can never be changed. You could, for example, store your identity or property on the blockchain and nobody could change this. Blockchains are also programmable via smart contracts, which can eliminate the need for two parties needing to trust each other. This significantly lowers the cost of a transaction.
What is self-custody?
Self-custody means that you yourself hold your assets and only you have access to them. There is no intermediary, such as a bank, who has any control over your assets or could confiscate them. However, if you lose access to your assets, they are lost forever, similar to losing cash.
What is a private key and a seed phrase?
The private key is the access code to your assets. Whoever has your private key, can control your money. Don’t ever share your private key!Most applications hold your private key, because they use it to perform functions like transferring crypto. However, the applications encrypt the private key for safety reasons and instead give you a seed phrase, which is used to de-crypt the private key.
What are the risks?
The internet can be like a bad part of town. There are thieves, scammers and other criminals. Additional security may be inconvenient, but it is a necessity. Follow a few basic rules to avoid the most common attacks:
  1. Never share your private keys (or seed phrase) with anyone!
  2. Don’t trust, verify. Make sure a person or service is legit.
  3. Don’t click on anything until you completed Rule No. 2. Don’t click on any links or giveaways and make sure to bookmark the services you use regularly.


Digital Money

Digital money on the blockchain (or crypto) allows cheaper and faster transactions than through banks. Moreover, you become your own bank and are no longer dependent on institutions.

Blockchain transactions are unconditional, meaning only you have access to your money, just like cash in your pocket.


Transfers on the blockchain are generally from person to person with no intermediaries. Digital money transfers are instant and can be done 24/7/365.

Converting traditional money to digital money (and back) can involve higher fees and take a bit longer, because there are more intermediaries involved.


Traditionally, you deposit your money with a bank and get paid some interest. The bank in turn lends out the deposit to a borrower for a bit more interest and earns the interest rate difference. On the blockchain, you can lend your savings directly to a borrower and get paid interest.

Lending is done via a smart contract (replacing the bank) which guarantees that you get your money back.


The blockchain consists of a network of computers that maintain a list of transactions (i.e. an accounting ledger). These computers validate each transaction and make sure there is no cheating. For this validation service, the network operators get paid a network fee, which is paid for every transaction.

When you stake your digital money, you help the network to become more secure and in return you get a share of the network fees.


A swap is simply the exchange of one coin for another the same way you exchange your local currency for a foreign currency.

Investment Strategies

Following an investment strategy means that you chose one or several products to put your money in with the expectation that your wealth will grow as a result.

EveryFin is a big fan of compounding, which is a very long-term saving strategy that keeps re-investing your gains so they also earn interest. Over time, your return starts to increase much faster than otherwise.
Next time the dinner conversation turns to crypto, tell your family members and friends to use EveryFin.


What is a wallet?
A wallet is like a bank account and the wallet address is like your bank account number. A wallet holds all your digital assets. Creating a wallet is free and lets you transact on the blockchain.
What is MetaMask?
MetaMask is the most used wallet. Visit their website www.metamask.io for more information.
What is a private key?
Every wallet address has a private key. With a private key, any wallet address can be restored and unlocked. In other words, your private key is your ultimate access to your digital assets. Never share your private key with anyone. Never ever!
What is a seed phrase?
For convenience reasons, a private key may be encrypted and stored in your wallet extension. The seed phrase is the key to decrypt your private key. With the seed phrase, a wallet address can be restored and unlocked. In other words, your private key is your ultimate access to your digital assets. Never share your seed phrase with anyone. Never ever!
What happens if I lose my seed phrase?
If you lose your seed phrase, you lose your ability to restore your wallet address and all its contents. In other words, your digital assets will be lost for ever.
Where should I store my private key or seed phrase?
It is best to store them offline. Your private key can be printed out as a QR code and your seed phrase can be printed or written down on a piece of paper. There are more elaborate, durable options, such as engraving them in wood or metal. In any case, put them in a place to which only you have access to, such as a safe. Ideally, you have two safe places so you can store them in two places. Do not store your private key or seed phrase in the cloud, as a text message on your phone, as an email or in an excel file. Also don’t put them on a sticky note around your laptop.
What happens to my wallet if I lose my laptop or mobile phone?
You can restore your wallet from your private key or your seed phrase. Your digital money is stored on the blockchain, not on your mobile phone or laptop.
Can I get hacked?
Yes. Don’t trust anyone. If in doubt, do not click on any links or buttons. A single click can spell disaster. Be careful at all times.