In today's world, the key to breaking free from poverty lies not just in hard work, but in understanding and applying the right mindset, strategies, and skills.
Alex Hormozi, a well-known entrepreneur, shares powerful insights on how to transform your financial life. Here’s a step-by-step guide based on his teachings to help you become a millionaire in 2023. 🚀
1. Shift Your Mindset: See Reality for What It Is 🌟
Many people remain stuck in poverty because they view financial success as something unattainable. It's crucial to realize that wealth is not reserved for a select few. You can start by challenging your limiting beliefs and adopting a growth mindset.
2. Allocate Your Resources Wisely: Time and Money ⏳💰
You have two main resources: time and money. How you use them will determine your financial future. Avoid wasting time on distractions like binge-watching shows or mindlessly scrolling through social media. Instead, invest your time in learning new skills that can increase your earning potential.
3. Invest in High-Leverage Skills: Maximize Your Returns 📈
Not all activities are created equal. Focus on high-leverage activities that offer the most return on your time. For example, mastering sales or negotiation can exponentially increase your income without a significant monetary investment.
Taking on debt can be a smart move—if it's for the right education. Invest in learning skills that have a high ROI, like technical certifications or business courses. The goal is to increase your earning potential significantly more than the cost of education.
5. Seek Mentorship: Learn from Those Who’ve Done It 👥
Mentorship is invaluable. Hormozi emphasizes the importance of learning from those who have already achieved what you aspire to. Whether it's through coaching programs or networking, find mentors who can guide you and accelerate your growth.
6. Break Your Limiting Beliefs: Money is for Everyone 🧠
One of the biggest obstacles to financial success is the belief that wealth is not for you. This mindset keeps you from taking the necessary steps toward financial freedom. Surround yourself with success stories and learn how others have overcome similar challenges.
7. Stack Your Skills: The Power of Multiple Abilities 💪
Success often comes from combining multiple skills. Just like Jay-Z, who combined rapping, producing, and business acumen to become a mogul, you should focus on developing a range of skills that complement each other.
Consistency in learning and applying new skills is what separates the successful from the unsuccessful. Set small, achievable goals and keep pushing forward, no matter how tough it gets.
While it's natural to seek validation from others, the most important approval should come from within. Learn to trust your instincts and validate your own progress, which will help you stay motivated even when external support is lacking.
Without a clear vision, your efforts may lack direction. Define what success looks like for you and map out the steps needed to get there. This vision will keep you focused and driven as you work towards financial independence.
🎯 Ready to Take Action? Breaking free from poverty is a journey that requires commitment, learning, and the right mindset. By following these steps and continuously investing in yourself, you can start to see real change in your financial life. Remember, the path to becoming a millionaire starts with one step—take it today!
Curious about Bitcoin halving? Join us as we dive into the fascinating world of BTC halving! Discover why this event matters, how it impacts the crypto market, and how you can benefit. Don’t miss out—hit that like button, subscribe, and let’s explore the future of digital gold together! 💰🌟
Bitcoin halving is an event that occurs approximately every four years (or every 210,000 blocks) in the Bitcoin network.
During halving, the rewards given to Bitcoin miners for validating transactions are halved. This means that the number of new Bitcoins created through mining is reduced by half.
The Bitcoin protocol is designed to produce a total of 21 million Bitcoins. Currently, more than 19 million Bitcoins have already been mined.
Halving reduces the pace of Bitcoin issuance. As the reward for miners decreases, the supply of new Bitcoins entering the market is constrained.
This scarcity, combined with increasing demand, can positively impact the price of Bitcoin. Investors find this scarcity appealing, similar to how gold is valued.
Importance in the Financial World:
Store of Value: Bitcoin’s limited supply and issuance mechanism make it akin to gold. Investors view it as a store of value.
Hedge Against Inflation: As central banks print money to tackle economic downturns, Bitcoin’s scarcity serves as a hedge against inflation.
Long-Term Viability: Halving influences Bitcoin’s overall valuation and long-term viability. It’s a critical event in the cryptocurrency’s life cycle.
How People Can Benefit from It:
Investment: Some investors buy Bitcoin before halving events, anticipating price increases due to reduced supply.
Trading: Traders can take advantage of price volatility around halving periods.
Payment Processors: Bitcoin’s role in crypto payment processors can benefit from its scarcity and value.
Cryptocurrency enthusiasts gather 'round! Today, we’re shining a spotlight on Blum Crypto Exchange, a platform that’s redefining the way we trade digital assets. Whether you’re a seasoned trader or a curious newcomer, Blum has something exciting in store for you.
Check out my video review on Blum DeFi Cryptocurrency exchange..
1. The Hybrid Model: Best of Both Worlds
Blum isn’t your run-of-the-mill exchange. It’s a hybrid platform that seamlessly integrates both centralized and decentralized trading features. Here’s what makes it stand out:
Off-Chain Order Book, On-Chain Settlements: Blum combines the efficiency of an off-chain order book with the security of on-chain settlements. Say goodbye to endless transaction confirmations!
MPC or Self-Custody: Choose your style. Blum supports Multi-Party Computation (MPC) wallets or lets you trade directly from popular wallets like Trust Wallet and MetaMask. Security? Check!
2. Localized P2P Trading: A Global Playground
Blum believes in global opportunities with a local touch. Here’s how:
Localized P2P Trading: Trade with local currencies. No more currency conversion headaches. Blum connects you to the world while keeping things familiar.
Trading via Telegram: Yes, you read that right! Blum offers a unique Telegram mini-app experience. Imagine trading crypto right in your favorite messaging app. Convenience level: 100!
3. Rewards, Engagement, and Fun
Blum isn’t just about profits; it’s about community, engagement, and fun. Here’s why you’ll love it:
Leaderboards: Compete, climb the ranks, and show off your trading prowess. Bragging rights included!
Social Interactions: Connect with fellow traders, share tips, and discuss the latest trends. Crypto is more fun when you’re not alone.
Rewarding Point System: Earn Blum Points by completing tasks, playing games, and inviting friends. These points unlock exciting perks. 🎁
Ordinals & NFTs: Trade your way to unique rewards and NFTs. Collectibles meet crypto—what’s not to love?
4. Made for Gen Z and Millennials
Blum knows its audience. If you’re a Gen Z or Millennial investor, this platform is tailor-made for you. It’s intuitive, engaging, and designed to fit your digital lifestyle.
Conclusion: Join the Blum Community!
Ready to explore Blum? Start your crypto journey today. And hey, don’t forget to check out our YouTube video on Blum Crypto Exchange for an in-depth look. Hit that subscribe button, and let’s dive into the future of crypto together!
In this article, I will show you how to research layer 1 smart contract platforms. What is the point of examining Ethereum, Binance Smart Chain, Avalanche, and other base networks?
In short: It’s not just about determining the investment potential of an L1 blockchain itself.It also analyses the basic potential for layer 2 solutions in the given network.
Let me explain why.
A good layer 1 network is the basis for successful layer 2 solutions
We can view layer 1 blockchains as different nations. They are independent of each other, each of them has its own data, network, consensus mechanism, ecosystem, etc. They can validate and finalize transactions without other networks.The stronger a ‘nation’ is, the better the conditions for all projects developed as layer 2 protocols.
The law of multiplying by zero comes to mind: In some cases, a single critical mistake or deficiency can cause the whole system to collapse. Meaning that the most promising layer 2 crypto project will fail if the underlying L1 blockchain is a piece of junk.
OK.
With the basic understanding in place, let’s get to the meat of this guide and go through the individual steps of researching L1 blockchains.
How-to Research L1 Blockchains step-by-step
To determine the quality of a layer 1 network, you need to assess a couple of key aspects. Let’s look at them one by one.
1. Developer friendliness
This refers to how easy or difficult it is for others to build solutions on top of a given layer 1 network. The following points are of relevance here:
What is the chain’s programming language?An easy-to-learn programming language (or a blockchain that supports multiple languages) is more likely to attract developers.
How good is the online documentation and are there a lot of (up-to-date) tutorials available?This makes it easier for developers to learn to build on the chain.
What tools does the blockchain provide for developers of layer 2 applications?Think of software development kits (SDK), sandboxes, benchmarking tools, block explorers, smart contract compilers, debugging tools, etc.
To figure these things out, go to the L1 network’s website, and read their whitepaper and documentation.
2. Decentralization
Decentralisation is essential for blockchain security and its trustworthiness. What does decentralisation in this context mean?
Ethereum founder Vitalik Buterin differentiates between 3 kinds:
There is no single point of failure(architectural decentralisation).
no individual or single organisation controls the whole system(political decentralisation).
The network can be cut into half and each half functions like an independent unit(logistical decentralisation).
To summarise, you’d want to see a high degree of decentralisation. However, keep in mind, that there is no project that is 100% decentralised.
Moving on.
These are the things you should research to assess how decentralized a layer 1 blockchain is:
How many nodes are there?The more the better.
Where are they located?The further they are geographically distributed, the better.
What’s the share of the hash rate that individual mining pools hold in proof-of-work (PoW) networks?
How big is the share of coins held by the top wallets in a proof-of-stake (PoS) network?
If you want to understand this topic better, here is an in-depth article I wrote about the decentralization of some of the biggest blockchains such as Bitcoin and Ethereum.
3. Security
Another very important aspect is how immutable a blockchain is. Most of us are not IT security specialists. That’s why we have to rely on developers, contributors, white-hat hackers, and others to make sure the blockchain’s code is free from bugs and risks. However, there are several questions we can try to answer:
Can the blockchain withstand various attackssuch as a 51% attack, Sybil attack, distributed denial of service attack (DDoS), etc.?
It is also important for us tounderstand how different consensus algorithms worktheoretically and what their advantages and disadvantages are. This in turn can help us to understand what kind of threats or attacks the blockchain could be facing.
By the way, have you already checked out my article about how to research cryptocurrencies? It’s the most extensive guide for free on the net!
4. Active users and daily transactions
You can build the best software ever. But if nobody uses it then it is nothing. That is why it’s important to get an understanding of user activity. These are the stats you should focus on:
What’s the long-term trend of user numbers?A steady increase in active users is a good sign.
What can you learn from the number of daily transactions?Again, what you’d want to see here is an increase in daily transactions.
How many hodlers are there?This plays into the former two stats. While a certain percentage of people just holding the blockchain’s native currency is a good thing you don’t want too many people just hoarding coins without ever using them.
The get this information check out the list of resources I am sharing at the bottom of this article.
5.Transaction fees
Ideally, transaction fees should be affordable for users.Too expensive fees could have a negative impact on the chain’s development.However, it could also reflect how much users are willing to pay for the block space. Premium = more security.
6. DApps and ecosystem
This is a great indicator, because if we view each L1 blockchain as a nation, then the DApps built on them are like the economic sectors in the nation.For a nation to thrive, diversified industries and economic activities are essential.Also, a big and diverse ecosystem attracts investments and new solutions.
Go todappradarto see the popular DApps for every L1 blockchain. This website also lists the number of users of each DApp.
But DApps are just part of the whole ecosystem. Other aspects include exchanges (centralized and decentralized), and infrastructure such as bridges, oracles, APIs, etc.
7. Developer activity
This information can be found from the project’s Github page. It’s a great source for insights, even if you have zero knowledge about programming. Here you can learn about the following things:
How many active developers are contributing to the chain?
On the ‘Contributors’ page, you can see the contribution activity over time as well as who are the main contributors and during which time frame they are active.
In the ‘Commits’ and ‘Code frequency’ sections, you can check more details about the number of commits, additions, and deletions every week.
PS: the websiteCryptomiso.comalso summarizes Github commits information of 300 popular crypto projects.
8. Is the L1 network backed by VCs?
Institutional money is one of the easy to verify key indicators that tell you if a project is good or not. That’s because normally,VCs do their own in-depth research before they invest. However, being backed by a VC does not guarantee a project will be successful. The recent Terra debacle is a reminder of this.
9. Social media activity
To wrap things up, always take some time to check out a network’s social media accounts. Here’s what you can learn from taking a look at their Twitter, Telegram, Discord, etc.
What are they talking about?Just shilling the project or discussing problems and improvements?
Do they offer insights into road maps, development progress, etc.?
It isnot a good sign if the official social media accounts have not been updatedfor some weeks. It could be a sign that the team is running into problems or has abandoned the project.
Summary + Useful links of major L1 blockchains:
It is challenging to find all the information I have listed in this guide. For example, there is no website listing the active addresses of certain projects. Don’t worry too much if some information is too hard to dig up. Just try to gather as much data as possible in order to make a well-founded statement about the status of a project.
Here are some great resources you can use when researching some of the top layer 1 blockchains:
