📒 Guide #1: Starting with Bankless

The ultimate starters guide to going bankless

Last updated: September 2nd, 2020


Welcome to your bankless journey!

This guide is your roadmap to the unknown. It’s your guide to the wild west of open finance. Don’t worry about figuring this out all at once. Just commit to learning a bit each week.

Welcome to the frontier.

- RSA


Bring a friend on the journey! Share this guide with someone. Let’s help the world go bankless!

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Here’s what this guide covers:

  1. Bankless goals

  2. Resources for the journey

  3. Understanding core concepts

  4. Developing key skills

  5. Where to get help



1. Bankless goals

Going bankless is a journey towards freedom—self-sovereignty. Financial independence.

That means less reliance on two types of banks that control your life:

  1. Less reliance on central banks

  2. Less reliance on commercial banks

It’s not that we hate banks. It’s that we don’t need them anymore. At least, we need them a lot less in our new crypto money systems.

People on the bankless journey eventually see two flippenings:

  • Flippening 1: more net worth in crypto assets than in the old system

  • Flippening 2: more banking activity on crypto networks than in the old system

But we’re practical. It’s too early to do this all at once. Too risky. Too difficult. This open money system is just getting started.

That’s why it’s a journey.


Must do actions:


Westward for Gold!

Like all worthwhile journeys, this one isn’t easy! It takes effort. It requires risk!

We’re not just starry-eyed dreamers—we’re heading west because there’s gold! If we’re right—massive upside! New economies. New asset classes. The opportunity to become financially independent.

This is like learning HTML and buying .com domains in 1995.

Why go bankless?

  1. To maximize your crypto wealth (independence & wealth)

  2. To become a Bankless Jedi (skills & knowledge)

And it’s about a better system for future generations:

  1. It’s about rejecting authoritarianism (read the deeper reason)

  2. It’s about building it up not burning it down (read the cities burn below)

  3. It’s about how we can change the world (read the 3.5% rule)

  4. It’s about access for developing world (read straddling two worlds)

  5. It’s about a hedge against their money printing (read the cost of money printing)

Bankless means freedom and upside for each of us as individuals and an opportunity make the world a better place for future generations. If bankless wins, the world wins.


2. Resources for the journey

With your goals in let’s make sure you have the resources for your journey.

Weekly level-ups:

Get on the schedule:

Community engagement:

Starter Equipment:

  • You’ll need an exchange account to buy crypto (I like Coinbase)

  • You’ll need a DeFi wallet (I recommend MetaMask for desktop & Argent for mobile)

  • You’ll need a hardware wallet for cold storage (I like Ledger)

Bankless Equipment:


Recommended Tools:


Also—check out the Deal Sheet for the best deals on crypto products! 💸


Actions:


3. Understand core concepts

With your resources by your side you can start digging into the core concepts.

Read these first:

Money:

Investing:

Paradigms:

Ethereum & ETH:

Bitcoin & BTC:

DeFi & Crypto Banks:

Investing in DeFi Tokens:

Yield Farming:

Stablecoins:

Governance

Technology:

Crypto eating traditional finance:


4. Develop Key Skills

While you learn the key concepts take time to level-up on the key skills so you can do things in the the bankless money system—pay, lend, borrow, earn, trade, and invest.

Going Bankless:

Pay & Receive:

Lend & Borrow:

Earn:

Invest:

Stake:

Wallets & Addresses:

Decentralized Autonomous Organizations (DAOs):

Collectibles & Gaming:

Trading & Betting

Risks:

Taxes:

Security & Privacy:

Hedging Risk:

Learning to learn:


Essential Editorials


5. Where to get help

In the American West settlers traveled across the plains and mountains passes in covered wagons banded together for mutual help. These wagon trains were the best way to survive the rugged westward road.

The bankless journey is rugged too. And like early settlers we survive as a wagon trail.

The entire bankless community is ready to help you on your journey.

Go to the Inner Circle Discord channel and just ask.

You’re not alone.

You’re in the bankless nation now.


More guides!


Special thanks to @Abv_Avg_Joe and @0x_Lucas for helping to put this guide together. Members like these make the bankless community special.


Note: some links above are affiliate meaning at no cost to you if Bankless earns a commission


Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.