Ivaylo Yovkov Of Rewards Bunny On The 5 Things You Need To Understand In Order To Successfully Invest In Cryptocurrency

An Interview With Fotis Georgiadis

They need to know how blockchain works and the problems it solves.

Over the past few years, the Cryptocurrency industry has been making headlines nearly every week. Many people have gotten very wealthy investing or leading the cryptocurrency industry. At the same time, many people have lost a lot investing in the industry. In addition, more people have been scrutinizing the ecological impact of crypto mining, as well as its potential facilitation of illegal activity. What is being done and what can be done to address these concerns?

In this interview series called “5 Things You Need To Understand In Order To Successfully Invest In Cryptocurrency” we are talking to leaders in the cryptocurrency industry, as well as successful investors, who share insights from their experience about how to successfully invest in Cryptocurrency. As a part of this series, I had the pleasure of interviewing Ivaylo Yovkov.

Ivaylo Yovkov is COO and co-founder of Rewards Bunny. His passion for marketing enabled him to climb all the way to CMO of a FinTech Company specializing in P2P instant loans using smart data. He successfully sold two e-commerce businesses for over $150k in profits and, in 2021, began work on his innovative Web3 project alongside Rewards Bunny CEO and co-founder Jacky Goh.

Thank you so much for doing this with us! Before we dig in, our readers would like to get to know you a bit. Can you tell us a little about your backstory and how you grew up?

I started making money on the internet at the age of 14. I’ve had a passion for online business even back in the days when it was mysterious and unknown to most people. I started out in the web/graphic design niche for a few years, then pivoted into the digital marketing world, and later began coaching other people on web design. After that, I took the role of CMO of a top-tier FinTech Bulgarian company. Since last year, I’ve been working with my co-founder to build an extremely exciting Web3 project called Rewards Bunny.

Is there a particular book, film, or podcast that made a significant impact on you? Can you share a story or explain why it resonated with you so much?

I’m so glad you asked that question! The book that comes to mind right away is “Rich Dad Poor Dad” by Robert Kiyosaki. I read it in high school, and it made a huge impact on my life and my thinking. In my opinion, it is one of the best books for young kids and teens with entrepreneurial spirits. It’s also great for parents looking for ways to awaken financial and creative thinking in their kids.

Is there a particular story that inspired you to pursue your particular career path? We’d love to hear it.

The first time I made money online was a crucial moment in my life. This happened way back in 2006 when I was 14 years old. During that summer, all my friends were working some pretty heavy labor jobs. We were all trying to make enough money to go on a vacation to the beach together. I found a small online forum looking for moderators, applied, and was chosen. I earned $250 a month — the same amount my friends were making. The difference was that I was chilling at home reading threads and comments with the AC on while my friends were sweating under the sun lifting heavy construction materials. I felt I was getting money in a smarter way, and that was when I was first inspired to dive deeper into online business.

Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?

I made my most memorable mistake back in the days when I was drop shipping. At the time, I was creating the same product with different prices on a few listings because I hadn’t learned how to set up proper tracking. One of my products was a sample meant only for influencers.

One night, I was burning the midnight oil to create new Facebook ad campaigns and accidentally used the link to the free sample product instead of the one with the correct price of $29.95. I set the campaign for $300 per day and went to sleep.

When I woke up, I was ecstatic to see 200 orders, but when I looked at the numbers more closely, I found I had sold 200 pieces of free product — and paid $300 to do it. You wouldn’t believe the raging reviews I received from customers, but I inevitably had to close the store. Back then, I wanted to cry, but now it’s one of those things I look back on and laugh about.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

Trust me: when you’re starting out, you won’t get anywhere on your own. Back in the days when I was trying different businesses, my friend Tony was always there for me, motivating me and cheering me up when things went south. Now, it’s my fiancée Mariya doing the same. The moral of the story is that you always need a shoulder to lean on when things are not going your way.

Are you working on any exciting new projects now? How do you think that will help people?

Yes, Jacky Goh and I are the co-founders of Rewards Bunny, a marketplace that connects users and brands and introduces them to the Web3 space through crypto rewards and payments. We help users earn crypto rewards for online shopping by partnering with brands they love. It’s a great opportunity for people who are new to crypto.

Ok super. Thank you for all that. Let’s now shift to the main focus of our interview. The cryptocurrency industry seems extremely dynamic right now. What are the 3 things in particular that most excite you about the industry? If you can, please share a story or example for each.

Things are definitely happening quickly in the crypto industry today. The three things that most excite me in the space are decentralization, the Metaverse, and the ETH Merge.

I don’t think people realize the power of decentralization yet. Yes, they know what it means, but we have tapped maybe 5% of its potential. It was the same when the internet came out a long time ago. People were only building sites to display some text information — they didn’t know what could be done with that power — but look at us now! Imagine a DAO country where the smartest people and biggest holders in a nation are the ones making decisions, compared to a handful politicians. Imagine a voting day on the blockchain where results are completely transparent. Fake numbers when “counting votes” would be history. I can’t wait to see how Web3 evolves.

The Metaverse is something everyone is so hyped about, but we have so little to work with right now. All the tech giants are working on their own metaverse projects. It’s going to be chaos when they start releasing them. Think about what Zuckerberg said: the Metaverse’s potential is about combining and syncing all of these different virtual worlds. If you own virtual Nike shoes in one world, for instance, you will be able to wear those same Nikes in other worlds, too.

And we’ve already witnessed the ETH merge; it’s done, it’s all good, and we are all calm now. This was the biggest event in crypto history to date. Now that it’s over and done, everyone can relax. If there had been an error, though, things could have gone badly for the whole blockchain world.

What are the 3 things that concern you about the industry? Can you explain? What can be done to address those concerns?

While things are really exciting in the crypto space, there still are a few causes for concern. The three things I’m watching most closely are legal developments, decentralization, and news coverage.

We still don’t have clear legal terms and rules for our crypto assets. Countries around the world are still sorting out how they are going to deal with cryptocurrency. Most of them are scared to do anything because they’re worried about screwing it up. With so many unknown legalities in the crypto space, people are cautious about making big moves or discussing their assets with other people. We have yet to see how the whole world adapts to this new technology.

I’ve shared a bit about my opinion on decentralization. This new technology has so many great use cases, but it has its flaws, too. It’s sad to say, but certain things need to stay centralized. When something bad happens, people need to know what their rights are and who they can talk to. I think people realize that we need to exercise caution when implementing decentralization on a grand scale.

One of my biggest concerns stems from the news giants and the “not-so-independent” outlets people read every day. Most governments have connections controlling these outlets. The news they feed the public influences people and nations on a remarkably large scale.

Just look at how — seemingly out of nowhere — a huge number of outlets will share the same news, on the same day, about the evils of crypto and blockchain technology. People need to do their own research, have their own opinions, and make their own decisions. It’s a free world, after all, right?

What are the “myths” that you would like to dispel about cryptocurrency? Can you explain what you mean?

The myth I would most like to dispel is that crypto is the riskiest of all investments; it’s not. Cryptocurrency has a similar risk to any other investment. It can be steady or volatile, it can go up or down in price, it can make you a ton of money or lose it all. It’s all about your own research. If you take the time to research what you’re investing in, you will be successful.

You don’t have to have loads of technical knowledge or be a professional trader. With the internet, you have the superpower to search and read about the whole world. Don’t make investments based on online videos or tips you hear from friends. Take time to do your own research and due diligence.

My advice is to view cryptocurrency as a long-term investment. Yes, crypto is volatile if you check your investment value every day. However, if you look at the big picture over the past 3, 5, or 10 years, you will see that the value of crypto is rising and that it’s here to stay. It’s a long-term investment. You have to be patient.

How do you think cryptocurrency has the potential to help society in the future?

I’ve already shared a few ideas for implementing blockchain in the political world. Cryptocurrencies are decentralized — no bank can take away your crypto assets — they are yours, and yours alone. We all have bank accounts, but banks can go bankrupt or get hacked online. What happens then? Most banks don’t keep all their customers’ money on site. If something goes wrong, you can lose everything, even if you are not at fault. In the decentralized crypto world, however, you are the only one responsible for your funds. You own your money, you own your “bank account,” and you own the “bank.”

Other benefits may seem obvious, but crypto payments are fast, secure, transparent, and anonymous. The transactions made on the blockchain stay there forever. There is full transparency, but on the other hand, if you don’t want to share your address, nobody has to know it was your transaction. You can choose who has access to your personal information. On top of that, these transactions are almost instantaneous. You’ve got a new SEPA transfer? Don’t worry; it takes 3–5 days. You’ve got a cryptocurrency transfer? Check it in a few minutes.

Recently, more people have been scrutinizing the ecological impact of crypto mining. From your perspective, can you explain to our readers why the cryptocurrency industry is creating an environmental challenge?

Actually, cryptocurrency is not an environmental concern. This is one of the monopoly news trends designed to make crypto look dangerous. Mining was all about Bitcoin. Ethereum has just switched from Proof of Work to Proof of Stake. To put it simply, Ethereum does not need to be mined anymore.

Anyone can research Bitcoin mining. All the information is publicly available. Bitcoin mining’s electricity mix for the second quarter of 2022 is estimated to be 59.5% sustainable. That means bitcoin mining is ranked as one of the world’s most sustainable industries. By comparison, only 12.5% of US electric energy use comes from renewable sources. What about toasters or Christmas lights? Both of these consume more electricity than the 0.16% of total energy production that bitcoin miners consume. Christmas lights and toasters might even be considered “frivolous”, but would we ever dream of banning them? Of course not.

From your perspective what can be done to address or correct these concerns?

It’s simple — people and especially governments should actually check these reports before selling fake news. If it’s such an issue, it can easily be fixed by looking to countries like Norway, as an example. Norway ensures that bitcoin mining is 100% renewable by tapping into hydroelectric power.

Recently, more people have been scrutinizing cryptocurrency’s impact on illegal activity. From your perspective, can you explain to our readers why cryptocurrency, more than fiat currency, is seen as an attractive choice for criminals?

People are more susceptible to criminal activity in connection with crypto because the technology is still new. They just don’t know as much about blockchain and cryptocurrencies as they know about paper money. There will always be scammers and people trying to take advantage of you — not just in the crypto world, but in general. It’s a lot easier to lure someone into a trap when they’re in unfamiliar territory. Why don’t people click on the “You’ve won an iPhone!” emails anymore? Because they have been here for a long time now. Have people clicked and got scammed by it? In the beginning, a lot of people clicked and were scammed. This is how we learn, adapt, and improve.

From your perspective what can be done to address or correct these concerns?

To address these concerns, read, learn, and understand. As soon as you understand how blockchain technology works, the risks involved, and how to prevent yourself from becoming a victim, the better you will feel. There are a ton of articles, videos, courses, and information in general. You just have to ask Google. If you want to be safe, educate yourself. Nobody can do it for you.

Ok, fantastic. Here is the main question of our interview. What are “The 5 Things You Need To Understand In Order To Successfully Invest In Cryptocurrency?”

There are five things everyone investing in cryptocurrency should understand. First, they need to know how blockchain works and the problems it solves. Second, they need to know how to research a project properly. Third, they need to know the investment rules applying to cryptocurrencies. Fourth, everyone needs to educate themselves on how to stay safe when making investments. And finally, people should keep sight of the fact that this is a new technology. We are still in the early days of figuring it out.

What are the most common mistakes you have seen people make when they enter the industry? What can be done to avoid that?

I think the most common mistake I see people make is being impatient. You can’t get rich overnight by investing in cryptocurrencies, at least not in the beginning. Practice makes perfect. Be persistent and patient. Just like other investments, investing in crypto is long-term. Invest today — not to get rich tomorrow, but to have a better financial future in 5, 10, or 15 years.

Another common mistake is Ignoring security suggestions. Stay safe. It’s a new technology in a dangerous world. And please, don’t screenshot your password or seed phrase. I’m hearing about more and more people who take screenshots when creating wallets. These are probably the same people who take photos of their credit cards so they don’t have to pull them out while they’re shopping. Take your cyber security seriously. The criminals are getting smarter and inventing new ways to lure you in. Don’t be their sheep.

Do you have a particular type of cryptocurrency that you are excited about? We’d love to hear why.

Yes, I’m most interested in Ethereum and our future Rewards Bunny token. It will be really interesting to see how ETH continues to evolve after the merge and its switch to Proof of Stake work. I’m also really excited about what our future token will offer.

You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger. 🙂

I’d want to start a movement in the distribution of company salaries. I’d set a rule where 2% of our salaries are donated every month to people in need, especially children born in difficult circumstances. A lot of employees may not agree with this, but since we aren’t being generous on our own, simple kindness needs to be required of us. Trust me; even if you feel like you are stretched thin feeding your family, these kids are in worse financial spots. They eat less than you and your kids, and may not even have a family to rely on. With all this digitalization, we have forgotten how to be kind, how to help, and how to live together. This is something I’m really worried about.

We are very blessed that very prominent leaders read this column. Is there a person in the world, or in the US with whom you would like to have a private breakfast or lunch, and why? He or she might just see this if we tag them 🙂

Yes, I would love the chance to sit down with Marshall Mathers (aka Eminem). He’s not an investor or tech innovator, but this guy has had to deal with a lot. He’s been challenged with losing a best friend, family issues, and fighting drug addiction. A person has to be increcdibly strong and resilient to overcome all of this. In my opinion, he’s an incredible motivation for anyone who is struggling. I can’t say how much I admire him for his impact on the music industry and his influence as a magnificent human being.

Thank you so much for these excellent stories and insights. We wish you continued success and good health!

Thanks so much for allowing me to share. It’s been a pleasure!


Ivaylo Yovkov Of Rewards Bunny On The 5 Things You Need To Understand In Order To Successfully… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.

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