Are you thinking of investing in crypto? If you are, are you doing your research?
Due diligence is a must before you make any investment whether it be stocks and bonds, silver or gold, even crypto currencies.
With investing in crypto you have to be careful more so than you would need to be with fiat investments.
You should read the crypto currencies white paper to find out how that particular crypto's blockchain is supposed to work.
You should visit several forums and blogs as well as FaceBook Groups, so that you can find out what others whom are invested or considering investing have to say about the platform.
You need to know how to acquire a wallet as well as how to move said crypto currency around to where ever you may need to.
Is the crypto currency that you are considering investing in easy to convert to other currencies? What are the fees involved?
If it's an ICO be very vigilant when researching. I have known some that have failed despite all efforts that were made to make sure that the ICO was legal and successful.
What are the legal issues that I will encounter, such as paying taxes on crypto earnings? There is a lot of information about crypto currency regulations on the net involving how You should calculate and pay your taxes on the earnings from your investments. I would recommend that you involve a tax professional to help keep you legal.
These are only a few of the questions you should be asking when you consider investing in crypto. If you are a small time investor such as myself, these things may not be as big of an issue.....yet! I say yet because if you start making huge returns from investing in crypto, then these things are a given as you will be a bit of a seasoned investor....I would think.
Any ways... Enjoy this post below it gets a bit more detailed than I have of course, I hope that it helps you if your new to investing in crypto.
Investing in Cryptocurrencies: The Ultimate Guide
So, you’ve decided to get exposure to cryptocurrencies. In this newer space, a personal financial advisor may not be of great help. Neither will your banker, unless you are a customer of a limited number of progressive Swiss private banks, which facilitate cr…
