Crypto & Bitcoin Exchanges
Exchanges for buying and selling Crypto are designed to serve ONLY three purposes:
- For converting fiat currency (paper money) into bitcoin or alt coins such as Ether , Litecoin and Bitcoin Cash.
- For exchanging one Crypto currency for another (trading).
- For converting crypto currency into fiat currency (withdrawing back into your bank).
DO NOT STORE YOUR CRYPTO ON EXCHANGES LONGER THAN IS ABSOLUTELY NECESSARY.
You will have heard the reports of crypto being hacked , this is NOT the actual crypto currency that has been hacked. Individuals and companies have had their coins stolen from their accounts on certain exchanges.
Where Should I Buy Coins?
Bitcoin is available through almost every exchange and most will accept wire transfers or payment using your debit card. Other coins vary by exchange.
Is My Bitcoin Safe?
Coins stored on exchanges are NOT safe. Follow best practices as detailed on this site AND use your intelligence based on your own personal risk tolerance.
How Should I Store My Crypto Coins?
There are a variety of methods of storing crypto coins. The safest being cold storage (offline storage). Other methods include hardware wallets such as Trezor and Nano.
When Is The Best Time To Buy Bitcoin?
This question is simple to answer. IF you have made a decision to get involved in crypto the time to buy is now! Waiting to time the market perfectly is to rely on luck more than sound judgement. The fact is that crypto is still very new and most people are not yet involved. With coins such as Bitcoin, where there is limited supply then the price can only realistically increase (basic rule of supply and demand dictates). Obviously when mining, the sooner you begin the sooner you will be rewarded with coins – assuming you do not fall for a scam (read here for more on this).
How Can I Be Paid In Crypto?
You will need to create a wallet or for temporary storage use an account at an exchange.
Do I Have To Pay Taxes On My Crypto Profits?
Governments are working to decide exactly how they will tax crypto. My understanding is that in the US for example crypto will be taxed as income rather than capital gains. THIS IS NOT TAX ADVICE and you should DEFINITELY seek professional advice regarding your tax liabilities. I am always happy to pay taxes because that means I have made money!
Is Bitcoin A Bubble?
Of course it’s impossible to say with any certainty however with so many organizations embracing Crypto Currency and electronic forms of payment it seems nonsensical to suggest that this is anything less than the future.
Bitcoin prices have stabilized and seem to have found a bottom around the $6,000 resistance level.