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Cryptocurrency or Crypto is a digital currency secured by cryptography, which is what makes it nearly impossible to counterfeit. Many cryptocurrencies are decentralized and based on a blockchain technology. What makes cryptocurrency special is that it is not issued by a central authority or government, creating a currency free of government intervention or influence.
Unlike traditional bank accounts, cryptocurrency does not require an owner to hold any assets. Rather, it is a digital form of money that relies on a peer-to-peer network. Miners are paid with newly-minted crypto assets in return for proving the validity of blockchain transactions. However, the majority of cryptocurrencies do not have this property. Instead, investors store their assets in cryptocurrency wallets, which have private keys and public keys. When a user sends cryptocurrency to another person, the recipient can then receive it.
In order to use cryptocurrency, the user must have a wallet to store the coin they are using. The wallet can then transfer the balance of their accounts to another. To do this, the user must know the private key to the account. Once the transaction is completed, the cryptocurrency wallet broadcasts the information to the network. The network then queues the transaction and adds it to a public ledger. This process is called mining.
When a transaction is made, the ledger records the transaction in a public record. The ledger is a digital version of a decentralized bank ledger. Any transaction that uses cryptocurrency is recorded on this ledger. All users hosting a copy of the blockchain receive the transaction. Miners solve a cryptographic puzzle and add a block to the ledger, earning a reward for their efforts. Because this process is peer-to-peer, miners pool their computing power and work to make transactions as secure as possible.
Crypto Mining is the process of using a network of computers to validate transactions made on the bitcoin blockchain. Like bankers keeping checks and balances, these special computers job is designed to connect to multiple computers (bankers) who can all verify the transaction .
There are lots of options to buy! Crypto currency is bought and sold, then stored in your crypto wallet. Lots of exchanges and sites, just verify you actually have a wallet that can transfer. Some of the main exchanges are Coinbase, Binance.US, FTX US, and Kraken.
In some ways there are features that carry many similarities. In both, you are hoping that the price will appreciate, and prices go up and down with demand as well as numerous other factors. The fundamentals are the main difference between the two. Cost of milk goes up, people buy less and grocery stocks tumble. Although there may be some correlation between some cryptos, many fundamental factors don’t make a huge outcome.
Crypto is similar to stocks currently how they are taxed. If you buy an investment and own it for less than a year, you will pay short term capital gains rates which equals your income tax rate. If you do or plan on trading a lot, consider opening an LLC and have it taxed as its own entity.
Now if you purchase an investment and own it for longer than a year, it is then subject to long term capital gains rates. Depending on your income you will pay as much as 20%, but that is the highest currently.
Remember, this only pertains to selling. If you are holding or don’t plan to sell, if you stake or earn interest on that crypto, it will be taxed as ordinary income, like earning interest from a checking account.
There are many different ventures out there that consider themselves an “investment”. Now with most investments, you contribute a certain amount of with the expectation it naturally just goes up. Few things in life are that easy and if it was then anyone would do it.
Short answer – yes… to both. Only if you let it be that way. A smart investor will do their due diligence on the project or team that created the crypto, and see if there is true merit there. Always pick the highest quality, and find ones that have the greatest utility, or their ability to be used in real world examples.
Whether you are an experienced crypto investor or a beginner, we have the resources you need to maximize your digital portfolio.
