- Tech Rexa
No Result
View All Result
  • How to
  • Tech Facts
  • Cryptocurrency
  • business
  • Telecom
  • Smartphones
  • Gadgets
  • Reviews
- Tech Rexa
  • How to
  • Tech Facts
  • Cryptocurrency
  • business
  • Telecom
  • Smartphones
  • Gadgets
  • Reviews
No Result
View All Result
- Tech Rexa
No Result
View All Result
Home Cryptocurrency

3 Tips You Wish Crypto Veterans Would Share

by Tech Rexa
December 17, 2022
in Cryptocurrency
0
3 Tips You Wish Crypto Veterans Would Share
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Investing in cryptocurrency is a long journey. There are enough ups, downs, and detours to keep anyone on their toes. For beginners, there’s a wealth of knowledge from veteran crypto investors. Take advantage of the wisdom of those who have taken this journey before and come out ahead.

Don’t Panic

This isn’t just a rule for crypto; it’s a rule that applies to every investment. When the market crashes, don’t panic and don’t race to sell. The problem with most investments is that human nature is fickle. Experts tell us to “buy low, sell high,” but when we see that price chart plummet, we want out, fast.

The number one mistake you can make as an investor is to sell after a market downturn. It’s the best way to make sure you sell at a loss.

It can be hard to keep your cool during a market crash, but if you believe in the asset you’re investing in, you should believe in its comeback.
Wait it out and wait for the recovery. If you can’t afford to watch prices continue to fall, you can’t afford to make the investment in the first place.
Patience is essential when you’re making long-term investments.

You Have to Pay Taxes

Yes, you have to pay taxes when you invest in cryptocurrency. All cryptocurrencies are considered commodities from a tax perspective, which means two things:

  • You do not have to pay a sales tax when you purchase them,
  • But you do have to pay capital gains or taxes on business income when you sell them.

You even have to pay taxes when you use cryptocurrency to buy goods or services. It’s considered a disposition of the asset, and you will have to pay taxes based on the Fair Market Value of the cryptocurrency at the time of the transaction.

There can be serious consequences if you don’t pay taxes on your cryptocurrency transactions, including auditing or even prosecution. If you’re going to invest in crypto, get help with tax planning. You can find out more about how to tax plan for cryptocurrency at cryptotaxlawyer.com.

Include Bitcoin and Ethereum in Your Portfolio

As tempting as it is to go for massive growth and buy altcoins that haven’t popped yet, there’s a reason altcoin price is what they are. Bitcoin and Ethereum have achieved a level of mainstream acceptance. They are what the rest of the world thinks of when it thinks of cryptocurrency.

Bitcoin is the most commonly purchased, held, and traded cryptocurrency on the market. It has a massive market capitalization compared to any other coin, and it has the strongest market fundamentals. The dominance of Bitcoin means that, other market influences aside, altcoins tend to follow its price trends anyway. If you’re looking for exposure to the broader cryptocurrency market, Bitcoin and Ethereum are essentials.

Bitcoin is here to stay, while many altcoins on the market are experiments. You’re rolling a roulette wheel with altcoins, and while one may hit, it may just as easily fade away.

Tags: 3 Tips You Wish Crypto Veterans Would Share

Related Posts

Elevate Your Crypto Portfolio with New AI-Powered Trading Bot
Cryptocurrency

Elevate Your Crypto Portfolio with New AI-Powered Trading Bot

September 19, 2023
CAIZcoin
Cryptocurrency

CAIZcoin LEADS THE WAY IN SHARIAH GOVERNANCE AND COMPLIANCE, SETTING NEW STANDARDS IN ISLAMIC FINANCE

August 27, 2023
5 Reasons Some Companies Choose Stock Market Listing
Cryptocurrency

5 Reasons Some Companies Choose Stock Market Listing

July 18, 2023
Hareking Coin
Cryptocurrency

Hareking Coin – Unraveling its Features and Decoding Marketing Trends

July 15, 2023
Bitcoin A Digital Currency's Future
Cryptocurrency

Bitcoin A Digital Currency’s Future

June 28, 2023
Ripple Vs. SEC lawsuit
Cryptocurrency

Ripple Vs. SEC Outcome Instrumental for Coinbase, Binance Lawsuit: Lawyer

June 19, 2023
  • Trending
  • Comments
  • Latest
Amazon HR

Amazon HR phone number? How to Contact Amazon Human Resources Department?

July 13, 2023
GTA 5 PPSSPP (GTA V PSP) ISO Download Highly Compressed

GTA 5 PPSSPP (GTA V PSP) ISO Download Highly Compressed

April 7, 2023
Soogsx

Who is Soogsx? Bio, Age, Career, Networth, Boyfriend, Facts & Onlyfans

June 4, 2023
7starHd Your One-Stop Destination for Latest Movies and TV Shows

7starHd: Your One-Stop Destination for Latest Movies and TV Shows

May 4, 2023
Libra Cryptocurrency

Facebook launched “Calibra”, wallet for its cryptocurrency

0
Dell xps 13 2020

Dell XPS 13 (2020) Laptop

0
BLOGGING IS AN IDEAL CAREER

BLOGGING IS AN IDEAL CAREER

0
TikTok is exiting the Hong Kong market within days

TikTok is exiting the Hong Kong market within days

0
Elevate Your Crypto Portfolio with New AI-Powered Trading Bot

Elevate Your Crypto Portfolio with New AI-Powered Trading Bot

September 19, 2023
CAIZcoin

CAIZcoin LEADS THE WAY IN SHARIAH GOVERNANCE AND COMPLIANCE, SETTING NEW STANDARDS IN ISLAMIC FINANCE

August 27, 2023
Efficient Stump Grinder Hire in Auckland

Efficient Stump Grinder Hire in Auckland: Transforming the Way We Tackle Tree Stumps

August 31, 2023
PHI

Safeguarding PHI: A Comprehensive Guide to Protecting Patient Data

August 16, 2023
logo
Tech Rexa is the blog for Technology Facts, Cryptocurrency, and internet Marketing. The Blog also covers Online Services as well as mobile price.

Latest Posts

  • Elevate Your Crypto Portfolio with New AI-Powered Trading Bot September 19, 2023
  • CAIZcoin LEADS THE WAY IN SHARIAH GOVERNANCE AND COMPLIANCE, SETTING NEW STANDARDS IN ISLAMIC FINANCE August 27, 2023
  • Efficient Stump Grinder Hire in Auckland: Transforming the Way We Tackle Tree Stumps August 22, 2023

Site Navigation

  • Home
  • Contact Us
  • Privacy Policy
  • Disclaimer
  • Terms and Condition

Affiliate Advertising

TechRexa.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.

Email: [email protected]

Copyright © 2023 Tech Rexa. All rights are reserved.

No Result
View All Result
  • Contact Us
  • Homepages
    • Home
    • Home 2
    • Home 3
    • Home 4
    • Home 5
  • World
  • Economy
  • Business
  • Opinion
  • Markets
  • Tech
  • Real Estate

Copyright © 2023 Tech Rexa. All rights are reserved.