At the start of this month, I have seen the potential to make good returns on the crypto markets. Especially as smaller coins were pulled high in value as Bitcoin had another surge, prompted by backing from celebrities like Elon Musk.
What do you need to know about how to buy and sell crypto?
1, You need to be good at doing the login. Its a jumbled array of letters and numbers as your wallet ID and then you need your password, your phone as a back up and possibly a back up phrase.
2, You need a trustworthy Platform. Luno, Binance or Blockchain are ok. Binance can go slowly during big trading days. Luno only has a few coins BTC, ETH, BCH. Blockchain.com I’m not sure whether this company is expanding or staying about the same, has 7-8 coins.
3, Withdrawing your money is more complicated.
If you buy and sell Dogecoin, you might exchange it for USDT or BTC before you can then convert it back to your home currency.
4, There are some limits on what you can exchange.
I could exchange Dogecoin straight back to USD if I had over 6800 of its coins. That would have been around $400+.
The thing that really gets me is… to make huge amounts of money… you need to have a trading account live, ready to go.
It takes time to work out how to put the funds into the exchanges. That’s why I recommend… if you are interested, to try to learn how the platforms work, so that if you want to try to make some money from Bitcoin, then you won’t make so many mistakes.
If you have been following this blog for a while now, you will know I lost some money using some non mainstream cryptocurrency exchanges where I was trying to find a platform which wasn’t going to charge me such extortionate fees for swapping my coins.
I sold all my crypto last year as I was incredibly discouraged at the bad name or image it has. And with plans about being taken seriously, the mention of Bitcoin seemed to be doing more harm than good, virtually everywhere I went.
I’m pretty good at logging in and rescuing a bitcoin account on major trading exchanges. And if you register for big names like Blockchain.com they occasionally give you free money in the form of AirDrops.
This took my interest when I saw today a video conference on how to present cryptocurrency earnings for tax purposes.
After all, in 2019 my main concern was… not being able to present Cryptocurrency assets well in a professional audience. Plus my family really don’t like things that can be misunderstood for tax evasion. And even not understanding tax evasion, isn’t necessarily a way out of a tax investigation from HRMC.
And I suppose I can quietly dedicate this post to ‘Anthony’ who stole some money from me on his ‘Cryptofxspace’ but had a wonderful motto that Knowledge is power for any trader and you have be wiling to lose something, but let’s not make ourselves in the position where our losses affect our families.