Valuable Advice re: Crypto Investing

Some Crypto Thoughts:

– While some early adopters made a huge return there is no free lunch in crypto. Early adopters took a huge risk and often were individuals who put in time developing or financing all the software making the current crypto market possible and were rewarded handsomely for doing so. If you trade bitcoin and other cryptos you are taking a risk that may payoff, realize you are providing liquidity to the crypto economy that is the value you are provinding and MAY be rewarded for it.

– Be cautious of scams. If people ask for personal data (social, birthdate), private keys or logins they are probably planning to rob you blind. Outside of reputable exchanges/dealers (Coinbase/Gatehub/Bittrex) who try to comply with US Know Your Customer rules no one should be asking for personal info and especially your private key. You should only ever send people your “receiving” address. (It should be pretty clear what this is, it’s the address you get when you click “receive” on most wallets)

– If you are in the US try to keep track of value of your purchases as gains are taxable as short/long term capital gains. It’s currently unclear whether a crypto swap (one crypto for another, no cash involved) is a taxable event or not. (Some are trying to make it a 1035b swap which would not be taxable)

– Washington and New York have really annoying rules that pretty much make Coinbase your local crypto monopoly. Tether and Uphold will not Do crypto business with you for the time being unfortunately. (You can still use Uphold to buy gold and silver)

– Please take a moment to research any coin you are considering buying. Every coin of value usually has a website with a white paper that explains why their coin should matter along with bios of their team members. Please read these, if their case doesn’t make sense to you, don’t buy it.

Here is a list of reputable crypto stuff that I’m aware of:

Dealers: Coinbase, Uphold, (for buying USDT, which are crypto dollars to trade on exchanges with)

Exchanges: Bittrex, Binance, Tidex, Kraken, Gdax (this is Coinbase’s Exchange, if you have a Coinbase account you have a Gdax account)

Mobile Wallets (Android/IOS): Jaxx, Coinomi, Blockchain, Abra, Coinspace, Trust

Desktop Wallet: Exodus

Web Wallet: MyEtherWallet

*WAVES and Bitshares Client also allow you to store bitcoin/litecoin and trade on their decentralized exchanges

Feel free to add extra info in the comments.

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