I want to know what are the options to set my foot in crypto world. What I did in 2017: 1. $ to BTC/ETH in Coinbase. 2. Transfer to Binance to buy other coins. 3. Move to wallet if I'm holding longer term. I'm sure today's crypto ecosystem is completely different from 2017. 1) So many brokers offer cryptos (coinbase, robinhood, webull, cashapp, ...). Which ones do you prefer and why? 2) Heard we can stake the crypto assets now. Where and how? 3) How to cash out? How are the tax treatment different from stocks? Long-term, short-term. Changing crypto assets will trigger tax event? Thanks in advance. TC: 200
Google is your friend
Things really changed like you said ,it’s easier for me to make $1 million off crypto this year than Back in 2017,You should make sure to see lots of YouTube videos and if you need any help or recommendations ,make sure to send me a direct message.
Why is it easier now?
Robinhood has no-fee crypto trading. I can’t go back to Coinbase because it’s too painful to pay trading fees 😢
Do trading fees matter when you’re makings returns over 400% ?
You don’t own your crypto on RH however.
3. Tax depends on your country of residence (and nationality if American). Many European countries don't tax crypto if you don't trade/hold long term.
They don’t tax if you don’t trade? So if you do nothing they don’t tax you? Sounds like a great deal 😂
You are not taxed on long term capital gains. So all that crypto you bought in 2011 and now sell for 20 million is tax free
If you are starting, stick to BTC, ETH, SOL. “Kraken” is good for quick trades with very low transaction fees. Blockfi pays interests if you are interested in long term holding. If you are planning to invest heavily, I would look into hardware wallet like Trevor, Ledger Nano S etc., As the saying goes “if you don’t own the keys, you don’t own your crypto”.. Also research a lot before entering into the wild wild West of NFTs & other cool stuff. Follow all the best security practices when it comes to crypto. If you lose your keys, you lose it all and nowhere to go.
Why did it take you 4 years to get interested again? Literally missed 3 whole industries being built up to 20b+ in tvl On a more positive note, defiprime, defi dad, camilla Russo have plenty of information on defi. For NFTs Andrew steinwold should be a good start and maybe packy mccormack for a more traditional web2 pov
moving proto
thanks for this!
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