Crypto for Beginners

 Crypto for Beginners, Hudson Lee, 2022

Cryptocurrency is the newest way to make (or lose) money very quickly. This book gives an introduction.

 

The first thing to do is create a crypto wallet. It is where you will store your currency, and it is also required. The book explains the process, step by step. You will be asked for a password of random letters and numbers, and a secret phrase. It is imperative that you keep them in a safe place, like on a flash drive, or on a piece of paper in a safe deposit box. Lose your password, or your secret phrase, and your crypto riches are gone, forever. There is no re-setting your password.

 

There are hundreds of currencies available, with more created every day. Which one do you invest in? It's called "research." You wouldn't buy shares in a company just because you like their commercials. Don't invest in a currency just because it's the most popular, or the cheapest. Are you a short- or long-term investor? Don't invest more than you are prepared to lose. Don't panic if the price suddenly drops by a lot.

 

Crypto scams are everywhere. Don't give your password, or secret phrase, to anyone. The IRS wants their portion of your riches, so don't forget about them. Cryptocurrency losses are tax deductible. Many exchanges offer trading accounts on paper, so you can learn the process before spending real money.

 

This book does an excellent job at taking the reader through the process, one step at a time. Keep this book nearby during your journey through the world of cryptocurrency. It is well worth reading.