I have a prejudice against cryptocurrency; thinking it’s mostly criminal etc.... but I am LONGING to invest in it... convince me I should do it and which is the best to get my feet wet? Also, will it mess up taxes? TurboTax asked about whether I owned any this year

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Lol right bc the US dollar isn't used for such things.

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Go to Coinbase.com and put in $1k and get into the action. Folks that aren’t getting into it to test waters are the same folks who were afraid of electricity in the 19th century. You can literally start to dabble in an asset class which a lot of smart folks are getting behind for like $10, but laziness and fear mongering got the better of u

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Yes B1, I was trying to not complicate for our friend Op here. Coinbase pro can be intimidating for first timers. But op, go have a look there too, it’s basically the same login, but lower fees

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You need to start somewhere... like someone said above... open an account on any of the exchanges and put in a small amount you are OK loosing. This argument about drugs and gambling is BS. Most people still use USD for major illegal activities... but not saying it isn't being used by back actors. Please read up on thr underlying technology i.e., blockchain and a lot of these coins are basically investment in a project that is addressing a use case. All of them have whitepapers and websites explaining what they do. A lot of them impact the finance sector which has traditionally made money as being the middleman. These projects are looking to replace them and hence the bad publicity about crypto in general. Please read before investing or just through a few bucks at it and see what happens. choice is yours. 😁

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Also, folks say start with BTC but there are a few other solid coins that have a long road ahead in terms of growth i.e., ETH, LINK, AAVE, etc. And yes, if you invest and sell you get taxed like any other asset. If you plan on holding no tax impact.

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The fact you want to get into it and you made this post should be enough. It’ll mess with your taxes if you exchange/sell cryptos. If you just buy and hold there is no taxable event. You only pay taxes when you exchange cryptos or sell for fiat currency e.g. USD Ex. Buying Bitcoin is not taxable. Transferring any crypto from an exchange to your personal wallet is not taxable either Ex. Exchanging some Bitcoin for some Ethereum is taxable. You’d owe taxes on the value of Bitcoins exchanged at the time of transaction Ex. Selling Bitcoin for cash is taxable. *Bitcoin/Ethereum were only used as an example above — you can replace them with any other crypto and it remains true

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Tbh the top uses of cryptocurrency are still all illegal. Gambling, buying drugs. Most people I know that got rich off Bitcoin were drug dealers.

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Ok fine. It’s illegal in Utah and legal in the other 49 states and DC. Some states have odd and specific restrictions. But what do I know, I’m just a semi-pro gambler

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One way you can think about it is that Bitcoin provides protection against inflation theft that affects billions of people every year. Also Deutsche bank laundered $10 billion last year. There are Anti Money Laundering and Know Your Customer laws for every crypto exchange. The verification is much more intense than a traditional bank. But money launderers will always find a way to go around any law that’s out there. Not sure if crypto makes it easier unless they buy on an anonymous exchange

So how much are we supposed to test waters with the investment? Is it still 5% of your total portfolio?

Think gross dollars you can afford to lose first. Then think about sophisticated things like % of portfolio. I put in $30k 4 years back, it was 10% of my portfolio back then, now the value of my crypto is > 80% of my portfolio. But cost basis exposure is tiny.

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When I first bought crypto in 2020 it started as a “pandemic hobby” for me lol and I only put in what I call my “play money” (which to me is money I wouldn’t care if I lost it all). It’s the least expensive hobby I’ve ever started considering it’s made me $10k in returns so far lol. I consider myself a casual crypto-ist, I buy and hold (nothing taxable when you do that) and it’s all fun for me, like playing poker for money. But if you don’t have good self-discipline, it’s probably not for you, because you can definitely lose your a** by making emotional trading decisions with crypto (trying to be a wanna-be day trader when you don’t understand it).

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