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Check out the top ten most popular questions asked on CryptoQuestion
Where is the best place to buy bitcoin?
The top 3 exchanges by volume are Binance, Coinbase Pro and Huobi Global. A few regulated exchanges include Coinbase, Gemini and eToro.
Is bitcoin still volatile?
Yes, very much so, although as the price of bitcoin decreases volatility tends to fall too. Bitcoin is more volatile than the S&P 500, the FTSE 100 and gold. It is the least volatile of the other major cryptocurrencies. However volatility is what attracts many to the crypto market.
What is another good cryptocurrency to purchase other than bitcoin?
There are many choices, over 6,000 in fact. Take a look at www.coinmarketcap.com to look at some of the other alternatives, particularly the top ten.
Is bitcoin a protection against inflation?
Some say bitcoin is a hedge against inflation. However evidence doesn’t reflect this. During economically uncertain times stocks and cryptocurrency have fallen whilst gold has maintained its value in comparison.
Does bitcoin move in line with the stock market?
One of the attractions of bitcoin was the fact it wasn’t correlated with the stock market however more recently there is a positive correlation i.e. they both move in line with each other.
Is cryptocurrency a safe investment?
The word safe has many dimensions as regards to cryptocurrencies. It depends on how you buy and store it. It also depends on your risk tolerance. Do you like to invest in risky assets? Do you sleep well at night when your assets are fluctuating like crazy? If you are a novice it is best to buy through a regulated exchange where they will store your coins in a central wallet. Make sure that the exchange has proper insurance to cover any possible hacks.
Should I invest my pension in bitcoin?
Generally the answer to that question is a resounding no. But it depends on the size of your pension pot. Excluding your house the general rule is to invest only a maximum of 5% of your portfolio into risky assets.
Do I pay tax on any profits made from my cryptocurrency holdings?
Yes. All gains are taxable in most countries.
Is bitcoin anonymous?
Bitcoin is not entirely anonymous. It is pseudonymous because each user has a public address that theoretically could be traced back to an IP address or exchange account through network analysis.
Do I really have to store my cryptocurrency on a USB?
That is only one option. Although one of the most secure, the risk of losing your password (private key) can outway the risk of being hacked. As a novice investor investing through a regulated firm, regulated and residing in your country of residence is the safest option.
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