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By James Royal, Ph.D., Bankrate.com Cryptocurrencies are enormously volatile, but that volatility can create opportunities for profit if you’re looking to trade these digital assets. Cryptos such as Bitcoin and Ethereum have risen a lot since their debut — but they’ve also experienced tremendous boom-bust cycles along the way. Experienced traders have been speculating on cryptocurrencies for years, but how can you get started if you’re new to the crypto market? Here’s how to start investing in cryptocurrency and the significant risks you need to watch out for. 5 steps for investing in cryptocurrency First things first, if you’re looking to invest in crypto, you need to have all your finances in order. That means having an emergency fund in place, a manageable level of debt and ideally a diversified portfolio of investments . Your crypto investments can become one more part of your portfolio, one that helps raise your total returns, hopefully. Pay attention to these five other things as you’re starting to invest in cryptocurrencies. As you would for any investment, understand exactly what you’re investing in. If you’re buying stocks, it’s important to read the annual report and other SEC filings to analyze the companies thoroughly. Plan to do the same with any cryptocurrencies , since there are literally thousands of them, they all function differently and new ones are being created every day. You need to understand the investment case for each trade. Related Articles In the case of many cryptocurrencies , they’re backed by nothing at all, neither hard assets nor cash flow of an underlying entity. That’s the case for Bitcoin , for example, where investors rely exclusively on someone paying more for the asset than they paid for it. In other words, unlike stock, where a company can grow its profits and drive returns for you that way, many crypto assets must rely on the market becoming more optimistic and bullish for you to profit. Some of the most popular coins include Bitcoin, Ethereum, Solana , Dogecoin and Tether (a stablecoin) . So before investing, understand the potential upside and downside. If your financial investment is not backed by an asset or cash flow, it could end up being worth nothing. A mistake that many new investors make is looking at the past and extrapolating that to the future. Yes, Bitcoin used to be worth pennies, but now is worth much more . The key question, however, is “Will that growth continue into the future, even if it’s not at quite that meteoric rate?” Investors look to the future, not to what an asset has done in the past. What will drive future returns? Traders buying a cryptocurrency today need tomorrow’s gains, not yesterday’s. The prices of cryptocurrencies are about as volatile as an asset can get. They could drop quickly in seconds on nothing more than a rumor that ends up proving baseless. That can be great for sophisticated investors who can execute trades rapidly or who have a solid grasp on the market’s fundamentals, how the market is trending and where it could go. For new investors without these skills — or the high-powered algorithms that direct these trades — it’s a minefield. Volatility is a game for high-powered Wall Street traders, each of whom is trying to outgun other deep-pocketed investors. A new investor can easily get crushed by the volatility. That’s because volatility shakes out traders, especially beginners, who get scared. Meanwhile, other traders may step in and buy on the cheap. In short, volatility can help sophisticated traders “buy low and sell high” while inexperienced investors “buy high and sell low.” If you’re trading any asset on a short-term basis, you need to manage your risk , and that can be especially true with volatile assets such as cryptocurrency. So as a newer trader, you’ll need to understand how best to manage risk and develop a process that helps you mitigate losses. And that process can vary from individual to individual: Newer traders should consider setting aside a certain amount of trading money and then using only a portion of it, at least at first. If a position moves against them, they’ll still have money in reserve to trade with later. The ultimate point is that you can’t trade if you don’t have any money. So keeping some cash in reserve means you’ll always have a bankroll to fund your trading. It’s important to manage risk, but that will come at an emotional cost. Selling a losing position hurts, but doing so can help you avoid worse losses later. Finally, it’s important to avoid putting money that you need into speculative assets. If you can’t afford to lose it — all of it — you can’t afford to put it into risky assets such as cryptocurrency, or other speculative assets, for that matter. Whether it’s a down payment for a house or an important upcoming purchase, money that you need in the next few years should be kept in safe accounts so that it’s there when you need it. And if you’re looking for an absolutely sure return, your best option is to pay off high-interest debt. You’re guaranteed to earn (or save) whatever interest rate you’re paying on the debt. You can’t lose there. Finally, don’t overlook the security of any exchange or broker you’re using. You may own the assets legally, but someone still has to secure them, and their security needs to be tight. If they don’t think their cryptocurrency is properly secured, some traders choose to invest in a crypto wallet to hold their coins offline so they’re inaccessible to hackers or others. Remember that investing in cryptocurrency can be part of a broader investment strategy, but shouldn’t be your only one. Other ways to invest in cryptocurrency While investing directly in cryptocurrency is popular, traders have other ways to get into the crypto game, some more directly than others. These include: Each of these methods varies in its riskiness and exposure to cryptocurrency, so you’ll want to understand exactly what you’re buying and whether it fits your needs. Cryptocurrency investing FAQs In theory it takes only a few dollars to invest in cryptocurrency. Most crypto exchanges, for example, have a minimum trade that might be $5 or $10. Other crypto trading apps might have a minimum that’s even lower. However, it’s important to understand that some trading platforms will take a huge chunk of your investment as a fee if you’re trading small amounts of cryptocurrency. So it’s important to look for a broker or exchange that minimizes your fees. In fact, many so-called “free” brokers embed fees — called spread mark-ups — in the price you pay for your cryptocurrency. Cryptocurrency is based on blockchain technology . Blockchain is a kind of database that records and timestamps every entry into it. The best way to think of a blockchain is like a running receipt of transactions. When a blockchain database powers cryptocurrency, it records and verifies transactions in the currency, verifying the currency’s movements and who owns it. Many crypto blockchain databases are run with decentralized computer networks. That is, many redundant computers operate the database, checking and rechecking the transactions to ensure that they’re accurate. If there’s a discrepancy, the networked computers have to resolve it. Some cryptocurrencies reward those who verify the transactions on the blockchain database in a process called mining. For example, miners involved with Bitcoin solve very complex mathematical problems as part of the verification process. If they’re successful, miners receive a predetermined award of Bitcoins. To mine Bitcoins , miners need powerful processing units that consume huge amounts of energy. Many miners operate gigantic rooms full of such mining rigs in order to extract these rewards. As of October 2024, running the Bitcoin system burned as much energy per year as the country of Poland. If you’re looking to invest in Bitcoin, you have a variety of ways to do so, and you can work with a number of companies, including: If you’re looking to buy Bitcoin, pay particular attention to the fees that you’re paying. Here are other key things to watch out for as you’re buying Bitcoin . What are altcoins? An altcoin is an alternative to Bitcoin. Many years ago, traders would use the term pejoratively. Since Bitcoin was the largest and most popular cryptocurrency, everything else was defined in relation to it. So, whatever was not Bitcoin was lumped into a catch-all category called altcoins . While Bitcoin is still the largest cryptocurrency by market capitalization by far, it’s no longer the only game in town. Other altcoins such as Ethereum and Solana have grown in popularity, making the term altcoin somewhat outmoded. Now with a reported 15,000 or more cryptocurrencies in existence, it makes less sense than ever to define the industry as “Bitcoin and then everything else.” Bottom line Cryptocurrency is a highly speculative area of the market, and many smart investors have decided to put their money elsewhere. For beginners who want to get started trading crypto, however, the best advice is to start small and only use money that you can afford to lose. Bankrate’s Brian Baker contributed to an update of this story. ©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.The outcome of this case has further highlighted the deep-rooted divisions within society when it comes to issues of law enforcement, racial justice, and civil liberties. The debate over police and military conduct during protests and demonstrations is far from over, with calls for reform and accountability continuing to grow louder.
Technological advancement is another key factor shaping China's economy in 2024. The country's continued investment in research and development, along with its focus on emerging technologies such as artificial intelligence, 5G, and blockchain, has propelled innovation across various industries. This has not only enhanced China's global competitiveness but also fostered the growth of new industries and business models.US goalkeeper Alyssa Naeher is retiring from international soccer
MELBOURNE, Australia (AP) — The Australian Senate on Thursday began considering a ban on children younger than 16 years old from social media after the House of Representatives overwhelmingly supported the age restriction. The world-first bill that would make platforms including TikTok, Facebook, Snapchat, Reddit, X and Instagram liable for fines of up to 50 million Australian dollars ($33 million) for systemic failures to prevent young children from holding accounts is likely to be passed by the Senate on Thursday, the Parliament’s final session for the year and potentially the last before elections, which are due within months. The major parties’ support for the ban all but guarantees the legislation will become law. But many child welfare and mental health advocates are concerned about unintended consequences. Unaligned Sen. Jacqui Lambie complained about the limited amount of time the government gave the Senate to debate the age restriction, which she described as “undercooked.” “I thought this was a good idea. A lot of people out there thought it was a good idea until we looked at the detail and, let's be honest, there's no detail,” Lambie told the Senate. The House of Representatives on Wednesday overwhelmingly carried the bill 102 votes to 13. Once the legislation becomes law, the platforms would have one year to work out how they could implement the ban before penalties are enforced. The platforms complained that the law would be unworkable, and urged the Senate to delay the vote until at least June next year when a government-commissioned evaluation of age assurance technologies made its report on how young children could be excluded. Critics argue the government is attempting to convince parents it is protecting their children ahead of general elections due by May. The government hopes that voters will reward it for responding to parents' concerns about their children's addiction to social media. Some argue the legislation could cause more harm than it prevents. Criticisms include that the legislation was rushed through Parliament without adequate scrutiny, is ineffective, poses privacy risks for all users, and undermines parental authority to make decisions for their children. Opponents of the bill also argue the ban would isolate children, deprive them of the positive aspects of social media, drive them to the dark web, discourage children too young for social media to report harm and reduce incentives for platforms to improve online safety.RETURNING TD Cathal Crowe admitted he was "emotional" as he dedicated his Dail win to his late mother-in-law. The Fianna Fail TD was elected at the 15th count in the Clare constituency yesterday. And the family man fought back tears amid the celebrations as he remembered his "mighty" mother-in-law. Mary Fehilly was buying a local GAA lottery ticket outside a supermarket in Cork when she was struck by a car earlier this month. Her tragic passing occurred just days before Friday's General Election was called. In an video interview recorded at the count centre by Ellen Gough of Clare Live Deputy Crowe said: "I'm a bit emotional. "I just want to dedicate the win to my mother-in-law Mary Fehilly, a mighty woman, a Fianna Fail woman." The TD took a step back from canvassing for the general election to be with his wife Maeve and the rest of their family after the tragic passing. Speaking at the time of her tragic passing the TD described her as the "fabulous lynchpin" of the family. He said: "I struck gold when I married into Maeve’s amazing family. The fabulous lynchpin of that family was Mary Fehilly. "We are absolutely heartbroken to have tragically lost Mary this weekend. "She was the most wonderful mother to Maeve and her siblings and an adoring wife to George." He added: "As we try to get to terms with Mary’s loss I will be temporarily standing-down my canvassing for the upcoming General Election. "My office team will continue to handle queries and representations that come our way but I ask for the forbearance of the public as I take a few days out of the political ‘fast lane’ to prioritise, over all else, Maeve, Sam, Charlie, Eve and the Fehilly family. "Family must come first!" Cathal served as councilor in Clare County Council before eventually taking on the role of Cathaoirleach. In February 2020 he was elected to the Dail for the first time and served as Fianna Fail’s Tourism and Aviation Spokesperson. Reflecting on his last general election success the TD joked he has less hair on his head this time around thanks to debating with the Sinn Fein Leader. Referencing his children Sam, Charlie and Eve being just babies when he first had success on the ballots he said: "I had a big head of hair last time. "They had no hair, they were babies, I was a grown up but a few years of debating with Mary Lou has reversed the fortunes for me." Timmy Dooley of Fianna Fail took back the seat he lost in 2020. Sinn Fein's Donna McGettigan also had success in the Clare constituency as did Fine Gael's Joe Cooney. The three join Cathal Crowe in filling the four seats in the constituency.In a small town nestled among the rolling hills, a scene unfolded one evening that left many neighbors talking for days to come. It was a scene both heart-wrenching and comical, a glimpse into the complexities of family dynamics. In the dimly lit living room of a modest house, a father sat slouched in his chair, a bottle of whiskey by his side, his eyes misty with emotion. His six-year-old daughter stood before him, looking up with wide eyes filled with innocence and confusion.