Cryptocurrency 101

 

Cryptocurrency is one of those things that is both appealing and terrifying at the same time. I think that is what makes it so mysterious. It is also among those areas that clients ask us about regularly.

However, we are not financial or tax experts. We can not give out suggest on the possibilities or hazards of investing period.

Today, we talk to the Creators of Web3 Studios, who are creating their very particular cryptocurrencies as well as NFTs. We try to ask fundamental questions as well as get a quite simple explanation of the Cryptocurrency world.

As you might have seen the cryptocurrency market is incredibly volatile. All of us have actually heard tales of pizza being paid with Bitcoin as well as pizza delivery guys becoming over night millionaires.

It is undeniable that some people have become very rich, however where does that leave the everyday trader. Only this past October and November 2021 the marketplace was off the chart. It was fairly literally the wild wild west.

Then equally as extraordinary the gains investors were making, the floor opened up and crashed hard. Over night individuals saw their newly minted fortunes vanish.

I talked with a number of individuals who had actually spent a pair hundred bucks each and saw gains in the hundreds of thousands of dollars. After that in the blink of an eye all of it evaporated. One let it ride and took pleasure in the rollercoaster he felt lucky to be on. However, the other overextended himself and invested money he thought he had in the crypto market, and now he is having problem with financial debt he can not cover.

This write-up is solely for enjoyment objectives and you need to always look for the advise of a licensed financial planner. As every person recognizes the market has actually tanked. Fortunes have actually been lost. But in those loses others see opportunities. We always tell people all that glitters is not gold, so everyone should proceed with caution. Only invest what you can willing lose as well as will not hurt your income.

Much like you, we had a lot of questions. Now possibly more than ever is the time to ask those questions.

In today's video recording we talk to the founders of Web3 Studios. I ask them the fundamentals. What is cryptocurrency? How do you buy it? Where do you save it?

We additionally explore the interesting and also mystical world of NFTs. They are in the process of producing their own, and I find it fascinating that they and also numerous others are developing in the digital space.

I might simply be as overwhelmed as ever before.

This article originally, by Stephen Cortes (http://stephencortes.com), appeared on the Cortes Law Firm website and on YouTube. For entertainment purposes only. Always consult with an attorney and/or certified financial adviser.

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