Bitcoin
Cryptocurrency investment mistakes and how to avoid them
Illustration: Baris-Ozer (Getty Images)
It is important for new crypto investors to understand the various fees associated with buying crypto, such as blockchain fees, exchange fees, and other charges. It’s crucial to choose the right credit/debit card or bank account to minimize these fees. Before making a purchase, it’s best to research potential fees and find the most economical times and exchanges. This could result in significant savings in the long term.
Additionally, it is essential to be aware of crypto taxation. Simply buying and owning crypto is not taxable. However, tax implications arise when you sell it, and the tax amount depends on how long you keep the crypto in your wallet.