Cryptocurrency 101

 

Cryptocurrency is one of those things that is both attractive and frightening at the same time. I guess that is what makes it so mysterious. It is likewise one of those areas that customers ask us about regularly.

Nonetheless, we are not economic or tax experts. We can not give out recommend on the opportunities or risks of investing period.

Today, we talk with the Founders of Web3 Studios, that are developing their very particular cryptocurrencies and also NFTs. We attempt to ask basic queries as well as get a quite basic explanation of the Cryptocurrency arena.

As you might have seen the cryptocurrency market is exceptionally unpredictable. Most of us have listened to stories of pizza being paid with Bitcoin as well as pizza delivery folks ending up being over night millionaires.

It is obvious that some individuals have come to be really wealthy, however where does that leave the everyday individual. Just this past October and November 2021 the marketplace was off the chart. It was fairly essentially the wild wild west.

After that just as incredible the gains individuals were making, the floor opened and crashed hard. Over night individuals saw their newly minted fortunes disappear.

I spoke with a number of people that had spent a couple hundred bucks each and saw gains in the hundreds of thousands of us dollars. Then in the blink of an eye it all vaporized. One let it ride and also enjoyed the rollercoaster he felt fortunate to be on. On the other hand, the other overextended himself and also spent money he assumed he had in the crypto market, and currently he is fighting with financial obligation he can not cover.

This write-up is purely for entertainment purposes and you must always look for the advise of a qualified personal financial planner. As everybody understands the marketplace has tanked. Fortunes have been lost. Yet in those loses others see possibilities. We constantly tell individuals all that shines is not gold, so every person needs to proceed with care. Only invest what you can willing lose as well as will not hurt your income.

Just like you, we had a lot of concerns. Now probably more than ever is the moment to ask those questions.

In today's video we consult with the owners of Web3 Studios. I ask them the essentials. What is cryptocurrency? How do you buy it? Where do you store it?

We also explore the amazing and mysterious realm of NFTs. They find themselves in the stage of producing their very own, and I find it fascinating that they and many others are producing in the online space.

I could just be as baffled as ever.

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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