5 Things To Remember While Investing in Digital Currencies

By now, you’ve probably heard a thing or two about digital currencies. Dozens of these currencies continue to explode in popularity. The truth is they’re mostly used as investment vehicles today rather than as actual currencies. Chances are high you don’t know the slightest thing about how they work, but you’re interested in generating a profit through investment. If you plan on investing in digital currencies, then keep the following things in mind at all times.

1. Choose a reputable exchange with an established track record. 

Going through an exchange is the simplest way to invest in digital currencies. Dozens of exchanges operate today, but they’re not all worth considering. First and foremost, you’ll want to choose a reputable exchange that’s been around for some time. Then you’ll want to consider an exchange’s schedule of fees as well as any insurance backing. Ease-of-use and user interface should be considered, too.

2. Only invest an amount you can afford to lose. 

You’ll never hear a more common piece of investment advice. You cannot invest in digital currencies with the expectation of getting rich. In reality, you’re not going to dump $100 into a currency and turn it into $100,000 overnight. It’s vital that you keep pace with your actual financial obligations like bills and other expenses. Only invest money today that you’d be comfortable with losing in full tomorrow – it can happen.

3. Keep track of every little detail with your transactions. 

With digital currencies, you don’t need to purchase an entire “coin” and can purchase in increments instead. Every investor needs to keep track of individual transactions to know how their investments are performing. You should know how much currency you bought, what price it was purchased at, and whether you’re generating a profit. Likewise, you cannot forget about fees you might pay when buying or selling currency.

4. Don’t forget about the tax implications of these investments.

In the United States, digital currency investors need to pay taxes on their earnings. You might not think about this while you’re making money, but the law still applies to digital assets. The tax rates are higher on assets you buy and then hold for less than a year. On the other hand, you can pay a lower percentage on assets sold after a year of ownership. Consult a tax professional if you see more than a few hundred dollars in profit here.

5. Consider pulling out if your profit starts to soar. 

Bitcoin and Ethereum, among other currencies, have made random individuals millionaires in quick fashion. For smaller investors, these currencies have still allowed individuals to make great financial gains in their lives. Stories where people pay off their car payments, or even their mortgages, are somewhat common. If your digital currency profits could change your life for the better, don’t hesitate to pull out and make those changes.

Whether you’re investing in Bitcoin, Ethereum, Ripple, or something else, you should have a gameplan. You’ll want to follow these guidelines and others to avoid problems. Digital currencies remain more popular than ever before, but most people know nothing about them. Hypothetically, you can jump into the game early by investing in these currencies and potentially see major gains over time.

Is IT Right For You?

For many people, IT represents the department called when there is a problem with their computer at work. It’s the nerdy in-law called when you download an app that you shouldn’t have and need them to unfreeze your phone. Information technology covers a variety of careers, from hardware troubleshooting to cyber security.

So how do you decide what road to travel? And how do you get started? Before you go and sign up for a bunch of courses that you most likely are not ready for, take the time to examine where your interests lie, so you don’t waste time and energy going down the wrong p.

Before doing anything else, figure out WHY? Why IT? Are you looking for a career change? Hoping to take a few coding classes, build an app, and cash in? Do you like examining different applications on your phone and computer? Are you curious about how data flows back and forth between the various applications that you use daily? Do you want to be able to pull large amounts of data into a manageable set of information? The WHY is the question that needs to be answered before you even think of writing a single line of code.

The WHY: MILLION DOLLAR IDEA! 

Getting your application to market is going to change the world and make you rich! Well, once you figure out how to tell a loop from an integer. Can you picture yourself five years from now expanding your skill set to new and ever-changing developments and applying what seems practical to your own work?

Programming web and mobile apps might be a great choice for you. So what language should you start with? None. Before you start programming, you must understand programming. This means getting a basic understanding of what programming is before focusing on a specific language or framework. Sure, you could go out and purchase a book in any language that suits you and start typing away. You may put together some competent applications. Inevitably, there will come challenges that leave you stuck if you don’t have a solid foundation of programming principles. At a minimum, learn the ins and outs of functional and object-oriented programming before you do anything else. Nailing down these concepts will give you the confidence needed to proceed in the programming language of your choice.

The WHY: WHERE DOES THE DATA COME FROM?

A top of the line application has top of the line data architecture. That architecture takes into account every possible path for that data, from storing it in various repositories, or presenting it to an end user in a variety of ways. Nothing ruins the reputation of an application more than not being able to rely on data to be where the user needs it to be WHEN they need it to be there. Just like with programming, start with the building blocks. Understand what data structures are, as well as the different ways that data can be stored and transferred. Study those concepts, then decide how you want to proceed. Possible career paths include fields from database programming to data mining to any other number of options involving data management.

The WHY: HOW DOES THIS WORK?

Technology gets complicated. Even those who build and manage it can get lost in the details. Documentation is critical and often neglected. Having the ability to break down a piece of architecture into components that can be understood by both technical and non-technical users is critical for technical writers. Having strong writing and communication skills, along with an aptitude for computers and programming lends itself well to this career path. The most important part of technical writing is the WRITING, so shore up your basic writing and grammar skills. Learn how to use programs that allow you to diagram critical structures of the system. Become versed in how to present these visually so that end users of at any technical level grasp the concepts.

SO…HOW?

These are just a few questions to consider when deciding if IT is a viable career option. An ever-expanding field, new opportunities open up every day for people from all walks of life. Look for programs at higher education institutions. Consider online options if your schedule won’t allow for traditional classes. There’s no one true path to IT. Your path can lead you to the IT shop of a Fortune 500 company, or allow you to build your own website to support a business. What’s important is finding what’s right for you and being willing to build a solid foundation of knowledge.