7 strategies to make money with crypto now.
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Today I wanted to talk about the top 7 crypto tips to make money today. These are just some of the things I wish I knew before I bought 6 Bitcoins in 2014 at $600 and sold them all at a 50% loss to buy myself a drone.
Let’s also say you bought Bitcoin but you’re down $3,000 on it. In this example we’re going to sell up to $3,000 worth of losses so you’re doing what’s called “realizing” those losses right, it’s not just on paper, you’re actually going to sell.
Now you can write off up to $3,000 of those losses and subtract that from your annual income assuming you had no other capital gains. Now if you have losses of more than $3,000 then you can carry over the spillage into the next year, and the next year and so on and so forth. The higher your income is, the more this will start to benefit you and once you get into the highest tax bracket of 37%, you save the most amount of money possible.
Once you sell your investment at a loss you can then immediately buy it right back. And what’s interesting about this trick is that it’s technically not allowed if you were doing this with securities. Here’s what happens if you do this with stocks and break the wash rule.
You won’t be able to write off your losses and instead the new purchase will be added to your cost basis.
The best cryptocurrency to buy and hold for life, out of all the hundreds if not thousands of different ones are the blue chips. The two bluechips are Bitcoin and Ethereum. When I say best, I don’t mean the one that will make you rich the quickest. When I say best I mean technology that’s been around for longer than a few years, withstood the test of time, countless narrative and technological attacks, and still survived to made people money.
The cheapest place to buy your crypto. Even though Robinhood is technically the “cheapest”, it is by far not the best place to buy it. I would consider using BlockFi (just remember you’re paying a 1% premium on prices), but the upside is you don’t have to transfer it and you can set up scheduled buying for dollar cost averaging. Other alternatives are Coinbase Pro and Gemini Active Trader.
The best time to buy crypto. As far as timing it is this: don’t try to trade Bitcoin unless you have 8 hours a day, 7 days a week to devote to sitting in front of a computer screen. If that’s you, go for it.
Set aside no more than 10% of your income, let’s say you make $60,000 per year net after taxes. I would personally put $6,000 as a yearly budget toward dollar cost averaging so monthly, I would have $500 to buy in. I would then DCA. The benefit of dollar cost averaging rather than invest your whole monthly or yearly budget in one go is that you don’t have to to time it perfectly, and psychologically, it will smooth the ride. But research shows that lump sum investing on average has made people more money over time (most of the time but not all the time).
The best way to store your crypto and the best way is – dependent on your risk tolerance.
The best way is to get exposure through investing in companies that are directly exposed to Bitcoin. That way, even if Bitcoin were to fail, those companies and their stocks are still worth something because their business model isn’t relying on Bitcoin’s success.
Start earning Bitcoin passively. Get yourself a crypto credit card and not the kind where you spend your Bitcoin, you don’t want to be spending it just yet, it’s not a good currency, yet. The best one out there is blockfi’s newest credit card.
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future. .