all about cryptocurrency
April 26, 2025
- Learn all about cryptocurrency
- All i need to know about cryptocurrency
- All about investing in cryptocurrency
All about cryptocurrency
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Although cryptocurrencies are considered a form of money, the Internal Revenue Service (IRS) treats them as financial assets or property for tax purposes. And, as with most other investments, if you reap capital gains selling or trading cryptocurrencies, the government wants a piece of the profits. How exactly the IRS taxes digital assets—either as capital gains or ordinary income—depends on how long the taxpayer held the cryptocurrency and how they used it.
Individual units of cryptocurrencies can be referred to as coins or tokens, depending on how they are used. Some are intended to be units of exchange for goods and services, others are stores of value, and some can be used to participate in specific software programs such as games and financial products.
Learn all about cryptocurrency
The internet’s been buzzing about cryptocurrency for years. But while it’s steadily grown more popular, as news headlines follow the volatility of the market, many people are still unclear about what, exactly, cryptocurrency is — let alone how to buy and use it.
In February 2014, the world’s largest bitcoin exchange, Mt. Gox, declared bankruptcy. Likely due to theft, the company claimed that it had lost nearly 750,000 bitcoins belonging to their clients. This added up to approximately 7% of all bitcoins in existence, worth a total of $473 million. Mt. Gox blamed hackers, who had exploited the transaction malleability problems in the network. The price of a bitcoin fell from a high of about $1,160 in December to under $400 in February.
Everything about cryptocurrency happens online. To buy, sell, or digitally store cryptocurrencies, users need a digital wallet and access to an exchange platform. You can use many specific cryptocurrency exchanges, such as Coinbase, but you can also buy, sell, and store crypto through financial services outlets, such as PayPal. You can purchase crypto with traditional currencies, like the US dollar, and increasingly with ACH (automated clearing house) transfers directly from a bank. While a few exchanges allow users to buy crypto with a credit card, it is uncommon.
Dark money has also been flowing into Russia through a dark web marketplace called Hydra, which is powered by cryptocurrency, and enjoyed more than $1 billion in sales in 2020, according to Chainalysis. The platform demands that sellers liquidate cryptocurrency only through certain regional exchanges, which has made it difficult for investigators to trace the money.
All i need to know about cryptocurrency
Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally. For example, all of the best exchanges should possess top-tier security features, but if you’re looking to trade only the main cryptocurrencies, you probably don’t really care too much about the variety of coins available on the exchange. It’s all a case-by-case scenario!
This innovative approach to digital money challenged the traditional financial system and laid the groundwork for the entire cryptocurrency ecosystem. Bitcoin’s decentralised nature and limited supply (capped at 21 million coins) have contributed to its popularity and value.
In the decade since Bitcoin’s arrival, cryptocurrency has already made irrevocable inroads. The foundations now established will drive expansion into an ever-wider array of financial and societal domains.
To use cryptocurrency, you don’t need to sign up for a website with an email address and password. You can download a wide variety of apps onto your smartphone to begin sending and receiving within minutes.
Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally. For example, all of the best exchanges should possess top-tier security features, but if you’re looking to trade only the main cryptocurrencies, you probably don’t really care too much about the variety of coins available on the exchange. It’s all a case-by-case scenario!
This innovative approach to digital money challenged the traditional financial system and laid the groundwork for the entire cryptocurrency ecosystem. Bitcoin’s decentralised nature and limited supply (capped at 21 million coins) have contributed to its popularity and value.
All about investing in cryptocurrency
Buying cryptocurrency stocks is a great way to take advantage of their growth potential while taking a more traditional approach to investing. It’s the best option for those who are already versed in how the stock market works; they can start investing with little to no knowledge of cryptocurrencies or blockchain.
While they’re undeniably convenient, you have to be careful with brokers because you may face restrictions on moving your cryptocurrency holdings off the platform. At Robinhood and SoFi, for instance, you cannot transfer your crypto holdings out of your account. This may not seem like a huge deal, but advanced crypto investors prefer to hold their coins in crypto wallets for extra security. Some even choose hardware crypto wallets that are not connected to the internet for even more security.
Buying cryptocurrency stocks is a great way to leverage the potential of the cryptocurrency market without buying crypto coins or tokens directly. In essence, you’re buying stocks in companies that have some degree of exposure to the cryptocurrency marketor blockchain technology.
The very first cryptocurrency was Bitcoin. Since it is open source, it is possible for other people to use the majority of the code, make a few changes and then launch their own separate currency. Many people have done exactly this. Some of these coins are very similar to Bitcoin, with just one or two amended features (such as Litecoin), while others are very different, with varying models of security, issuance and governance. However, they all share the same moniker — every coin issued after Bitcoin is considered to be an altcoin.
Both crypto traders and investors should know and check if they need to pay taxes on crypto. For example, in the US, taxpayers must report their crypto trades by law to the IRS. Our thorough and all-encompassing crypto tax guide will break down everything you need to know from how crypto is taxed, what exactly is taxed, when, and how to pay them.