6 Services You’ll Need for Your Crypto Journey

So, you’ve heard all the hype about cryptocurrency and have decided to get involved with it. After all, cryptos like Bitcoin are delivering massive gains, and new tokens are entering the market constantly. You’ve decided that you want to become a bonafide crypto investor and rake in the profits.

But before you get too excited, you should be aware of the various services you’ll need for a successful crypto journey. While investing in crypto isn’t a walk in the park, the following services will make your journey easier, safer, and more profitable.

Crypto Storage

Naturally, if you’re going to make use of cryptocurrency, you’ll need to store your tokens. Keeping your tokens well-stored means that they’re less likely to get stolen or missing. The good news is that there are several options when it comes to crypto storage. The easiest option is simply getting a Web3 Wallet that supports hundreds of cryptocurrencies across multiple blockchains, and is very secure as it combines several security features. These include encrypted backup and recovery, advanced biometric authentication, and Fireblocks institutional-grade protection.

The most common types of crypto wallets are cold wallets, hot wallets, and paper wallets. Each of these will include a dedicated password and recovery phrase that will help you gain access to your funds. Ideally, you want to choose the wallet that is most suitable to your specific needs and from a service provider with a good reputation. Some crypto users also choose crypto custodial services, which offer custody of their crypto assets for a pre-determined period of time.

Crypto Trading Services

If you’re going to be trading cryptocurrency, you’ll need to use a professional service, whether this is an exchange, a broker, or a bot. If you choose a crypto exchange, you will create and manage your own account, as well as the buying and selling of different tokens. There are several types of crypto exchanges you can opt for, including centralized and decentralized ones. You can also choose peer-to-peer platforms that connect you with other buyers and sellers looking to trade the same assets.

Crypto brokers are also increasingly common as skilled traders manage others’ portfolios in exchange for a commission. This works similarly to how stock brokerage works except you’re dealing with cryptocurrencies. You could also choose a crypto bot service, which sees an AI-powered tool programmed to trade cryptocurrencies according to your specifications. This could be to maximize profit, minimize market risk, and so on. Whatever trading service you opt for, make sure it is one with a good reputation and one that matches your trading style.

Crypto Tax Support

These days, cryptocurrency-related tax is a bigger issue than ever before as countries around the world are updating their crypto tax codes and enforcing them. If you want to stay on the right side of the law, you will need the services of a crypto tax expert. On the simpler end, you could download reports from your exchange, which show your crypto transactions over a period of time, which helps you determine the amount of tax to pay. You could also use services like TurboTax, which will analyze your crypto transactions for the year and tell you how much tax to pay. If things are a bit more complicated, you could hire one of the increasingly popular crypto tax experts who specialize in helping individuals and businesses stay on top of their crypto tax. Regardless of your unique circumstances, make sure that you are paying taxes on your crypto transactions to avoid getting in trouble with the law.

Crypto Mining 

If you’d like to take your crypto journey to the next level and mine crypto tokens, you’ll need to either buy hardware/software or hire a crypto mining service. If you opt for the latter, you’ll need to get your hands on specialized hardware or software that will help you mine cryptocurrency from the comfort of your home. Keep in mind, however, that it’s a very energy-intensive undertaking and you’ll need to monitor the miners constantly. If you’d rather skip all of this, consider hiring a crypto-mining service. This service is, as the name implies, one that will mine crypto tokens for you for a set fee. After you receive your tokens, you can choose to sell them for a profit or hold on to them after some time.

Crypto Education and Information 

No one should navigate to the crypto industry without the proper knowledge and this is where crypto education and information services/platforms come in. There are resources online dedicated to educating investors about the crypto space. These include surface-level topics like what crypto is to the more in-depth technical ones. Then there are crypto news sites, newsletters, media platforms, and others that break down developments within the market, report on the latest crypto news, and overall help investors make sense of the market. No matter how far along you are in your crypto journey, you should refer to the services as they will help you make the most informed decisions possible.

Crypto Spending Cards 

While cryptocurrency is a legitimate asset, it is also a currency and thus, can be spent for goods and services. The easiest way to do this is to use a crypto spending card, of which there is a growing number. Exchanges like Binance and various independent firms can issue debit and credit cards that are backed with crypto holdings. By using these cards in your day-to-day life, you spend your crypto stash as easily as you would fiat currency, with the amount being deducted from your account. Anyone looking to use cryptocurrency as their daily medium of exchange should certainly look into these services.

Conclusion

Your crypto journey will be much easier if you have the right tools and services on your side, and we’ve highlighted them in this article. Whether you’re a beginner about to buy your first token or a seasoned investor looking to diversify your income stream, all of these will work together to give you a good crypto experience both now and in the future. 

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