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Cryptocurrency Investing for Dummies PDF

427 Pages·2019·5.28 MB·English
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Cryptocurrency Investing For Dummies® Published by: John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, www.wiley.com Copyright © 2019 by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the Publisher. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Trademarks: Wiley, For Dummies, the Dummies Man logo, Dummies.com, Making Everything Easier, and related trade dress are trademarks or registered trademarks of John Wiley & Sons, Inc., and may not be used without written permission. All other trademarks are the property of their respective owners. John Wiley & Sons, Inc., is not associated with any product or vendor mentioned in this book. LIMIT OF LIABILITY/DISCLAIMER OF WARRANTY: WHILE THE PUBLISHER AND AUTHOR HAVE USED THEIR BEST EFFORTS IN PREPARING THIS BOOK, THEY MAKE NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE CONTENTS OF THIS BOOK AND SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. NO WARRANTY MAY BE CREATED OR EXTENDED BY SALES REPRESENTATIVES OR WRITTEN SALES MATERIALS. THE ADVISE AND STRATEGIES CONTAINED HEREIN MAY NOT BE SUITABLE FOR YOUR SITUATION. YOU SHOULD CONSULT WITH A PROFESSIONAL WHERE APPROPRIATE. 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Library of Congress Control Number: 2019930733 ISBN 978-1-119-53303-0 (pbk); ISBN 978-1-119-53305-4 (ebk); ISBN 978- 1-119-53307-8 (ebk) Cryptocurrency Investing For Dummies® To view this book's Cheat Sheet, simply go to www.dummies.com and search for “Cryptocurrency Investing For Dummies Cheat Sheet” in the Search box. Table of Contents Cover Introduction About This Book Foolish Assumptions Icons Used in This Book Beyond the Book Where to Go from Here Part 1: Getting Started with Cryptocurrency Investing Chapter 1: What Is a Cryptocurrency? Beginning with the Basics of Cryptocurrencies Gearing Up to Make Transactions Making a Plan Before You Jump In Chapter 2: Why Invest in Cryptocurrencies? Diversifying from Traditional Investments Gaining Capital Appreciation Increasing Income Potential Fueling Ideological Empowerment Chapter 3: Recognizing the Risks of Cryptocurrencies Reviewing Cryptocurrency Returns Risk: Flipping the Other Side of the Coin Glimpsing Cryptocurrencies’ Reward versus Risk Digging into Different Kinds of Risk Exploring Risk Management Methods Chapter 4: Looking Under the Hood: Blockchain Technology Breaking Down Blockchain Technology Basics Perusing Problems with Blockchain What Can Blockchain Be Used for? Chapter 5: How Cryptocurrencies Work Explaining Basic Terms in the Cryptocurrency Process Cruising through Other Important Crypto Concepts Stick a Fork in It: Digging into Cryptocurrency Forks Part 2: The Fundamentals of Investing in Cryptos Chapter 6: Cryptocurrency Exchanges and Brokers Distinguishing Crypto Exchanges Considering Brokers Looking at Other Methods for Buying Cryptos Chapter 7: Using Cryptocurrency Wallets Defining Cryptocurrency Wallets Looking at Different Types of Wallets Choosing a Crypto Wallet Keeping Your Wallet Secure Chapter 8: Different Types of Cryptocurrencies Celebrating Celebrity Cryptocurrencies by Market Cap Cryptocurrencies by Category Chapter 9: Identifying Top Performing Cryptocurrencies Introducing the Invest Diva Diamond Analysis Using Fundamental Analysis to Pick Cryptocurrencies Choosing Cryptos with Sentimental Analysis Trying Technical Analysis to Select Cryptos Chapter 10: Diversification in Cryptocurrencies Breaking Down Some Basics on Diversification Using Cryptocurrencies in Long-Term Diversification Tackling Diversification in Short-Term Trades Part 3: Alternatives to Cryptos Chapter 11: Getting Ahead of the Crowd: Investing in ICOs Understanding the Basics of Initial Coin Offerings Investing in an ICO So You Want to Start an ICO: Launching an ICO Yourself Chapter 12: Cryptocurrency Mining Understanding How Mining Works in a Nutshell Discovering What You Need to Mine Chapter 13: Stocks and Exchange Traded Funds with Cryptocurrency Exposure Looking for Stocks with Exposure to Cryptos Considering Cryptocurrency and Blockchain ETFs Chapter 14: Cryptocurrency Futures and Options Focusing on the Fundamentals of Futures Introducing the Basics of Options Understanding Cryptocurrency Derivatives Trading Chapter 15: Dealing with the Dollar and Other Fiat Currencies Considering the World’s Reserve Currency: The U.S. Dollar Examining the Euro and Other Major Currencies Comparing the Forex Market and the Crypto Market Part 4: Essential Crypto Strategies and Tactics Chapter 16: Using Technical Analysis Beginning with the Basics of Technical Analysis Spotting the Key Levels Picking Out Patterns on a Chart Smoothing Charts Out with Moving Averages Chapter 17: Short-Term Trading Strategies Distinguishing Three Short-Term Time Frames Trying Short-Term Analysis Methods Managing Short-Term Trading Risk Chapter 18: Long-Term Investing Strategies Time Is on Your Side: Getting Started with Long-Term Investing Creating Long-Term Strategies Considering Limit and Stop-Loss Orders Chapter 19: Minimizing Losses and Maximizing Gains Keeping the Losses Down Letting the Profits Rise Chapter 20: Using Ichimoku and Fibonacci Techniques Getting a Handle on Ichimoku Kinko Hyo Introducing Fibonacci Retracement Levels Combining Ichimoku and Fibonacci Techniques Chapter 21: Taxes and Cryptocurrencies Distinguishing Three Types of Crypto Taxes Minimizing Your Crypto Taxes Evaluating Taxable Income from Crypto Transactions Part 5: The Part of Tens Chapter 22: Ten Considerations Before Getting Started with Cryptocurrencies Don’t Get Too Excited Measure Your Risk Tolerance Protect Your Crypto Wallet Find the Best Crypto Exchange/Broker for You Determine Whether You Should Invest Short Term or Long Term Start Small Follow the Cause Mull Over Mining Look into Investing in Other Assets First Get a Support Group Chapter 23: Ten Possible Moves When Your Crypto Portfolio Is Down Do Nothing Reevaluate Your Risk Tolerance Look at the Big Picture Research the Fundamental Reasons the Crypto Is Down Consider Hedging Diversify within Crypto Assets Diversify across Other Financial Assets Exchange with a Better Crypto Think about Adding to Your Current Position Contemplate Cutting Losses Chapter 24: Ten Challenges and Opportunities for Crypto Investors New Cryptos on the Block Finding Economic Data Regulations Hackers Bubbles A Down Market New Currencies and Projects Diversification Falling in Love with a Crypto Using Invest Diva Diamond Analysis Part 6: Appendixes Appendix A: Resources for Cryptocurrency Investors Exploring Top Cryptocurrencies Cryptocurrency Information Websites Cryptocurrency Marketplaces and Wallets Charting and Tax Resources Appendix B: Resources for Personal Portfolio Management Making Your Money Work for You MasterClass Taking a Look at Textual Investment Resources Index About the Author

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