Talking Cents

Investment tips for Cryptocurrency, by your small business accountant in Sydney

The new investment fad has been based around Cryptocurrency for the past few years and a lot of people have just decided to put their hard earned money into it without any thought. So our small business accountant in Sydney wants to give you some tips on investing your money into virtual money.

Since the year 2017, we have had a major boom in Bitcoins and Ethereum, which ultimately would lead to more and more people wanting to invest in this growing market. If you are interested then be sure to read on as our business accountant has come up with a few tips for you:

• Keep in mind that Cryptocurrency is a similar investment to regular commodities
• Always keep an eye on the usage of this type of investment
• Did you know that only a minority of people actually use Cryptocurrency
• Analyse the criteria for these types of investments, as you need to identify a decent time for this opportunity (buy when it is dropping but you know it will go back up)
• When investing in anything you need to make sure that this solves something for you, one of the great benefits from Cryptocurrency is a new way of wiring money
• Always remember to change your crypto money into real money if you feel that the market will be dropping
• Do your research before investing your money into anything

Do keep in mind that this type of market is very volatile and has the ability to change within a few weeks or months that could drastically impact your investment. We recommend consulting with a small business accountant in Zetland to get some sound advice before your move forward.

As always, feel free to get in contact with our small business accountants in Sydney with any enquiries that you may have.