Day: November 13, 2023

Joshua Shuemake Unravels the World of Cryptocurrency Investing: A Guide for the Modern Cryptocurrency InvestorJoshua Shuemake Unravels the World of Cryptocurrency Investing: A Guide for the Modern Cryptocurrency Investor

November 13, 2023November 13, 2023

Cryptocurrency, once considered a niche market for tech enthusiasts and early adopters, has now become a global financial phenomenon. The rise of cryptocurrencies like Bitcoin, Ethereum, and a myriad of altcoins has attracted a diverse range of investors eager to capitalize on the potential of this digital frontier. In this article, we’ll delve into the world of cryptocurrency investing, exploring the basics, strategies, and considerations every cryptocurrency investor should be aware of.

The Basics of Cryptocurrency

Cryptocurrency, often referred to as digital or virtual currency, is a form of decentralized digital money. Unlike traditional currencies, such as the US dollar or the euro, cryptocurrencies operate on a technology called blockchain. This technology enables secure and transparent transactions without the need for intermediaries, like banks or governments.

Key Concepts:

Blockchain: The underlying technology of most cryptocurrencies, it’s a distributed ledger that records all transactions across a network of computers. This ledger is immutable and highly secure.

Decentralization: Cryptocurrencies operate independently of a central authority, like a government or bank. This decentralization promotes transparency and resists censorship.

Cryptography: Cryptocurrencies rely on cryptographic techniques to secure transactions and create new units of the currency.

Investing in Cryptocurrency

Cryptocurrency investment involves buying and holding digital assets with the hope of their value appreciating over time. Here are some important factors to consider when diving into the world of cryptocurrency investing:

Research: Before investing in any cryptocurrency, conduct thorough research. Understand the technology, the team behind the project, and the real-world problems the cryptocurrency aims to solve.

Diversification: Just as with traditional investments, diversifying your cryptocurrency portfolio can help spread risk. Don’t put all your funds into a single cryptocurrency; consider a mix of established and promising assets.

Security: Cryptocurrency holdings must be securely stored in a digital wallet. Choose reputable wallets and consider hardware wallets for added security.

Long-Term Perspective: Cryptocurrency markets are highly volatile, and short-term gains can quickly turn into losses. Consider a long-term investment approach and avoid making decisions based on fear or hype.

Strategies for Cryptocurrency Investing

Different investors adopt various strategies based on their risk tolerance and investment goals. Here are a few common approaches:

HODLing: The term “HODL” originated from a misspelled “hold” and signifies a strategy of buying and holding a cryptocurrency for the long term, regardless of market volatility.

Day Trading: Day traders seek to profit from short-term price fluctuations by making multiple trades within a single day. This strategy requires significant time, research, and expertise.

Swing Trading: Swing traders look to capture price swings within a specific time frame, usually days or weeks. They aim to buy low and sell high during these swings.

Dollar-Cost Averaging (DCA): DCA involves investing a fixed amount of money at regular intervals, regardless of the cryptocurrency’s price. This strategy can help reduce the impact of market volatility.

Risks and Considerations

While the potential for high returns is appealing, it’s essential to recognize the associated risks and considerations in cryptocurrency investing:

Volatility: Cryptocurrency markets are extremely volatile. Prices can fluctuate significantly in a short period, leading to both substantial gains and losses.

Regulatory Uncertainty: Cryptocurrencies operate in a regulatory gray area in many countries. Be aware of the legal implications and tax obligations in your jurisdiction.

Security Concerns: Protect your investments by using reputable wallets and exchanges. Be cautious of phishing scams and fraudulent schemes.

Market Sentiment: Cryptocurrency prices are often influenced by market sentiment, news, and social media. It’s crucial to stay informed but not make impulsive decisions based on emotions.

Cryptocurrency investing has become a prevalent and exciting option for modern investors, offering a unique opportunity to diversify portfolios and potentially earn significant returns. However, the complex and rapidly evolving nature of this market demands careful research, risk management, and a long-term perspective. By understanding the basics, exploring different strategies, and staying informed about market developments, cryptocurrency investors can navigate this digital frontier with confidence. Remember, as with any investment, never invest more than you can afford to lose, and always exercise caution in this dynamic and evolving field.

Meet Joshua Shuemake: The NFT and Crypto Investor

Joshua Shuemake is a name synonymous with the world of NFTs and cryptocurrencies. As an avid investor in the digital realm, he has harnessed his keen insights and market acumen to navigate the dynamic landscape of blockchain technology. Joshua’s journey from the corporate world to a part-time NFT and Crypto investor is a testament to his passion for innovation and his commitment to embracing the future of finance.

financial

Can You Collect Social Security and Disability?Can You Collect Social Security and Disability?

November 13, 2023November 13, 2023

With retirement approaching, it’s a good idea to familiarize yourself with what can cost you your social security benefits or what you can collect on top of them. Also, if you’re receiving social security disability, will your retirement affect those payments? These are important topics to cover, just as knowing what SSI and SSDI are, when to file for each, or switching from one to the other. 

Collecting Social Security and Disability

Many people confuse their social security retirement with supplemental security income, but they are entirely different programs and that matters a great deal if you’re hoping to collect social security disability. The issue here is eligibility and what those payments look like, while it’s tempting to think that applying for various forms of social security will make for higher payments, it isn’t how it works. Essentially, the social security Office will only pay you whatever is higher if you’ve filed for both. In most cases, the SSI disability is higher until you reach the age for full retirement which will then automatically convert to your retirement benefits. 

There is a rare exception to the automatic conversion rule and that is when someone opts for early retirement but is then approved for SSDI benefits. This way you can receive early retirement payments until the disability insurance is approved and the additional money comes in on top of the early-retirement benefits, likely along with the retroactive benefits. 

Can You Switch from SSI to SSDI?

Yes, you’re able to switch from SSI to SSDI. If you file for early retirement and then suffer from a disability, you can apply for SSDI benefits. If approved, they will switch your early retirement benefits to SSI disability benefits. This is also true in reverse. This is one of the instances where you would want to speak with an SSI or SSDI lawyer before making any filings or claims, to ensure you’re not robbing yourself of a higher payment or missing an opportunity to benefit from what is rightfully yours. It isn’t uncommon for people to file for SSDI, only to find their social security retirement was much higher, and are now unable to collect. 

Filing for Disability and Social Security at the Same Time

This is another common “trick” people employ to try and receive both social security disability and social security retirement insurance, but it can have costly ramifications. People who retire early and apply for disability at the same time run the risk of their SSDI being denied, then being forced to collect lower benefits for the rest of their life. while this is an option for people who are quite impaired and it’s all but guaranteed they’ll get their SSDI benefits, you have to ask yourself if it’s worth the risk. 

This is another area where it pays to have a lawyer well versed in social security disability benefits and the social security administration. 

A Guide to Social Security Disability and Social Security Benefits

If you’re considering filing for both social security benefits and SSDI, it’s important you have the right guide to ensure you get what is rightfully yours. Being denied social security disability and getting lower SSI benefits is a scary and stressful time, especially if counting on that extra income makes you think you cannot afford an attorney. 

Getting what you need to live and have what you deserve is too important to leave to chance. Partner with an experienced ally that is by your side from start to finish to better secure your benefits. 

Marken Law Group

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