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Wild West of exchanges and wallets – and do you have to declare profits to the taxman? Recently, This is Money received an e-mail from a reader which started: ‘You need to have a section dedicated to crypto technology and currencies. The technology is the biggest technological leap since the founding of the internet. It highlights just how quickly the cryptocurrency phenomenon has exploded in recent months and how much some investors believe in the technology. You can read our at-a-glance round-up of some of them here. But, recent activity and price swings have shown just how volatile the world of bitcoin, ethereum, ripple and co are.
Nevertheless, many readers are asking how they can get their hands on bitcoin and other cryptocurrencies safely and securely, and importantly, how they can sell if they want to take profits. However, it is the Wild West out there. So let’s start with the warnings. As mentioned above, digital currencies are volatile and not for the faint-hearted.
You should read our bitcoin box below. Yes, there are plenty of stories about how people have become rich investing in bitcoin at the start and some self-titled experts are saying this is the best new financial investment you can make. But there have also been plenty of grumbles about it, including from stalwart US investor Warren Buffett – while the Financial Conduct Authority has also warned bout the dangers of investing in bitcoin. Remember bitcoin yields nothing and its main source of value is scarcity. Most bitcoin activity is trading not investing. Research coin wallets, the digital vaults where cryptocurrency is held, and consider security carefully.