If your clients plan to hold a large amount of crypto, for instance, they should research cold storage options. Advisors and financial planners should plan on helping clients decide what their personal approach or philosophy is, said Castro.
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Step two is deciding how to store your crypto coins long-term. Coinbase allows users to buy/sell over 100 unique cryptos, which is a good starting point for most. One of the most popular exchanges for beginners, Coinbase, has been around since 2012 and went public on the Nasdaq in 2021. Step one for any crypto newcomer, according to Castro, is learning how both exchanges and wallets even work. Millions of new investors are therefore learning about wallets. “A lot of people bought cryptocurrency for the first time this year,” said Brittney Castro, a Los Angeles-based certified financial planner and founder of the media company Financially Wise. Sign up here to receive it every Thursday. This article originally appeared in Crypto for Advisors, CoinDesk’s weekly newsletter defining crypto, digital assets and the future of finance.
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The wallet may be software connected to the internet (aka a “hot wallet”) or be an offline hardware device (aka “cold storage”). They can also choose to move their crypto off platform and into a crypto wallet. When storing crypto, investors may keep smaller sums hosted directly on whatever exchange (i.e., a digital trading platform) they use. Just like with any physical item of value, crypto investors should practice good digital security habits similar to putting large sums of cash in a safe or a savings account insured by the Federal Deposit Insurance Corp.
The trademark scarcity of bitcoin, in particular, has given it the reputation of “ digital gold.” The volatile nature of cryptocurrency makes it one of the most intriguing speculative investments today.
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