Q. With Bitcoin’s lower price, I’ve finally started to invest in it and other cryptos. I’ve heard it can be a nightmare to track trades. Is there any way I can make this easier?
— Investor
A. You’re right that cryptocurrency traders have had a rough time tracking trades, depending on the exchange they use.
But things are getting easier. You just have to be proactive.
Let’s start with how it all works.
Bitcoin is the most popular type of cryptocurrency that uses a large chain of interconnected computers to store and protect digital assets, Lisa McKnight, a certified financial planner with Peapack Private Wealth Management in New Providence.
“Investing in Bitcoin may seem complicated, but really all you need to start investing is personal identification documents, bank account information and a secure internet connection,” she said.
To start investing, it is best to join a Bitcoin Exchange such as Coinbase or Crypto.com to make your purchase, McKnight said.
“You will also want to get...
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