Cryptocurrency — Is It Safe? AN OVERVIEW OF THE RISKS OF VIRTUAL MONEY
cryptocurrency, you might wonder if it’s secure or whether hackers can take it from you.
If you’re considering putting most of your funds into cryptocurrency to use like a checking account, however, it may not be the best decision. The market fluctuates dramatically, even if the values have, overall, risen to enormous highs over the past few years. Is cryptocurrency safe to invest in? As a newly created market, cryptocurrency is still fairly volatile in the eyes of financial experts. However, that doesn’t mean it’s a bad idea to invest or play the market. Just make sure to keep your cryptocurrency portfolio diversified, and don’t invest too deeply in one currency over another. Research the cryptocurrency exchange you plan to use. Never invest more than you’re willing to lose, and try to talk with experienced crypto investors to gain their tips and insights. By utilizing this knowledge, you can use crypto thoughtfully and safely, and you’ll have some insights to share when people ask you the same questions.
Luckily, the blockchain technology of cryptocurrency records every single transaction as timestamped “blocks” in a digital ledger. Additionally, every transaction requires a two- factor authentication process. It’s a complex, technical process, but it makes cryptocurrencies extremely difficult to tamper with, especially the biggest currencies like Bitcoin or Ether. Not all cryptocurrencies are “unhackable,” however. In 2018, hackers robbed Coincheck investors of nearly $534 million. Is cryptocurrency safe to use? Currently, it’s perfectly legal to buy and sell with cryptocurrencies. In fact, if you use a crypto exchange like Gemini, many big-box merchants have partnered to trade and sell their goods for cryptocurrencies like Bitcoin.
When people hear the word “cryptocurrency,” some may associate it with cybercriminals and unscrupulous activity. But is using cryptocurrency actually safe? Let’s take a look at several common concerns to answer that question. Is cryptocurrency secure? If you put your money into a bank insured by the Federal Deposit Insurance Corporation (FDIC), you know your money is safe (unless something extremely drastic happens to the economy). However, if you put your money into
TIPS FOR HAVING AN ESTATE PLANNING CONVERSATION WITH YOUR FAMILY
Creating an estate plan is essential to protect your family’s future, but it’s not the easiest topic to discuss with your loved ones. Most people don’t like to think about their mortality, and children don’t want to imagine a world without their parents. Even though it’s a difficult topic to discuss, it is important that everyone has an estate plan in place and that those close to you know what to expect. Estate planning is the best way to ensure your wishes are carried out in the event you pass away or become incapacitated. While many people think estate planning focuses solely on finances, it also can be used to decide who will serve as guardian over your children, manage your health care and financial decisions if you become incapacitated, and much more. Whether you’re a parent discussing your estate plans with your children or a child approaching your parents about creating an estate plan, here are a couple tips to make the conversation easier. Approach With Empathy To put it simply, this conversation might not be easy for you or your family. It can be a sensitive topic that people are not keen to talk about. It might help to plan ahead and let your loved ones know when the conversation will take
place. That way, everyone can prepare to discuss the topic and come up with any questions they may have. When you have the conversation, be open and honest and make the effort to respect everyone’s feelings and opinions. Focus on the Positives It can be difficult and stressful to bring up topics related to mortality and money, so try to look at it in a more positive light. Estate planning is a proactive measure. By creating an estate plan, you are taking a meaningful approach to give your family peace of mind while saving them time, money, and stress in the long run.
We recently helped three brothers with an estate plan for their parents. They simply wanted to make sure that Mom and Pop were taken care of, so they stepped up to help. Everyone needs to have an estate plan. By approaching your loved ones with empathy and focusing on the positives, you can begin to have estate planning conversations to prepare for the future.
Plan today for peace
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