FAQs

Who is this for?

AboveCrypto was created for anyone interested in cryptocurrencies. We have industry experts and beginners alike. Everyone is here for the one purpose of learning about trends and coins on the rise to watch and invest in.

Is it too late to get involved?

No! That is a big misunderstanding when it comes to crypto. Crypto is just getting started. There are so many other opportunities out there. That is why we created AboveCrypto. To make those opportunities know and help people get started.

Is crypto a get rich scheme?

No. It is an investment and takes time to understand. We want to help people make money with crypto and be the resource for people to make the right decisions when it comes to your investments.

How much do I have to invest?

There is no amount you have to invest. If you have $20 you can start buying crypto. Your return will be much less obviously but any amount will allow you to start seeing how the world of crypto works.

What is cryptocurrency or bitcoin?

A cryptocurrency is a digital asset designed to work as a medium of exchange that secures its transactions, controls the creation of additional units, and to verify the transfer of assets.  This means cryptocurrencies are safe and secure because there is a limited supply which there can never be more of.  Bitcoin was the first cryptocurrency to be created and prove this new peer-to-peer electronic cash system works.

What is the purpose of cryptocurrency or bitcoin?

Bitcoin was originally created to be a decentralized peer-to-peer electronic cash transfer system.  Since 2009 when Bitcoin was created it has evolved into much more.  The blockchain technology that Bitcoin was created around has been adopted into thousands of different cryptocurrencies in different industrys.  The blockchain technology has opened the doors for a new way to store data that eliminates fraud and the ability to “fudge the books”.

How do I know when to buy?

This is a very hard question to answer.  We have many traders and investors in our community who are analyzing the markets to figure the best time to buy and sell in the crypto markets.  One good way to sum up the answer for this question though is to state a famous chinese proverb. “The best time to plant a tree was 20 years ago. The second best time is now.”

What if crypto prices are at an all time high?

Prices are very often at an all time high when it comes to cryptocurrencies because we are still at such an early stage where high growth is inevitable.  If we are at an all time high we generally recommend for a dip to happen before acquiring your cryptocurrency.  This isn’t always the best move though , which is why we have our community for people to keep up with when it is or isn’t a good time to purchase.

Are cryptocurrencies regulated or overseen at all?

Cryptocurrencies are currently unregulated in the U.S.  This could change any day though so we are always keeping an eye out to keep our subscribers aware of any changes regarding regulations.

Is crypto a get rich quick scheme? Scam?

Cryptocurrencies are far from a get rich quick scheme or a scam.  They are almost the polar opposite as coins set out to stop fraud and currency devaluation from happening.  With that being said, there are scammy companies, scammy exchanges, scammy coins, and scammy people in general.  We are here to help you avoid any and all scams out there.  Once you learn the basics of how to stay safe and mix that with the solid coins we research for you it reduces nearly all of your risk while investing.

How are cryptocurrencies taxed?

This depends on the country that you live in. In the U.S. the IRS is treating the income or gains from the sale of a virtual currency, such as bitcoin, as a capital asset, subject to either short-term (ordinary income tax rates) or long term capital gains tax rates, if the asset is held greater than twelve months (15% or 20% tax rates based on income). Always check with your tax professional as things change and this may not stay accurate forever.

What happens if everyone sells?

Cryptocurrency markets are no different than the stock markets.  To sell a stock you have to have someone willing to purchase the stock.  If EVERY SINGLE PERSON who owns that stock are trying to sell and no one is willing to buy then they will not be able to sell.  If EVERY SINGLE PERSON is selling and there are a few buyers, the buyers can pay very low amounts for the stock since there is far more supply than demand.  To simplify it, the buyers and sellers are what declare the prices of the cryptocurrencies.

Who created Bitcoin?

Bitcoin was created by an unknown person or group of people dubbed as Satoshi Nakamoto.

Where do people go for questions and information that is truthful?

This is something that has taken us years to figure out.  We have followed nearly every source out there and kept track of their news and advice over the years.  We have filtered out the good sources from the bad and deliver information that will be accurate and impactful..

Where does my money go when I purchase a cryptocurrency?

When you purchase a cryptocurrency from an individual you would directly give your money to that individual.  When you purchase a cryptocurrency from an exchange your money is going to the anonymous person buying it from you along with a small fee that comes out of it and goes to the exchange that is finding you a seller.  This works exactly like the stock market works and is no different.

How long has it been around?

Bitcoin was initially created in 2009.  Since then there have been many more cryptocurrencies developed that are available to purchase.

What can I buy if I can't afford an entire bitcoin?

You don’t have to purchase an entire Bitcoin.  You can purchase as little as 0.00000001 of a Bitcoin.  However, there are many great alternate cryptocurrencies that are not as mature as Bitcoin and have huge potential for gains.  We continually research and analyze new cryptocurrencies and inform our subscribers about them.

Is Bitcoin fake money?

Bitcoin is not fake money.  Bitcoin would be better explained as a decentralized form of digital cash.  Although it is not something you can necessarily hold in your hand, Bitcoin and other cryptocurrencies do have a lot of value which we go in depth on in our course videos.

What’s the risk?

There is no risk in educating yourself about cryptocurrencies.  It is very likely that cryptocurrencies will become a huge part of our lives so being up to date on what they are and how they work will do nothing but benefit you.  From an investment standpoint there is always risk.  The biggest risk that most people face is investing into coins that do not have a solid fundamental goal behind what they are creating.  We spend countless hours researching and analyzing new coins to get the best of the best in our subscribers hands.

Is it too late to get involved?

Right now we are still in the very early stages of the cryptocurrency industry.  Although it may seem like the tremendous growth is unsustainable, we foresee huge growth over the next few years.  There will be many coins that die off because they are not fundamentally sound.  There will also be many coins that are here to stay and will continue to grow for many years to come.  We always keep our subscribers up to date on what is or isn’t a good coin.

Are cryptocurrencies safe?

It is as safe as any investment. Prices will go up and down but that is how you will make your money. With our help we can reduce your risk greatly. By using the information we provide, you will already be ahead of everyone else. We research everything and make sure all the information you receive is the very best. This allows you to make a well informed and confident decision.

So once I buy my cryptocurrency then what? Do I leave it where it is?

We will show you how to move your money off the exchange site and onto a personal wallet. We will recommend personal wallets that we use and trust. That way your investment is fully safe and secure.

Can people hack me?

Not as long as you take the necessary precautions, like you should with anything on the internet. Don’t give out your information to individuals. Do all the security features exchanges or other places offer. For example, Two Factor Authentication, strong password, not storing password information on your computer or on a Google Doc. Don’t accept strange emails or files from untrusted or unknown sources.  In our courses we go into how to keep yourself as safe as possible.

Are the places to buy cryptocurrencies safe?

Yes, but some more than others. That is why we will recommend exchanges that we use. That way if you have questions we are able to help you. We do not advise to keep your coins on the exchanges. That is why we will also recommend personal wallets to keep your money safe.

How long does it take to learn?

With our courses you can have a solid foundation in an hour, depending on how quickly you go through them. At that point you can purchase and receive your cryptocurrency in a matter of minutes.  From there you can keep learning and put in as much time as you want. Just remember the more you know the better and profits come from knowledge.

Is my bank info safe?

It is safe with trustworthy exchanges like Coinbase, GDAX, and Gemini. You also have to keep it safe yourself. Don’t give your info out to individuals asking for it. Take all the security measures that the exchanges offer, like Two Factor Authentication. Make a strong password and don’t keep that password in a file on your computer.

If my banker and financial advisor don't know anything about cryptocurrencies what do I do and who can I go to?

Above Crypto was created for exactly this reason. You can come here to find out what to do and you can come to us.  When we first started we had the exact same problem. Through our learning process we were able to meet other individuals. We then helped each other and are now here to help you.

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