4 Things to Know Before Investing in Cryptocurrency 

Have you ever traveled in a different country? One of the first things you probably did was visit a bank and exchange your money for the local currency. A Benjamin can buy you a nice dinner in the States, but if you want to enjoy fine dining in Italy, then you’ll need some euros!

Investing in cryptocurrency is similar to exchanging your money in a new country. Bitcoin, Litecoin, and Ether are a few examples of “foreign currencies” that work in a very specific context within certain online communities.

Exchanging any type of currency is built upon shared trust. We value dollars and Euros because we know that we can purchase goods or services with them.

The question is, can you trust cryptocurrencies? And should you jump into the world of crypto investing?

WHAT IS CRYPTOCURRENCY?

Cryptocurrencies are digital assets people use as investments and for purchases online. You exchange real currency, like dollars, to purchase “coins” or “tokens” of a given cryptocurrency. There are many kinds of cryptocurrencies. Bitcoin is the most famous, but Ether, Bitcoin Cash, Litecoin, and Ripple are a few others. All sorts of big tech and finance companies want a slice of crypto pie. Even Facebook has created a cryptocurrency called Libra.

The word cryptography means the art of writing or solving codes. (Sounds like the setup of an Indiana Jones movie, doesn’t it?) Each “coin” is a unique line of code. Cryptocurrencies cannot be duplicated, which makes them easy to track and identify as they’re traded.

You’ve probably heard of people making (or losing!) hundreds of thousands of dollars by investing in cryptocurrencies. It feels like a modern-day gold rush. But cryptocurrencies have actually been around for about 10 years. The earliest cryptocurrency was Bitcoin, created in 2009 by an unknown person who goes by the name Satoshi Nakamoto.

HOW DOES CRYPTOCURRENCY WORK?

Cryptocurrencies are exchanged from person to person on the web without a middleman, like a bank or government. It’s like the wild, wild west of the digital world. There’s no marshal to uphold the law.

Here’s what I mean: Have you ever hired a kid in your neighborhood to mow your lawn or watch your dog while you were out of town? Chances are, you paid them in cash. You didn’t need to go to the bank to make a formal transaction. That’s what it’s like to exchange cryptocurrencies. They are decentralized: No government or bank controls how they’re produced, what their value is, or how they’re exchanged.

As a result, cryptocurrencies are worth whatever people are willing to pay or exchange for them.

Now hang with me, people. We’re about to get techy! You store your cryptocurrency in a digital wallet—usually in an app or through the vendor where you purchase your coins. Your wallet gives you a private key—a unique code that you enter in order to digitally “sign off” on purchases. It’s mathematical proof that the exchange was legit.

Cryptocurrencies operate on what is called blockchain technology. A blockchain is like a really long receipt that keeps growing with each exchange. It’s a public record of all of the transactions that have ever happened in a given cryptocurrency.

WHAT CAN YOU BUY WITH CRYPTOCURRENCY?

At this point, most people still see cryptocurrencies as an investment. But cryptocurrency spending could become popular as these currencies gain trust. There are online retailers, such as overstock.com, who accept cryptocurrencies. And of course, any two individuals who value the tokens can exchange them for goods or services.

Some major retailers, such as Whole Foods and Nordstrom, are experimenting with accepting Bitcoin as a valid source of payment.1 But for the most part, cryptocurrencies are still on the fringe.

4 THINGS TO KNOW BEFORE INVESTING IN CRYPTOCURRENCY

Okay, y’all, I’ve got my coaching hat on. I might even get a little riled up! Before you say good-bye to your dollars and hello to Bitcoin or Ether, there are a few things you need to know.

  1. Cryptocurrencies are volatile. The value of cryptocurrencies goes through extreme ups and downs. In 2017, the value of Bitcoin swung between $900 and $20,000!2 Someone sneezes and the price drops! Investing in cryptocurrency is risky, to say the least. Of course, all investing carries a degree of risk. But you should always avoid unnecessary risks, especially when it comes to your hard-earned money. Don’t play poker with your financial future.
  2. There are lots of unknowns. There’s still a lot that needs to be ironed out with how cryptocurrencies work. Think about it: Nobody even knows who the founder of Bitcoin is! Relatively speaking, only a small percentage of people in the world understand the system and know how to operate it. Ignorance makes you vulnerable. I always advise people that if you can’t explain your investments to a 10-year-old, you have no business investing in them to begin with. You’re setting yourself up to do something stupid.
  3. Cryptocurrencies can be used for fraudulent activity. People who want to remain anonymous and avoid regulation from banks or the government will use cryptocurrencies to make shady deals on the black market. Money laundering is also a problem in the crypto world. Now hear me on this: I’m not saying that everyone who uses cryptocurrency is a bad person. But I am
  4. saying that if someone wants to commit criminal activity and avoid being tracked, the crypto world is an ideal place for them.
  5. Cryptocurrencies have an unproven rate of return. Trading in cryptocurrency is like gambling. Because it’s exchanged peer to peer without any tie to regulatory standards, there’s no pattern to the rise and fall of its value. You can’t predict changes or calculate returns like you can with growth stock mutual funds. There just isn’t enough data, or enough credibility, to create a long-term investing plan based in cryptocurrency.

SHOULD I INVEST IN CRYPTOCURRENCY?

Here’s the deal: If you’re out of debt, have an emergency fund that will cover three to six months of expenses, and you’re already investing 15% of your income in growth stock mutual funds—which are hundreds of times more secure than crypto—then you may make the choice to play around with cryptocurrencies.

But I want to warn you: When you invest in crypto, be prepared to say good-bye-o to your money. It’s not a good way to build wealth. There are thousands of millionaires who agree with me.

Don’t give in to stupid just because there’s a lot of hype. I’ve personally talked to people who have taken out a mortgage or cashed out their entire 401(k) early to invest in cryptocurrency! No, no, no! Don’t put it all on the line and risk your financial future, your retirement dreams, and your family’s well-being.

At some point in the future, cryptocurrencies might become legitimate and widely used. But for now, be safe and be smart.

INVEST WITH CONFIDENCE

Get-rich-quick schemes seem too good to be true because they are. The reality is, the road to building wealth is slow and steady. Millionaires don’t build wealth through risky investments like cryptocurrencies. In fact, in The National Study of Millionaires, we found that the number one wealth-building tool of millionaires is their workplace retirement plan, like a 401(k).

Written by Chris Hogan from ChrisHogan360.com

 

Gateway Accelerated

Communion Sunday

People’s Prayer

Ministry Kick Off Weekend

Office Closed-MLK Observance

Holiday Christmas Musical

THE HOLY SPIRIT IS’NT THE ONLY THING SAINTS CARRY!! (FOR THOSE OF US WHO HAVE THE SMITH & WESSON 354 MAGNUM ANOINTING) NEVAN GUN LAWS 2019 UPDATE

The open carry of firearms in Nevada is legal without the need of a license or registration. Though people are required to obtain a Nevada CCW permit to carry a concealed weapon in Nevada. There are specific locations where guns are prohibited, including:
*public schools,
*childcare facilities,
*VA facilities, and
*legislative buildings.

People face stiff Nevada State Prison sentences for violating specific firearm laws, including using a gun in the commission of a Nevada crime or being a felon in possession of a firearm in Nevada. But it is possible to pay a fine for other gun crimes, such as brandishing a gun in Nevada or possessing a firearm under the influence in Nevada.
Nevada requires background checks for all gun sales (unless the purchaser has a CCW permit). People who lose their Nevada gun rights might be able to get them back through a Nevada pardon. With some exceptions, children under 18 may not possess guns. And immigrants convicted of a firearm crime risk deportation.
Prohibited gun locations in Nevada
Nevada does not permit pistols, handguns, and rifles at the following Nevada locations:
* airports (past the secure areas) and planes,
*childcare facilities (without written permission),
*public schools and private schools (without written consent),
*Nevada System of Higher Education property (without written consent),
*legislative buildings,
*post offices,
*VA facilities,
*federal facilities,
*military bases (with some exceptions) and
*Hoover Dam.

Possessing a gun in a prohibited location is a Nevada misdemeanor, carrying:
*up to six (6) months in jail, and/or
*up to $1,000 in fines, and
*maybe community service in Nevada.

OPEN CARRY LAWS IN NEVADA

Open carry is legal throughout Nevada unless otherwise forbidden by federal or state law.

CONCEALED CARRY LAWS IN NEVADA

Concealed carry is legal throughout Nevada as long as the person has a valid carrying concealed weapons (CCW) permit. Nevada residents need a CCW permit from the county where they reside. For non-Nevada residents, the Department of Public Safety recognizes CCW permits from individual states. Otherwise, they need to get a Nevada CCW permit.
Concealed carry without a valid permit is a category C felony in Nevada, carrying:
one to five (1 – 5) years in prison and
maybe a $10,000 fine.

How to Buy Safe Toys

Children can have a lot of fun playing with their toys. However, it’s important to keep in mind that safety should always come first. Each year thousands of children are injured by toys.

Read on to learn what to look for when buying toys and how a few simple ideas for safe use can often prevent injuries.

Preventing Injuries from Toys:

Most injuries from toys are minor cuts, scrapes, and bruises. However, toys can cause serious injury or even death. This happens when toys are dangerous or used in the wrong way.

10 Toy Buying Tips:

Here are tips to help you choose safe and appropriate toys for your child.

  1. Read the label. Warning labels give important information about how to use a toy and what ages the toy is safe for. Be sure to show your child how to use the toy the right way.
  2. Think LARGE. Make sure all toys and parts are larger than your child’s mouth to prevent choking.
  3. Avoid toys that shoot objects into the air. They can cause serious eye injuries or choking.
  4. Avoid toys that are loud to prevent damage to your child’s hearing. See 10 Tips to Preserve Your Child’s Hearing during the Holidays​.
  5. Look for stuffed toys that are well made. Make sure all the parts are on tight and seams and edges are secure. It should also be machine washable. Take off any loose ribbons or strings to avoid strangulation. Avoid toys that have small bean-like pellets or stuffing that can cause choking or suffocation if swallowed.
  6. Buy plastic toys that are sturdy. Toys made from thin plastic may break easily.
  7. Avoid toys with toxic materials that could cause poisoning​​​. Make sure the label says “nontoxic.”
  8. Avoid hobby kits and chemistry sets for any child younger than 12 years. They can cause fires or explosions and may contain dangerous chemicals. Make sure your older child knows how to safely handle these kinds of toys.
  9. Electric toys should be “UL Approved.” Check the label to be sure.
  10. Be careful when buying crib toys. Soft objects, loose bedding, or any objects that could increase the risk of entrapment, suffocation, or strangulation should be kept out of the crib. Any hanging crib toy (mobiles, crib gyms) should be out of the baby’s reach and must be removed when your baby first begins to push up on his or her hands and knees or when the baby is 5 months old, whichever occurs first. These toys can strangle a baby. See Reduce the Risk of SIDS & Suffocation.

Choosing the Right Toys for the Right Age:

Age recommendations on toys can be helpful, because they offer guidelines on the following:

  • The safety of the toy (for example, if there any possible choking hazards)
  • The ability of a child to play with the toy
  • The ability of a child to understand how to use a toy
  • The needs and interests at various levels of a child’s development

Important Information About Recalled Toys:

One of the goals of the Consumer Product Safety Commission (CPSC)​ is to protect consumers and families from dangerous toys. It sets up rules and guidelines to ensure products are safe and issues recalls of products if a problem is found. Toys are recalled for various reasons including unsafe lead levelschoking​ or fire hazards​, or other problems that make them dangerous. Toys that are recalled should be removed right away. If you think your child has been exposed to a toy containing lead, ask your child’s doctor about testing for elevated blood lead levels. See Blood Lead Levels: What Parents Need to Know

Additional Information from HealthyChildren.org:

 

Source Adapted from A Parent’s Guide to Toy Safety (Copyright © 2008 American Academy of Pediatrics)