Crypto Safety Guidelines from Your Friends at RevivalDeFi
Our friends in India have continuously struggled with uncertainty revolving around their crypto livelihoods. As of April 1, 2022, a new flat tax of 30% on crypto income will be implemented. Here are several guidelines one can follow in order to ease those struggles. These guideline are not specific to our Indian investors. They are relevant to any savvy investor.
Only Invest What You Can Stand To Lose
The crypto market is extremely volatile and will continue to be for the foreseeable future. All investments are risky. With the added burden of the additional taxes, being picky with your crytpo investments is a must. A good plan is to always err on the side of caution and do not invest more than you are able to lose.
Invest For The Future
Experts say that the added taxes will eventually kill crypto trading in India. It will be next to impossible to see any gains on short trades. The sensible thing to do will be to invest for the future. Choose tokens and development teams with a good track record and plan for the long term hold. Get in early and often and prepare for the roller coaster ride that is the crypto market.
Pay Your Taxes
The new tax rules are difficult. It is even more difficult when you grab the attention of the tax man. He’s coming whether you like it or not. It is in your best interest to abide by the laws and figure out what you can to make your money work for you.
Know Your Development Team
Many investors are new to the technology and don’t fully understand how or why it works. In this situation, a doxxed Dev Team is a must. Having their identities known holds them accountable when things go wrong and also praises them when things go right. In today’s crypto market, blindly investing your hard earned money in an unknown project with an unknown team is the ultimate risky situation.
Following these guidelines is not the final answer to all of your crypto questions. It is important to always do your own research on projects and development teams. Keeping these guidelines in mind while you are doing that research is key.
As always, if you have questions, comments, or concerns please visit any of our RevivalDeFi Social Media platforms!