Crypto News

How Bitcoin is Treated by The IRS

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The Bitcoin Reaches High Levels of Trading

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Where to Buy and Sell Bitcoin

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Welcome to Sit on My Bits !!

2017 is the year for Cryptocurrency.  We have seen BTC highs of $4500 and brand new currencies like Bitcoin Cash skyrocket to $1000 just 2 and a half weeks after it was born.   Sit On My Bits (SOMB) is a blog dedicated to those of you out there that are simply sitting on your coins watching them grow in value as time passes.  Our goal here at SOMB is to offer as much information on each altcoin in the market as we possibly can so that you can decide which crypto to invest in.   Whilst others may trade crypto, we are personally fans of simply buying and sitting on them to enjoy easy profits as there’s only 3 things you need to do.

  • Invest
  • Hold
  • Sell

Invest

There’s a wide number of exchanges available online, to buy crypto you have to first verify your information with a trusted exchange, and once approved you can purchase crypto with either a credit or debit card or bank transfer.  It’s generally best to invest first in bitcoin or etheruem and then exchange this in to a different cryptocurrency, however we are NOT financial advisors, we do NOT offer advice, advertisments on this websites do not reflect our views or recommendations and trading and investing in crypto currency does involve the risk of loss.

Hold

From personal experience I’ve found moving from one crypto to another for a quick profit to be risky, and when I look at what would have happend if I had just left it in one cryptocurrency the profits would pretty much be the same.  This of course varies on your own trading capablilities, however for a beginner simply sitting on your bits for a year, 2 years or more can yield big results. When holding cyrpto it’s recommeded you use a hard wallet as oppose to an online wallet, such as a Nano Ledger S as this allows you to safely store your coins away from hackers.

Sell

Before you invest, you should set a realistic cash out price, when the price is achieved you can cash out in one of several ways.  One way of doing this is to set an exchange sell order on your chosen exchange.  Once the price of your asset is reached, it can exchange to your chosen fiat currency  and you can then cash out.  Or you can sell your coin to other people online for physical cash using may of the trusted services out there.