Coinbase Jumped Into No. 2 App Store Spot After Super Bowl Ad. What Investors Should Know

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If its app retailer rating on Monday is any indication, Coinbase’s historic Tremendous Bowl advert Sunday night was an enormous success. 

Coinbase has shot up from 186th place to second for downloads within the App Retailer since final evening, second solely to Peacock amongst iPhone customers. Amongst finance apps, Coinbase is No. 1.

Coinbase’s Tremendous Bowl business featured a clean display screen with a floating QR code that allowed new customers to assert $15 value of Bitcoin and current customers to join a $3 million Bitcoin giveaway. Whereas there have been reviews of Coinbase crashing for some customers, the QR code’s landing page bought a whopping 20 million hits inside only one minute of the advert airing, a spokesperson for the corporate instructed us. Coinbase is providing the brand new person incentive via Tuesday, Feb. 15, so you continue to have time to assert some free crypto should you didn’t already.

That’s plenty of new crypto buyers. 

“These adverts had been a transparent name to motion and world discover that crypto is right here and prepared for the plenty. In that regard, they had been undoubtedly profitable,” says John Wu, president of Ava Labs, the startup behind the blockchain Avalanche. 

In the event you turned a brand new Bitcoin investor after the Tremendous Bowl, right here are some things to remember.

What New Crypto Buyers Ought to Know 

Educate Your self

If the Tremendous Bowl advert impressed you to join Coinbase for the primary time, you’ve both acquired $15 value of Bitcoin or it’s on the best way. However what now? It might make sense to take a step again and higher perceive this potential new funding. Put a while into studying extra about crypto and the know-how behind it earlier than you make investments any more cash into it. Bitcoin’s white paper is a superb place to start out.

However you additionally don’t should go far to be taught extra — Coinbase provides free crypto for utilizing the platform’s Study hub. You’ll want to look at Coinbase’s movies, take quizzes, after which Coinbase will deposit a small quantity of crypto into your pockets. The content material is usually targeted on a specific altcoin, which is what you’ll earn for going via the teachings. As a result of altcoins typically aren’t beneficial for long-term investing, you may convert these lesser-known cash into Bitcoin or Ethereum when you earn them. Simply keep in mind to maintain observe of those transactions, as each crypto-to-crypto commerce is taxable. 

Crypto Is Taxable

Free crypto won’t be free come tax season. Any crypto that could be thought of earnings, in addition to crypto-to-crypto conversions or holdings you money out for U.S. {dollars}, is taxable. You’ll want to trace the market worth of any crypto you get if you obtain it, and once more if you promote it, to precisely report back to the IRS subsequent 12 months. In the event you nonetheless have questions, try our crypto tax guide.

Put together for Volatility

Cryptocurrencies are notoriously unstable investments, and also you’ll want to have the ability to tolerate it should you’re in it for the lengthy haul. Consultants say the perfect factor you are able to do is undertake a “set it and neglect” mantra together with your crypto and ignore the short-term swings. It solely takes a short have a look at Bitcoin’s worth historical past to see how unstable it’s, which is why specialists say cryptocurrency investments ought to make up not more than 5% of your whole portfolio.

Defend Your Crypto

Crypto is a largely unregulated funding market, which makes it more susceptible to scams. To guard your self from hacks and scams, prioritize defending your crypto by implementing good digital safety habits and watching out for frequent pink flags. For example, keep away from guarantees of free cash or any contractual obligations that lock you into holding crypto with out having the ability to promote. In the event you’re buying and selling various tons of {dollars} of crypto, you need to contemplate getting a crypto wallet for added safety. Contemplate additionally sustaining sturdy, commonly up to date passwords.

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Coinbase Jumped Into No. 2 App Store Spot After Super Bowl Ad. What Investors Should Know

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