What is a cryptocurrency consultant?

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 What is a cryptocurrency consultant?
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Highlights

  • Cryptocurrency consultant is not an accredited designation.
  • The cryptocurrency market is all digital and susceptible to hacking.
  • Investors are required to do their research before investing.

A consultant is someone who provides expert advice. The function of a cryptocurrency consultant is also similar. But with the evolving nature of the crypto industry, experts in the field are also constantly updating themselves with the latest information.

Moreover, the concept of digital currency isn’t old. It is fast-evolving and dynamic. Technology tools like blockchain, crypto, and DeFi are closely linked to the crypto industry.

Not many people are familiar with these concepts. Hence, information and education are critical to understanding the crypto industry.

Besides, policy regulations like taxation and the government acceptance of cryptocurrencies as legal tender are still under consideration in many countries. So, although the cryptos are around for some time, their public exposure and handling are still in the informative years.

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So, what a Crypto consultant does?

Currently, there is no certification for a crypto consultant. People who have worked in a crypto company or have expertise in mining or developing digital coins would better understand the sector and help make informed decisions. Still, their expertise as consultants could be limited, given the fast-changing nature of the crypto industry.

Also, people who have worked in the industry may not have the expertise to comment or advise on all aspects of the business, like tax rules, safety concerns, etc.

Although there may be courses to become crypto consultants, there is no formal accreditation yet like the chartered financial plan (CFP), which gives a certificate holder legitimacy in the eyes of people seeking advice. Unfortunately, however, there is no such accreditation in the crypto market yet.

On the other hand, in the stock market, where stakeholders do not know each other, there is a proper system to protect investors’ interests from misuse of information. The processes are transparent, secure, and well regulated.

The recent hacking incidents in the crypto market show the dangers that lurk in the cyber world. Investors should be doubly sure with whom they are dealing, even if the person claims to be a cryptocurrency consultant.

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Bottomline

Before investing in stock, bonds, cryptocurrency, or any other financial scheme, one must do proper research about the product and not blindly take decisions. It is essential when you are seeking help from an individual or entity that is not recognized.

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