SAVANNAH, Ga. (WSAV) — Atlanta is the hub of Bitcoin ATMs in Georgia but they are popping up more and more in the Savannah area.
The free-standing devices or kiosks allow you to buy or sell Bitcoin or other cryptocurrencies. These ATMs are connected to the Internet and produce digital ledger transactions that send cryptocurrencies to the user’s digital wallet, typically by using a QR code.
Although Bitcoin was originally intended to be used like money to purchase everything from a cup of coffee to home furnishings, today, it’s almost impossible to go into a grocery store, restaurant or department store and purchase items with the cryptocurrency.
This is why some financial experts recommend simply holding on to it if you have it already, or simply not investing in it at all.
CPA Steven Arkin of Arkin Financial Advisors LLC in Savannah said, “I think it’s a little bit early for people to be investing in it. It has a lot of volatility behind it right now and it’s hard to know what the future is going to hold.”
“In a couple of years the IRS is going to start basically making you report any transaction that you have with Bitcoin and making it potentially subject to tax. So it’s going to get a lot more complicated, I think, in a couple of years,” Arkin continued.
For older and financially established individuals looking to take the risk of investing in Bitcoin, Arkin offers some advice.
“When you get into risks, there are a lot of issues related to it. One of them is your pain tolerance level and how much time you have to invest. Younger people can afford to take on more risks because they have a longer time horizon,” Arkin warned.
For younger people looking to invest, instead of Bitcoin, Arkin recommends more traditional kinds of investments to give them a better chance of realizing their goals and recommends diversification.
“Don’t put all of your eggs in one basket. Pick some broad ranges of good stocks, mutual funds or ETFs. If you can diversify those and you can invest constantly and systematically and you’ll do great.”
For more information about financial retirement planning, contact Arkin Financial Advisors LLC at 912-356-9222 or visit their website here.
