Sleeping Better: For Cryptocurrency Owners
With the rise of Bitcoin and other cryptocurrencies there has been a new paradigm forming for many people. The excitement of owning cryptocurrencies that have seen dramatic volatility over the past few years has also led to unique health problems that result from owning cryptocurrency. Whether it be anxiety about a future increase (or decrease) in wealth, or depression about taking a major loss or making regretful investment decisions, these health problems can often lead to significant sleep issues.
Since the owners of Sleep Tools have a sweet spot in their hearts for cryptocurrency and the people who are developing, contributing, and investing in it - we've decided to write about some unique strategies for cryptocurrency owners who might be struggling with sleep.
Below is a list of cryptocurrency focused strategies that might help you sleep better at night, but we also encourage you to check out the rest of the information and resources available here on Sleep Tools, to really experience the biggest improvements in your sleep and well being.
Strategy 1 - Stop Tracking the Price Every Hour
Unless you are a professional day-trader, there is no point in wasting your valuable time checking the price of your favorite cryptocurrencies several times a day. Delete the apps from your smartphone or computer and make it harder for you to give in to your price checking cravings.
You don't have to completely give up. Even if you checked the price once a day, or better yet once a week, you will still be informed, without the emotional ups and down that people can get sucked into with price checking every hour (or worse, every 10 minutes).
The end result of this will be - you won't be keeping yourself up at night wondering what the price is doing as the other half of the world continues to trade crypto while you sleep.
Strategy 2 - Know Your Tax Implications
Depending on your jurisdiction, there may be tax implications for your buying and selling of cryptocurrency. Sophisticated investors pay attention to this and we encourage you to do the same. If you are anxious about whether you should be paying taxes and it's keeping you up at night, this is particularly important. Consult with a tax professional and begin to incorporate tax planning into your cryptocurrency ownership.
In order to make life easier, we encourage you to use a reputable service like Coin Tracking, which enables you to aggregate the information from all of your cryptocurrency wallet transactions and produces easy to understand reports, including tax reports. You can get a 10% discount at Coin Tracking by using this link.
Strategy 3 - Spend More Time Learning the Technology
The price is irrelevant if you don't understand how the technology works. When people do not understand something they are using, it can create anxiety all on it's own. If you don't know what happens behind the scenes when you create a transaction in your cryptocurrency wallet, spend some time learning how it works. The next time you send crypto between wallets you might have a little less anxiety about losing it all if you understand better how it works.
Understanding how the technology works will also give you more confidence that your cryptocurrency is safe while you sleep. Or, you will learn what you need to do in order to make that your reality.
Strategy 4 - Consider Using a Hardware Wallet for Long-term Storage
Hardware wallets are a great tool for keeping your cryptocurrency safe. These are devices that allow you to store your cryptocurrency off any internet connected device, which provides maximum safety from any risk of hacking. Ledger and Trezor are among the most reputable and they each offer support for a wide range of cryptocurrencies. For the best-in-class Ledger hardware wallet, click here.
Be sure to keep the device and it's backup keys in a very safe location! Knowing that your cryptocurrency is safely removed from the internet, you may sleep much easier and have greater peace of mind.
Strategy 5 - Learn the Basic Best Practices for Using Cryptocurrency
Beyond understanding how the technology works, there are some best practices that will give you even more comfort and peace of mind when owning cryptocurrency. A web search on this topic will likely give you ample ideas. A good example can be found here.
If you adopt best practices, you may sleep easier knowing that you are doing everything in your power to remain safe.
Improving your sleep and overall health is a long-term journey. The five strategies that we mentioned here are just a few from many others you might find, but we believe these are some good initial steps and hope you will discover that to be true. We encourage you to continue working toward your goals and do not give up!
There are many additional strategies that you can find here on the Sleep Tools website, so stick around and see what else might help!
Disclaimer: Information found on Sleep Tools is not medical advice and should not be interpreted as such. It is also not financial advice. You should consult with a professional before following any of the recommendations found on the Sleep Tools website. The material on this site is provided for general information only and should not be relied upon or used as the sole basis for making decisions without consulting primary, more accurate, more complete or more timely sources of information. Any reliance on the material on this site is at your own risk. For more information see our Terms of service. If you follow the tips here or throughout the Sleep Tools website and do not experience any relief, we strongly encourage you to consult with a sleep doctor, as you may be experiencing a more serious sleep disorder.
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