{"id":9539,"date":"2022-05-31T10:00:00","date_gmt":"2022-05-31T16:00:00","guid":{"rendered":"https:\/\/www.lexingtonlaw.com\/blog\/?p=9539"},"modified":"2024-05-03T14:04:47","modified_gmt":"2024-05-03T20:04:47","slug":"how-cryptocurrency-affects-your-credit","status":"publish","type":"post","link":"https:\/\/www.lexingtonlaw.com\/blog\/credit-101\/how-cryptocurrency-affects-your-credit.html","title":{"rendered":"Can cryptocurrency affect your credit score?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1500\" height=\"500\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/05\/Cryptocurrency.png\" alt=\"\" class=\"wp-image-18197\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/05\/Cryptocurrency.png 1500w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/05\/Cryptocurrency-1100x367.png 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/05\/Cryptocurrency-768x256.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<div class=\"quick-answer\">\n<h2>A cryptocurrency is a type of digital currency that\u2019s not tied to any type of central authority, such as a specific bank or government. Cryptocurrency shouldn&#8217;t affect your credit.<\/h2>\n<\/div>\n\n\n\n<p><em>The information provided on this website does not, and is not intended to, act as legal, financial or credit advice.<\/em> <a href=\"https:\/\/www.lexingtonlaw.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\"><em>See Lexington Law\u2019s editorial disclosure for more information.<\/em><\/a><\/p>\n\n\n\n<p>Cryptocurrency is a popular concept right now, but not everyone understands what it is, how it works and how it fits into the rest of your finances. If you\u2019re considering diving into crypto, you might wonder whether cryptocurrency affects your credit score. The quick answer is no, using crypto shouldn\u2019t <a href=\"https:\/\/www.lexingtonlaw.com\/education\/what-is-credit\" target=\"_blank\" rel=\"noreferrer noopener\">affect your credit<\/a>.<\/p>\n\n\n\n<p>Still, if you\u2019re going to explore cryptocurrency, you should have a general understanding of it before you start investing much. This guide walks you through everything you need to know about what cryptocurrency is and how it impacts your finances.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-cryptocurrency\">What is cryptocurrency?<\/h2>\n\n\n\n<p>A cryptocurrency, also commonly known as crypto, is a type of digital currency secured by cryptography and exchanged through a computer network and stored digitally. This type of currency was created as a form of payment that\u2019s not tied to any type of central authority, such as a specific bank or government.<\/p>\n\n\n\n<p>Some of the most popular cryptocurrencies right now are Bitcoin, Ethereum, Tether, Binance Coin and USD Coin.<\/p>\n\n\n\n<p>Cryptocurrency has gained popularity because it comes with several advantages, including:<\/p>\n\n\n\n<p>Of course, there\u2019s also been a lot of criticism of cryptocurrency due to some of its drawbacks. The most well-known downsides to cryptocurrency are:<\/p>\n\n\n\n<ul><li>Many people use cryptocurrency to perform illegal transactions as it can be impossible to trace ownership<\/li><li>Cryptocurrencies have a reputation for taking considerable swings in the market, rapidly increasing and decreasing in value, which makes them a high-risk investment<\/li><li>It\u2019s also risky to hold cryptocurrency, as you can lose your digital wallet and then lose that money forever. <a href=\"https:\/\/www.newyorker.com\/magazine\/2021\/12\/13\/half-a-billion-in-bitcoin-lost-in-the-dump#:~:text=If%20things%20had%20gone%20just,city%20on%20the%20Welsh%20coast.\" target=\"_blank\" rel=\"noreferrer noopener\">One man in London<\/a> accidentally threw out his hard drive with the garbage\u2014today, the amount of Bitcoin on that hard drive would be worth $280 million<\/li><li>There\u2019s a risk that someone could hack your computer and steal your digital wallet (although the same risk holds true now with online banking and your \u201cregular\u201d money)<\/li><\/ul>\n\n\n\n<p>Cryptocurrency is taxable. The U.S. government considers your digital wallet the same as other assets, like gold and stocks, and it will be taxed at the same rate.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-does-cryptocurrency-work\">How does cryptocurrency work?<\/h2>\n\n\n\n<p>Cryptocurrency is a digital coin based on blockchain technology and secured by cryptography. Blockchain is a type of distributed ledger that offers a way for cryptocurrencies to record and transfer information securely. To put in another way, the blockchain is like a ledger keeping track of cryptocurrency transactions across authorized users.<\/p>\n\n\n\n<p>Blockchain technology wouldn\u2019t be possible or effective without the privacy and security offered by cryptography. Cryptography helps encrypt cryptocurrencies so unauthorized users can\u2019t access them.<\/p>\n\n\n\n<p>These elements work together to create what cryptocurrency promises: a secured, anonymous digital coin that can be easily transferred between authorized users without monitoring from a central system like a government.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-cryptocurrency-and-your-credit\">Cryptocurrency and your credit<\/h2>\n\n\n\n<p>Cryptocurrency can\u2019t affect your credit unless you purchase it <em>with<\/em> credit. Most financial experts discourage buying cryptocurrency with credit, so hopefully you don\u2019t run into this issue. Since cryptocurrencies are so volatile, if you purchase them on credit cards, you run the risk of going into debt and incurring high credit card interest and transaction fees.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"400\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/05\/LEX-Blog-images-Template-not-social-975-\u00d7-400-px-2.png\" alt=\"\" class=\"wp-image-18202\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/05\/LEX-Blog-images-Template-not-social-975-\u00d7-400-px-2.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/05\/LEX-Blog-images-Template-not-social-975-\u00d7-400-px-2-768x315.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<p>Imagine you buy $10,000 in cryptocurrency on your card and the next week, that particular digital coin takes a drastic dip. Now that $10,000 is worth $100, while you still have to pay off your credit card at a 22 percent APR\u2014not a situation anyone would want to be in. Due to this volatility, some credit card companies don\u2019t allow crypto purchases.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-buy-cryptocurrency\">How to buy cryptocurrency<\/h2>\n\n\n\n<p>If you decide to purchase cryptocurrency, you can follow these steps:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"400\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/05\/LEX-Blog-images-Template-not-social-975-\u00d7-400-px-1-1.png\" alt=\"\" class=\"wp-image-18204\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/05\/LEX-Blog-images-Template-not-social-975-\u00d7-400-px-1-1.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/05\/LEX-Blog-images-Template-not-social-975-\u00d7-400-px-1-1-768x315.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-buy-through-a-traditional-broker-or-centralized-exchange\">1. Buy through a traditional broker or centralized exchange<\/h3>\n\n\n\n<p>First, you always want to purchase your cryptocurrency safely to avoid being scammed. The two safest sources are through a traditional broker or a centralized exchange.<\/p>\n\n\n\n<p>Many traditional brokers that help individuals buy and sell financial assets like stocks, bonds and EFTs also help purchase cryptocurrency. However, these brokers typically only offer a few crypto coins to choose from.<\/p>\n\n\n\n<p>The other option is purchasing through a cryptocurrency exchange that allows you to buy multiple kinds of cryptocurrencies, wallet storage and other features. This is the preferred option for beginners as it\u2019s much easier to set up an account with a cryptocurrency exchange than a broker, and it comes with more options.<\/p>\n\n\n\n<p>Still, when deciding between the two, it\u2019s best to look at the cryptocurrencies on offer, the fees, your storage and withdrawal options and the security features.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-decide-how-to-pay\">2. Decide how to pay<\/h3>\n\n\n\n<p>You can purchase cryptocurrency with fiat currency (government-issued currencies like the U.S. or Canadian dollar) via debit or bank transfer, credit or another crypto.<\/p>\n\n\n\n<p>As we\u2019ve already mentioned, purchasing with credit is quite risky and isn\u2019t recommended unless you can immediately pay that credit card off.<\/p>\n\n\n\n<p>You may have to check with your broker or centralized exchange to see what kinds of payment methods they accept and if the charges vary depending on the payment type.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-purchase-your-cryptocurrency-of-choice\">3. Purchase your cryptocurrency of choice<\/h3>\n\n\n\n<p>There are <a href=\"https:\/\/www.bobsguide.com\/articles\/why-are-there-so-many-cryptocurrencies\/\" target=\"_blank\" rel=\"noreferrer noopener\">more than 1,500 types of cryptocurrencies<\/a> available for purchase. Your next step will be to decide which cryptocurrency is best for you. You should do your research and decide what aligns with your investment goals.<\/p>\n\n\n\n<p>While you\u2019re purchasing your cryptocurrency, you\u2019ll need to figure out where you\u2019ll store it. There are different ways to store crypto safely, including hot wallets and cold wallets.<\/p>\n\n\n\n<p>Hot wallets are a type of cryptocurrency storage that uses online software to protect the private key that holds your assets. Cold wallets (or hardware wallets) are offline electronic devices that store your private keys\u2014like a hardware disc. Hot wallets often don\u2019t charge fees, while cold wallets do.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-can-you-buy-with-cryptocurrency\">What can you buy with cryptocurrency?<\/h2>\n\n\n\n<p>The list of things you can buy with crypto is growing but still limited. Currently, some things you can use it for include:<\/p>\n\n\n\n<ul><li>Products and services from tech companies and some e-commerce websites. Some examples include AT&amp;T, Shopify, Home Depot, Overstock, Microsoft and Rakuten<\/li><li>Cars at some car dealerships<\/li><li>Some luxury good stores (watches, jewelry, etc.)<\/li><li>Some insurance companies<\/li><li>News media subscriptions<\/li><li>Donations to some charities and nonprofits<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-should-you-buy-cryptocurrency\">Should you buy cryptocurrency?<\/h2>\n\n\n\n<p>Whether or not you should buy cryptocurrency is a personal decision. Remember that cryptocurrency is somewhat shielded from rising inflation rates and allows you to make anonymous purchases. But it also comes with risks like the volatile cryptocurrency market and the possibility your digital wallet could be lost or stolen.<\/p>\n\n\n\n<p>Overall, crypto is a riskier investment than other options, so it\u2019s recommended that cryptocurrency not make up too much of your investment portfolio. Most financial experts recommend that crypto make up <a href=\"https:\/\/time.com\/nextadvisor\/investing\/cryptocurrency\/suze-orman-crypto-should-be-in-your-investment-portfolio\/\" target=\"_blank\" rel=\"noreferrer noopener\">between 2 and 5 percent of your portfolio<\/a> and that you\u2019re comfortable losing this money.<\/p>\n\n\n\n<p>Famous personal finance adviser and expert Suze Orman says about Bitcoin, \u201cI think it should be a part of your portfolio as long as you can afford to lose that money and you\u2019re going to keep it for a seriously long period of time.\u201d<\/p>\n\n\n\n<p>If you do want to invest, do your research first:<\/p>\n\n\n\n<ul><li>Find out what kind of security your brokerage or centralized exchange has<\/li><li>Compare fees before choosing where you buy<\/li><li>Find out if there are fees to buy or sell<\/li><li>Understand that volatility will happen and it\u2019s best to be able to hold out rather than panic sell<\/li><li>Know how to store your digital wallet safely<\/li><li>Diversify your investments and don\u2019t keep too large a share in crypto<\/li><\/ul>\n\n\n\n<p>You may hear many stories about overnight crypto millionaires, but don\u2019t assume that\u2019ll happen to you. This is a risky investment that can potentially offer high rewards but can also come with significant losses. It can be fun to play around with cryptocurrency investments when you\u2019re not risking your life savings, but it\u2019s important to <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/finance\/investing-during-a-recession.html\" target=\"_blank\" rel=\"noreferrer noopener\">have other investments<\/a> in places with a higher chance of return\u2014such as property investment or index fund stocks.<\/p>\n\n\n\n<p>Learn more about what kinds of things do and don\u2019t affect your credit by <a href=\"https:\/\/www.lexingtonlaw.com\/our-services\" target=\"_blank\" rel=\"noreferrer noopener\">getting in touch with the consultants at Lexington Law<\/a> today.<\/p>\n\n\n\n<p><a href=\"https:\/\/lexingtonlaw.com\/disclaimer\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\"><strong><em>Note:<\/em><\/strong><\/a><em> Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you interested in cryptocurrency? Find out everything you need to know about crypto, from how to buy it to its potential impact on your credit score.<\/p>\n","protected":false},"author":63,"featured_media":18198,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[19],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Can Cryptocurrency Affect Your Credit Score? | Lexington Law<\/title>\n<meta name=\"description\" content=\"Are you interested in cryptocurrency? Find out everything you need to know about crypto, from how to buy it to its potential impact on your credit score.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-101\/how-cryptocurrency-affects-your-credit.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can cryptocurrency affect your credit score?\" \/>\n<meta property=\"og:description\" content=\"Are you interested in cryptocurrency? 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