Why millennials should jump on to the cryptocurrency bandwagon
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What is cryptocurrency, and why should millennials, or ANYONE be interested in that? Can bitcoin and other cryptocurrency make me money from home? Is cryptocurrency a worthy investment? How can I invest safely??? These and other questions like it are why you’re here, and I’ve put in the research to give you an answer.
I got involved in cryptocurrency in 2017 out of mere curiosity. I was in a number of Facebook groups where people were constantly posting about it, but I had no clue what an investment it could turn out to be. I bought my first $45 worth of Bitcoin from a guy I met online (thankfully he wasn’t a scammer!) and I promptly lost more than half of it to Ponzi-like investment schemes that promised to double my money in anything from 24 hours to a week.
Millennials across the globe now have so many investment options than ever before, and information galore. Real estate, stocks and bonds are now competing with cryptocurrency too, among other investment opportunities.
A lot of people view cryptocurrency as a long-term investment, and with just cause. The value of cryptocurrencies like Bitcoin and ethereum has increased in leaps and bounds over the years. Some institutions have already set up cryptocurrency savings accounts.
So, what exactly is cryptocurrency?
Cryptocurrency is a decentralised form of money that is mined using computers and algorithms. These coins bring independence that the ordinary banking system does not provide. Transactions made from peer to peer and are much faster and cheaper than traditional forms of payment.
Cryptocurrency uses blockchain technology. Whenever a cryptocurrency transaction is done, it is recorded in a ledger, known as a blockchain. This data is encrypted to keep each transaction private and safe from hackers.
It is completely digital, though it is traded for fiat currency. There are a variety of wallets to choose from for storing cryptocurrency. Shop around to get a feel for what you would prefer. Cryptocurrency is still relatively new, which makes the possibilities for it endless.
Reasons to try out cryptocurrency
There are so many reasons why millennials should give cryptocurrency a try. Here are some of them.
Pros
- According to Investopedia, governments can’t mess with cryptocurrency, making it one of the places where money will not be affected by things like inflation and bank failure. You can look forward to your cryptocurrency being safe for many years to come.
- The amount of cryptocurrency available is limited by mathematical algorithms, which protect against inflation.
- Cryptocurrency is pretty secure Most sites ask you to set up two-factor verification which will likely ask you for your user name as well as a code that is sent to your phone. As long as you take the recommended safety measures and remember your password, your cryptocurrency should remain safe from theft. Stay away from get-rich-quick schemes. They’re almost always scams in the end.
- Big companies like Amazon have started accepting cryptocurrency as a form of payment.
- Cryptocurrency can be used from anywhere in the world. They are the same everywhere, and have the same value.
- Some traders make money online by the speculative buying and selling of new coins. Start small to see if this is a path that you want to take, making money from home. It is risky but could be well worth it for you.
Cons
On the downside, there are some risks that come with cryptocurrency
- Experts say that cryptocurrency growth is fueled by both potential and by speculation. This means that potential buyers need to be careful which coins they go for. Do ample research, the internet is filled with tips on what to look out for when buying cryptocurrency.
- Regulators in some countries are trying to find ways to take control of cryptocurrency, but their efforts have yet to work. This is, however, something to keep an eye on.
- Cryptocurrency values do fluctuate. As much as they increase in value, sometimes their value goes down too. Patience is key, sometimes you just have to wait for values to start going up again.
How to go about investing:
- Determine how much you want to put towards investment.
Remember, only use what you can safely lose. That way, should anything go wrong, your finances aren’t affected too much. - Decide on the wallet you want and sign up.
Coinbase and Blockchain are some of the most secure and popular choices that can get you signed up for free. Make sure to do your research for yourself. That’s the best way to find the wallet that suits your needs best. - Sign up to an exchange and get started!
You could probably use Coinbase or Blockchain to buy your Crypto, but if those don’t feel right, you could make use of exchanges like Kraken, Binance, eToro, the list is long. Check out this list to get you started. - Should you ever find yourself buying bitcoin or any other cryptocurrency from an individual like I did, be sure to transact face-to-face to decrease the chances of being robbed.
The main things to keep in mind are:
- Do not use your life savings to invest in cryptocurrency. Use free funds that you could stand to lose
- Do your research to figure out which coins will work best for you. Don’t just take someone’s word for it, educate yourself and make informed decisions.
- Take cyber safety seriously and never tell anyone your passwords
- Steer clear of get-rich-quick schemes
- Start small and get your sea legs. Once you have figured out how things work, then you can think about investing more.
Exchanges where you could get referral income
Affiliate and referral income has become a huge thing over the past few years. When you sign up for an exchange of your choice, you have the option to tell your friends about it and encourage them to sign up too. Just make sure not to spam people, and to recommend exchanges and cryptocurrencies that you have properly researched. Exchanges like Changelly, CEX.IO and Coinrule are good to try.
Cryptocurrency is the money of the future, and it has made millions of dollars for those that were willing to take the risk early on. That doesn’t mean it’s too late for you to start now. Jump on to the bandwagon now, click here to get yourself started with a free wallet, your future self will thank you.
Sources:
https://www.investopedia.com/tech/question-why-should-anyone-invest-crypto/
Should you invest in bitcoin?
https://www.forbes.com/advisor/investing/best-crypto-exchanges/
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