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Updated by Albert Fang
Many people of all ages want to get into the cryptocurrency and blockchain industries. It can seem difficult when first starting, as many people have been investing for years and know exactly what to do. For many college students, this isn’t true.
If you’re a college student and want to get into crypto, you’ll need some tips to get started. Don’t just let your money sit in your bank account doing nothing. Instead, invest in crypto and build up your funds. Whether you’re just looking for some spending money for point spread bets or you want to pursue crypto investing more seriously, start with these tips.
Start With Research
Don’t invest before you do your research. To do well in this industry, you need to understand where your money is going, how it’s being invested, and what stats you should look at. There are many ways to get started with your research. If you know crypto traders with lots of success and experience, reach out to them for a crash course.
Other great resources include finance newspapers and magazines such as the Financial Times, the Wall Street Journal, and the Economist. There are also some great books regarding crypto, such as Kings of Crypto by Jeff John Roberts and American Kingpin by Nick Bilton.
Slow and Steady
When you’re starting, you’ll want to ensure you don’t put a lot on the line immediately. Once you feel comfortable with the crypto industry and have a fair understanding of how to invest, go ahead and start slowly. Play around with smaller amounts of money that you would feel comfortable completely losing (you have to plan for the worst).
Once you get the hang of it in small amounts and find crypto that you want to continue investing in, you can invest in larger amounts. Always be sure to do a great amount of research on any crypto you’re thinking about investing in, as there are many scammers on the market these days.
Keep in Contact
Reach out consistently to other investors to discuss the industry. You’ll want to build a network of people you can trust who are good investors. This allows you to share information with others, and if someone finds out about a new and exciting opportunity for investment, they’ll share the news with you.
This provides everybody with somewhat of a support system. If one person has a bad or sketchy experience with certain crypto, they’ll be sure to let you know, and vice versa, you should do the same. By creating a network, more people will be protected, and, as long as it’s people you rightly trust, everyone will only benefit from the shared work of navigating the industry.
Read the Print
When a cryptocurrency is released to the market, its creators often publish a written outline of pretty much anything you need to know about their creation. These are called the “white papers.” It would be best to start out reading the white paper of any current successful crypto to familiarize yourself with the things you should be looking for.
Once you’ve read a good amount of them, look into the white paper of newer crypto you’re thinking about investing in and compare. Ensure that it’s written professionally and doesn’t sound way too good to be true. If it does, stay away, as you could be headed straight towards getting scammed out of your money.
Look at the Patterns
Another thing to research is a crypto’s past. You can look into the history of any crypto, and it’s truly important to do so. Although the market fluctuates often, good crypto will only fluctuate with it and won’t be extremely volatile on its own. It should also be able to bounce back after the market dips.
There are many great resources to help you assess the price fluctuations of specific cryptos. These include Coinigy, Interactive Crypto, and Coin Ranking.
Reviewed and edited by Albert Fang.
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Article Title: 5 Tips for College Students Who Want In on Crypto
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