In today’s legacy financial markets, opportunities for millennials to be involved are slim. The barriers to entry for younger investors in the stock market, securities, and commodities trading are many. Between high fees, large investment minimums, and relatively small potential gains, there’s not much incentive for young people to get involved in the market.
With cryptocurrency, however, there are many key factors which make it perfect for younger folks to jump in and start investing for the future. Lower trading costs, higher potential gains, and tech-heavy interfaces make cryptocurrency perfect for millennials.
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In fact, around 58% of cryptocurrency investors are between the ages of 18 and 34, and 7 out of 10 millennials say they are likely to consider non-traditional financial markets.
But where to start? If you’re a millennial who is considering jumping into the digital currency marketplace, we’ve assembled some tips to help you get started.
The first thing you’ll need to know is how to enter the market. There are some key concepts you’ll want to get familiar with. First, you’ll need to select a cryptocurrency exchange to buy bitcoin. You may also want to consider another currency, we recommend that you buy ethereum or another well established altcoin. Within the bitcoin marketplace, you can even find other places with bitcoin on sale, such as cryptocurrency ATMs.
Bitcoin was the first on the cryptocurrency market, so it is the most well established, and can be used in more places. Ethereum also has a wide range of uses, and is the underlying technology for many newer cryptocurrency offerings. You’ll want to select the one that is the best gateway to a secondary investment that you’re considering.
You’ll also need to understand the concept of a cryptocurrency wallet. These can either be online, or offline. You are able to store your investment locally without it being online and susceptible to theft. It’s very important that you keep the digital key code to access your wallet very safe. It’s that code which guarantees future access to your investment.
It’s a key investment tip in general, but even more critical in the volatile world of cryptocurrency – do not invest more than you’re willing to lose. About 40% of people 24-35 years old have at least $1000 in a savings account, and teen bitcoin millionaire Erik Finman says that millennials would be better off investing that money than letting it sit in a low yield savings account.
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