HOW TO GET STARTED IN CRYPTOCURRENCY AS A 16 YEAR OLD ??
Hey everyone, as the title suggests I want to know how to get "into" cryptocurrency. I know that I'm a little bit late but I feel like there's still tons of money to be made if I can do it right.
Once again like the title says, I'm only 16 years old, meaning that I don't have thousands of dollars to invest like some people. I do have a couple hundred though.
So my question to you, the reader is where do I start? I've done some research and know the basics of things like cloud mining, mining with my own computer, trading, using bitconnect, etc. I want to know how to start making money off cryptocurrency and just need somewhere to start.
Any help/tips are greatly appreciated. Thank You!
hey telapov,
welcome to steemit and good to hear you are interested in getting into crypto currency. A couple hundred dollars is more than enough to get started, and now is a good time to buy considering the current market dip that has happened. Just be careful out there, it only takes seconds to turn a few hundred into 0. My two best pieces of advice I can offer you are to avoid troll boxes, avoid pump and dumps! Feel free to follow me, I post regularly about crypto currency. and Good Luck!
what are troll boxes?
chat boxes on bitcoin exchanges.
Hi telapov,
I feel the same way as you since it's only recently that I gave cryptocurrency some serious thought.
There are a lot of ways to "earn" in crypto. Here are few common ways:
Mining
In mining you invest on mining hardware, I suggest building your own mining rig using high-end graphics card. You can play games(if your into that) at the same time you can mine. Be aware of emerging cryptocurrency and mine on that since older and already popular crypto are hard to mine.
Trading
If you want you can monitor(speculate) changes in the prices of crypto. Buy when price is low, wait, sell when price is high. Rinse. Repeat
Investing
Since you're 16 you have a lot of years ahead of you. You can use it to your advantage and invest in long term. You can buy stable cryptocurrencies like Bitcoin, Litecoin, Etherium etc. and hold it. Accumulate as much as you can or until you reach your target price/value. Then cash out. If you review performance of stable cryptocurrency, over time it will increase in value. If you are patient enough and doesn't have anything immediate to spend your money at, this strategy is perfect for you.
Bonus
Another strategy that I'm doing now is being an early adopter of an emerging cryptocurrency. I'm following SocialCoin (SOCC) and hoping it gets mainstream. At this time the Dev is giving away some bouty, free coins, for completing a task like promoting and other things. Mining is also easier for these new coins since there are fewer competetion. Get as much as you can from an early stage and when and if it becomes successful you can cash out those coins.
Thanks for the great reply, but I checked, and isn't SOC inactive?
Chek some youtube videos about cryptocoins. And continu with steemit, it will be a big community one day!
You made it here! WELCOME!