How old to invest in Crypto?

HOW OLD YOU NEED TO BE TO INVEST IN CRYPTO?

There is basically no specific age for Investment in Cryptocurrency. But Crypto Platforms like Paypal, Coinbase etc. have imposed a minimum age limit to deal in Cryptocurrency. According to them a person should be 18 years old or more to buy cryptocurrency like Bitcoin, Ethereum, Dogecoin etc.

The most important thing is that as a teenager you won’t be able to analyze the risks involved of spending money in this volatile Crypto market.

The risks associated with cryptocurrency trading are well-known. There is a high chance of losing most of the invested money, if you don’t know what you are doing. However, there are other reasons that attracts people to invest in cryptocurrencies.

For many, it is the get rich quick method. The young age of many crypto investors reflects this attitude – they have grown up with internet and social media and their expectations are shaped by their experience with these technologies.

There is also a sense that if one person can do it, anyone can do it as well – which might be true for some people but not for everyone

WHAT ARE THE RISKS INVOLED TO INVEST IN CRYPTO?

There are many risks involved while investing in Cryptocurrency. Among them the major reasons are as below:

  • May face Regulatory Problems: The existence of Crypto might be a question in the future because of the regulatory reasons. The Government may impose more regulations in the future which might become a great headache for the Crypto in future.
  • Speculative: Cryptos are highly volatile, the prices of the currency can move at any point of time giving you huge profit but if  goes down will cause you huge losses.
  • No Unique Value: Crypto Currency has the value assigned by the people. If all people decides one day that they will not assign it any value then that day the value of the crypto currency will become zero since it is a digital product & not a physical product.
  • Fraud: You may be scammed while trading in Crypto if you are not experienced or work with other blockchain technology.
  • Higher Tax: You might have to pay higher taxes or fees while buying crypto as compared to buying Stocks, Mutual Funds, Bonds etc.

HOW TO START INVESTING IN CRYPTO:

  • Choose a Cryptocurrency Exchange: To invest in Cryptocurrency at first you need to create an account in a cryptocurrency exchange like Coinbase where you can buy, sell, trade & Invest in Crypto easily .
  • Create your Account: To create your account you have to provide your Phone Number, Email Address & create an User ID & Password using these details. You may need to verify your Identity to create your Account.
  • Depositing Funds to your Account: To Buy & Sell Cryptocurrency the next day step is to add funds to your account. You can fund your account by connecting your Bank Account, Credit Card or Debit Card with your Account depending on the method your Cryptocurrency exchange supports.
  • Have a Cryptocurrency Wallet: To keep your cash you have an Wallet & similarly to store your Cryptocurrency you need to have a Cryptocurrency Wallet which will be provided by your cryptocurrency exchange where you will store your Cryptocurrency digitally.

After all the above process are over you can start Buy, Sell, Invest or Trade in Cryptocurrency but before that you have to Research where & what to Invest which suits your Portfolio.

About ANUP SINHA 94 Articles
My Name is Anup Sinha, the Founder of BankQna.Com. Here I share Contents on Banking & Investment. If you have any Query or Need Article on any Topic then Please Comment. Thank You.