Cryptocurrencies are huge & talked about worldwide as well as in every industry. They are even famous & an often topic among college students who are trying to make money and understand the basic rules, as well as any patterns when it comes to different cryptos. Are you a college student who wishes to earn some extra money and try out your luck with different cryptos? Keep on reading and understand if this is possible, as well as how much determination and focus you might need.
What are some preparations that you need to do before you begin trading & mining?
1. Create an email for your crypto
Different email addresses should be used for your personal life and your crypto investments. This way you will ensure cybersecurity. Use a unique and difficult password while you’re at it, and stay protected at all times.
2. Get a crypto wallet
Every person needs a crypto wallet that meets their goals in trading. The most popular types of wallets are software wallets. These are also known as hot wallets, but you can also go for hardware & paper wallets. This way your money will be in the right hands and kept safe at all times.
3. Pick your currency
Which one are you going with? Currencies and different cryptos might have a different future and a different outcome in the long run. Nowadays there are loads of different and popular kinds on the market, such as Bitcoin Cash, Ripple, Litecoin, and Ethereum.
4. Find your trading strategy
There are some automated trading bots that can do the process for you. Cryptocurrency arbitrage exploits the market inefficiency and does the conversion for you at the right given moment. The right strategy and the right approach can be a game-changer in your case.
How can you improve your trading?
If you are a student you might have a tough time figuring out the mechanism behind your cryptos. The main piece of advice is for you to stay cool & calm, do not rush your decisions. You should focus on your bots, smart trading platforms, as well as portfolio trackers. Although a lot of teens and youngsters are eager to get it over with, you should be aware that it a slow process. Remind yourself that slow & steady wins the race.
These are the perfect choice for beginners who are just getting into the process of trading. Users can connect bots to trading views and can even trigger commands while not being anywhere near them. These bots can be controlled from your classroom! If you are a student who doesn’t have the time to go through different options to make a final judgment, let the bot do it for you!
Helpful tips for a college student:
- Make sure that you only use the money for trading that you can afford, and that is within your budget. Do not go over your spending limit.
- Be mindful & think ahead, do not be reckless or irresponsible.
- Do not forget that cybersecurity is important.
- Use different trading tools for a better overall experience.
Top 5 ways to make money
1. Learn to buy & hold
This is the easiest way of earning money and the one with the least complications for newbies and perfect for students. Purchase your chosen crypto and wait for the market price to rise, then sell it. Each asset needs to be analyzed and approached differently, not just those that are popular at the moment and in the exchange office.
2. Earn crypto dividends
You can buy your crypto and hold it for the dividend. Some sites will even get you paid for buying & holding their digital currency. You don’t have to invest a lot of time, effort, or money to understand the process. Just pick out what seems to align with your investments and go for it. Make sure that you do your research beforehand.
3. Stake cryptos
Have you heard of these before? With them, you are offered double earning potentials for staking digital assets. You will have to hold these in your wallet where you will be able to earn additional coins for securing the chosen crypto network. Make sure that you have an e-wallet beforehand.
4. Day trading
Did you know that more than 80% of investors believe that earning money is possible and recommended through day trading?! For some, trading at night & staying past your bedtime shouldn’t be an option. Once you analyze the charts and understand the market and its assets you’ll be good to go. You should think about an automatic trading platform that can speed this up for you while you get to enjoy your classes or free leisure time.
5. Consider working for crypto companies
Last, but not least, you should consider making this step. You can apply for the position of a digital marketer, content creator, as well as a web designer – just to get a hold of things. No reason to stick around for too long, but just enough to get some ground rules covered and to understand the process. You will probably work remotely, which does allow you to focus on your classes, studies, as well as any other responsibilities. In a couple of months, you will gain all the needed knowledge.
Where to begin?
Feeling lost and like you don’t know where to begin or what to do is pretty normal and common among students and younger people who are just getting started within the crypto industry. Well, you can always check out Safex.org. With them, you can sell products and earn cryptos. Safex helps online merchants break free from being stuck on their platform and they offer revenue sharing, equitable mining, as well as a decentralized marketplace on a privacy blockchain with 5% platform revenue! Ideal for creative souls and those who want to try out a different way of earning cryptos.