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College students have always lived on a budget. These days, students have a lot of commitments in school, which leaves them with barely any time for other things, such as having a job.
At the same time, the cost of education keeps growing. Apart from pricey tuition, fees, and accommodations, young people have to allocate money for many other expenses. They spend between $500-$1000 on books every year. Also, they often have the need to write essays online with professional college application essay writers from paper writing services to keep their grades high or save some time for other things, and this also costs money. Finally, there should be at least some cash left for their personal expenses and leisure. So, with such large expenses, there is no wonder why college students are endlessly looking for opportunities to make extra money.
Since landing a full-time job isn’t an option for busy students, they tend to opt for alternative options to make money for a living. These can include part-time jobs, freelancing, and, now, also crypto. Why should students get into this field? What investment opportunities are there? And how to make an income with cryptocurrency? Read our complete guide for students to find the answers.
Why Should Students Try Crypto?
This is a comparatively new field, which is also pretty risky. Still, many young people are considering crypto investing as a source of income for themselves. The first reason for this is that 2021 was a real breakthrough year for this industry when the world finally noticed and accepted it.
According to the World Economic Forum, the blockchain and cryptocurrency sectors grew by over 180% in 2021. In 2022, this market was already valued at $4.67 billion, and it keeps growing, which is the second reason to get into it now.
Unlike different part-time and freelance jobs, investing doesn’t take as much time. You can easily combine it with full-time studies. You just need to find a trusted homework help service like domyessay.com to write my thesis or other papers when you need some extra hours for your crypto undertakings.
Lastly, we should embrace cryptocurrency for the diversity of possibilities it offers. With its help, you can create long-term portfolios to keep your money safe and multiply savings. Or you can also use short-term investment tactics to earn income right now. And though it’s risky, it can be a life-changing opportunity for you if you know how to do it right.
6 Ways to Invest in Cryptocurrency as a Student
Now that you know why you should give it a try, let’s discover the primary investment opportunities that are in crypto for students.
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Buy Crypto Directly
First of all, you can purchase some coins directly. The options are broad. You can stick with well-known and expensive coins like Bitcoin or Ethereum or take a risk and buy newly released currencies that have the potential to grow. Also, you can either create a long-term portfolio (hold your coins for a long time) or engage in trading and make income, thanks to quick deals.
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Invest in Crypto-Focused Funds
You can invest money in related funds if you don’t want to buy coins yourself. You can opt for futures funds, index funds, cryptocurrency investment trusts, etc.
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Invest in Companies (H3)
Another option you have is to invest in businesses that have something to do with crypto. For example, these could be cryptocurrency mining companies, companies that produce mining hardware, or even companies that support crypto or hold large amounts of cryptocurrency on their balance sheets.
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Become a Miner or Validator
If you want to generate income, you can also invest in the needed hardware and become a crypto miner yourself. Alternatively, you can also become a validator.
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Buy NFT
NFT is a big thing today and another investment opportunity you have. You can buy promising assets and sell them now or later to generate profit in crypto coins.
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Invest in a Roth IRA
Finally, if you are interested in a long-term investment that comes with tax advantages, this is your option. You can set up a cryptocurrency individual retirement account (IRA) and save money for retirement in crypto.
Tips to Invest in Crypto Wisely in College
Finally, when you know the options you have and are determined to try crypto, let us give you a few handy tips for success:
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Learn more about the market. If necessary, turn to the top paper writing services to back up your studies and take your time to improve your understanding of cryptocurrency and investment in general.
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Find an experienced mentor who can help you start.
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Create a detailed plan in advance and respect it.
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Study different crypto investment cases to gain experience and learn from other people’s mistakes.
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Set a specific goal for your investment and identify your time horizons to develop an effective strategy.
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Stay updated on the market’s major news, events, and trends to know about the available opportunities.
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Identify your risk tolerance and invest only what you can afford to lose.
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Stay updated on your coins’ exchange rates and volatility tendencies.
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If engaging in trading, try different strategies with minimum risks first to find a tactic that will work for you.
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If building a long-term portfolio, don’t rely on one or a few types of assets. Instead, try to diversify your portfolio more.
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Use trusted platforms and tools.
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Always keep learning and enhancing your strategy.
Conclusion
These tips and the information from this guide should help you begin with cryptocurrency investment while in college. Take on the risk, but remain cautious to build a better today and tomorrow for yourself!
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.