Teenagers are the driving force of any generation because they are the future of a nation. Being hopped on the back of the technology, our world is going ahead like a speedy horse. And blockchain and cryptocurrency have added a different dimension to this development where the whole world is stewed. In this addiction, teenagers are even not lagging behind in any part. However, Cryptocurrency is a new term to this world. In the cryptocurrency industry, there is the scattering of thousands of questions, with only a few answers available. But it’s true that teenagers are still neglected in this industry. They have a number of questions in their vealy mind as they don’t have proper guidelines. Maybe, teenagers will get a wide space in the cryptocurrency industry once the industry develops a proper structure. But, till now, teenagers remain in a state beset by a variety of confusions after joining the Cryptocurrency industry. For example- ‘’how to purchase cryptocurrency as a teen? –is such a common question. Teenagers are unaware of how and where to buy cryptocurrencies and even how to start learning about cryptocurrency, which also gives rise to confusion. And it’s quite natural to have such confusion because the move of an adult cryptocurrency investor and a young crypto investor is never the same. It varies because of teenagers’ eyesight, taste, egotism, and other natural habits. But a teenager is affluent in time and energy. And if a teenager utilizes this opulence properly, we strongly believe that they can do far better than a general cryptocurrency user. Indeed, today’s teenager Cryptocurrency guide-based article is for teenagers, where we are describing the ways that can produce a better result if teenagers follow properly. These depicted Top 5 ways to purchase Crypto as a teen to be a millionaire will get teenagers to enjoy a smooth cryptocurrency life journey. So, if you are a teenager and want to adorn your Cryptocurrency career in the proper way, you are welcome to this article.
Top 5 Ways to Purchase Crypto as a Teen to be a Millionaire
- Select well-off Crypto Projects.
- Securely Store Crypto Coins.
- Hold for a Long time.
- Buy and Sell Crypto understanding the market momentum.
- Be a Millionaire.
1) Select Well-off Crypto Projects
You have to follow the first step to become a millionaire as a teen. The step is that you should buy a fundamentally-strong Crypto project that has a long list of use cases.
We shed light on this topic in the ‘’which types of Cryptocurrencies should a teen purchase?’’ section.
2) Securely Store Crypto Coins
After selecting a potential Crypto in the first step, you have to choose how you will store your coins in the second step. We recommend you use a hardware wallet to store your Crypto securely.
But, don’t store your Crypto Coin in any centralized exchange because it’s risky.
3) Hold for a Long Time
The third step is that you should enter the Crypto market with a long-term plan to become a millionaire as a teenager. Earning a massive amount is possible from Cryptocurrency only when you have a long-term plan.
We covered this topic in the ‘’Pre-steps before purchasing Cryptocurrency as a teen’’ section.
4) Buy and Sell Crypto understanding the Market Momentum
To become a millionaire from the Cryptocurrency market, you should follow two rules-
Rule Number One: Take entry at a cheap price in the Cryptocurrency Bear Market.
Rule Number Two: Sell your retained Crypto at ATH price in the Bull Market.
The rule is effective, albeit it’s a basic rule. The Crypto Market always offers you a cheap price in the bear market to take an entry.
On the other hand, you will be able to derive high profit in the Cryptocurrency Bull market if you buy a fundamentally-strong project in the Cryptocurrency bear market at a low price. However, you have to hold it for the long term.
Then again, you have to buy at a cheap price in the next Cryptocurrency bear market and sell at a high price in the bull market. And it’s a continuous process.
5) Be a Millionaire
You can become a millionaire from the Cryptocurrency market if you understand the above Cryptocurrency teenagers’ guidelines.
You have to perform three things- firstly select a fundamentally strong project, secondly buy it at a cheap price in the Cryptocurrency bear market, and lastly sell it at a high price in the Crypto Bull Market. That’s it! If you follow these three steps, you can become a millionaire from the Cryptocurrency market as a teen.
Pre-steps before purchasing Cryptocurrency for a teen
Indeed, while writing this ‘’how to buy cryptocurrency as a teen?’’ article, we analyzed which topics to bring to adorn this article, and, in the meantime, the output of that analysis came out and made us know that it’s mandatory for a teen to know the pre-steps before purchasing cryptocurrency. It is due to that you need no ID for verifying your age before purchasing cryptocurrencies from any decentralized exchange. So, it’s not a problem if you are even an underage person.
But, still, there is a problem, which is you should have deep knowledge over some issues before buying cryptocurrencies. That’s why we garnished all those must-to-know factors for cryptocurrency purchasers point by point below so they don’t fall into any trouble.
- Gathering proper knowledge before purchasing any Cryptocurrency: Indeed, there is no alternative to earning knowledge in the cryptocurrency industry. But, it’s a common issue among crypto investors that initially, they don’t have sufficient knowledge over the project they purchase. It is owing to that they undertake the cryptocurrency purchase decision by watching YouTube videos and reading blogs only. So, our recommendation to all teenagers is that you should gather all info about the project that you are going to buy, for example- what real use case problem the project solves, what about its structure and how about their team, etc.
- Taking proper Cryptocurrency Purchasing Preparation: If a cryptocurrency teenager thinks that there are no other challenges left except for finding out a good cryptocurrency project by research, he is then in the wrong. The reason is- from where to purchase cryptocurrency and where to store- is also significant calculation.
As a teenager, you have to select a cryptocurrency exchange carefully because maximum centralized exchanges may lock your cryptocurrency asset anytime and ask you to verify your ID. But, if you are hell-bent on using a centralized exchange, we will recommend you to purchase cryptocurrency assets from those exchanges in a small lot. However, we are always in favor of decentralized exchanges for your sake because of being secure. Even though decentralized exchanges’ trading fee is higher than that of centralized exchanges, decentralized exchanges are far better considering their security. Let’s share a trick with you about buying cryptocurrencies on a decentralized exchange. Avoid using high slippage on these exchanges even not mistakenly because high slippage leads to a high transaction fee. Ultimately it will reduce your return. Your slippage should not be more than 1%, but 0.50% is thought to be enough.
- Deciding where to store your cryptocurrency: If you had bought cryptocurrency with your hard-earned tiffin money, you then have to rack up your brain about where to store your cryptocurrency asset. Never do plan to hold your cryptocurrency asset in any exchange because this history of cryptocurrency says that many cryptocurrency holders became destitute due to the scam of centralized exchanges. So, don’t walk along this way, and we will warn you about decentralized exchanges too. As a teen, you should practice the exact manners of the cryptocurrency industry from now on.
Preserving cryptocurrencies in a cold wallet is our recommendation. In this case, you can use two renowned wallets that include Ledger Wallet and Trezor wallet. Upon searching YouTube, you will find videos on safely cryptocurrency storing process in a cold wallet. That’s why we didn’t add any guidelines separately for this. It’s a piece of advice to you never share the seed phrase of your cryptocurrency cold wallet with anyone. If you do so, you can lose your cryptocurrencies from your wallet anytime.
Our research team believes that you must take these preparations as a teen before purchasing any cryptocurrency. You have to remain a bit more cautious as a newbie in this field to make sure you don’t go astray. After you are done with all these preparations, you need to analyze which cryptocurrencies you should purchase and which ones to avoid. So, don’t worry if you don’t have any idea about this. The next topic in this ‘’cryptocurrency for teenagers’’ article has been adorned answering the question ‘’which cryptocurrencies should a teen purchase & which crypto to avoid?’’ That our next topic is full of information can be easily understood seeing the caption. So, let’s go without making any delay.
Which types of cryptocurrencies should a teen purchase?
You may be wondering at our topic, thinking- whereas as a teen, I can purchase any of the cryptocurrencies, then why there is a need for any specific cryptocurrency. Moreover, are there any types of cryptocurrencies to avoid?
Fundamentally Strong Crypto Projects
|Coin Name||Price||MarketCap||Fundamental Score|
|Bitcoin (BTC)||$34.6K||658B USD||99|
|Ethereum (ETH)||$2348||28B USD||83|
|Avalanche (AVAX)||$60||14B USD||78|
|Polkadot (DOT)||$17||16B USD||78|
|Solana (SOL)||$85||27B USD||75|
|Binance Coin (BNB)||$355||59B USD||72|
- Yes, there are. You must keep certain projects apart from your focal point as a teen. There are also some other cryptocurrencies that you should completely avoid. We adorned this section with this crucial discussion. Let’s dive deep into the discussion.
- Fundamentally Strong Projects: Look, if you ask us to tell you the answer of- which specific cryptocurrencies you should keep- in a word. Then we will say fundamentally strong projects. Why are we saying so? If you think of 2015, you can find a massive difference between the top-100 cryptocurrency projects of that time and that of 2022. Many coins that were in the top 100 list in 2015 have been lost in the evolution of time.
As a teen, you have a lot of time in your hand. And so, you should move slowly in this cryptocurrency market. But, if you hasten to profit, you cannot hold your enthusiasm for a longer time. The reason is it’s not that easy to make a quick buck from the cryptocurrency market.
Never do expect an easy profit from the cryptocurrency market. Just follow the process, and what is the process? That is a fundamentally strong project. So, what are those fundamentally strong projects?
- In brief, we have to say those projects that solve any real problem in the market. For example- Ethereum. The smart contract-based solution of Ethereum is really useful to Cryptocurrency users. The reason is that Ethereum’s price increase and decrease has no impact on its use-cases.
- If you want, you can add recently launched popular smart contract-based projects- for example, Polkadot, Solana, Avalanche, Cardano, etc- to your list.
- You can also enlist some other significant role-playing cryptocurrency projects like Chainlink, Parsiq, The Graph, etc.
- You ought to diversify your crypto portfolio. In adorning your cryptocurrency portfolio, don’t rely on only 1 or 2 cryptocurrency projects, whether it is Bitcoin or Ethereum.
- The holding percentage of popular cryptocurrency projects in your portfolio should be weightier than that of newly arrival cryptocurrency projects. And in the case of newly arrival crypto projects, you should consider which product may bring revolution. Except so, you should also look at the proficiency of the teams of new projects and their success rate in the past.
‘’There is nothing like 100% in crypto’’- is a popular saying in the crypto industry. So, nothing is conspicuous in the crypto industry, and anything can happen anytime. For example- Ethereum has been in the second position for a long time, but who knows, it may drop out from that position in the future. However, you are less likely to depart from your track if you are with fundamentally strong projects.
However, so far, we have talked about what types of cryptocurrencies you should purchase as a teen. Now come to the discussion of which cryptocurrency projects you should avoid.
Which crypto projects should you avoid as a teen?
Fundamentally Weak Cryptocurrency Projects
|Coin Name||Price||Marketcap||Fundamental Score|
|Dogecoin (DOGE)||$0.13||17B USD||Below 5|
|Shiba Inu (SHIB)||$0.000020||11B USD||Below 5|
- Meme-type cryptocurrency coin: You may wonder at this prohibition that we are suggesting you not to purchase meme-type coins as a teen. Indeed, meme-type coins have no use cases, and so, their fundamental score is zero. But, if you see the 2021 cryptocurrency bull-run, you can feel that meme-type coins- like Dogecoin, Shiba Inu coin- gained much more than their worth. However, our suggestion is to avoid all types of meme coins. The reason is these coins are trendy and owing to the fact, they are customary today, but maybe, will drop out tomorrow. You may remember the incident of the ICO bubble. Once ICO bubble was highly popular in the crypto industry, but today, the scenario is fully different. So, we won’t startle if we see people turning away from projects without fundamental use cases. So, be careful about cryptocurrency meme-type projects.
- Trendy-type coin like NFT Web 3.0: Please don’t get us wrong. We are not against NFT and Web 3.0. But, what we want to warn you is sometimes any niche goes viral in the cryptocurrency industry, and then, some worthless projects enter into the market, concentrating on that crypto niche. And at that time, cryptocurrency users flock towards that trendy niche for investing in it. As a result, covetous and selfish projects take that opportunity. So, justify the team and background properly before selecting any NFT and web 3.0 based projects.
- Those Crypto Projects Linked to the Outside-World: Let’s give you an example so you can understand the point. Suppose- you would like to build a house on an island. After starting to work, firstly, you have to focus on interior structure development. And then, you should go for the exterior structure development. The same thing happens in the cryptocurrency industry. Cryptocurrency is like a new world to everyone. That’s why; those projects that solve real-world problems are appreciated worldwide. On the other hand, those projects linked to the outside world- like XRP and LTO network– are struggling to improve their price. So, our recommendation is to avoid those projects linked to the outside world. The reason is the world is challenging. So, follow real-world problem-solving projects like Polygon, which reduces the high transaction cost of Ethereum, and AVAX, which is more cost-friendly and speedy than Ethereum as it provides smart contact service to the cryptocurrency world.
How can a teen invest in cryptocurrency to become a Millionaire?
Looking naked eyes, you can feel that in the age of decentralized exchanges, it’s not that tough to buy cryptocurrencies. You just have to add your Metamask to any exchange, and then you can buy any cryptocurrency you want. There is no exception in the case of a teenager. But, the topic we wanted to discuss in this ‘’how can a teen invest in cryptocurrency to become a Millionaire?’’ article is how a teen can be benefited from investing in the cryptocurrency industry in the proper way in the long run profit and portfolio-wise.
The mistake maximum crypto investors commit in the cryptocurrency industry is they calculate their profit ratio for a short time. They cannot think long time profit ratio. There are also some important factors that if a teen considers, they can turn into a billionaire in the future. Let’s come to discuss- how can a teen invest in cryptocurrency properly for making a maximum profit?
- Look, it’s normal not to have a large amount of capital in your pocket as a teen. So, if you think you cannot do well in the cryptocurrency industry without a large amount of crypto capital, you are in the wrong.
- That the entire crypto industry is young, you have to understand. And you are still in the early phase of the industry.
- Now, come to the topic of investment capital in the cryptocurrency industry. It’s true that you have to invest. As you know, we previously told you that the crypto industry is still in its early phase. So, you can derive a handsome amount of return from a little investment providing that you select a potential cryptocurrency with prudence.
- Think of 2015, suppose- you were a teen by the time and purchased a Bitcoin with only $200. Look, $200 is not a big amount. And that single bitcoin reached $70K in 2021. Thus your investment grew to a colossal amount in the interval of 5 to 6 years.
- Maybe, the same incident will happen after five years from now. The amount that seems small to you now may grow to a massive amount beyond your imagination in the future. But, you must invest in a fundamentally strong project.
- Think of ETH, you can see that Ethereum was at $20 back in 2017. So, if you had bought 5 ETHs for $100 and kept holding, you would have seen the price of Ethereum reach $4900. And along with that, the value of your 5 ETHs would have been $24,500. So, in the cryptocurrency industry, a small amount grows to a huge amount if you are capable of finding a fundamentally strong project.
- So now, come to the discussion of – how can you invest in the current cryptocurrency market?
- Look, our suggestion is very obvious. You invest a small amount in fundamentally strong projects like Bitcoin, Ethereum, and AVAX. Suppose- you have $100 in your hand by the end of January 22, then you just buy Bitcoin worth $100. Even though this amount seems very little to you, it will grow huge one day.
- In addition- you have $50 by the end of February 22, don’t worry then. Buy any fundamentally strong cryptocurrency projects like Bitcoin, ETH, or Polkadot worth $50.
- This is how you can build a cryptocurrency portfolio gradually. It might appear to you that a lot of time is needed to build a good portfolio. But believe us, if you get a cryptocurrency Mega-Bullrun meanwhile, it will make your portfolio rich out of nothing.
- To be honest, age is the cardinal capital to you as a teen. You have endless time. You will turn into an owner of an affluent cryptocurrency portfolio in the future providing that you hold a potential crypto project for a long time.
- Now come to an important question- when to sell your crypto asset after investing?
- Indeed, a cryptocurrency is not held forever. You have to decide very wisely about when to sell your cryptocurrency. We are sharing an idea with you by which you can identify the exact time for selling your cryptocurrency.
- It’s quite simple; when the price goes to the moon, just sell your cryptocurrency off. Maybe, you all know that the price of cryptocurrency projects increases when the market is bullish. When the candle of the bullish market stretches a long leg, it’s the perfect time for selling your cryptocurrency.
Look, we were not confined to discussing only ‘’how to purchase cryptocurrency as a teen?’’ in this article. Rather than that, we also discussed which projects teenagers should buy and which ones to avoid, how and from where to buy cryptocurrency projects, where to store them, how long a teen should hold a cryptocurrency, and when to sell off cryptocurrency in this ‘’cryptocurrency under 18’’-titled article. We tried to make this article an epitome of guidelines for those teenagers who are enthusiastic about the cryptocurrency market. We described the top-5 ways to purchase Crypto as a teen to be a millionaire for your convenience so that you can be benefited by following these ways in your journey to be a millionaire. If you become able to settle yourself in the cryptocurrency industry with hardcore and proper practice, the industry will give you a dazzling future.