One of the most popular investment opportunities of this day and age is cryptocurrency. But while crypto may be trendy among younger investors, is it only accessible to them? Older adults may ask themselves this question frequently. If you’re older and looking into digital assets like Ethereum, Litecoin, and Dogecoin, let’s answer this question and help you get started on your trader or investor journey in the guide below.
Cryptocurrency is available to anyone of any age.
While crypto assets are a relatively new concept in the world of investing, that doesn’t mean that those who have their money in ETFs and other traditional assets like stocks can’t put their money into virtual currency. Unlike some alternative assets, cryptocurrency is decentralized, meaning that any beginner can acquire some of their own and retain full ownership over it. Better yet, these investment vehicles are widely accessible, and you can buy portions of popular cryptocurrencies rather than having to buy a full token or coin at a time.
To get started, you will need:
- An account with a crypto exchange: In order to acquire cryptocurrency, you need an account at a cryptocurrency exchange where you can buy crypto with fiat currency using your bank account information, debit card, or credit card. Of course, which exchange is best? Doing some research and diving into some of the most popular options (such as Kraken vs Coinbase) will help you discover which option is best for you. For example, Kraken has a high trading volume, a great reputation, and various ways to buy cryptocurrency. Meanwhile, Coinbase has lower fees, is very beginner-friendly, and has a wide variety of cryptocurrency options for users to choose from. You may even decide to use multiple platforms.
- An external wallet to store and transfer funds: While you can certainly keep all of your crypto on your exchange, many will choose to move their coins to benefit from greater security and control. You may even decide to move your funds to a wallet where you can spend them directly on goods and services. Taking the time to learn more about hot wallets, cold storage, and hardware products will inform you of the best ways to store crypto and how you can get started.
- A desire to learn: As an investor who’s new to crypto, taking the time to learn more about it will help you become a more effective trader and allow you to fully understand what cryptocurrency is as well as how it functions. The more you’re willing to learn, the more you’re going to discover.
Put simply, there’s no age limit on crypto. As long as you have access to a computer or phone, funds to spend, and resources to use, you can participate too!
Look for others who share your passion and have more experience.
There’s a whole cryptocurrency community out there, and chances are that you know plenty of people who share an interest in crypto as well as desire to buy litecoin. Try looking for mentors or people in your community who are already into crypto and want to share more with you or guide you as you learn it for yourself. Whether this means people who live in retirement communities nearby or where you live, your friends, or your family, someone who can help you is typically right around the corner.
Tech is by no means limited to the younger generations. Although some tech may seem daunting, the truth is that cryptocurrency was built to be accessible to everyone. If you’re looking to learn more about crypto and invest in it yourself, the guide above will give you all the foundational tips you need to get started.