How Can College Students Learn Crypto?

The mysterious world of cryptocurrency attracts everyone who has heard of it. In this world, ordinary people with access to the Internet and minimal investments become millionaires, businessmen, investors, and their initial capital increases manifold. It seems to be as easy and simple for students to engage in cryptocurrencies as buying an essay on WriteMyEssayOnline. However, without basic knowledge about crypto, any student can lose all their savings. That’s why it’s crucial to learn the basics of crypto, and we’ll tell you how every student can do it.

Learn the basics

First, understand what cryptocurrency is. Understand where it all comes from and what you can do with it. That way, you’ll have less chance to lose everything and then say it’s a scam. If you are really interested in this topic, it will not be boring to understand it. Understand the meaning of basic concepts: blockchain, mining, tokens, learn about the top cryptocurrencies. You should learn crypto slang and start speaking the same language with traders.

Training on stock exchanges

Almost all self-respecting crypto exchanges run training online for free. All of them are equally good, but only if you are going to trade on the same exchange market because they give examples based on their own product interface.

For those who like to read useful stuff in their free time, Binance created a knowledge base on all important topics in crypto. There are 280 articles in the library, adapted into 21 languages. In the quick menu, you can select the sub-topics of interest: Crypto, Blockchain, Trading, Investments, Privacy.

For those who like to get the information they need quickly

If you don’t have time to listen to 10 lessons or read 200+ articles, there is a better way — watch a webinar or workshop with a concise summary of information. Binance produces a series of webinars. Their YouTube channel has many useful videos, such as Binance Futures trading tactics. The speakers are representatives of the tournament teams of the same name.

What to do after taking the course?

Even the most up-to-date exchange rates and exchanges will not give you 100% up-to-date information about the market situation. To avoid making any obvious mistakes and being more knowledgeable in the topic, it is important to monitor the situation constantly on the main crypto-media and forums. And when starting to work with crypto, be prepared to keep a high pace. Never stop and improve your skills, because what if Bitcoin’s rate goes up to $80,000 tomorrow.

How not to lose money on it

Cryptocurrency is no different from regular currency — you also need to keep an eye on it. You don’t invest in dollars if you’re not going to control the exchange rate — it’s exactly the same here. If you don’t do that, you will lose money, and you won’t earn anything. But this does not mean that you have to check the exchange rates and worry every minute. It is enough to understand the current situation and follow the forecasts.

Some people really earn in such a way, but it is a way to save money for others. Cryptocurrencies don’t depend on other states; they don’t depend on the economic situation in countries and in the world. They are subject to other rules — the more people invest in them and use them, the greater their value. That is why you can lose money on absolutely everything: real estate, stocks, and any currency. The main thing is to understand the area you are investing in and keep an eye on the situation. Cryptocurrency is no exception here. And choosing a good platform will simplify the process of control.

Are cryptocurrencies safe?

Since we’re talking about security, it’s time to remind you about the importance of keeping your data safe online. There are general rules in crypto trading:

• use long and complex passwords;
• change your passwords periodically;
• don’t use the same password on different sites;
• don’t use suspicious links;
• don’t leave personal information on sites you don’t trust.

Cryptocurrency trading for beginners

Let’s dive into crypto trading for beginners. You will need a wallet for a cryptocurrency (it’s safer than storing coins on exchange), as well as registration and a proven profile on a cryptocurrency exchange.

How to get a cryptocurrency wallet

There are several types of them, each with its own pros and cons. Let’s break down all types:

• Paper wallet. One of the easiest and most reliable ways to store cryptocurrencies. You can create such a wallet using offline services — applications that generate keys for the wallet without a network. Since paper is not connected to the Internet, the chance of having your coins stolen due to a hacker attack is minimal — unless, of course, you keep a photo of the data sheet on your phone. At the same time, paper as a physical medium is exposed to the outside world. It can get soaked in flood, burn in a fire, the text on it can fade from the sun. Therefore, ideally, you should keep this document in a fire- and water-resistant dark place.
• Hardware wallet. This method is characterized by high reliability — your keys will be stored on a small device, which is often well protected from physical effects. And, besides, it is not connected to the Internet. A hardware wallet, like a paper wallet, is suitable for long-term storage — you can change dozens of smartphones and computers, and the keys, in the meantime, will be stored separately from them. The main disadvantage of such a wallet is its price — good devices can cost more than a hundred dollars. In addition, the loss or theft of a hardware wallet can threaten the loss of cryptocurrency. It is worth noting that many devices have additional information protection, but it still does not guarantee data safety.
• Mobile or desktop wallets. One of the most insecure but most convenient ways to store cryptocurrency. Your coins will be available at any time — in an application for your computer or smartphone. Accordingly, you will be able to make transactions faster than with other methods. The security of the wallet app is lower than that of a paper or hardware wallet. This is primarily because the smartphone or computer is almost always connected to the Internet. Consequently, there is a risk of theft due to a hacker attack.

Coins purchased from exchangers are stored in the service’s wallet, not the buyer. If the site gets hacked or goes bankrupt, you risk losing all of your funds. That’s why it’s best to transfer your coins right after you buy them.

Crypto trading is similar to gambling — it is easy to risk all in a single bet. Students must manage their finances responsibly and not invest their last money in crypto.