Cryptocurrencies seem like lucrative investment opportunities, especially for college students. They are affordable (some of them are, at least), they are easy to purchase and store, and if you follow the crypto tidings, you can make decent money by reselling them once the price is higher than your purchase price. Let’s read on and see what crypto you should buy as a college student in 2023.
Why Invest When in College?
Investing when in college may seem far-fetched. After all, most students study and work part-time, which enables them to have access to just enough money to make it to the end of the month. However, starting your investment journey is always a good idea, even when you are this young since you will be able to secure a good position in the market and avoid having to time the market.
For most students, however, finding the resources (aka. money) to invest may be difficult. For this reason, you should always take up a part-time job and start making some extra cash early enough. Sure, finding the time to do so may be a limiting factor, but you can find some of the best essay writers online to help you out. Professional writers such as these can make your study notes, write a few forgotten assignments or even do prep work for an entire exam. Be wise with your time and see what you can do to use it better.
Top 5 Cryptocurrencies for Students
Once you have some resources, you can start thinking about investing in crypto. This can be a long journey, especially since so many new cryptocurrencies have sprung up since the success of Bitcoin during the 2020 pandemic. The number of new millionaires that the currency has made is difficult to estimate. With this in mind, let’s check out some of the best cryptocurrencies to invest in 2023:
- BNB, and
What makes Ethereum a great investment chance is that its growth has been more stable than that of Bitcoin. Bitcoin experienced unprecedented heights during the pandemic but has slumped in the meantime, just like all other cryptos. Ethereum, on the other hand, has managed to recover and is considered the safest crypto to put your money in.
Polkadot (DOT) is considered to be the safest crypto to invest in. This is a no-brainer for many so that purchases of Polkadot are stable and keep driving the price up. The truth is that it is the feeling of security that comes with the tokens that people like.
Unjustly named ‘shitcoin’ back in 2021, dogecoin has grown to be the largest memecoin in 2022. This coin is expected to grow in 2023, so you still have time to make your purchase. DOGE has received a lot of support from Elon Musk, and stable support from its massive number of owners is almost certain to drive the price up.
BNB is the only token on our list that strives to create an ecosystem of digital products to support its value. BNB itself shows positive trends toward growth and is likely to keep growing in 2023. In reality, any crypto can crash, but the ecosystem that BNB is building is much more than a token and acts as a balancing factor.
Avalanche is another cryptocurrency that is likely to experience growth in 2023. The currency itself is a competitor of Ethereum. The platform it resides on currently supports around 6,500 transactions per second, with maintained stability. The token itself allows for easy scalability without compromising performance.
Is Crypto a Good Idea?
Crypto is a great idea. Needless to say, the technology is digital, easily accessible to students, and likely to keep expanding its market. However, as with any new (disruptive) technology, the very idea that your investment could decrease in value is off-putting. For this reason, estimate how much money you really have to invest and spread your money across multiple currencies. This way, you will be able to spread the risk as well, and diversification is one of the greatest ways to increase your security.
Cryptocurrencies are not a completely new idea. However, starting to invest when very young may be. As most college students are hesitant to make their first investments, more education and baby steps toward the goals are needed. With this in mind, consider rereading our guide to the best cryptocurrencies for students and secure financial freedom for yourself.