With a never-ending stream of exams and essays, inflation and general political uncertainty, the pressures of life as a student only seem to grow with every passing day. With that in mind, it’s more important than ever to find as many small pockets of joy as you can in your daily life – and why not make one of them your side hustle? With the current state of the economy, chances are you need one anyway.
If you’re fascinated by the metaverse and the potential of decentralized finance, investing in cryptocurrency might be just the thing for you to get into. While this is no doubt a risky venture, a well-timed sale could also leave you with some serious extra cash to cover your expenses well into the future. So, instead of increasing the risk of burnout by spending hours at a job you hate, enter the world of crypto here – or read on down below if you’re still on the fence about it. In this article, we’ll cover the pros and cons of investing in the crypto world, some of the options you have and what you should consider before making your first investment.
What you can invest in – and how to spend it afterwards
Unless you’re completely new to the crypto world, you’ll know that crypto isn’t just crypto – and that deciding to invest in it is only the first step in a long process. First off, do you want to stick to investing in a currency, or are you planning on spending it on e.g. NFTs? If you wish to buy a certain token, it’s important to first buy a currency that can then be used to purchase your token of choice. The same, of course, goes if you want to use your crypto to pay for something outside of the crypto realm. Because while more and more businesses and institutions are starting to accept crypto – Bentley University outside Boston even allows tuition payments in crypto now – it’ll most often have to be one of the more popular currencies like e.g. Bitcoin.
What should you consider before buying crypto?
First off, you should always make sure to do your research on whichever currency or token you’re considering buying before making the purchase – mainly to lessen the chances of losing money by investing in something that’s losing value. While this of course applies to any kind of investment, it’s especially important when getting into something as volatile as cryptocurrencies. Especially in the early stages of crypto’s popularity, many hopeful students invested huge sums, blindly believing the hype and feeling like overnight wealth was guaranteed – just to find themselves broke only days later.
For this reason, we’d only recommend investing in crypto if you’re planning on following developments closely – and selling as soon as you see signs of trouble. Take your time getting to know the crypto realm and gaining a deeper understanding of its inner workings before you invest. Make sure you’re in an at least decent place financially before running the risk that this type of investment is – and only put as much money on the line as you can afford to lose, should your predictions turn out to be wrong.