What teens need to know about Cryptocurrency.
Introduction
Cryptocurrency is a trending topic in today’s time. Hence, there are some important points that even a teenager should know. Here you will get to know what a teen should know about cryptocurrencies. You can learn about How to Enable Pay in Bitcoin for Customers then explore this page.
What does cryptocurrency mean?
The first and foremost thing to learn is what it means. It is a digital currency that one can exchange on a popular network that is blockchain which is available publicly today. Researchers found that almost 50 percent of Americans trust that these currencies will be the future of finance in the coming years. As a result, this is best for people who are at an early stage of learning investing. It is even a decentralized currency. It is called so because there are no banks or third parties available to issue it. Cryptocurrencies are made enough secure with the use of cryptography ideas.
Are teens allowed to invest in cryptocurrencies?
It has been found that teens are allowed to invest in any cryptocurrencies they wish to. There are some currencies in which teens cannot invest. Rather than those, a teenage person can invest in any other currency. To date, no rules come up to stop teens from buying and selling cryptocurrencies. But all should be done with a proper roadmap. Some exchanges are available that need a minimum of 18 years of age to register for it. But in other cases like coinbase or Binance, teens can easily invest.
Investing in cryptocurrency: what does it mean
The value of cryptocurrency in today’s market is the same as any other asset. people buy and sell currencies at the market price. Isn’t it? So there is no fixed rate for any cryptocurrencies. It keeps on fluctuating with time. It simply is based on the market demand. There is no fixed value for every crypto holder. It differs from investor to investor relying on the value, popularity, and many more.
Bitcoin
The first and most popular cryptocurrency today is BTC. Alias Satoshi Nakamoto released it to the public in the year 2009. It is so trustworthy that it even won a reward for doing transactions successfully via the blockchain.
Ethereum
It is the second coin to be designed. It functioned smart contract on the blockchain network. There are almost thousands of applications available on blockchain that uses the smart contract functionality. It works as an operating system. Hence, various crypto applications are built up today on this network.
What is a crypto wallet?
You need a crypto wallet to store your currency no matter if you are a teen or what. Crypto wallets are one such wallet that uses private keys to store the currencies. If you are using a crypto wallet, no one can access your coins without your permission.
Cryptocurrency types
Cryptocurrency generally comes in two forms. They are:
- Coins: coins are those currencies that can be kept only with the blockchain code. Crypto coins have their blockchain network. One can easily exchange coins considering it a currency. Some of the popular coins today are Bitcoin, Dogecoin, and many more.
- Tokens: This cryptocurrency comes in the form of tokens that exists on the blockchain network. They are only useful to exchange as a currency. Rather than that it is also useful in accessing blockchain applications where you can track, modify, and do many other things. Some popular crypto tokens are chainlink, tether, and more.
Is crypto wallet available to teens?
Yes, any teen can have a crypto wallet. There is no age limit to getting a wallet to store your cryptocurrencies. Still, there are some wallets available that are for regulated crypto exchange. So such wallets may not be available for teens.
Which crypto account is best for teens?
A custodial account is one of the best crypto accounts available for teens. It is so because it can easily be accessed by parents. However, every investment will be in the name of the child. It is a secured and trusted account for kids to invest in.
Final words
So keep the above-mentioned things in mind if you invest as a teen. However, we recommend you invest via bitcoin smart as it is one of the safest options for teens. For crypto trading and investment log onto Bitcoin smart
