At this point in time, almost everyone has heard of Bitcoin. Bitcoin and other altcoins have made a major splash in the financial world, quickly becoming hot investments that big and small investors alike want to own some of their own. That being said, some seniors interested in these virtual assets may not feel comfortable enough with the technology to put some of their own money in cryptocurrency. Are there cryptocurrency options for seniors? In this guide, we’ll seek to help you better understand crypto and how you can acquire it.
The key to crypto’s success is that it’s available to everyone.
One of the biggest downsides to fiat currency is that there’s no true ownership when you put it in the bank. The bank could easily close your account or seize your funds should they choose. True ownership only comes when you maintain control over the storage and use of your funds. This is what cryptocurrencies like Bitcoin have achieved by creating decentralized networks where users retain full ownership over their funds. But what does this mean for you? This means that you don’t have to go through any of the extra steps or deal with the high fees that come with acquiring traditional investments or other alternative investment types.
That being said, you will still need to rely on a cryptocurrency exchange to get your very own crypto. When you’re doing your research, you may come across similar platforms like Coinbase vs Coinbase Pro. Coinbase will give you the beginner-friendly experience that you’re looking for while also offering additional opportunities to earn so that you can build your portfolio as you go. With low fees, great customer service, and plenty of crypto assets to choose from, Coinbase is the best way to get started. Then, once you have more experience, you can shift over to the Coinbase Pro experience.
You don’t need much to get started with crypto.
As long as you have a phone or a computer and some money, you can access crypto regardless of your age. Using an exchange like Coinbase, you can buy as little or as much as you want because crypto is divided into smaller units rather than being sold as one whole unit. Then, you can offload it to hardware wallets like Trezor or software wallets like Exodus to keep your money safe. External wallets are really only necessary if you’re storing large amounts of crypto, with cold storage being the most effective way to keep your crypto safe. However, this is up to your personal preference once you begin your investing journey. Most modern exchanges employ strong security practices in order to keep your funds safe. Just make sure that you have strong Wi-Fi in your retirement communities as well as your own personal device to store crypto on.
If you’re worried about volatility, invest in a stablecoin.
A volatile asset offers you the potential to make even more money, but it also means you can lose a great deal. This may concern some seniors. If you want to get involved in crypto without the risk, you can invest in stablecoins instead. As the name suggests, stablecoins maintain their value by tying themselves to an external asset like the U.S. dollar. This way, you can own some crypto without the risk of losing value over time. Then, once you feel comfortable, you can start shifting this money over to new digital assets.
Cryptocurrency may seem daunting at a glance, but it’s really easy for anyone to get involved in. If you’re looking to add some crypto to your portfolio as an older individual, use the guide above to get started!
