How Cryptocurrencies Have Helped These Millennials Become Financially Independent
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“Cryptocurrency” has become a buzzword that virtually everyone knows at this point. The crypto craze has taken shape over the past decade, and both the idea and concept of buying, selling, and holding cryptocurrencies as assets has exploded in popularity.
Some cryptos in particular, such as Bitcoin (BTC) and Ethereum (ETH), have increased in value by thousands of percentage points over the past few years! You can only imagine that crypto enthusiasts who started investing early have made a fortune in many cases.
So let’s dive into an explanation of what cryptocurrencies are and then hear some real stories from millennials who have created better, more financially sound lives for themselves through buying and selling cryptocurrencies.
What Is Cryptocurrency?
So what is cryptocurrency anyway? According to Investopedia, a cryptocurrency is a digital or virtual currency secured by “cryptography,” which makes it nearly impossible to counterfeit or double-spend. In other words, cryptocurrency can be thought of as secure digital money that can be bought, sold, or held as an asset.
Many cryptocurrencies are “DeFi” (decentralized finance assets) based on blockchain technology, which is a distributed ledger enforced by a network of computers. Simply put, blockchains are the technology behind cryptocurrencies, a chain of “blocks” each containing digital records. When each block is full, a new block is created and added to the chain, which cannot be changed or edited. These two elements are probably what make cryptocurrencies so desirable; blockchains are super secure and the assets themselves (think Bitcoin and Ethereum) are deregulated; there’s no central authority, government, or otherwise to control its value. This has created a whole new type of “money supply” in which people hold a currency that fluctuates in value.
The term “coin” has become synonymous with one whole Bitcoin, Ethereum, or another crypto. You can buy and sell fractions of a coin, but once you hold 1.0 of any asset, you hold one whole coin.
You can buy, sell and hold cryptocurrencies on exchanges such as Coinbase and Gemini. Not only can these assets appreciate, but they continue to be accepted in society as a medium of exchange for goods, products, or services. Heck, even governments are trying to create their own form of digital currency to compete with the ever-popular and evolving cryptocurrency landscape!
How Cryptocurrency Has Changed People’s Lives
Here are some fantastic testimonials and success stories from three millennials who made the decision to invest in cryptocurrency and how it has changed their lives for the better:
Kyle Crawford, 37, of Chicago, Illinois, is the owner and creator of The Inimitable Path, a website that teaches people how to forge their path to financial independence. He’s been an investor since the age of 18, but recently, he’s looked to diversify his income streams and has personally started investing in cryptos. After doing so, his net worth increased from $1 million to $1.5 million! The gains he’s earned through owning Bitcoin and Ethereum have played a key role in turning his dreams of an early and comfortable retirement into reality. And get this: upon hitting that milestone, he treated himself to the purchase of a higher-end mattress. His back, neck, and spine appreciate this purchase every day!
Smriti Tuteja, 31, of Bangalore, India, and Yogic-Experience is a writer, and about three years ago, worked with a blog on creating cryptocurrency content. Her work writing about cryptos helped her better understand the entire process. As she learned more about the experiences of other people who made gains or losses after investing in cryptocurrency, she thought to herself: how can I increase my money potential? She didn’t have much money to invest at the time, and her husband was not on board with the idea because he thought it was risky. But ultimately, she gave it a shot with a small amount of money. Guess what? She doubled her money in just 6 months!
From there, she started reading more and gained an even stronger knowledge of the cryptocurrency landscape. She used platforms such as Binance and Unocoin to buy, sell and hold her cryptocurrencies. Fast forward to today: she has paid off the remainder of her mortgage solely from her earnings from cryptocurrency transactions, she’s saving toward her children’s college funds, and she’s totally debt-free. If you ask me, she’s absolutely on her way to financial freedom (woohoo!)
Harrison Tanner Baron, 26, of Bayport, NY, is the CEO and founder of Growth Generators. He got involved in cryptocurrencies because he needed ways to increase his bank account, and he heard that crypto might be a good venue to do so. Well, it turns out he was correct! Since he started investing, the money in his bank account has increased from $5,000 to $50,000. He’s bought and sold coins on platforms such as Coinbase, Robinhood, and Kraken. Thanks to the boost in finances through cryptocurrency, he has been able to buy his own house and afford other significant life purchases. Overall, Harrison made the right choice for himself and is paving a path toward a solid financial future.
How to Buy and Sell Cryptocurrencies
If you want to start investing in cryptocurrencies too, some of the most common ways to purchase cryptocurrencies are through a cryptocurrency exchange like Coinbase or Gemini or on an online trading platform like Robinhood. Check out the table below to learn more about each platform:
| Platform | Founded | Best Reasons To Sign Up |
|---|---|---|
| Coinbase | 2012 | One of the largest cryptocurrency exchanges in the world. You'll get access to a wide variety of both common and uncommon cryptocurrencies. |
| Gemini | 2014 | The world's first licensed Ether (Ethereum) exchange. Start investing with as little as $5 and earn interest on certain cryptos. |
| Robinhood | 2015 | Commission-free trades on all cryptocurrencies, like Bitcoin and Ethereum, as well as stocks and ETFs. You can buy, sell, and hold cryptos and traditional investments all in one platform. |
The Bottom Line
The age of digital currency is here to stay, and more financial transactions for goods and services will be made via cryptocurrency. It’s not too late to research and get started with crypto investing. So whether you’re buying Bitcoin, Ethereum, or a new up and coming cryptocurrency, take it from these individuals and me: if you’re willing to take (some) risks, you could gain serious rewards. If you’re curious about one of the hottest cryptos right now, read What is Ethereum? How To Get In On The Crypto Craze to learn more.
