It’s hard to explain just how much of an impact cryptocurrencies have had on the investing world over the past decade. Whether you’re an avid follower of financial news or not, there’s little escaping news on the latest surge in Bitcoin price or the latest meme coin created by an intrepid entrepreneur.
In just a short time, crypto has taken over the investing space, becoming a ubiquitous part of investors’ strategies everywhere – so much so that you’re probably thinking about investing in it yourself.
But before you dive into the latest altcoin, check out our favorite resources on how to invest your cash in crypto first.
Should you invest in crypto?
Alright, so here’s the thing: crypto isn’t for everyone. So before you put all your money into a coin, take a moment to think about why you want to invest in crypto and whether or not it’s a good match for your goals, stage of life, and investing strategy.
Some people have gotten rich, while some have lost a lot of their hard-earned money. Cryptocurrencies are an inherently risky asset to invest in, and you have to be willing to shift your mindset to accept that risk if you want to make them a part of your portfolio.
What’s more, each coin operates differently, and most don’t have hard assets or cash flow to back them up. But, if you start small and only invest money that you’re willing to lose, it could all end up being worth your while.
Keep reading for our curated list of crypto investment resources.
Resources for learning how to invest in crypto
If you like to read or have specific questions about cryptocurrency or investing in general, these written articles are for you. I’d recommend starting from the top and working your way down, especially if you don’t already have a solid background in crypto.
- Crypto for the rest of us (Paychecks & Balances)
A good primer on what crypto is, why it’s relevant, along with busting some common myths and misconceptions.
- How to get started as a new investor (Paychecks & Balances)
Everything you need to know about to get started with investing in general. Great to read, even if you just need a quick refresher.
- Should you invest in crypto? (Kiplinger)
Makes a good case for investing in crypto, with some tips on how to make investments count.
- How to start investing in cryptocurrency (Bankrate)
Outlines a few of the risks around crypto and offers some tips on managing those risks.
- How to invest with little money (Public)
The great thing about investing in today’s climate is that anyone can do it, regardless of their financial situation. This is a great resource on how to start your portfolio, even if you only have a couple of dollars to invest here and there.
Looking to up your financial knowledge even further? Investing in a course might be right for you.
- Trade your 9-5 (Tela Holcomb)
This trusted course is from a friend of P&B. Learn the basics for starting to invest without all the jargon. Accessible for anyone.
- The perfect portfolio (Kevin Mathews II)
Another friend of the P&B brand, Kevin, is a Certified Financial Planner and has built a step-by-step program on how to achieve financial independence through investing.
Ranked one of the best overall courses on cryptocurrency investing, this course promises to help you learn how to select the best coins to invest in, along with other helpful strategies.
- Alternative investments course (Harvard Business School Online)
This academic course from Harvard online is a great entryway into alternative investments as a whole.
Of course, at Paychecks & Balances, we love the podcast format. You can get into the nitty-gritty of these topics without having to read a whole book or buy a course.
- Kicking it off with crypto ft. CFL Player Courtney Stephen (Paychecks & Balances)
Learn how CFL player Courtney Stephen started investing in crypto and his strategies for growing wealth through it.
- Investing in cannabis and crypto with Courtney Richardson (Paychecks & Balances)
Attorney and former stockbroker Courtney Richardson explains how to mitigate risk when it comes to crypto and other alternative investments.
Curious about new and emerging coins? This podcast tackles a new coin each week and predicts whether it will go “to the moon” or bust.
If you’re still struggling with the basics of how to invest in crypto, this is a good podcast to check out. You’ll get everything from a beginner’s guide to blockchain to in-depth interviews with leaders in the industry.
Which cryptocurrency could be best for you?
Once you’ve mastered the basics and have a good list of resources on hand, it’s time to pick the type of coin(s) you want to invest in. We’re not going to recommend any specific coins but will offer some guidance on where to look if you have particular goals.
If you’re looking to invest long-term: Bitcoin may be right for you since it has a finite supply and is currently the most popular (by far) coin. Ethereum is another contender that’s quickly growing.
If you have a high risk/high reward appetite: All crypto investments are risky, but a few have earned a reputation for being extremely high-risk / high-reward. If you have money to burn and want to try your luck adding a few wildcards into your portfolio, Uniswap, Orion, and Axie Infinity are worth researching.
If you’re looking to get in early: Sometimes, the luckiest investors are the quickest to get on a new coin. As of Q3 2021, Polkadot and the previously mentioned Uniswap are proving to be promising new contenders in the space.
Where should you invest?
Okay, so you’ve decided what you want your portfolio to look like. Now, where should you begin your investing?
There are a lot of cryptocurrency exchanges and platforms today, all with unique advantages and disadvantages. Here is a quick overview of some of the top choices:
Coinbase: One of the most widely-used platforms in 2021, Coinbase offers a great user interface. With the ability to invest directly with USD, it’s a relatively simple way to get started with some of the most popular coins. But if you’re looking to get into newer coins, this isn’t a good option.
BlockFi: A pro of BlockFi is that it’s easy to earn higher interest on your holdings, so if you’re looking to let your investments sit, this could be a good place. However, like Coinbase, the platform doesn’t support many of the newer currencies.
Uphold: If you want to add newer altcoins into your portfolio, Uphold could be a great platform to look into. In fact, it’s one of the few out there that allows users to trade and hold Doge and XRP. But with some users reporting a less-than-stellar UX, it may be more challenging to navigate for beginners.
Investing in cryptocurrency can be a daunting but worthwhile strategy if you know what you’re doing and are patient enough to do your due diligence in research.
For more resources on personal finance and building a life of financial health and wellness, check out the Paychecks and Balances blog.