If you are above 60 years of age, then you must have experienced many cycles of boom and bust in your lifetime, and you may be skeptical about the potential of new instruments like crypto tokens. Furthermore, you might not be familiar with the ways you can access those digital assets. In this article, which is one of two in this guide, we at Voltcoins will try to give you a brief introduction to the potential of crypto, and guide you on the concrete steps you need to take, if you want to explore the potential of this fascinating world.
What are digital currencies?
Digital currencies are assets that exist only virtually, rather than in paper like dollar notes. They are widely bought and sold on the internet, mainly on specialized exchanges for that purpose, like Voltcoins. What is unique about them is that they are decentralized. That is, there is no central authority that controls their supply and demand. Rather, they are built on a technology called the blockchain. This offers them unique benefits that can make them very appealing. In general, technology is becoming more accessible to senior citizens and crypto is no exception in this case.
The most renowned cryptocurrency is Bitcoin, followed by Ethereum, and several others.
Are cryptocurrencies safe for senior citizens and crypto enthusiasts in general?
Cryptocurrencies are no less or more safe than any other things that you buy and sell online. Any real currency you purchase, like the US Dollar for example, carries risk of losing value. Therefore, all purchases carry risk.
With cryptocurrencies like Bitcoin, the chance that their value would vanish entirely is quite small since there is a constant flow of people who are interested in them, and the connection between senior citizens and crypto specifically is becoming stronger.
Cryptocurrencies are considered by many to be the currencies of the future, and this should keep their prices supported. That being said, risk management is important whenever you consider buying any digital currency.
What are the first steps for buying Bitcoin, for example?
One way to buy (or sell) Bitcoin is to use a reliable exchange, like Voltcoin. This exchange gives you access to cryptocurrency buying and selling opportunities (liquidity) among other benefits. Here are some reasons why buying and selling cryptocurrency through a licensed exchange is preferable for senior citizens and crypto enthusiasts:
Liquidity: Exchanges typically offer higher liquidity, making it easier to buy and sell cryptocurrencies at market prices without experiencing significant price slippage.
Ease of use: Exchanges offer user-friendly interfaces, allowing users to easily place buy and sell orders. This can be especially helpful for senior citizens and crypto beginners, or those unfamiliar with the technology behind cryptocurrencies.
Access to pairs: Exchanges often support multiple pairs, enabling users to exchange between various cryptocurrencies and fiat currencies (e.g., USD, EUR, etc.) without needing to go through multiple intermediaries.
Security: Reputable exchanges implement various security measures to protect users' funds and personal information, such as encrypted databases and KYC policies (but more on that in the next part). This is particularly important, since when you buy something online, you have to make sure that your personal data can’t be hacked into and extracted for any purpose.
Customer support: Exchanges usually offer customer support to help users navigate the platform and resolve any issues that may arise, which is vital for understanding the platform. Technology is not always easy to grasp for senior citizens and crypto can become a bit complex as well, if you are not familiar with terms like blockchain, forks, mining, etc. That’s why you should always have someone human that you can talk to and get explanations from.
We at Voltcoins make sure to always have someone available to assist, explain and clarify.
In this first part, we discussed why you might want to consider crypto currencies as an opportunity, even if you are not so young anymore. In this second part, we will talk about things to watch out for when buying or selling crypto currencies. Overall, exploring crypto currencies can be a great opportunity to stay up-to-date with the latest financial trends. By choosing a reliable exchange and taking proper precautions, anyone can buy and sell cryptocurrencies with ease - regardless of how old they are.