It is no secret that college students have a reputation for being broke. However, Vanessa Colmenares, a biochemistry, molecular biology and philosophy major, recently got involved with a new way to make money by investing in cryptocurrency through Forex.
According to CoinTelegraph, cryptocurrency is “a digital or virtual currency designed to work as a medium of exchange.” Transactions are verified through the use of cryptography. They are “limited entries in a database that no one can change unless specific conditions are fulfilled.”
[caption id="attachment_22949" align="alignnone" width="300"]
Photo via Pixabay[/caption]
InvestingAnswers defines Forex as the foreign exchange market in which the foreign currencies of the world are traded. It is considered “the largest and most liquid market in the world.”
Forex is open at all hours of the day, five days a week. The foreign exchange market facilitates investment and trade. Without it, trading different types of currencies, like the U.S. dollar and the euro, would be much more difficult.
Colmenares had always wanted to invest in Forex and the crypto market, but she never had the resources to teach her how to engage in online investment.
That changed in January 2018 when she went back to her home state of Florida and came across a conference in at the hotel where she was staying in Brickell, Fla. There, she learned about the potential of the cryptocurrency industry. She did her research, got in contact with one of the leaders, and began investing.
Making money has never been simpler, according to Colmenares. She uses several apps on her phone to trade money. Whether she is sitting in class listening to her professors or even sound asleep in bed, she has the ability to earn.
Though engaging in cryptocurrency comes with gains as well as losses, Colmenares considers this a positive impact, both financially and mentally.
Due to the increasing amount of money she is making through Forex and the crypto market, she has reduced her working hours and has transitioned from working full-time to part-time. In addition, she has definitely gained more knowledge about the industry. “I’ve been able to learn a lot of things that are not taught in college,” she said.
With the perceived benefits of investing in the crypto market, there are also risks. In September, Investopedia reported that hackers can gain access to digital wallets and exchanges. These thefts often contribute to volatility in the market.
Ruby Pasupuleti, a freshman biology major, expressed her interest in the industry.
“I think investing sounds like a cool opportunity,” she said. “As an international student, I don’t have the ability to get jobs in school, but this would allow me to invest and make money, quick and easy.”
Kayla Rivers, a freshman anthropology and Spanish double major, agreed.
“It seems like a great opportunity for financial mobility,” Rivers said. “It is tangible, innovative, and super easy to make money.”
After getting a handle on the cryptocurrency business, Colmenares has extended her time to coach others into getting started under her network.
“I’ve taught people from New Jersey, New York, Orlando, and even Australia, Spain, and Cameron, Africa,” she said. “I’d love to expand my horizons and help Seton Hall students as well.”
Kristel Domingo can be reached at kristel.domingo@student.shu.edu.
Comments
