I’m 17 and just getting into crypto. I’m trying to do everything the right way from the start. I’m avoiding exchanges and keeping everything on my own device with a non-custodial wallet (no cloud stuff).
I’m starting with Monero because I care about the privacy side of things. I’ve got two old laptops running Arch. their mining right now, but I know the hardware is pretty weak so it’s going to take forever to see any real results.
I’ve only got about 20 bucks to start with, and I’m worried about fees eating half of that if I try to move it around or trade.
I’m looking for some actual advice:
- Since I’m a teenager and can’t use big sites like Coinbase, what’s the best way for me to grow this 20 without getting scammed?
- Besides Monero, what other projects should I be looking into that actually have good tech and aren't just hype?
I'm not expecting to get rich overnight, I just want to learn how this works while I'm still young. Any tips would be appreciated.
Just set up two old laptops to mine. I only have 20 bucks, looking for advice on how to grow it.
byu/Own_Squash5242 inCryptoCurrency
Posted by Own_Squash5242
10 Comments
Which chain are you planning to move funds on, and are you mostly holding or trying to swap small amounts? With $20, fees can eat you alive on the wrong network, and mining on old laptops will be more about learning than earning, so you’re basically building experience while stacking tiny amounts over time.
If you want to grow it without getting burned, stick to low-fee chains or just hold what you mine and avoid constant moving, but be careful because chasing “new projects” is where most scams hide, especially when you’re starting out.
I mine XMR on my CPUs because I get a free power day per week. Depending on how old the laptop are, even if you use poolhopping/autoswitching to the best profitable pools, you’ll make roughly 2-3 cents per 24 hours. (Excluding power costs).
Even if you have a current expensive CPU you’d only be able to mine maybe 30 cents per 24 hours at most. It just isn’t profitable anymore.
At home on the free power day I’m blasting 2 old laptops, an i5-8500, an RTX 4070 and a Ryzen 7600 and I get maybe 50-75 cents per 24 hours from that. With electricity rates it’s like 3x worse than just buying crypto.
General consensus is that mining is not worth it in this day and age unless you have the latest crypto miners. (10 years ago with old laptops and graphics cards yes, today no)
In my opinion, the best way to make money in crypto is to get a part time job or a side hustle and use that money to accumulate BTC. Basically, bring in money from other sources and buy BTC (you can also look into dollar cost averaging, a lot of people seem to be doing it)
Mining is not really a consistend work where being slower just means that you take longer to earn something. It’s a race for completing blocks first and if you can’t do that with your machine, all you will ever do is pay for electricity.
Look at the hardware you have and then go to mining comparison sites that tell you exactly what you can expect to yield with that hardware. They will tell you exactly what coins will give you the most and even how much profit you can expect (given that you tell them your energy cost)
Do not make the mistake of trying to mine a coin just because you like it. Mine those that your hardware can make the best return on. Then use that money to buy whatever coin or token you want to hold. Crypto or Fiat.
A few tips and thoughts…
Don’t put all your money into Crypto. Ever.
Almost everything is hype, and hype determines what ‘succeeds’, or at least grows in value, not ‘tech’ or ‘fundamentals’.
Learn basic security practices first. Just because your wallet is only on your laptop doesn’t mean your tokens can’t be stolen. A bank will stop a lot of that stuff, Crypto won’t. You lose your tokens they’re basically gone forever.
Anyone saying ‘oh look at this project’ inherently has an interest in you putting money into it. No matter how genuine they seem, or are, there is a financial incentive for money to go towards a project, because that pushes prices up and/or turns you into their exit liquidity.
You aren’t going to get rich from Crypto, if that’s what you think Crypto will do for you get out now. Playing the lottery is more reliable. Don’t play the lottery.
Get a job and dca dont waste your time with mining
“grow this $20” looool
Get a job and dca into btc
Get a job, you’ll earn a lot more than with $20 in crypto.
Any kind of job you can find near where you live will give you way more money per hour than anything you can do in crypto with $20
Once you have a few million dollars to spare, if you’re good at math and know enough about digital security, you can try to apply some formulas to trading techniques to maybe get a few hundred dollars per month from that, if you manage things well.