Topic: What should I convert my money into? - page 10. (Read 1529 times)

Never keep all your eggs in one bucket - it is a very basic investment advice anyone would give, so follow it! Don't entrust your entire money with bitcoin solely, especially when Russia is so hostile about it. Also bitcoin's price is very dynamic and far from being stable! So it may either bring major profit or major losses! You never know what's goin to happen.

So in your scenario, I would have gone for 20% bitcoin, 40% USD and remining 40% EUR. I have given majority of the weight to currencies (which can be traded legally) because you need to show the proofs to your tax authorities probably!

I'd agree. I would say put your money in crypto. I first got into crypto because of a similar lack of faith in my own local currency (the UK decided to destroy its economy by leaving the EU).

Crypto is obviously hugely volatile, which is why some people would suggest to buy USD instead of crypto... but I would still say crypto is preferable. We do have stablecoins that are equivalent to USD, so you can put your money there if you are concerned about losses. But if you are talking about somewhere to keep your money for the longer-term, then bitcoin is as good a place as any, and possibly better than any alternative.

I wouldn't really recommend using BTC as a mode of storage for your money right now. BTC is still growing which makes it current phase the best for investors instead.
If your money is currently money you could spend, then feel free to convert to BTC. If you want, you could also look up tethers since its kind of like a fiat but in crypto but its up to you.
Other choice would be to invest in gold, since golds hardly depreciate in price and even banks use them as source of funds when an economic crash happens.

I would suggest you to divide it into three parts and invest one part into bitcoin, another into Kuwaiti Dinar as it has the highest value when compared with the over all fiat currency and remains I would suggest to invest into gold.  This is just my personal opinion and in case if you don't wanna invest into Kuwaiti Dinar then go for bitcoin and gold alone,  if you don't wanna take any risk then gold will be better option.

I would say that bitcoin is a good platform as "store of value" for you money in case of worst case scenario you have been describing. I know that is very volatile but if you have plans to be a long term holder then why not? There is also a good chance that hedging your money in bitcoin will yield you a good return in the future specially that bitcoin halving is just around the corner. Good luck.

The Bank of Russia is dependent on your government so there is little they can do on Russian Ruble devaluation. Russian is always the leader of US opposition over the years. Sanctions from US allies are normal since the end of Wold War 2. Russian won't become poor like many African nations because there are too many resources in your country enough to sustain its population. Leadership is strong. You just have to learn how to minimize your savings devaluation.

The US dollar is neither safe. Trump is at odds with the world. EU and UK aren't closer to the US unlike before. Russian, Chinese and Turkish differences can affect the US dollar too.

Bitcoin, altcoins, gold and silver are good options as long term investments.

You don't have to worry on cashing out bitcoins and altcoins in Russia because you have your own exchange. I think you also have bitcoin ATMs in Russia.

There is a Russian board in this forum https://bitcointalk.org/index.php?board=10.0. There are many Russians here and maybe they can give you more advice.

It depends if your thinking long-term, or if you actually want to be able to take the money out and be possibly be using it within a couple of hours.

If you want to hold USD, I would recommend transferwise, I have an account there and it's very easy to just deposit funds, and then transfer them into another currency and hold it there - as well as receive transactions from overseas.

For bitcoin, use LBC. Spreads might be a bit worse, and you might even need to verify your ID (not sure about the new rules), but that's usually the safest bet, picking an OTC option. Good luck mate.

This is a good start.
Now, you probably know that Bitcoin (and altcoins) prices variation/volatility is big. This makes Bitcoin an interesting investment if you have money you afford to lose, but not "safe" as "savings account".
Bitcoin price, on long term, should grow a lot. But there are big falls too and there's a risk that in the moment you need your money the price is lower than when you bought.
Of course, you can be lucky and get rich by buying Bitcoin and catching the best moment to sell. You or your kids..

Edit: I would probably buy Euro, Bitcoin and maybe gold too (although I'm not sure it makes sense for 2-400$)

I have about $1k in local currency (Russian ruble) and I strongly believe that this currency is not the best choice to store money for long periods.

As you might know, there was a Crimea occupation done by Russians about 5 years ago. This was followed by sanctions USA and EU put onto Russia. After that ruble devaluation started. It actually could be stopped by now, at least hindered, as some serious people say, but the Bank of Russia(local fed) doesn't do anything. Though it must and has all resources to.

I suppose I will convert it to either btc or usd, I can't choose what is better... maybe I have to store money %50 in btc and %50 in usd... but I read somewhere there can be another global financial crisis soon... perhaps I could only store it as btc, I know there is a lot of people in Nigeria buying btc because its currency is hyperinflated and majority of population there don't have bank accounts. Well, the policy of Bank of Russia can also lead to unbanked population due to the fact there are lots of banks blocking all "suspicious" transactions without even explaining why it is so "suspicious". Oh and you also should tell where did you get this money and where they go to, otherwise we close your bank account, dear terrorist-money-laundering scum client.

I have reasons to believe Russia will finally turn to its African sibling in several years.

I know this is opinion-related topic and I shouldn't consider your answer as financial advice. Anyway I'd like to see what you think about it and what you would do. Even better, you could reason why you think this way.