Topic: What should I convert my money into? - page 4. (Read 1529 times)

OP didn't state if he has plans for long term hold or he just wants to use Bitcoin as storage.
The Bitcoin halving hype may not really create much positive impact on it's price. same thing happened during the halving of Litecoin.

I think now it's better you can exchange your money to bitcoin because soon Bitcoin has an event that can make bitcoin prices very expensive because bitcoin will be more difficult to obtain because the level of mining difficulties will be increased.

Well, this is a bit of good advice. Don't forget to make the top of your priority is Bitcoin and follow by some potential altcoins. If you are in the country with a high value of dollars and get an amount of x value of bitcoin will that is a good move in investing bitcoin. Remember always that all form of investing is very risky, you should do some research in which investment you can get a potential profit. And patiently wait will make you have a better profit in investing digital currency from your local currency.

No matter what you choose to invest into diversify your funds, as they say don't put all eggs into one basket.
My favorite would be Bitcoin and majority of funds I would invest in it. The rest depends on your preferences. But don't think that once you've invested the funds the work is done., you have to watch the market all the time to know what is going on and to prevent possible losses.

I don't believe or like the fact that people store money as wealth or keep it in the bank to know how much they are worth. This is by the way.

In your own issue, I would have suggested if you could buy property like land but I don't know how much is a plot of land in Russia because in my own area, $1k isn't enough to get suc in certain area, you can get half plot with that.
My second suggestion is if you want to buy crypto, buy bitcoin.

if you invest in bitcoin from now on in my opinion it will not be guaranteed in the future what it will be,
I'm not saying if it's too late, but I hope you have a strategy for this

I think the problem you are having is the difficulty to divide your money where there is money used for investment and money used for your life, it should be able to be consistent when dividing your money, so when market conditions are falling then you are not too afraid because you are still have money for your needs and so however your investment money will remain safe in cryptocurrency because the price can go back up, that's if you are investing in bitcoin.

We must put funds not only in cryptocurrency. when crypto experiences problems then all of our assets invested in crypto will certainly also experience problems. and in my opinion it's also not quite right if our investment management is only on cryptocurrency. we should be able to choose a lot of investments that can indeed benefit us. Preferences such as property and shares may be chosen even though Bitcoin remains the mainstay

If this is the only savings you have have you know that it is very important then you should understand that the consequences of converting it into Bitcoins , if you are looking for a more secure side go for gold or USD , USD might be a bad option honestly since we all have seen how it's going down these days therefore gold could be your thing but then again it's your choice.
Best of luck .

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.

No matter what you choose to invest into diversify your funds, as they say don't put all eggs into one basket.
My favorite would be Bitcoin and majority of funds I would invest in it. The rest depends on your preferences. But don't think that once you've invested the funds the work is done., you have to watch the market all the time to know what is going on and to prevent possible losses.

if you invest in bitcoin from now on in my opinion it will not be guaranteed in the future what it will be,
I'm not saying if it's too late, but I hope you have a strategy for this

No matter what you choose to invest into diversify your funds, as they say don't put all eggs into one basket.
My favorite would be Bitcoin and majority of funds I would invest in it. The rest depends on your preferences. But don't think that once you've invested the funds the work is done., you have to watch the market all the time to know what is going on and to prevent possible losses.

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....

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.

but to invest in bitcoin we must know clearly about the risks involved. indeed we see trends in bitcoin going up, but there is no guarantee to increase your investment in the next 3 years. By knowing the risks, I think it will make it easier for us to invest without worrying every day