What should I convert my money into? - page 9.

The Sceptical Chymist

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Quote from: 1R1S on October 30, 2019, 02:29:55 AM

I strongly believe that this currency is not the best choice to store money for long periods.

I suppose I will convert it to either btc or usd, I can't choose what is better...

Well if you really believe the first part, that the ruble isn't a good store of value, why go with USD? If you're going to be holding it for the long-term, inflation will work its evil magic and eat away at its purchasing power--maybe not quickly, but it'll happen either way.

Bitcoin is risky, of course, but if I were you that's where I'd be putting your $1k. Stay away from altcoins, too, and stick with bitcoin. Don't sue me if you lose money, either. lol

By the way, thanks for mentioning the devaluation of the ruble. I generally don't follow world news and have no clue as to what's happening in the economic world of Russia. I'm assuming you don't have a hyperinflation situation there, right? How much value has the ruble lost? I'm just curious. And you're being very smart by trying to convert your savings into something that'll hold its value.

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Quote from: 1R1S on October 30, 2019, 02:29:55 AM

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.

It is not really good to store your money in fiat, the best way to make your money grow fast or atleast higher each year is through investing it in crypto. Though you shouldn't invest all of your earnings in crypto since it is a risk, you should still atleast store some and make sure to pick a certain coin you are confident about being successful. Make sure you check the team and the whitepaper carefully so that you may see if it is really going to be successful someday and make your earnings grow.

mu_enrico

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With all due respect to OP, $1,000 isn't that much, so I think it's better to keep in cash for precautionary stuff. I get the impression that if a person overthinks for a $1,000 he might not be in good financial standing. He might better off to use his fund to raise his income by doing small entrepreneurial stuff.

Come back and ask again for $10,000

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I prefer to exchange the money I have to buy bitcoin and stay focused on bitcoin because I believe bitcoin can provide many benefits if you can grow assets in the form of bitcoin and the price of bitcoin exchanges will increase can make you rich because of investing in bitcoin.

Eclipse26

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It still depends on how you think your local currency will remain good...
But for me, just to play safe, it's better to invest both currency. Bitcoin is still volatile and we never know when ir will surge or not so to be safe, much better to also invest in fiat since it's more stable... I know you're worrying about financial crisis bur I don't think that it'll happen sooner. Usd will still remain for a long time... Both fiat and crypto, we never know how long they will stay but one thing for sure, both of them are for long term.

boltz

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Bitcoin and only Bitcoin. That is the necessary start in my opinion when you get into cryptocurrencies and you want to make an investments. After you have some bitcoin you can point your attention to some altcoins but don't start to gamble on low altcoins that have no real value or they look abandoned and simply focus on good altcoins from top 2-60. Also before listen to any advice here make sure you inform yourself about Bitcoin and Blockchain!

ufaiz50

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First I would suggest Gold to exchange your money, if you are afraid of the economic crisis in your country. Bitcoin may be an alternative, but you must understand the risks of bitcoin. If you want a legal currency then I would suggest euros over USD, euro stocks are better than USD try to see stocks market.

doomistake

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Investing your 50% money to bitcoin and the other 50% on USD is your assurance in the long run, you killed two birds in one stone, investing in bitcoin and saving in dollars. It is a little kickstart to the long road you're going to travel in the world of cryptocurrency, and once you reach the part where you are doing well, you could level up your investment on cryptocurrency or maybe you could put all of your money on cryptocurrency to get the profits you wanted.

Wapfika

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In anywhere in the world not just in Russia, if we want our money to grow in long term then Banks are not the solution as they give minimum interest that will not gain the long run. Cryptocurrencies might be risky but if invested in BTC or top 5 alts in a long run it can gain more than banks could offer, but if you still prefer to have it as money related to fiat then forex might be your next choice,depending on it's status.

jakelyson

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For me, the best option would be to convert it to gold or bitcoin if that money is not immediately needed. If you would not spend it in the next 5 to 10 years, it would probably make a good profit. But if you would withdraw from time to time, it is probably better to keep it as fiat but not stored in a bank.

Colt81

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You may simply convert your money into bitcoin or other altcoins that is worth to invest in a long term, so that you could earn huge profit in the near future because if you just invest your money in a coin that has no good value you might not gain any profit or you might have huge losses, that is why you should pick a right choice that will gain your profit in the near future.

bobyhodob

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if you have that much money I think it's better if I exchange the money in the form of altcoin that really has very good potential, because altcoin is very much and it will make you confused, if you are confused then you can make an altcoin investment which has the top rank in coinmarketcap.

The Cryptovator

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Your concerns is reasonable enough. I don't think bank will ban your account just with 1K USD, I can't find any suspicious for that. If you could hold longer then there is not enough reason why you should convert your fund into USD. That's almost equal to hold your local money. Buy btc would be better option in my opinion. However, there is always risk of dump price, you can't expect anything like quick rich methods. My conclusion is, if you could hold with patience then enter on btc rather than USD. Hope everything will be well with you.

blckhawk

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First thing to ask yourself is if that's all your available cash. If it is, then investing all into Bitcoin may not be such a good idea. The volatility imposes higher risk than investing in other currency/fiat since they're a lot more stable and you could decide longer than bitcoin's price fluctuation which may cut off, or increase, your money in just few hours. USD might be a better choice in this case that your country might face crisis, since local currency and even local stock market may not be a viable choice.

Suslived

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Quote from: 1R1S on October 30, 2019, 02:29:55 AM

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.

I like the way you think. It makes good sense to convert your money into something else and preserve value, amidst all thats happening with your Russian Ruble. Of course you're on a bitcoin forum so I'd primarily suggest Bitcoin, if, your risk tolerance is high. Bitcoin is quite volatile and while it has the potential of increasing the value of your "portfolio" greatly, it can also go the other way around.

If you wanna be safe just go with USD or EURO. If you want to risk and earn more, go for Bitcoin.

ecnalubma

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Well your in the right place (the forum) where you can gather ideas on why Bitcoin and crypto is preferably one of the best alternative investment today. As long you already understand the risk and understand the basic rules your good to invest, but we must also understand that cryptocurrency is not safehaven investment.

andycarrol

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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.

Clark05

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Just follow your instinct where do you think more grow your money that you have right now also I suggest to you every investment that you do make sure there is no need emotion befause the investors who are having a lot of emotions such as panic and scared are fail. But the Idea of you that you invest it to the bitcoin or USD is good but if you only picking one bitcoin is better because the high chance to rise the value than the USD.

target

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What better advice we can tell you but buy BTC. There is no altcoins you can fully trust unless you just stick to the stablecoin.

I'm not finding Russia to be affected in financial crisis since the country I think has good economic growth but if yo look at it that way, you would rather be sticking to BTC. Even so its not assured that the value of your $1k will not diminish but the chance for it to grow in value is higher.

Zeke_23

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Quote from: Wysi on October 30, 2019, 03:58:59 AM

Quote from: 1R1S on October 30, 2019, 02:29:55 AM

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.

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.

Investing not only in bitcoin which is a digital currency but also in the physical assets would be a better choice.
Bitcoin is a volatile investment and perfectly made for long term investment. An investment like gold and such as that gives you a security to assure that none of your investment will be gone in an instant.

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