The worst pandemic, COVID-19 disordered the economy of the entire world. There is various types of uncertainty in the world of business and trading., saving and investing. Currently, many people are analyzing the possibility of saving in Bitcoins in the long term, hoping that the value of this cryptocurrency will increase in the not too distant future, increasing the value of these savings. However, is doing this a good idea? Is it advisable to do so? As it is such a volatile asset it is important to consider several important aspects before starting to save on Bitcoins in the long term.
For starters, it is important to be very clear about how to save money, since many people do not manage to save anything at the end of the month. Therefore, it is important to know the concept of savings, saving the money that is left over from the salary or having to reduce certain expenses. Also, if you don’t have much idea of what bitcoins are and how it works, you should stop for a moment to learn everything you can about this cryptocurrency before deciding to save your money in Bitcoins.
A very changing market
Bitcoin was the first cryptocurrency and was created in 2009, since then many other cryptocurrencies have been created, but Bitcoin (BTC) has remained the most popular, the best valued and the one with the most uses. This currency can be used to pay for the vast majority of products online and even to entertain yourself over the Internet. And, Bitcoin is increasingly used by online bookmakers or even used when buying extensions or accessories for video games.
In the 10 years that it has been in existence, its value has undergone many changes, and although it is not currently at its highest price, many experts believe that its value will increase in the long term, especially since demand will grow as its availability increases. going down. Keep in mind that in October 2009 1,390 Bitcoins could be bought with just 1 euro, while currently 1 Bitcoin is worth around 6,300 euros.
Due to its increasing value, many see saving in the long term with Bitcoins as an almost safe bet, but many others see this as the story of Bitcoin that has already passed because it is a very volatile market. No one knows what could happen and if its value will continue to increase, not even the most expert. It may be that you start saving right now and that in 10 years your money has reached 100 times its value, or the opposite may happen, so it is still a risk.
If you want safe and stable savings, the best thing is an investment fund or a savings product from a bank, even a pension plan could be a much better option, since they are safer and the risk that your money runs is low in Comparison to the risk you run if you save in Bitcoin.
Is it a good idea to save on Bitcoins?
As we mentioned earlier, it might be a great idea, but it can also be a bad idea due to its volatility . If you do not want to be left out and lose the possibility of doubling your money to achieve all your goals thanks to the savings you generate, we recommend that you save in Bitcoin but do not invest your savings. In this way you will be prepared to face the worst situation if your money loses value.
So you can have some money in Bitcoin and take advantage if it has a huge rise in its valuation, but you will not lose all your savings in case the value of the cryptocurrency does not increase as you expect it to.
In short, it could be a perfect opportunity to get the return you’ve always dreamed of, multiplying your money in an incredible way. However, just as it has advantages, Bitcoin also has disadvantages and that is why it may be that everything else happens and that your savings are worth less and less, so you would really be leaving this investment in the hands of luck. Is it a risk that you are willing to take?