Many of you may have looked at the price of Bitcoin, currently $91,688.37 each, and thought, “That’s out of my reach, I’ll wait until it’s cheaper.“ I admit that I have thought exactly the same, until this week. Honestly, I don’t know if Bitcoin is a saviour or a Ponzi scheme. It could easily be either. My concern is that, since Bitcoin has only been around since the GFC, it has never been in a crash, and I don’t know if it would hold up or crash as well. However, with the concept I learned this week I will be investing in Bitcoin, in a small way, in case it really does take off and hold its value for the long term. The concept is ideal for highly volatile markets such as cryptocurrencies. It’s called Dollar Cost Averaging. The idea is that you buy the same dollar value of Bitcoin, or any other volatile product, on a regular basis. That could be weekly, fortnightly, monthly, quarterly, half-yearly, or any other interval that suits you. Sometimes you’ll get less for your money, sometimes more, but you’re averaging the cost over time. Because each Bitcoin is divisible by 1 million bits, called Satoshis, even if one Bitcoin costs $1m you’ll still be able to buy 1 Satoshi. The smart way to invest is to use money that you get for free, so you don’t impact your current financial situation. You get money for free doing this: https://go.wm-tips.com/diamond. Regards, |
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