What should I convert my money into?

[Wapfika]

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.

[1714600583]

1714600583

[1714600583]

1714600583

[1714600583]

1714600583

[1714600583]

1714600583

[1714600583]

1714600583

[doomistake]

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.

[ufaiz50]

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.

[boltz]

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!

[Eclipse26]

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.

[Google+]

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.

[mu_enrico]

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

[Kersh768]

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.

[The Sceptical Chymist]

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

[posi]

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.

I supported what you said but you also need to put into consideration the moment when the crypto market usually experiences correction and blood bath. I will advise the OP to switch his holding to bitcoin for now that the block halving is approaching and after when it Q3 of 2021 he can switch his holding to stablecoin (Gold)

[harizen]

I know this is opinion-related topic and I shouldn't consider your answer as financial advice.

No more sh*t, no more speculations, no more "conspiracies", no more theories, no more political stand etc.

Test the waters in bitcoin and come back later, let's say after several months, and told us what you "learn". Will you continue your journey in crypto? Do your expectations met?

You will not know what will happen until you enter the actual scene. As you said, this is a opinion-related topic so our approach are purely based on what we believed. So if I'm in your situation and I see a majority of positive thoughts about crypto or bitcoin itself, I will gladly take the risks and let's see if my decision is right in the "long-run". Make a decision carefully out of your own view.

[huu78]

It's good to choose Bitcoins nowadays. Because there is a lot of good news about Bitcoin that can make us a fast profit in trading.
If asked by the bank from which money we can, just explain I have traded digital currencies as well as stocks and I benefit from there.
So they will not suspect nor assume this is money laundering etc.

[Beparanf]

It's good to choose Bitcoins nowadays. Because there is a lot of good news about Bitcoin that can make us a fast profit in trading.
If asked by the bank from which money we can, just explain I have traded digital currencies as well as stocks and I benefit from there.
So they will not suspect nor assume this is money laundering etc.

I normally says stocks more in remittances and banks that's why I tried to invest some in stocks too atleast I'm not lying. But still prefer to invest more in crypto as we can just use the sometimes the charts alone to analyse it than stocks that needs to know each companies status and news everytime we trade. Banks should only have some amount since it will not grow their unlike if we invest it.

[perla]

If me, i will convert it to bitcoin. I mean if convert to fiat, it will almost same and fiat not really much volatile. It is controlled by Bank and for investment, we look for higher profit. But as long you understand the risk, so you prepare for anything like lose in investment. But i believe bitcoin will rise in future.

[NathanJB]

Is there a need to convert your money into USD? If there is, then go ahead and convert some. Only a little portion will do, just to support your day to day needs. If there is none, then I would recommend that you choose Bitcoin instead. USD is no better than any other fiat in the sense that all of them are going to depreciate. Bitcoin is going to explode in value. So if you are looking for something where you can store your money and will make profit in the long term, it is going to be Bitcoin.

[Inkdatar]

If me, i will convert it to bitcoin. I mean if convert to fiat, it will almost same and fiat not really much volatile. It is controlled by Bank and for investment, we look for higher profit. But as long you understand the risk, so you prepare for anything like lose in investment. But i believe bitcoin will rise in future.

As most mentioned above is converting to btc as this is also my option. We know the fact that there is volatility in bitcoin but a person should really understand the risks and know it’s impact when converting to btc. This is my conception to convert the money into btc as the price has a higher chance to increase in the future that we could have benefited from.

[NewRanger]

If me, i will convert it to bitcoin. I mean if convert to fiat, it will almost same and fiat not really much volatile. It is controlled by Bank and for investment, we look for higher profit. But as long you understand the risk, so you prepare for anything like lose in investment. But i believe bitcoin will rise in future.

if we didnt want to convert on fiat, we could convert it into other investment portofolio such as gold, property or anything else.saving fiat only give security, but it didnt give us good return from its value.if we still save it in crypto market, we could diversify our profits into good altcoin such as eth, ripple , binance and many other.we should not worry with this coins, as major altcoin these coins have good performance in market.

[qwertyup23]

A good store-of-value(SOV) currency depends on its long-term reliability and security. Others may state that bitcoin can be a good SOV due to its limited supply and high price which makes it valuable in the future, while some may argue that it lacks security and collateral. What is essential is that you diversify your current fiat and allocate it to different investment platforms available (e.g. gold, stocks, cryptocurrencies, etc.).

Is there a need to convert your money into USD? If there is, then go ahead and convert some. Only a little portion will do, just to support your day to day needs. If there is none, then I would recommend that you choose Bitcoin instead. USD is no better than any other fiat in the sense that all of them are going to depreciate. Bitcoin is going to explode in value. So if you are looking for something where you can store your money and will make profit in the long term, it is going to be Bitcoin.

This is actually true. USD has been dominating the market ever since time immemorial and its value is increasingly overtime. Bitcoin can be considered but you should only allocate the value that you are willing to lose as it has a huge risk connected to.

[Aying]

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.

Currency investments and Forex might be her last options. both are too risky but if we gain much more knowledge and improve our skills. we can avoid any big losses. thats the drifts of market if we want to earn a lot of profit. crypto market is growing and getting popular. lots of country will surely accepts crypto. unlike in forex trading. we should  proficient on what we are doing now if we want our funds doubled.

[riso2015]

If I were in your position, of course I also would use my assets in BTC, I would not use 50:50 but I would use 100% of my money for Bitcoin. I also have read a topic that says there will be a global crisis in the future which will cause the US Dollar to collapse. So to anticipate this, it is better for you to make your assets in BTC.