What should I convert my money into?

[teosanru]

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 personally would buy bitcoin at such time. Global financial crisis is definitely coming in couple of years or more and even if it doesn't comes dollar will still fall in value with time. Moreover the thing is dollar is not much different from rubel if we see the intrinsic character. Only thing which is different is their Economy. Even though in times of such flux obviously bitcoin is a better option. But yes be ready to ride on the roller coster of volatility.

[bitbunnny]

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.

[darkangel11]

If you want your money to stabilize within a few years, then I think buy USD. But if you want to take the risk, buy all bitcoin from your funds at $ 1k. But when viewed as a whole from the beginning bitcoin appeared until now, the price tends to rise like a mountain track. And in my opinion you will get 80-300% in the next 2-3 years if you buy bitcoin. And of course, you need to have other funds to meet your daily needs aside from the $ 1k.

Does that mean you don't see any possibility of USD weakening due to FED printing and recession? I would not recommend anyone to buy fiat, unless it's Swiss Franc. Most countries are so tight up in debt that they will never be able to recover. It's a matter of time before countries that already have problems with their banks like Germany and the US have to bail them out again.

Buy bitcoin or gold, even jewelry and art, but stay away from fiat and government bonds.

[kuyaJ]

If you want your money to stabilize within a few years, then I think buy USD. But if you want to take the risk, buy all bitcoin from your funds at $ 1k. But when viewed as a whole from the beginning bitcoin appeared until now, the price tends to rise like a mountain track. And in my opinion you will get 80-300% in the next 2-3 years if you buy bitcoin. And of course, you need to have other funds to meet your daily needs aside from the $ 1k.

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

So be ready for the risk you wanted to go for you to avoid regrets. Because in investment by trading, if you win then someone will lose their coin too and vice versa. If you are scared to lose then find some way that can earn money in less risky way but take a long time like investing from holding bitcoin.

[palle11]

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.

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.

[Ryker1]

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.

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.

[asus09]

The thing is that its your hard earned money and you can seek advice from others but always choose the best suitable option according to you.There are many feilds in which you can invest you money like share,bonds,gold  which have high returns in long period but if you are risk taker then you can invest your $1k in cryptocurrency in most potential altcoins or simply invest in bitcoin which can give you high returns within short span of time but you need to be patient and think wisely in situation of dumps.So be careful where you put your capital.

First let us understand what is our goal or priorities at the moment, do we need to invest, do we need to pay our debt first or to put up business. As per me, if ever I will pay debt  first, save for investment and for business. I won't go to investing as long as I have debt thats my first goal so I will have peace of mind while doing investment or business.

That is a nice start but I think in any case, investing at right place comes at the top. Once he will spend money in right asset and earn good amount of profit, he can start a business or go with clearing the debt history. He can do with his money whatever e likes to. I would suggest investing in bitcoin and then solving all sort of problem, fulfilling all desires with the help of this coin.

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

Saving with bitcoin have guaranteed at the future if price can increase higher but if bitcoin price at the future have down will guaranteed for increase our money? Better put our money with investment less risk like gold, I agree with bitcoin investing have guaranteed for the future but if some one not ready faced with lower price better save with gold or property investment.

[poldanmig]

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.

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

[BitcoinHunt3r]

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.

Both of it is good, USD if in your country is easy to exchange it. Because we need something that you can exchange immediately when you want to use it. Investment is not only about how much that we get but how easy when we want to withdraw it. Because although you can get high profit, but if hard to exchange it back, it will be bad.

[reality18]

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 .

It is always good to understand cryptocurrency investment very well before converting funds into any form of cryptocurrency. Before the conversion is very also very important to study the coin in order to know its capabilities of rising within a set period of time in order to gain profit. If one is unable to do this, then it is better to convert to a stable coin like the USDT and seek for advice from experts on which coin to invest in for profit.

[Google+]

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.

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

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.

[riso2015]

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.

I agree with the statement above that don't put eggs in one basket, don't just buy Bitcoin if you want to invest in the world of Crypto, But buy some Altcoin that has good potential in the future, such as ETH, BNB, TRX etc. You really have to manage your money well, don't be greedy.

[HarmonyA]

Your opinion is right in a way. But I think Russian currency will not devalue as assumed because the government of Russian Federation has been able to regulate Ruble value over the years despite several sanctions against it government.
if you want to get more value for your currency due to what you have perceived, I think banking on btc seem interesting though you can seek more professional advice from investment experts because whichever opinion received on bitcointalk may not be too favourable for you as they are individuals personal opinions.

[cotton ball]

The thing is that its your hard earned money and you can seek advice from others but always choose the best suitable option according to you.There are many feilds in which you can invest you money like share,bonds,gold  which have high returns in long period but if you are risk taker then you can invest your $1k in cryptocurrency in most potential altcoins or simply invest in bitcoin which can give you high returns within short span of time but you need to be patient and think wisely in situation of dumps.So be careful where you put your capital.

First let us understand what is our goal or priorities at the moment, do we need to invest, do we need to pay our debt first or to put up business. As per me, if ever I will pay debt  first, save for investment and for business. I won't go to investing as long as I have debt thats my first goal so I will have peace of mind while doing investment or business.

That is a nice start but I think in any case, investing at right place comes at the top. Once he will spend money in right asset and earn good amount of profit, he can start a business or go with clearing the debt history. He can do with his money whatever e likes to. I would suggest investing in bitcoin and then solving all sort of problem, fulfilling all desires with the help of this coin.

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

If convert you ruble money to bitcoin you are ready with bitcoin price down later or not, bitcoin is unique price can be on the top and some time bitcoin be down. When you not ready faced risk for convert your money with bitcoin better keep save your ruble money in the bank, but when ready faced risk you can convert your money with bitcoin with big result later when bitcoin have higher price.

[Free1bitco.in]

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.

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.

I quite believe that this person wants to invest in cryptocurrency because he asked this community about $ 1k in local currency. if what I say is true, then my first recommendation in cryptocurrency is bitcoin and ethereum. The main reason I chose it was because of the halving that occurred in May 2020, as well as ETH 2.0. some other cryptocurrency you can see in coinmarketcap, and be sure to choose altcoin which has a large potential and volume.

[daarul50]

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.

yes also you need to remember that bitcoin or any other cryptocurrency is not a place to make you rich overnight.

first of all that is the principle, keep in mind, otherwise if you fall for that high return offers just like a high yield investment program you won't get any long term benefit. learn slowly about the real financial freedom and connect it with cryptocurrency.
have 40% profit a year in crypto is so possible , again you need to analyze by yourself which one you will invest in , as we can only encourage how to do it not which one , pretty obvious it will make the difference!

don't go all in for your first attempt , you will be expected to make mistake so becareful .

[Wend]

Ill think it depends on you if you want to convert it or not.

And if you want to earn for convert your money or have interested in crypto must better to convert it early.
But you need to make choice of which coins you wan to convert it, But i may suggest to bitcoin because of have some good news about it in this coming year 2020.
And you want to earn more early just doing trade but its not enough for you to earn big if you dont know about trading daily.

[TheGreatPython]

From which source did you find out that the majority of the people in Nigeria does not have any bank account? So if they don't have bank accounts, do you think they are into cryptocurrencies? If someone doesn't have any bank account then there is zero percent chance that they are making use of cryptocurrencies. That's not true, I don't know which source you got that information from, but you're wrong.

It's still your choice to make but I believe that there are lots of things you can do that will make you money. You can still invest your money in bitcoin but know that there is a chance for the price of bitcoin to decrease at anytime. You don't know what it will be worth in the next coming years. So you're still taking a risk.

[meliodas]

Before you convert your money into any asset, just think if you have savings for emergency and if you are ready to risk that money. After you think about those things, that is when you are going to do some research about the advisable investments for every risk appetite. From conservative to being aggressive investor and that is where you are going to base your decision.

[suvo05]

Don't just choose a single option to convert your money. Divide it and if possible invest it in various fields like cryptocurrency, Gold, real-estate or you may spend some to learn some skills.