Hello, I am student and I have saved some money, and I have extra 1000€, which I want to spend on bitcoin, and then hold it for minimum 1 year, maybe more, depends If I would need the money for something… Do you think It’s good idea? What site or aplication should I use ?
Should I buy bitcoin for 1000€
byu/Foreign-Slip-4777 inBitcoinBeginners
Posted by Foreign-Slip-4777
6 Comments
Yes. Hold it for longer.
Hey there.
I would definitely recommend putting that money into Bitcoin.
However, you should only buy Bitcoin if you’re thinking of holding for 5+ years.
Bitcoin can go up and down in the short term, even though the long-term tendency is almost guaranteed to be up. Thus, if you needed the money in a year and Bitcoin had gone down, you would have to sell it at a loss.
In terms of websites, Strike is good if you don’t mind KYC (ID verification). If you want to buy anonymously, I would suggest HodlHodl.
Don’t invest money you’d need within the next 10 years, that’d be my advice.
Yes, but I’m not a financial advisor. I would say any large purchases I’d by on strike. Definitely time your buys though. And separate your buys in sections. Buy dips. Do your research. Study charts, learn to read em.
I think $1000 is a good amount for anyone (poors, 3rd worlders, newbie) to have as a starting point (or end point). Get your foot in the door, and then you can slowly add and possibly lower your cost average it so happens there’s a crash. Follow some good guys on twitter and youtube who are not shilling their programs/shitcoins/treasuries, but actually educating Bitcoin. 1 year is short term and it will not do you any good in the long term.
1 year makes it a high risk investment at this time.
You need to be prepared to hold for at least 5 years to make the investment reasonably safe.
If it is money you can spare and you are fine with at least 5 years horizon then for sure.
If it is money that you will need within the next year then be careful. It could become a very negative investment in that time horizon, possibly losing up to 70% if something drastic happens.
Bitcoin is a very volatile instrument. With high gains but also very large fallbacks. And it is not unlikely there may be a significant fallback in the next year. Or it could gain a lot. But the thing is, when it is money that you will need access to then you must look at the risk as well, and determine if the risk is worth it. What will happen if that investment is worth only 300 in a year?