Should a senior citizen invest in cryptocurrencies? While the Bitcoin hype has taken the world by storm there are doubts as to whether an investment in Bitcoins should be an option for the elderly. Mark Zinder, a regular speaker on the Bitcoin, recommends that people keen to invest in Bitcoins should read about it in-depth before investing. According to Zinder, Bitcoins are a bubble investment and definitely risky investments. But, for people who are comfortable with handling and floating through such financial bubbles. Dealing with the uncertainty surrounding the Bitcoin should not be a problem. The trick is to identify bubbles and know the right time to go out.
Huseyin Aksu, associated with YouTube channels Fantasy Couch and Crypto Couch, feels that crypto investments can be good investments, regardless of your age. While cryptocurrencies can be volatile, the pros can easily outweigh the cons. He vouches for digital currencies saying that he knows many individuals who have made 100 times their investments in less than a year. He also suggests that seniors must learn to diversify their portfolio to get benefits. So, they can invest in 3-5 crypto coins, choosing popular ones like Bitcoins and EOS.
More About Bitcoin Investment
Along with these steady coins, they should choose one of two crypto coins with a high upside. You must only make sure that the coins are secure and the platform uses two-factor authentication. Seniors must also ensure that if anything were to happen to them, the crypto coins could be passed onto their next of kin or spouse so that the investments do not go to waste. Matthew Murawaki, an advisor with Goodstein Wealth Management, recommends that senior citizens should buy Bitcoins as a Christmas gift for their grandchildren. It makes for an excellent and cool gift idea because the gamble may or may not pay off.
Prices of Bitcoins rise and fall and there is a lot of uncertainty about the value. However, on close study, one would find that the prices have actually gone up over the years. Every day people are finding new ways of using Bitcoins and if seniors can avoid panic buying or selling, they should be just fine. The senior citizens can try automated bitcoin trading applications to gain a Bitcoin Superstar Erfahrungen or experience. Which carries out the trade autonomously without any manual efforts. It is perhaps best for senior citizens to leave Bitcoins with exchanges that are like banks. Such as Coinbase as these are insured and audited. They can be sure that these platforms will protect their Bitcoins and seniors can get them converted into regular dollars whenever they want to.
Bitcoin technical made easy
The technology is becoming user-friendly by the day, and people find it rather easy to adapt to it. Even those who may not have grown up using lots of technical devices. They can still find navigating through Bitcoin investments easy. However, since the technology is still in a stage of infancy, there are big risks involved. So, if seniors are considering putting their money into Bitcoins. This should be drawn from funds that they have to spare. They should not have to lose their sleep over this money. Seniors can start off investing small amounts; there is no requirement for a big investment.