Preparation is the Key to the Future
Is it too early to worry about retirement when you’re not even at your twenties? Personally, I don’t think so.
One could be a kid or a teen and it’s still okay to think about your retirement. Why? It’s because no one knows what will happen in the future, and being prepare for the inevitable won’t hurt anyone either.
In my opinion, starting at a very young age is the best time to prepare for retirement as one’s youth allow for a much broader option. If you start preparing when you’re at your 40’s or 50’s, you’re actually limiting your options. After all, our youth and our health are our ultimate assets.
Now, that’s out of the way, I think we should discuss what would be a good investment.
Okay, that’s a bit misleading. I think the title alone should be enough to tip everyone the content of my article. Yes, it’s about cryptocurrency, and why I think it’s a good idea to buy cryptocurrency and save it for your retirement.
But why cryptocurrency? Why not gold, or insurance, or a saving account?
Gold is good but buying gold is not as easy as buying cryptocurrency. Insurance on the other hand seem like a scam to me. It keeps you poor all your life and rich when you're dead. Okay, I’m exaggerating. Insurance is not THAT bad of an idea as long as one find a trustworthy insurance company. And having a saving account is obviously good as well especially if the bank of your choice gives decent interest for your money.
Now, I’m not actually trying to stop anyone from using any of the aforementioned options. In my opinion, it’s really just a matter of choice and preference. I simply prefer cryptocurrency, that’s all. Also, no one is telling you that you can’t use all of them at once.
Choose One Crypto or Diversify?
I think this is a no brainer. Diversifying your assets is always the right move. As the saying goes, one should not put all your eggs in one basket.
That said, finding the right cryptocurrency is as important as diversifying. Actually, in the crypto-market it could even more important since investing in shitty coins is one of the fastest ways to lose money.
Now here are the list coins I’m holding so far.
Bitcoin Cash (BCH) – This shouldn’t really come as a surprise. Yes, Bitcoin Cash is my top choice of cryptocurrency. It’s one of the best coins around, and in my opinion, one with the most promising future. I believe in Bitcoin Cash so much that I’ve sold all of my Bitcoin (yes, I used to own Bitcoin) and bought Bitcoin Cash instead. That said I’ve sold some of my BCH before when I needed money so I have less than 1 BCH on my wallet now which I don’t plan on selling any time soon.
Litecoin (LTC) – I think this is a good coin as well. Litecoin has good functionality, and cheap transaction fee, and is a much better choice than Bitcoin just like Bitcoin Cash. I don’t have much of this coin, just about $100 or so. I didn’t buy it as well; I got this coin by I exchanging some of my STEEM to LTC. Alright...I guess you could technically say that I bought my LTCs.
Dogecoin (DOGE) – I have dissed this coin in several of my articles before but that’s because mostly of Elon Musk and not because hate DOGE or anything. Actually, I really like the coin. Not as much as Bitcoin Cash but its close. Right now I have about 300 DOGE on my wallet but I didn’t buy it (for real). I earned my DOGE through faucets and through Tipestry.com. I actually have more but I sold several hundreds of it about two years ago. A dumb decision, I know.
Hive – I’ve been writing at Hive.blog before focusing on Read.cash, and as such I have several hundred Hives on my main account wallet. That said I’ll probably exchange all of my HIVES to BCH once the market stabilizes. Of course, there’s also the option of diversifying to another asset I deem promising. Or I could just stake it and let it earn some interest.
STEEM – I have a thousand STEEM in my main account’s wallet. As I’ve completely stopped writing at STEEM about a year ago, I simply let my STEEM work for me through staking. Just like HIVE, I’m thinking of exchanging all of my STEEM to BCH, or other promising asset.
As you can see my portfolio is not as diverse as other people since I only have five types of cryptocurrencies but I do have plan on adding more in the near future. I could also just exchange my HIVES and STEEMS to other more promising cryptos like Bitcoin Cash which would make my portfolio less or more diverse..
Why No Bitcoin or Ethereum?
You might have notice by now but I didn’t include Bitcoin or Ethereum in my portfolio. The reason for that is not because I hated the two most popular cryptocurrencies on the market today but because:
One, Bitcoin is considered outdated compared to other cryptocurrencies. In terms of functionalities it is greatly lacking compared to the five in my portfolio. Two, Bitcoin is not practical with its horrendous transaction fee. Three, Ethereum have good application but horrible gas fees (much worse than Bitcoin) and transaction speed.
The transaction (gas) fees and transaction speed were the real reasons I didn’t even considered the two aforementioned cryptocurrencies. The transaction fee is especially a deal breaker for me. Although I plan on keeping my cryptocurrencies for my retirement, there might come a day that I desperately needed money, and would be forced to sell all of them.
And if that happened, Bitcoin and Ethereum’s absurd transaction (gas) fees would slash a noticeable chunk of the money I would have otherwise received from selling them which is counterproductive. Some might argue that the price of Bitcoin and Ethereum might have gone up by then so the transaction fees don’t really matter.
To that I’ll argue back that Bitcoin’s transaction fee, and Ethereum’s gas fee scale up or down depending on the price of the two coin. Moreover, the value of Bitcoin Cash, and the other cryptocurrencies in my portfolio would have also went up by then, and even if the transaction fees of my coins went up as well, it’s still within the acceptable limit.
Anyways, I’m just sharing my plan for the future and there’s really no need to emulate my method. That said if you do choose to keep some cryptocurrencies for your retirement, I advise that you choose your cryptos very carefully. After all you’re trying to save (and earn) money, not lose it.
That’s it for now. Thanks for reading – have a nice day.
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My other articles: https://read.cash/@beastion
