What would I do if I was gifted 1000BCH?

Sunday, 8th of May 2022

They say money doesn’t bring happiness, but is this really true? I get it. There are people who have lots of money and still aren’t happy. There are many layers of happiness I guess and money on its own will not make you magically happy.

What if the lack of money stops you from sleeping and eating, because you are so worried that you won’t be able to pay your bills? In that case an extra 1000BCH sure can make a huge difference and indeed make lot of people happy. I’d definitely be one of those jumping and doing a happy dance if one day I woke up to this amount in my wallet.

Yesterday I read an article by @nheng1118 who was in turn inspired by the article written by @emily2u .

The question in both articles was what would you do if you were gifted 1000BCH? Since it was fun reading about their ideas and dreams I decided it would be a fun way for me too to get back to writing.

What would I do with it? Let’s jump to it…

Firstly - pay off my debts!

Boring, I know, but debts are one of those pesky and very unnecessary ‘bills’ that we have to pay every month and without that extra going out, we could live quite comfortably.

Mortgage is sure one of the biggest debts most people have in this day and age. Technically we don’t even look at it as debt, it’s more like a bill to pay that we got used to. If I wanted to pay that off in one go, that would already be half of 1000BCH gone. Would I do it? Most likely not. Looking at the price of BCH right now ($275) it would be a very poor decision indeed.

Although 1000BCH sounds like a huge number, it translates to around £220 000 at the current price. I have seen BCH at 6 times the current price. Cashing out a huge amount of Bitcoin Cash at $275 would really be heartbreaking.

I would probably convert around 50BCH to FIAT to pay off the credit cards and keep some handy for the months to come.

Keep calm and hodl

That’s it. Hodling the remaining 950 BCH is the only reasonable option I can see. In the year I spent on this platform I wasn’t only writing to earn. In the process I also learned to love #BitcoinCash for all its amazing functionality, low fees, fast transaction times, which makes it the real Bitcoin in my eyes. The money that we can use on a daily basis and without border restrictions.

Careful investments

Further more I’d look into more ways of getting some passive income from my precious BCH. The world of DeFi is booming and it is a dangerous world if we’re not careful. I have learned many expensive lessons from dipping my toes into DeFi. With little careful steps, I will continue learning more about investing and to start with I would most likely utilise platforms like BlockNG to safely put my BCH to work on passive income. Yes, I managed to 2x my investments in a few days in the past, but I also grew overconfident and lost it all. With that in mind I will be satisfied with a few % of safe and steady income from my BCH until I learn more.

Look for ways to spend without converting to FIAT

The current price of BCH is way too low for me to consider converting it to FIAT or spending otherwise. The bear market won’t last forever though. When its value grows I will then consider spending some more of it on things I would like. Like building the wall in my back garden. The builders that are currently building my neighbours fancy wall are big on crypto. Who knows, maybe they would consider taking a payment for my wall in Bitcoin Cash?

In my country there are still very few places where I could pay with BCH, but more and more of them are showing on the BCH map. With some extra BCH to spend I will sure look for more opportunities to do so.

Last, but not least - share it!

What are the blessings worth if we can’t share them with others? With 1000BCH extra in my wallet, I would sure put aside a nice chunk to support all the amazing writers and content creators of read.cash and noise.cash. It just feels good give and pay it forward.

Until next time 💙