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This article will help you get started by putting your idle money to work by investing it in the cryptocurrency market and by showing you some examples of what your savings invested 5 years ago would be worth today. We will also help you get started with your first investment by answering questions like how do I buy cryptocurrency in Canada.
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Do you have savings lying in your bank account? If yes, read this now.
As humans we feel that saving our money for a bright future ahead is the need of the hour. We hope that one day our savings might become a considerable amount and can be used for any unforeseen circumstances. This ideology would have been perfect had we lived in an ideal world but in the current one with the constant rise in inflation rates and fixed deposit rates being at their all time low, it is literally impossible for someone to keep accumulating their savings in hope for a bright future because no matter whatever that amount is it will never be enough.
This article will help you get started by putting your idle money to work by investing it in the cryptocurrency market and by showing you some examples of what your savings invested 5 years ago would be worth today. We will also help you get started with your first investment by answering questions like how do I buy cryptocurrency in Canada.
Let’s get started with looking at some of the returns offered by top coins in the cryptocurrency market over the last 5 years and also take an example to showcase the factor by which your money would have multiplied.For the sake of this example let’s assume you invested a sum of $1,000 5 years ago.
Bitcoin: In 2016, Bitcoin was priced at roughly $500, lets say that you had invested a sum of $1,000 at that time. You would be an owner of 2 Bitcoins and then you decided to let the power of compounding do its work. That $1,000 invested 5 years ago would be worth $100,000 today. That is 100x returns on your investment in 5 years. Now imagine had you kept that $1,000 lying in a savings account, that money would not have even doubled. It is important to understand that while saving is a good habit, investing into the right asset is a better one.
Ethereum: In 2016, Ethereum was roughly priced at $7 a coin. Had you invested a sum of $1,000 , you would have owned roughly 150 Ethereum coins. Today Ethereum is worth $3,500 and your $1,000 would have made you a amazingly rich with a whooping net worth of $525,000. That is almost a 500x return on investment in just 5 years.
Takeaways from the article:Saving is a great habit but investing is a better one. Whether it is the stock market or the cryptocurrency market, one must always look to invest whatever they manage to save. If you are someone who is looking to start now then coins like Bitcoin, Ethereum ,XRP are great long term investment options.
If you are wondering how to buy XRP in Canada then all you need to do is log on to the Netcoins website and follow these instructions. Firstly, you need to create an account and enter the required details. Secondly, you need to transfer some money to your wallet and lastly you need to execute your first trade.SOURCE CREDIT: https://howtobuylitecoinincanada.blogspot.com/2021/09/do-you-have-savings-lying-in-your-bank.html
