Cryptocurrency to Facilitate Travel and Volunteering Overseas

Cryptocurrency to Facilitate Travel and Volunteering Overseas

Most people have heard of Bitcoin and the term cryptocurrency at some point in their lives but many have little knowledge of blockchain technology or the market. Others steer clear of cryptocurrency as they view trading digital currencies as risky or dismiss it as a passing fad. I
have been learning about cryptocurrencies all summer and although I understand such scepticism can see a window of opportunity.

I am approaching this topic in terms of a making an investment (e.g. for trading and holding) rather than a digital currency for buying goods and services. There is the very real possibility that blockchain and cryptocurrency could change the way we travel but this isn't the purpose
of this article. This is about giving our readers a "heads-up" about accruing the necessary funds to travel and volunteer overseas.

There are many people who want to travel and volunteer but don't have the cash necessary to fund a trip overseas. Let's assume someone has 1000 Euros sitting in their bank account and are saving hard to turn their dream adventure into reality. The problem with this approach is very few accounts pay an inflation-beating rate of interest, meaning that most savers’ cash is being eroded by inflation. 

This is why entrepreneurs invest their cash in real assets such as property, gold and silver. More people are viewing cryptocurrencies as an investment because it is very likely here to stay, and will only become more significant in our lives in years to come. I can understand this outlook and for this reason would invest half of my savings in cryptocurrency if I was the person with 1000 Euros in my bank account.

Based on my research I would invest 500 Euros in Litecoin which is currently trading at 66.32 Euros per coin. It is very important you understand the risk of investing in cryptocurrency and don't view this article as financial advice. I see a significant spike coming but you must do your own research to validate or rebuke this assertion. Understand the risks associated with investments in cryptocurrencies.

Of course, the key is knowing when to buy and when to sell - the entry and exit points. If you can get this right huge gains can be made by any investor. For example, anyone who bought 1 Bitcoin in January 2019 are sitting on a profit of approximately 6000 Euros. This is because they bought during a low (dip). I believe the cryptocurrency market will ignite in the latter stages of 2019 and Litecoin will shine brightly.

I will of course put my money where my mouth is and invest the same amount in Litecoin. An update on the price of Litecoin will be provided in the comments section in December, 2019. There is nothing like putting your head on the chopping block! I repeat, do your own research on this topic and don't rely on my opinion to buy and sell cryptocurrency. Furthermore, don't use capital that you cannot afford to lose.


Stephen Knight
Added 19th May 2020

Since writing this post I have taken the time to learn technical analysis for cryptocurrencies such as Bitcoin. Essential for buy and sell decisions. Furthermore, invested time to learn more about cryptocurrencies themselves. Subsequently, I am now a little embarrassed by my previous recommendation to buy Litecoin! Fortunately, I sold my Litecoins for 69.80 Euros per coin on 25 February, 2020. I have invested this money into Bitcoin and Ethereum. Buying the dip is a simple way of making gains in the cryptocurrency trading world. For example, Bitcoin crashed to US$3,500 in mid-March 2020 and the price is currently stands at US$9,700. A healthy profit of US$6,200 if you sold 1 Bitcoin today. Catching the bottom of a major correction or a pullback in the price of a cryptocurrency is difficult and has risks (e.g. deciding to buy the dip during a bear market). Dollar-cost averaging (DCA) is a better investment strategy for inexperienced traders. The key message is do your research before you invest in any cryptocurrency, don't invest based on hype and noise, and invest what you’re willing to lose.

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