Monday, January 23, 2017

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This is my own way of the 52-week money challenge

Early this year, I introduced two ways on how I will make the 52-week challenge easier and innovative and one of my way of achieving that goal is, instead of letting my savings sit in my piggy bank and earn nothing out from that, I talked about investing it in buying and selling Bitcoin (BTC).

Investing our savings has risks especially when we decided to buy and sell BTC because it's a very volatile currency (cryptocurrency). It's not like buying and selling stocks where we earn dividends, your form of earning is solely just the profit when you buy low and sold your BTC when the price is higher.
Of course risk isn't the only one attributed to investing, if you'll not gonna end up losing or break-even, for sure you'll gonna be profiting and that's the great thing about it because instead of letting our money sit for a year, we've taken the risk and made more of them.

The year 2016 was promising to BTC because when I started buying and selling BTC last August, I was able to profit 5% of my money in just a month. Back then, the price was still at 26,000+ pesos per BTC and it soared close to 57,000 pesos early this year, and plunge down back to 35,000+ during the second week of 2017, that's how volatile BTC is.


I think BTC isn't really for long-term investment so if you decided to proceed, do it at your own risk.
I made a Google Spreadsheet to monitor my 52-week saving challenge. If you want to have a copy of it I've provided the link below you can download it and modify it for your use. If you don't know how the 52-week money challenge work, it's also good to read my other post and download the 52-week saving challenge spreadsheet calculator so you will know how much you can save with a certain amount at the end of the year saving using this challenge.


5 comments:

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  3. Hey Jeff, Can i ask how to buy and sell bitcoin in coins.ph? Thanks

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    1. Hi, the idea is to fund your Coins.ph peso account using different cash in methods such as 7/11 and or online banking and then convert your funds from peso to bitcoin (buy) or Bitcoin to peso (sell)

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