Bitcoin is here to stay – A bitcoin ETF is coming in the U.S. What does this mean to the average person? The landscape of currency/money and finance will change. Consider a few tips to prepare for it

Bitcoin has been around for a while now, but it is still mysterious to many. There are many benefits to using bitcoin, and the rest of the world is finally catching on! What does this mean for you? It means that if you are not preparing your finances for this new currency revolution, then you could be in trouble sooner than you think.

This article will look at what Bitcoin ETFs are coming too, and how they can affect your finances. Learn about the basics of bitcoins and things that you should do with your money now in order to be ready for this new dispensation.

Tips in preparation

1) Make Sure You Have Some Emergency Fund 

Having emergency fund is the most important thing to do. I believe it is so important that I wrote an article about why you need an emergency fund. If you don’t know what this is, basically try to calculate how much money you’d need for six months’ worth of expenses and keep that in a savings account. Let us call it saving for a rainy day!!!

2) Educate Yourself on What a Bitcoin Is 

To know how best to prepare for something, you need to have a basic understanding of it. Bitcoins have been around for a while, so there’s no excuse not to Google “What are bitcoins.”

3) Look Into Other Currencies That Are Not Your Own 

I’m not telling you to go out and buy any of these things, but if you’re interested in diversifying your assets, you should look into other currencies. By doing this, you can increase the number of assets that are not at risk if there is a crash or something similar.

Should You Buy Bitcoin? What Are Compelling Reasons If You Should?

Bitcoin might end up being a worthwhile investment if you approach it with reasonable expectations, and allocate your money cautiously. Based on your financial situation, these could be some compelling reasons to invest your money in Bitcoin. 

  1. A Stable Store of Value

The most compelling reason to invest in Bitcoin is the desire for a reliable and long-term store of value. Most cryptocurrencies, including bitcoin, have a limited supply, capped by mathematical algorithms. Thus, making it impossible for any government agency to dilute the value of bitcoin through inflation. 

  1. Medium Of Exchange

You may invest in Bitcoin to use it as a currency. For instance, you might buy via platforms that trade in crypto or get better prices when you buy using Bitcoin. When sending money internationally, you realize that Bitcoin gives a favorable exchange rate compared to USD.

  1. The Need to Invest in Money You Can Afford to Lose 

Despite your budget, everyone has an amount that they can afford to lose with experiencing significant financial impacts either currently or in the long run. Bitcoin is volatile; thus, you must weather losing money in case the value swings down.

What Are the Benefits of Bitcoins?

Bitcoins are an investment that can be highly profitable if done right! Some benefits of buying bitcoin include:

1) It’s completely anonymous, you’re not subject to transaction fees, and banks or governments can’t freeze your money/bitcoin. Many experts believe there will be a day when there are no more national currencies but instead bitcoin. 

2) There are very few ways for governments to stop bitcoins from being used in transactions online. It’s decentralized, so it can’t be taken down. 

This new currency revolution will change the world, and it’s a good idea to prepare for it now. Start learning about bitcoins, start saving for emergencies, if you haven’t already and start diversifying your assets; this is just a start on what bitcoin ETFs are coming to your region.