Getting started in cryptocurrency savings
Jayne and her husband thought about investing in Bitcoin when it first hit the headlines. “We came very close to investing and would have ended up doing very well but with a young family, we chose to sit it out,” she says.
A few years on, and Jayne continued to follow cryptocurrency news. In 2018, the family decided to take the leap and use cryptocurrency to save. “We decided to begin investing modestly, on a month-by-month basis, and just see what happens,” says Jayne.
The family mostly invests in Bitcoin and Ethereum because Jayne feels these are the most stable currencies. “We have invested a bit more cautiously in other less stable coins, but only for the short-term,” she says.
Jayne tracks her monthly investment through mobile apps such as CoinBit, which allow her to buy, switch and check on their coins. “We haven’t felt the need to use any of the funds to make major purchases, but it’s nice to have the option should we need to,” she adds.
Knowledge of the blockchain
While Jayne says she isn’t an expert in cryptocurrency, she has a broad understanding of the blockchain concept and believes it is safe.
Compared to regular investments, Jayne finds it convenient to use cryptocurrency to save. “If I’m totally honest, that convenience appeals most,” she says. “I can spend a little from the comfort of my sofa and . . . it can grow into something greater.”
Although the family knows cryptocurrencies can be unstable, Jayne and her husband only invest funds they could potentially afford to lose. Jayne says this is similar to her approach to traditional gambling.