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Should I regularly invest in one currency or spread out my investments over several c

  • 24-05-2021 8:42pm
    #1
    Registered Users Posts: 193 ✭✭ wherearewe45


    I invested about €500 in different cryptocurrrencies as a novelty about 6 months ago. Just before the dip I had €1200, I'm now down to about €800 and so I've decided to consolidate it all into Bitcoin.

    I'm not necessarily looking to retire on crypto, it's just an outlet for extra money as I am pretty financially comfortable as it is, and I do like the novelty of earning extra money on crypto.

    Should I top up by bitcoin investments over time (say €100 a month) or should I diversify and invest in a few different currencies every time I have money to invest. I'm relatively new to all of this but I know to invest money that I can afford to lose.


Comments

  • Registered Users Posts: 3,541 ✭✭✭ Potatoeman


    You should really make up your own mind. As long as you don’t need to get the money out fast, Bitcoin is considered the most stable, though look at the last week. It inevitably has a knock on to others. Though the largest gains and losses are in the altcoins now.


  • Registered Users Posts: 2,525 ✭✭✭ Irish_rat


    Personally I keep it less than 5 projects.


  • Registered Users Posts: 5,103 ✭✭✭ Chris_5339762


    Just bear in mind that switching directly from one crypto to another (say trade Ethereum for Bitcoin) triggers CGT, just like selling the crypto for euros.


  • Registered Users Posts: 742 ✭✭✭ SortingYouOut


    Just bear in mind that switching directly from one crypto to another (say trade Ethereum for Bitcoin) triggers CGT, just like selling the crypto for euros.

    When you say triggers CGT, what exactly happens? I've been jumping around cryptos for a week now but have made feck all, up and down a few hundred. Isn't there a thousand odd euro limit for profit until you have to pay?


  • Registered Users Posts: 2,525 ✭✭✭ Irish_rat


    When you triggers CGT, what exactly happens? I've been jumping around cryptos for a week now but have made feck all, up and down a few hundred. Isn't there a thousand odd euro limit for profit until you have to pay?

    Its 1270 a year exemption on gains


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