Can Bitcoin Help with a devalued currency?

2

I worked in Canada, in the Oil industry, CAD took a big hit in the exchange versus USD, can anybody advice me if transferring my money to Bitcoin can help me increase the value of my savings again?

Since I do not live in Canada anymore and I need USD.

J. Calderon

Posted 2017-04-19T18:12:49.333

Reputation: 21

Question was closed 2017-06-26T00:05:58.583

this is more a developper oriented area, so maybe you won't get the best answer here, if at all. It might be better to search/verify/raise such a question, which contains a fair amount of speculation, in a bitcoin forum (https://bitcointalk.org/index.php) or on reddit (https://www.reddit.com/r/Bitcoin)...

– pebwindkraft – 2017-04-20T07:35:40.183

You may want to consider reading this https://bitcoin.stackexchange.com/questions/2120/what-is-needed-for-bitcoin-to-become-the-reserve-currency-of-the-world?rq=1 before you jump ship.

– NomadBazaar – 2017-04-20T17:24:47.580

I'm voting to close this question as off-topic because it is asking for investment/speculation advice. – Murch – 2017-06-26T00:05:58.583

Answers

0

See the comments above, but the answer to your question is that the exchange will happen at the "instant" exchange rate.

So, whatever value CAD is at when you do any kind of exchange, that is the value you will get.

In terms of increasing savings, all you can do it make sure you exchange it for one that is rising.

SDsolar

Posted 2017-04-19T18:12:49.333

Reputation: 162

-1

I had made an investment into DAO tokens, via Etherium, when it was $12.xx about 11 months ago. Then the DAO was hacked (lol) but the community made a concerted effort to fairly allow all depositors a full refund, along with a 3% premium to be paid out in ETC (ethercoin classic). Lo and behold, my $700 U$D is now running ~$3500+ in just under a year!

You must find a crypto-currency that is rising against your CAD inputs. BTC is a good vehicle, but the ETH and ETC have a bit higher upside at times. My $700 U$D, had it been left in BTC would be roughly worth $2100 today. I got the DAO tip from a friend (free) who is now a Crypto-Currency Investment Adviser.

If you study the situation yourself for a bit, you can likely make a good choice. Some people play the DOGE Coin cycles, but you have to watch it close!

undeRGRound

Posted 2017-04-19T18:12:49.333

Reputation: 9