How much to save for bitcoin?
Everyone has thought about purchasing a cryptocurrency at least once. But how to save up to buy bitcoin if its rate is constantly growing?
Back in 2009, bitcoin was worth nothing. For one dollar, you could buy over 1,500 coins. And those who did now reap the benefits of their patience and live in luxury. Many began to implement their business ideas and launch business projects. The thing is, the bitcoin structure is made so that the total number of bitcoins, which were not mined, is decreasing day by day. Which ensures a stable growth of the rate in the long term. For this reason, it is never too late to invest in bitcoin.
But is it possible to save for bitcoin if you live in Russia, USA, or Ethiopia and earn an average salary?
United States of America
The United States is the country with the most highly developed economy in the world. But as the standard of living increases, and with it salaries, so do costs.
In the United States, your salary depends directly on your state of residence, but the national average, in 2021, is $3,620 (RUR 255,280) per month.
To get a clearer picture, we will make calculations based on the amount of living space required for one person. If the family consists of two people, then simply multiply the expenses by two.
A one-room apartment is enough for one person, renting it will cost you about $1,500 (RUR 105,780) per month. The average American can afford to rent a good apartment in a bedroom community in Los Angeles.
Utility bills $100 (RUR 7000)
Internet + cellular $150 (RUR 10,500).
Medical insurance $200 (RUR 14,000)
Expenses for groceries and hygiene products $500 (RUR 35,200)
All prices are calculated, considering savings and only for necessary expenses.
The average American with an average salary, after deducting necessary expenses, should remain $1170 (RUR 82,500), which is $14,040 (RUR 990,100) annual savings.
Considering today’s bitcoin price, that’s 4.5 years of persistent savings, excluding the increase of the cryptocurrency exchange rate. Of course, an American can also afford to spend on vacations, which we did not include in our calculations. This will not greatly affect the period of savings, it all depends on how often and with what scale he will have a vacation.
Russian Federation
Russia is the largest country on earth, rich in minerals. It is one of the world’s leading suppliers of energy resources.
In Russia, according to data for September 2021, the average salary was $470 per month (RUR 33,144), after taxes.
Unlike America, education and medical services in the Federation are included in the monthly taxes citizens pay from their salaries.
In Russia, we will calculate according to the average prices in the regions, as they differ greatly from those in the capital, which could lead to false data for the country.
One-room apartment rent — $227 (RUR 16,000)
The national average utility bills are $57 (RUR 4000)
Groceries + household chemicals will cost $100 (RUR 7,000) per person per month
Internet + cellular communication, on average, in the country is $15 (RUR 1000)
As a result, the average Russian can save $73 (RUR 5,150) monthly to buy a bitcoin. To buy one coin, a Russian citizen would have to save for 68.5 years. Which is not for everyone. Even if he works from the age of 18, he just might not live up to it.
Ethiopia
Ethiopia is the oldest country, not only in Africa but in the entire Middle Eastern region. Ethiopia is famous for its rich wildlife, stunning landscapes, and unique culture.
The average salary in the country is $125 (RUR 8,815) per month.
Unfortunately, with such a salary, the average Ethiopian cannot afford to save to buy bitcoin, because he would not have enough life to save up for even one coin.
The Bitcoin price is steadily rising and will continue to increase in the long term. But as everyone knows, the cryptocurrency exchange rate is volatile, and it is quite difficult to predict in any period. But this is also the advantage of cryptocurrency investments.
At the moment, only a citizen of the United States can afford to save up comfortably to buy one Bitcoin. He does not have to reduce his needs and give up spending on entertainment and vacations to do so. Even if you save about $300 every month to buy bitcoin, every average US citizen can ensure a comfortable old age just by investing in cryptocurrency.
The average citizen of the Russian Federation, subject to a complete rejection of entertainment and recreation, will be able to save for about half of the bitcoin and already safely spend it on retirement. The main thing is to have enough strength to do it.
As for the citizens of Ethiopia, they have nothing to do but look towards emerging cryptocurrencies and hope for their growth.
But the cryptocurrency industry is not just about investments. Its main driver is technology. And if you start to learn at least the basics of blockchain at this stage, you may not need to save money every month and deny yourself the pleasure of going to a restaurant. While blockchain is still in its infancy, everyone has a chance, because we are still just at the beginning of a long journey.
Source: https://freeton.house/en/how-much-to-save-for-bitcoin/
Free TON is a decentralized blockchain network that was launched by a community of developers and validators on May 7, 2020.
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