As a currency model, bitcoin is second to none. Decentralized, controlled by the public, and accessible to anyone worldwide, the flexibility of BTC is what makes it so desirable to millions.
While bitcoin has no intrinsic value on its own, its market valuation of almost $120 billion as of July 2020 indicates just how many appreciate what it means for a financial industry that’s been stagnant for centuries.
Just like any form of currency, however, bitcoin is not immune to market fluctuations. While the past few years have seen an overall rise in value for BTC, there have been times when the market has dropped. 2020’s novel coronavirus has drastically impacted the investment market across a number of cryptocurrencies, and bitcoin hasn’t been completely immune.
Fortunately, there are ways to safeguard against bitcoin price drops in the future. With careful planning and patience, you can make your bitcoin work for you, and experience consistent gains even when the market is at a low point.
Diversify or HODL
While many bitcoin investors buy coins purely to hold on to for the long haul, there are several that frequently trade their coins as their market value rises.
When trying to protect against a price drop, consider depositing your holdings in a guaranteed interest generating account like ours here at BitLeague — or be ready to pull out a portion for diversification. Like any other currency, bitcoin does suffer losses. When bitcoin’s price seems to be falling, cashing out for greener pastures, and returning when it’s on the uptick can be a great way to minimize losses. Of course, as a crypto bank that works with thousands of individuals looking to protect their assets, we strongly advise investing in a term deposit plan that earns you interest no matter what — so you don’t have to withdraw. If you don’t have the patience for a term deposit plan, or you simply don’t want to see the value of your assets decreasing, an impending price drop could be a great opportunity to consider diversifying.
Minimize expenditures on your BTC
There are many well know BTC platforms that actually charge fees to buy, sell, trade, and deposit bitcoin. If bitcoin prices are decreasing, paying these fees as well is only taking more money out of your pocket. To protect against a bitcoin price drop, minimize your own unnecessary spending by making the switch to a fee-free platform that doesn’t charge you for your own assets. While you may not be able to control bitcoin’s price fluctuations, you can certainly control additional spending that’s coming out of your own pocket!
Focus on gaining returns no matter what
With the BitLeague term deposit program, you can protect your assets by storing them somewhere they’ll always grow. Our guaranteed return model provides up to 9% in year over year returns for our longest plan, with large returns for all other plans as well. With plan options ranging from 3 months to 36 months, there’s a solution for just about any scenario you could think of. There are very few free bitcoin platforms offering the level of guaranteed returns and user autonomy that come standard with BitLeague!
Safeguarding your hard-earned bitcoin against the next price drop doesn’t have to be difficult. Minimize your expenditures, HODL, or, if all else fails, diversify your portfolio to limit the impact of a price drop on your holdings.
When you’re ready to enjoy guaranteed returns no matter what, visit us online to choose the deposit plan that works for you!