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Earlier quoted context omitted.
How is that any different from US dollars? https://www.theguardian.com/global-development/2017/jan/16/w...
US dollars are mostly invested in financial securities which have hard assets like factories and real estate. Bitcoins have no hard asset backing them up. They are based on "irrational exuberance".
What rings out for me, is why do you only have 1k to invest? There could be a lot of reasons ranging from living in a low income country to having been recently divorced.
How old are you? What is the ultimate purpose of the money? Is it for retirement in 40 years time, or to buy a car next year?
Are you likely to have more $1k's in the future to invest. Is it cash in the bank or coming from your salary this year.
What country do you live in. What is your tax bracket?
Can developing your skills earn you more money?
Do you have debt? Is is tax deductible? High interest?
Do you like to gamble on a long term payout (maybe a cryptocurrency would be good) or would you really HATE losing that money at any cost (perhaps a savings account).
Etc.
As a general recommendation, if you don't know what to do with $1k - keep it in a savings account (or offset your mortgage if you have one) until you know what to do.
Educate yourself about the stock market, it will take much less money and will help you in the long run... who knows you might even get really interestedly and could change your life... I am building stock trading robots and it really gave me my freedom and the FY money everyone should have to be able to pursue their dreams...
Probably invest in yourself. 1) Buy books about programming / machine learning / etc and read them. Add some online courses to get some practical knowledge. 2) Flight ticket & hotel to go to some interesting tech conference and do some networking (this can lead to opportunities later). 3) You could also buy some new hardware for development, if your current gear is getting old and clunky. This also is good long term…
Once you evaluate your current situation, which some of these questions others have asked or alluded too, the general strategy for how to optimize savings is pretty easy. Everything else is just how much risk you're willing to incur for potentially greater returns.
Use that money to buy hosting, domains, etc. for side projects. Try to build something that makes money, but don’t worry too much about that. Just having the administrative structure ready will make it much easier for you to find productive ways to spend free time. That could mean freelancing or building side projects. The important thing is that once you’ve got the LLC you can just focus on code, and you have a legal umbrella under which you can release any new projects you decide to build.
Educate yourself about the stock market, it will take much less money and will help you in the long run... who knows you might even get really interestedly and could change your life... I am building stock trading robots and it really gave me my freedom and the FY money everyone should have to be able to pursue their dreams...
In one of your previous post you mentioned using python. May I know your roadmap of learning the python and using it? Not asking you to divulge your trading strategy.
Put $300 toward the administrative cost of opening an LLC or your local equivalent. Put the remaining $700 into a bank account for the LLC. Use that money to buy hosting, domains, etc. for side projects. Try to build something that makes money, but don’t worry too much about that. Just having the administrative structure ready will make it much easier for you to find productive ways to spend free time. That could mea…
I wouldn't spend on an LLC or domains before he has to.
I do agree investing on trying to build something, but there are a lot of free resources before having to spend money.
Put $300 toward the administrative cost of opening an LLC or your local equivalent. Put the remaining $700 into a bank account for the LLC. Use that money to buy hosting, domains, etc. for side projects. Try to build something that makes money, but don’t worry too much about that. Just having the administrative structure ready will make it much easier for you to find productive ways to spend free time. That could mea…
That sounds like putting the cart before the horse. I wouldn't spend on an LLC or domains before he has to. I do agree investing on trying to build something, but there are a lot of free resources before having to spend money.
Easily one of the best investments you can make in your technical education and continuous learning.
It will also help you with leveling up so you can make one of those products/services other commenters have mentioned.