A bitcoin savings plan is a great way to invest in bitcoin on a regular basis in an entirely hands-off manner.
In this guide, you will learn what a bitcoin savings plan is, why it may be a good idea, and how you can set one up using Relai within minutes.
What is a Savings Plan?
A savings plan is a (typically automated) process of putting funds into a savings or investment account to save money for a specific financial goal, such as buying a house or a car.
A bitcoin savings plan is a savings plan where you regularly invest in bitcoin in a fully automated, hands-off manner using a dedicated service or app.
Many Bitcoin proponents believe that Bitcoin is the best savings technology of the 21st century.
In light of its mathematically proven limited supply and hard-coded deflationary feature, bitcoiners believe that its value will continue to go up as the cryptocurrency competes with gold and similar assets as an alternative store of value to traditional currencies.
What’s more, by putting money into bitcoin on a regular basis, you are deploying a popular investment strategy called dollar-cost averaging.
Dollar-cost averaging involves buying a fixed amount of an asset at regular intervals regardless of the prevailing market price. As a result, investors who dollar-cost average are less affected by market volatility. Additionally, they can build a large position in an asset over time (even if they are only investing small amounts).
Setting Up a Bitcoin Savings Plan with Relai
Setting up a crypto savings plan with Relai is incredibly simple and only takes a few minutes of your time. The process is simple:
- Download the Relai mobile app
- Type in how much you want to save in bitcoin each week or month
- Set up a recurring bank transfer (to Relai’s brokerage partner Bity with your specific Relai payment reference)
And that’s it! 😃
That’s all it takes to set up a cryptocurrency savings plan with Relai.