Topic: I choose Bitcoin (Read 676 times)
I would definitely recommend him to invest in Bitcoin. Because these days many such fake platforms are coming out where they disappear at any time after we paying. Usually such fake platforms offer good things so that common people easily get addicted to them and invest money. Later they suddenly disappeared. This is why I recommend you to invest in Bitcoin. Bitcoin is still within 27k. Its value will be out of reach. Because Bitcoin will rise above 120k by 2025. If you want to invest, invest now before the value of Bitcoin goes out of reach. You can achieve great success in this.
So now I prefer to invest without intermediaries and not in any projects. I prefer live trading and Bitcoin with funds under my control. Of course choosing Bitcoin is the best reason. But there is a patient nature that you must master. Although indeed all types of investing require that skill. Maybe many people don't want to take a lot of risks by just keeping it. Although I did that, I also tried to multiply Bitcoin by trading with Altcoin pairs.
Trading is risky, only advisable to trade when one has a legit flow source of income. From day one, it has been bitcoin because it's a prominent project in the market, also popular. Deviating to trading other pairs might been dangerous because I've not gather basic knowledge about the project, I can only prefer to invest short-term with these altcoins because their lifespan is so short, take an illustration on the terrible incident that happen to Luna and FXT, I've learnt my lesson and I'm growing to become a better version of myself in the market. 
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...
It reminds me of the first month of the year, when a close friend was investing in a financial tool that offers 8% annually, i talked with him and told him to take out that money and better invest in Bitcoin, he decided to do it and buy them when the price was $16k... as you can see the year isn't over yet and he is close to double the investment. It was a risky move, we all know the volatility can be dangerous. But my friend is happy riding this wave, he feels like it was the best decision ever in his life. You or your friend are also in the right timing because $16k seems to be the floor price that BTC has this bear and as we can see the price only rise and never go below it. Who wouldn't be happy by that? Not only him but I know, you are also happy about your friend and happy about your self thinking that you help someone to make a better decision.
By far the best solution would be to convert everything to bitcoin. Make a transaction to a cold wallet so that no one can steal them. And it would be necessary to buy at the bottom of the prices that can be found based on those analyses. After all this, press the bitcoin increase. This is my storage method.
Of course, this must be the main focus and if someone is careless, someone can lose their wallet or reserves and their money will also be lost, especially now that hundreds of thousands of users are buying and selling Bitcoin and what we have to remember and pay attention to is that the government can start to regulate Bitcoin more aggressively and now many Bitcoin Transactions are made through applications and it is recommended to be more careful because payments cannot be cancelled. So, enter the correct Bitcoin address to send and receive bitcoins.
Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate, they offered to pay the interest upfront but the initial deposite would be locked in till the exact stipulated time. Though this may sound like a good deal I discouraged him from making this investment for the following reasons.
Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.
Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.
On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...
Please you should advice your partner not to invest his money into such a platform because it looks like a new trick to steal people's money. The whole thing looks fishy, this kind of investment could be likened to the devil who will give you shoes and collect your legs. Scammers are smart set of persons and they have high IQ. They are luring people to the platform by offering to pay all the interest upfront, while the capital remains with them until the time is due to cash out. I'm very certain when many persons have onboarded the platform, they will runaway with their money. He could invest the money in bitcoin, stocks, real estate etc. but not this platform because it's a scam.Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.
Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.
On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...
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Probably, the most reasonable thing in this situation would be not to buy bitcoin right now, but to wait for an even greater price reduction, because I believe that it will definitely still fall in price to $ 20,000. And if you buy bitcoins now, then with such a drop it will already be a small drawdown on the deposit. If we approach the issue even more seriously, it is better to leave several orders of flesh up to $ 8000, because I believe that such a drop is also possible and $ 8000 is the lowest redistribution, to which the price of bitcoin will then only increase.
That is why we should spend time searching and digging into a certain platform that offers huge ROI because most of them are false promises.
Well, choosing a single asset is not really a wise choice but investing in Bitcoin seems to be the safest one rather than choosing altcoins. In this case, I'd rather take the opportunity to invest solely in Bitcoin than have it shared with altcoins. Another reason is that investing in Bitcoin is not stressful, as long as we hold and keep our keys safely, we are secure and sure of profit gains.
Well, choosing a single asset is not really a wise choice but investing in Bitcoin seems to be the safest one rather than choosing altcoins. In this case, I'd rather take the opportunity to invest solely in Bitcoin than have it shared with altcoins. Another reason is that investing in Bitcoin is not stressful, as long as we hold and keep our keys safely, we are secure and sure of profit gains.
So now I prefer to invest without intermediaries and not in any projects. I prefer live trading and Bitcoin with funds under my control. Of course choosing Bitcoin is the best reason. But there is a patient nature that you must master. Although indeed all types of investing require that skill. Maybe many people don't want to take a lot of risks by just keeping it. Although I did that, I also tried to multiply Bitcoin by trading with Altcoin pairs.
It's wise to be cautious of any investment opportunities that promise guaranteed returns or high-interest rates, as they could be scams or fraudulent schemes. Always do thorough research and consider the potential risks and rewards before making any investment decisions.
Furthermore, diversifying your investment portfolio and not putting all your funds into a single asset or platform can help mitigate risks associated with the potential shutdown of a particular service or platform. It's essential to make informed and responsible investment choices.
That is why we should spend time searching and digging into a certain platform that offers huge ROI because most of them are false promises. Furthermore, diversifying your investment portfolio and not putting all your funds into a single asset or platform can help mitigate risks associated with the potential shutdown of a particular service or platform. It's essential to make informed and responsible investment choices.
Well, choosing a single asset is not really a wise choice but investing in Bitcoin seems to be the safest one rather than choosing altcoins. In this case, I'd rather take the opportunity to invest solely in Bitcoin than have it shared with altcoins. Another reason is that investing in Bitcoin is not stressful, as long as we hold and keep our keys safely, we are secure and sure of profit gains.
It's wise to be cautious of any investment opportunities that promise guaranteed returns or high-interest rates, as they could be scams or fraudulent schemes. Always do thorough research and consider the potential risks and rewards before making any investment decisions.
Furthermore, diversifying your investment portfolio and not putting all your funds into a single asset or platform can help mitigate risks associated with the potential shutdown of a particular service or platform. It's essential to make informed and responsible investment choices.
Furthermore, diversifying your investment portfolio and not putting all your funds into a single asset or platform can help mitigate risks associated with the potential shutdown of a particular service or platform. It's essential to make informed and responsible investment choices.
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OP, before someone decides to invest their money in Bitcoin, I suggest they should always know or have decided when and how long they are ready to hold on to their investment without any urgent plan that will require them to harvest their investment when the period of the investment is not yet due. Bitcoin prices can be very volatile, and that's what an investor should know, so that before they put their money into Bitcoin, they should have already known that it's a long-term investment they are venturing into, so that they will not sell off so quickly when the price is down, and if they do, they will be selling at a loss. If your partner has the intention of holding the money for a long time without the intention of spending it, then he or she can go ahead with your idea, but if not, then allow them to stick with what they know best. I know that Bitcoin is very good to invest in, but if you help some people get into it, they might turn to blam you at the end of the day because of the panic over the price fall.
Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate, they offered to pay the interest upfront ...
13% is a lot when it comes to € or dollars. Many banks still offer no interest. Fixed deposit can stand at 4-6%, I would believe. I recently heard that in europe it is smart to sell your car now and buy again in the next year, because the cost of gasoline is rising, the Co2 tax and more else. This could also save money, if it works. I always try to do something that not all people do, so that i have maybe a chance of a higher profit. Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate, they offered to pay the interest upfront but the initial deposite would be locked in till the exact stipulated time. Though this may sound like a good deal I discouraged him from making this investment for the following reasons.
Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.
Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.
On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...
Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.
Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.
On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...
It's the right decision to make a long-term investment in Bitcoin. In fact, Bitcoin has experienced an increase in price from its initial launch until now. Even though everything has risks, if Bitcoin is used as a long-term investment, it is very likely that the investment we make in it will provide unexpected profits in the future.
Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate, they offered to pay the interest upfront but the initial deposite would be locked in till the exact stipulated time. Though this may sound like a good deal I discouraged him from making this investment for the following reasons.
Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.
Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.
On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...
Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.
Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.
On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...
By far the best solution would be to convert everything to bitcoin. Make a transaction to a cold wallet so that no one can steal them. And it would be necessary to buy at the bottom of the prices that can be found based on those analyses. After all this, press the bitcoin increase. This is my storage method.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...
Therefore, I prefer to save bitcoins rather than deposits in banks. However, bitcoin still has its own risks if you don't know how to store it, it would be better before choosing bitcoin, you have to learn how bitcoin works well and choose a wallet with strong security to store bitcoin.
Passport is a very good alternative, it is also open source, you can go through this link for a list of open source hardware wallets[1], and there is also another compiled list for airgapped hardware wallets[2], by the way, do your own research about the different wallets before making your choice.
Ledger isn't recommended mainly because of the recent feature they added to their devices, which is the ledger recover service[3], they have also been exposed telling lies that they are open source[4], i think it is very important that everyone avoids a ledger hardware device. As for Trezor, it is open source and surely not as bad as Ledger, but they have implemented CoinJoin solution using the Wasabi implementation, that spies on their customers' utxo before either blacklisting or accepting them to participate in their CoinJoin.
[1] https://bitcointalksearch.org/topic/m.55583288
[2] https://bitcointalksearch.org/topic/m.58004091
[3] https://bitcointalksearch.org/topic/m.62251240
[4] https://bitcointalksearch.org/topic/m.62891890
Ledger isn't recommended mainly because of the recent feature they added to their devices, which is the ledger recover service[3], they have also been exposed telling lies that they are open source[4], i think it is very important that everyone avoids a ledger hardware device. As for Trezor, it is open source and surely not as bad as Ledger, but they have implemented CoinJoin solution using the Wasabi implementation, that spies on their customers' utxo before either blacklisting or accepting them to participate in their CoinJoin.
[1] https://bitcointalksearch.org/topic/m.55583288
[2] https://bitcointalksearch.org/topic/m.58004091
[3] https://bitcointalksearch.org/topic/m.62251240
[4] https://bitcointalksearch.org/topic/m.62891890
Thank you for the detailed information on the different hardware wallets. It's good to know that there are alternatives like Passport that are open source. The links to the lists for open source and airgapped hardware wallets are also very helpful.
It is indeed very important to do thorough research before making a choice. Your concerns about Ledger and Trezor are also valuable and should be taken into account when making a decision. I will read further into the HW alternatives.
Yes because depending on the price of bitcoin, the value of altcoins increases and also a deep understanding of the cryptocurrency market is always recommended before investing money. First learn about bitcoin ethereum and other famous cryptocurrencies. Then read about their uses and future prospects before taking any investment decision. Bitcoin has been much more stable over the years and the next half is fast approaching. Considering the current market conditions now may be the right time to invest but you need to be aware of the risks.
The rate of altcoins failing is high because most of them just rely on bitcoins and they are all waiting for bull runs, whenever their price increase, they don't have consistency because it won't last forever and at the end of the day, they are just simply waiting for bitcoin price to rise. therefore it is really recommended that if you have multiple choices on where to invest and you are confused, it's really nice to stick with bitcoins and you don't need to worry about a sudden trap like what most altcoin investors suffered because they ended up losing their money when they thought the altcoins they choose was the right one but it's a pump and dump coin which is a common scam in the crypto community.
I agree with you life is risky but not all risks in life are worth taking. Alt coin is very risky. It has the possibility of losing everything. But if you want to invest in alt coin, you can invest in the first row. But I would say if you want to invest for long term then invest in bitcoin. Bitcoin is a medium of reliability. And if you are a beginner then invest in bitcoin. But it is also true that many people have benefited a lot by investing in alt coin. The more the risk and the more the profit. But For securing your fund Bitcoin will be the best choice.
The risk depends on altcoins. Memecoins definitely have high risk I don't think is worth taking. But ETH, for example, is not the worst option. I just think that you need to mostly focus on Bitcoin and buy altcoins if you're feeling fancy.
Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate, they offered to pay the interest upfront but the initial deposite would be locked in till the exact stipulated time. Though this may sound like a good deal I discouraged him from making this investment for the following reasons.
Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.
Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.
On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...
Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.
Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.
On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...
In my experience, giving people financial advice is nothing but a recipe for disaster. You could, in the end, even be legally sued if the person in question makes a loss and decides to blame you. I do not recommend it. Personally I have never heard of anyone I know getting in legal trouble for giving bad financial advice but it can happen.
You can recommend Bitcoin and name all the reasons why you think it is a good investment but if the person is dubious, there is no point in trying to convince them. Sooner or later they will realize the potential of Bitcoin by themselves without your help. And it will be less of a headache for you.
People need to feel like they discovered an investment opportunity for themselves.
Legit or reputable companies don't offer that much (13%) but scam does in order to encourage people to put their money into them.
Good decision to decline that offer but I wasn't sure that choosing Bitcoin would also be a great idea. And I tell you why because even though Bitcoin is profitable if you can't manage it well, that will incur losses also. If ever you do this better see yourselves first and how prepared you are because many people lose their money due to lack of knowledge. You can't jump into crypto without any idea what is all about and how it works.
Good decision to decline that offer but I wasn't sure that choosing Bitcoin would also be a great idea. And I tell you why because even though Bitcoin is profitable if you can't manage it well, that will incur losses also. If ever you do this better see yourselves first and how prepared you are because many people lose their money due to lack of knowledge. You can't jump into crypto without any idea what is all about and how it works.
Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate, they offered to pay the interest upfront but the initial deposite would be locked in till the exact stipulated time. Though this may sound like a good deal I discouraged him from making this investment for the following reasons.
Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.
Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.
On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...
Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.
Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.
On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...
Most of the time when we give advice to someone, we want the best for them, but when it comes to money, I wouldn't give advice. Because we don't know what they want or need, we are not them so we cannot impose our thoughts on them. Bitcoin does have huge potential but not everyone wants to invest in it or can withstand its volatility. According to what you said, your friend doesn't know what bitcoin is, so you should instead teach him about bitcoin before giving him bitcoin investment advice.
I like the fact that OP was quick to open up, it has at least laid a foundation of trust wherebeit the friend can easily listen to him ones he starts iterating him on the subject, pros and cons of Bitcoin and the cryptocurrencies market in general.
Since advice is free, it is better to give advice first and if he keeps coming back for more knowledge, he would definitely invest and not hold you responsible even if the market crashes. BTC ain't crashing anytime soon just for clarification.
What makes you think OP has achieved financial independence or is someone who has made big money investing in bitcoin? Or is he just newbie to the market and starting to accumulate bitcoin?
Depending on each person's perspective on life, some people will be very open when giving advice, while others will not. I'm not looking for trouble so I won't give investment advice, but if they want to learn about bitcoin then I'm ready. If you can be responsible for someone, you can give them investment advice.
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