Topic: I choose Bitcoin - page 3. (Read 676 times)

The bitcoin was the unique one for the investors to keep their saving for the longer period.The bitcoin price is decentralised,So it’s easy to inverse at any point and get profit at the next all time high.Some people lose their valuable coin by doing the panic selling at the bear market.The bear market is the common one in all the investment platform like stock and the cryptocurrency.But the bear market should be used in the good way,So the trader can get the profit at the time of the bull run.

I am pretty curious to know in which country you live because 13% interest rate is a lot, and if the bank is offering that rate (assuming they are legit and it's not a scam) the inflation rate must be even higher than that! And in that way you would be only reducing the loss of buying power, buying bitcoin on the other end could make you lose some money at first (dumps) but in the long run is going to be worth it, you just need to be patient.

It is a question of risk vs reward. Bitcoin is a riskier asset with provisions of bigger gains, at the same time bank deposits are stable over years. Depending on what your country deems as legal you have to decide how much risk you are willing to take with bitcoin. If you are in a state where you might need liquid funds every now and then, bank deposits are ideal but always have cash at hand to spend. If bitcoin is accepted in local stores, invest more in bitcoin.

However, I am still waiting for the name of OP's "Bank" that offers 13% interest because that is something too good to be true.

You are contradicting your own words, if bitcoin is not an investment then what do you call it? Moreover, when you buy something and expect it to be more valuable in the future, you don't call it an investment, what do you call it? But I agree with you, bitcoin will give better returns if we hold for long term instead of just trading short term. There are still many people who make profits from trading, but I believe that if we compare the total returns of both, holding will give better returns.

For a long term investment I am going to advise them to choose Bitcoin. I strongly believe that in two years from now we are going to see the market go up like ten times more, and that's more than anything you will get from a fixed deposit in any bank.

So Bitcoin is the ideal for me.

Making a choice to invest in bitcoin for a long-term investment is not a bad idea. This l will say concerns this very period when the bitcoin halving is coming where you have the chance of making profit considering the bitcoin record. However, it may not be like that all the time. So you have study the bitcoin record and watch carefully how every situation of bitcoin is going before you make such investment. You can also make enormous research for other things best to invest in before you engage in such.

I agree with you: btc is suitable for long-term investment, I'd rather not call it an investment - it's more like buying something valuable... As for trading, it's quite hard to get profit out of short-term deals in cryptotrading. I think that btc can bring hodlers some profit in a couple of years, but most probably there won't be a dramatic price rise...

Someone who comes to invest at bitcoin is actually those who believe in the good potential of the resulting profitability. Its price volatility allows them to gain profits in the short term as well as in the long term, but bitcoin investments tend to be expected to be long term rather than short term investments.

I agree that the potential returns from bitcoin investments can exceed the profits from bank deposits, but someone who doesn't like risk and high volatility is not suited to bitcoin. Not everyone agrees with bitcoin for various reasons, but I hope they can change that mindset when they get involved with bitcoin. Some classic investors don't like investment instruments without physicality, so they won't suit bitcoin.

Am sure the friend in question asked because he could see how much financial independence or freedom OP was enjoying to a limit. Am sure he wanted same for himself since he intended to make an investment he knows nothing about.

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.

13% annual interest rate is a very suspicious, it's too good to be true. I guess you just saved your friend from a scam. I would say that suggesting him to invest in Bitcoin is a good move, but I think before that, you need to explain to him about Bitcoin and show him some article that relevant for why Bitcoin could be a suitable investment for him, and after that he can move on with his own decision. My concern is that if he just listen to you without fully understanding about Bitcoin investment, when the market crash he will blame you for losing part of his money.

Bitcoin investment is very important to us who are involved with Bitcoin. But people who are not involved with Bitcoin will not understand the importance of Bitcoin investment. If I had the OP's personality, I would first teach him about Bitcoin and then give him an idea of the volatility of the Bitcoin market. If he agrees to invest in Bitcoin after knowing everything about the ups and downs of the market, I will definitely make him invest in Bitcoin. But instead of keeping money in various online banking accounts, I think it is better to invest in Bitcoins. Because if you can hold Bitcoin investment for a long time, you can definitely earn hundred times more than the banking interest rate from here.

However, no direct offer can be made to anyone to invest in Bitcoin. If he is willing to invest in Bitcoin, then you can make him invest in Bitcoin. And if he doesn't like it, never invest in him because he will blame you for the rest of his life if he loses.

I'd be concerned about a 13% interest rate, I agree with Poker Player on that one.
The op did mention the fiat currency losing value, but I'd still be very careful with actually making that deposit. If it's losing a lot of value, it's important to consider whether it might suddenly lose way more, but you won't be able to do anything with it because of the conditions of that deposit.
With Bitcoin, you can always sell when you feel like things aren't moving in the right direction, so it's less risky. I'd rather invest in Bitcoin than give money to a centralized entity without being able to withdraw it for a fixed amount of time.

I will also advise him on investing in bitcoin using DCA every week or month.
He can determine the amount of money he wants to use to buy bitcoin and how long he will buy and keep it.
If he is not interested in investing in bitcoin, I suggest he buy gold based on the money he can afford.
If I didn't know how much money he wanted to invest, that might be my suggestion.
But if he tells me the amount of money, I may give other suggestions that he might accept, but my first suggestion is still to invest in bitcoin.

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.

Well, bitcoin is also a form of online investment and it also brings high profits, even very high, so if you tell your friends about it, they will also consider bitcoin as any online investment. Every form of investment has risks and it is our job to analyze the pros and cons of both. Don't just favor one of the two because if you only talk about the benefits of bitcoin, what will your friendship be like if his bitcoin investment fails? Furthermore, don't encourage anyone to invest in bitcoin, but give them complete information about bitcoin and let them decide for themselves.
If you don't want your friendship to break up, don't want to be blamed, never give investment advice to anyone, give them information, knowledge and let them choose.

Sorry did you suggested Bitcoin with the faith of your knowledgable ideas on how to trade on Bitcoin or was it as a result of you hearing here and there from investors on how profitable Bitcoin investments is?
Because trading is a platform that requires a basic understanding of the technology how the market works.

However, since you are both partners it is believed that there is a trust amongst you so in as much as you are recommending a business idea for you both, Bitcoin investments is the best reliable, safest and better rate of interests value.
Wait. You just said a Good sum" meaning it is a hug amount of money. So  I would suggest you go ahead with the Bitcoin  but as a beginner, you should start up your capital with a tolerable amount if by means the market doesn't go impressive as thought within a period of time because the reliable possibilities to grow in Bitcoin trading most especially depends on your patient.

It is a good advice if only OP partner can understand the volatility of bitcoin when it goes low, but Bitcoin still remain the best alternative for investment. If at all in the process of investment and the price falls their is nothing bad about it and no need to panic because the price won't remain low for ever. But saving the money in fixed deposit account even with the interest the bank will give it doesn't make sense because fiat is known as currency that Normally lose value.

Bitcoin is not a bad investment to grow  money if only one is good enough to understand the market and how it works. It is advisable for people who are not ready to face the challenge of the volatility of the market shouldn't border to invest in bitcoin.

We can not judge based on the interest rate offer by the platform since the writer refused to disclose the period of the investment and the amount involved. I'm personally not a fan of online platform investment due to their unreliability. Savings in the establish commercial banks will actually gives one peace of mind than bitcoin actually if you are scared of market volatility. Investing in this type of platform especially with the time lock is an idea that requires no second thought before it should be discarded. I ever had experience with one platform some years back on something like this, although, it was for a short period of time and the amount is not huge so I give it trial and unfortunately the platform crashed before the stipulated time I was supposed to withdraw both my capital and interest and I lost everything.

Offering financial advice is actually not too good in my opinion as the Op did. His friend or partner as he call him might eventually comes back to blame him if anything happens in opposite and back fire. In such situation, I do analyse both options available and the consequences attach to each of them and allow the person to choose disclaiming that I will not responsible for anything afterwards. Do not force anyone to invest in bitcoin unless they choose to do so at their own will.

For me, I believe it depends on the individual, to safe myself from stress I am picky on people I choose to advice to invest in Bitcoin, because there are some people that will never see Bitcoin as a good place to store or invest their money, till today some people still believe that Bitcoin is the biggest scam in the history of mankind, and because it's surviving now doesn't mean it won't turn into scam, this is what few educated idiots are telling me face to face, so I am not going to help those that don't need help, even heaven help those who help themselves. 

Do you want to learn something as cool as Bitcoin? Yes, it's possible, but actions speak louder than voice, if all you are good at is making noises with your mouth you won't change anything, be someone of interest in Bitcoin before I can spend my precious time on you, honestly today people don't need to be reached anything, just get on the internet and do some research on your own, no one was born with the ability of knowledge, we all came into the world and start leaning something.

Listen mate, it’s all about traditional banking system vs decentralised way of managing your finances. Now you have the option to choose where you want to put your money. Now both have their disadvantages and advantages. You need to analyse both before putting the money in correct place. There is no doubt that Bitcoins will give you the maximum returns, but along with this, the risk of getting loss also increases. Whereas in traditional banking system you have a fix rate. So I would say OP had done good thing, by opting for Bitcoins.