Topic: I choose Bitcoin - page 4. (Read 666 times)

No one should trust everything online, especially when it comes to giving out money to someone without knowing the person. The interest is too high to be real and this online bank can run away with your money, when they see that the time to pay you back is close. You should ask your friend if he doesn't need the money over a long period of time and if he says yes, you should encourage him to invest in bitcoin. Make sure you teach him the basic knowledge of bitcoin and the right wallet, like electrum wallet to keep his funds, because it is an open source wallet. Bitcoin is the best for him to invest in, since fiat currency will depreciate when kept in the bank but bitcoin is an hedge to inflation and is a safe haven.

If I tells you about my own experience I had never trusted these type of apps, as you will be already familiar with an app MTFE, that was on the google play store and most of the people had invested there, even in my area, there were a lot of users who had invested in this app, and the gives them some interest for some months, but after some months, the app owner had stole all the users' money, and now the app owner is going to tell them, they have to invest more. So, the app that gives some interest is not good at all in my opinion. At the start, it looks good, but after some time, it turns into a loss.

Depending on the value of currency in each country, there will be different interest rates. In my country, there was also a time when bank interest rates went up to 9% during the inflation period and then returned to the normal 6% level. Therefore, there will be no banks setting high interest rates to scam people, and all banks will be managed by the central bank.

I also really disagree with many people recommending bitcoin to someone just because the halving is approaching. It's like we're just directing them to speculate in bitcoin, not contributing to making this bitcoin revolution stronger.

The Central Bank of any country regulate interest rates so no bank will offer 13% if the apex bank has approved less than that. Commercial banks are strictly regulated in my country because customers deposits are insured. Bitcoin is a long-term investment because the price is highly unpredictable. Sometimes you will have to readjust your Bitcoin investment plans because the price didn't go up as planned. Nobody can predict what the Bitcoin halving will look like,  it might be prosperous or otherwise. I will not introduce somebody to bitcoin because of the predictions of next year's halving.  It is better to convince people to invest for a long time in Bitcoin. But nothing is impossible, one can be lucky to make quick money from the next year halving.

Already sound a scam when you mentioned they will lock up the initial deposit with 13% interest rate. Please be careful in investing your money online where mostly of the platform are scam or hack, where once you gave any information, they could hack your bank accounts draining it. If you are planning to invest your money on a bank, it would be better to walk-in to avail so you could be assure than in online. But there's a lot of investment that you could do not only in Bitcoin like real-estate, forex, business and etc. I hope before you guys invested at Bitcoin you already have the knowledge and background to start with, so you could avoid unnecessary losses in the crypto industry. Since you are the one who introduced Bitcoin to your friend, it might not happen but it's possible that whenever thing are not going too good, your friends might point the blame to you.

In my country, banks are only allowed to provide a maximum fixed interest of 3% and above this amount customers must be careful because the potential for the bank to fail to pay is greater. So the 13% fixed interest offered by the bank seems quite risky because the interest is quite large for the banking platform to offer and it is possible that they will fail to pay their customers.
So compared to depositing money in a bank with a fixed interest of that amount, it is better for your friend to put some of his money in Bitcoin and wait until the halving because it is possible that the price of Bitcoin will increase next year.

It is how good they wanted you to be trapped or your partner in this investment , Imagine giving directly the Initial interest and your money will be locked for a certain period of time?

then your partner only giving them the chance to use her money to do whatever they wanted while you will have no power over that money.

this is how good crypto investment , because while you are the one who keeps holding your  funds , and you still have the power to where to invest and how long and how much you wanted to earn.

It is good if your classmate invests wisely when you impart some knowledge about Bitcoin. You will never force him but definitely blame you if he suffers a loss investing in Bitcoin in the future. That's why the first thing you should do to educate a loved one about Bitcoin is to talk to them about Bitcoin as much as possible. If he is interested in investing in Bitcoin by following that discussion and considering the negative and positive aspects of Bitcoin, motivate him to invest. Moreover, if your friend takes advice to invest later knowing the volatility and risks of this Bitcoin market, it is his personal matter. But I would recommend these people to invest in Bitcoin who have little understanding and knowledge about Bitcoin. Ignorant people should never give advice about Bitcoin but they will just run it off and play it off as ridiculous. So I would like to advise all people who have knowledge and experience about Bitcoin and are interested in long term investment, so that they can get good amount from Bitcoin in future.

I don't give financial or investment advice to people, if someone i know is looking for a long term investment and asks for my opinion, i would just give them a couple of investments i think is good, without actually telling them to invest on this or that. I know you may think it is great to tell people to invest in BTC, and it may actually be great, but i don't do it, i believe people who don't understand BTC shouldn't be buying it in order to hold it for the long term, that's because they are going to make a mistake and lose it. People lose coins everyday and i would not want one of them to be someone i encouraged to buy BTC.

If it's online banking with a 13% return, what I can say here is that the scheme is obviously a scam, and it's also online, so investors don't have much of a fight when that happens. What bank is your friend referring to anyway? Today, you gave a suggestion where, although it is also an online investment and quite volatile, you somehow explained the risk and the advantage as well.

There is nothing wrong with giving suggestions anyway; in the end, the decision is still up to your friend, and he is the investor. And then, so that you don't think badly about it, tell him not to invest if he doesn't understand; instead, he should do an investigation about Bitcoin first so that he himself will convince himself to invest in it. Just give him a background feed on the pros and cons.

@OP, it is a good advice but make sure that your friend will have enough knowledge about Bitcoin so that when it come the time that Bitcoin paper value decreases, your suggestion won't back fire to you.  There are lots of instances between friends especially in investment when the value of the investment plummet, the investor blame the one who suggested the idea and even create misunderstanding.

Having your friend to be informed and make him understand the volatility of the market and prevent the situation where your friend blame you during the Bitcoin price crash.  Remember @OP Bitcoin is not always an uptrend journey.

In as much as we hate centralized systems, bank in particular, still it’s better for me to put in my money into a recognized and register bank which offer just 15% annual profit than for me to go into some online platform which gives an offer which appears too good to be true, this is if I have least option and centralized system is all i gat if not.

If am not in a hurry to use the money I should not think about ROI first but what I will consider first is what how to escape inflation a little and how can my money be safe in my hand and ready to use when ever I want to make use of it, and this can only lead me to considering bitcoin as one of the only option which will help me all the way to achieve that goal, it’s better to save in someone your capital will be safe than to chase ROI and lose the whole thing. I respect and support your decision of not putting in that money for security reasons always look for anything that will give you full control over your funds.

As much as the offer sounds enticing, one principle that has kept me disciplined is the fact that:


Just two days ago, I saw a company that claims to be a reputable credit company offering a similar deal as OP; 23% per annum with the full interest paid upfront.

Apparently someone later revealed they're a loan shark that takes 232% per annum interest when someone takes a loan from them. I believe that is how they make their money to attract bigger investors to patronize them. The flow:

1. Someone invests in them for 23% per annum.
2. They give out these investment funds as loans charging 232% interest for repayment.


 

First, the interest rate being offered by this company is suspiciously high and that’s a red flag. Traditional banks do not give such interest rates, I wouldn’t trust an online savings platform to put a timelock on my money. Secondly, I wouldn’t give financial advice to relatives or friends, it’s bad for relationships but in your case it’s your partner and the financial decisions he makes will affect your home. Bitcoin is less scary than this investment your partner was going to make. You just have to educate him on the fundamentals of Bitcoin so he doesn’t get fomo when he reads a blog or article that says something negative about Bitcoin

Hmmm, the 13% interest rate is unlike for a traditional bank, and you don't get to see any bank that will agree to offer that except they have a hidden motive thereafter.

it is as a result of the volatility of bitcoin price that we advise that we shouldn't give financial advise to people that have no understanding of crypto to invest their money because the market is completely unpredictable. But the good thing is that in your case you have a good knowledge about bitcoin that you can to the ground explain so well to your husband how it works.
Since the plan it's aimed at a long term investment plan then it's fair enough that you'll be making profits based on my knowledge of bitcoin you can hardly not make profit under a long term investment. Even in a medium term you're still in the cards of making profit especially at this epoch stage of bitcoin halving to come.

Like everyone else said that 13% interest rate can be a trap because the banks that offer such high interest rates may be frauds or they can be bankrupt anytime. I think you gave a better advice to your partner because those banks are offering such high interest rates to hide something that you and your partner aren't aware of yet.

I believe that investing in Bitcoin is safer option for your partner because Bitcoin isn't controlled by a third party and each 4 year it's value can grow due to halving and bull market. The current time is the best time for Bitcoin investment because in 2024-2025 the price of Bitcoin is expected to give the holders at least 100% or even more profits. Some people predict that in next bull run we may see another ATH in the price of Bitcoin and a few predict that Bitcoin will go above $100k.

If suppose its price reaches even $90k then you and your partner have made more than 200% profit from the Bitcoin investment. And when we compare it to the amount of interest that you and your partner get from that bank's interest rates then that's less than 30% and that gives us a clear picture that how good Bitcoin is for the investors.

Your points about fixed deposits and the potential losing of its actual value is true. Yeah, your friend might get the money but it's only the interest and what's next? His principal money will be locked for how long? a year, two years, three years or more?

That interest won't even be enough to buy some wants that he got and then his money will be kept by the bank for a long time losing its value and inflation is uncontrollable plus the taxes from the interest he'll get.

These fixed deposits are for conservative people that don't have appetite to take risk and speaking for my own personal experience, I don't have alot of money in the bank because I chose to keep it in Bitcoin and I never regretted that move.

I'll also say the same thing but we have to remember that every person has a different risk management. We can easily say about Bitcoin's volatility because we've taken that but if the person you're talking too isn't the same as yours upon taking risks.

Then, it's better to just direct them with investments that have lower risk like bonds or these fixed deposits but let them know that don't put all of their money in the bank because unexpected things can happen.

Hmm, 13% interest rate is already showing red flags not to go ahead and invest in such platforms. Financial Companies like this give you enticing offers to lure you into investing with them and this looks too good to be true, he rather not go ahead than later going ahead with the investment and regret it later.


Inflation is something to consider in a case like this, and since you know how your country currency is losing value and may not worth anything at the stipulated time to take his money, it is better he doesn’t even try it. This is a risk not worth taking. Where this pains the most is the fact that you’ll assume that you’re some amount richer whereby in the real sense you’re not just different from the way you are currently.


With what you explained above on how the platform operates and give out this high interest rate. I can easily conclude that they will exit the business in a short time when they are able to gather a lot of money from people’s investment. So, it is better not to even give a trial.


I would say he should invest in bitcoin because as long as this forum is concerned, we are all bitcoin enthusiasts and will love to see people invest in it to increase its widely use and adoption and not for just them to come and enjoy the benefit of long term investment which is an added benefit when they invest in it. Bitcoin is volatile but can get you more security of your funds if you invest through the right channel while waiting for your funds to grow for the long term.

Well as a financial advisor myself, I would have handled this very differently.  First off, I can't imagine anyone issuing something right now that promises a 13% gain.  What kind of product was this, and what country?  Also how long were the terms for this 13%?  Looking at say CD's, bonds, annuities etc, there is absolutely nothing out there guaranteeing 13% for any length of time.  Now there are some products that might be this high, for instance something like an Equity Linked Noted...but the note coupon can lose money if you fall under the "barrier", as well as they can "call" the note which cancels it and they pay your principle back.

Recommending someone put money in bitcoin versus what he was looking at is probably two very different things. For any proper advice give, you need to know the persons enitre financial situation.

It's not that tempting when an offer like that comes to me even though the interest rate is up to 13%.
If my partner comes and offers investment in something other than the country's currency, for example he comes offering land investment, maybe I will consider it as a decision.

Before I ask him to invest in Bitcoin, I will try to find out whether he has knowledge about Bitcoin and how interested he is in Bitcoin investment.