is it risky to turn all my money to bitcoins? - page 162.

Sithara007

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Quote from: proTECH77 on October 14, 2017, 12:53:17 PM

There is a saying that goes "Do not put all your eggs in one basket".
It would be really depressing when you turn all your money into bitcoin and eventually it got stolen through one means or another. So I would advise not to turn all. It is actually risky.

There are multiple risks associated with Bitcoin. Some of them are:

1. The governments may declare the possession of Bitcoin as illegal and may ban the exchanges
2. The exchange rates can go down drastically and stay there for many years
3. The coins can get stolen
4. Tax authorities may seize your coins
5. You can lose access to your wallet.

franco123

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For me its very risky. Given the fact that Bitcoin is volatile and the govenrment does not yet fully accept Bitcoin, putting all your money into it may break your financial status. As the saying goes, dont put all your eggs in one nest, theb you should put your money in some other investments as well.

There are a lot of other investment instrument than Bitcoins. You can try stocks or bonds which talks about rates also or be an active forex trader. Or if you have bigger amount of money, create a business or be a bulk buyer and investor of real estate.

francesyrus

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Quote from: jonathan6655321 on October 05, 2017, 05:15:45 AM

is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!

Definitely it is risky to convert/invest all your money into bitcoin, there are circumstances that when you need real money and suddenly bitcoins' value is decreasing you will lose some. It is better to invest save some of your money on bank and let it grow there.

shadow404

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it is not dangerous even better if your money is not in your bank invest for bitcoin as an additional in the future, in bank your money only stay and will not increase but bitcoin if you invest for trading it can return in keliapatan 2 - 5x

VeeraS

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Quote from: jonathan6655321 on October 05, 2017, 05:15:45 AM

is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!

Of course. but very worth the profit that can get. because that's what we have to know the risks that will occur. besides that you have to have a lot of knowledge about crypto and bitcoin. so you can minimize errors that can happen anytime.

Sketztrophonic

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Quote from: jonathan6655321 on October 05, 2017, 05:15:45 AM

is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!

Yes it's risky. Because the price of bitcoin is unpredictable. I read some article that a man sell all his properties just for investing all to bitcoin even his house he sell it. Some call him crazy. You don't need to invest all your money to bitcoin very risky to do that. Just make it have don't invest all so that in the time that you need money you have savings.

singularityisnear

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It is risky, and of course not a good idea. Even though there are so many signs that it can be a great long term investment, if you have all your money in it, you may end up acting in an emotional way when Bitcoin experiences big drops in price. And if you have to cash out because of your daily needs, you may have to do it at a loss.

kuyaJ

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It is risky but you can earn bitcoin in some campaign so when you earn some bitcoin just think that you earn money on games so it cause an a little bit hurt when bitcoin does go lower. I suggest you can put your money in bitcoin in the perfect timing, if you sure that it was time to buy then buy.

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Quote from: jonathan6655321 on October 05, 2017, 05:15:45 AM

is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!

It really is, especially if you are talking about "all" of your money since Bitcoin is volatile and not yet legal to most of the countries. This also means that there'll be a limit on using it as a currency. Maybe, it would be a better idea if you'll only invest half of it. Indeed Bitcoin's market value is continuously increasing as years are passing by, but still, it is an opensource system and volatile which are risk factors.

sneeze11

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Quote from: Adbitco on October 05, 2017, 05:27:59 AM

It's not just risky but also not a wise thing to do. The wisest thing would be to have a diversified portfolio. Invest your money in various different coins or businesses for if you lose in one you can cover the losses from other coins or businesses.

I agree and also think that it's very risky and also not a wise thing to do on investing or turning all your money into bitcoins, but for me the wisest thing to do on your money is to hold a little of your money in a bank account, invest a little in bitcoin related businesses. Because you're not gonna be instant rich if you turn all your money into bitcoins.

JTASSOCIATES

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What ever it is if we want to invest we should play safely we should not depend on one aspect only even it is a very big profit making thing. we should at least consider the other mode of investment also. In my point of view if you are a short time investor you can try trading with minimum amount only always not to forget to book the profit.

So advise is invest your money in Bitcoin not whole money which you have in bank. It is not the matter of Risk or non Risk we should be very careful when we want to invest.

Crypdon

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I guess it depends if you're a real gambling person or like to play it safe. If you can live without money for a long time then go for it, BTC just keeps on rising! If you have to pay for things yourself, then don't risk it.

TonyFat

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at the moment this is a high risk, until all states have taken bitcoin and blockade completely.

Larva14

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Quote from: jonathan6655321 on October 05, 2017, 05:15:45 AM

is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!

Do you have what it takes to invest in bitcoins? Do you understand the risks of that decision? Do you have any idea what will happen if you convert all your money for bitcoin? NO? I'm not saying it's wrong to invest in bitcoin; it's a good thing to do especially now before it's too late. But don't be a fool. Keep something where it is secured from economical factors. You should be financially stable no matter what. Investing in bitcoins requires time and patience, and with that attitude I can see in your question, you might need to reevaluate your financial decisions.

FasTroy

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Quote from: abitCrypto on October 14, 2017, 12:26:33 PM

There is always risk attached to any kind of investment, make sure to check your comfortable level. Be comfortable with the amount you are ready to lose however with high risk you can also get high reward.

That is right, It's risky to invest all your money in one thing like cryptocurrencies. So you should split your investment in different domains, so you can increase your chance to make profit at the end.
By the way, investing in bitcoin is one of best investement nowdays, as we see that bitcoin price increase each period of time that it make it very good domain to invest.

sunno330

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Quote from: jonathan6655321 on October 05, 2017, 05:15:45 AM

is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!

Yes bro, it is Risk. Main reason this is cryptocurrency. You are not sure that it will stand still or pumping more and it will be available on market. It can go out anytime, but not sure. Try to make a step by step forwarding.
Thank you. Best wishes to you Wink

. Best of luck.

Mr.Anonymous

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Quote from: Bagaji on October 14, 2017, 12:13:07 PM

Quote from: jonathan6655321 on October 05, 2017, 05:15:45 AM

is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!

Well, to some extent I will say it is risky to convert all your money to Bitcoin because of the volatility of Bitcoin. For now there is no certainty in Bitcoin, so I will advise you to convert all your money to Bitcoin, but it will be more rational and less risky if you convert up to 30% or 40% of your money to Bitcoin.

You do not need to spend a lot lof money to invest into Bitcoin like that, if you can not be sure the future of Bitcoin, you just need to hold a little amount of Bitcoin to avoid the situation you will feel regret because the past you was not hold any Bitcoin in your wallet if its value increases.

Rana590

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Quote from: jonathan6655321 on October 05, 2017, 05:15:45 AM

is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!

I think it is risky to convert your all money to Bitcoin where it is not your fiat currency. On the other hand, there are many country where Bitcoin is not legal. You can't use it at the time of emergency. So don't do this.

proTECH77

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There is a saying that goes "Do not put all your eggs in one basket".
It would be really depressing when you turn all your money into bitcoin and eventually it got stolen through one means or another. So I would advise not to turn all. It is actually risky.

Gauravbhargava

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Quote from: cah ndablek on October 14, 2017, 12:18:13 PM

if I think it is very risky if the money you have everything is stored in bitcoin because it is likely there will be thieves who do not want to be responsible for his behavior.and you could have experienced an unexpected loss before.

you have to take a risk when you want to make a profit, Bitcoin also a risky place where you can make a handsome amount of profit within a short time period. but this is the most profitable platform for business. I think if you have a good understanding then you can gain a large portion of profit by investing your money.

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