is it risky to turn all my money to bitcoins? - page 80.

Sithara007

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Quote from: E50M on December 13, 2017, 10:49:50 AM

I think it's very risky. I would turn some money into bitkoyn, and spend the other money on tasty food, clothes and rest. and suddenly you forget the password for your wallet?

Believe it or not. This happens quite often and sometimes people lose more than $100,000 worth of coins because of this silly mistake. And forgetting your password is not the only risk involved. There can be others, such as some hacker stealing your coins, and 2FA getting lost. We should be very careful while storing Bitcoins. Because now it is very valuable.

Sithara007

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Quote from: E50M on December 13, 2017, 10:49:50 AM

I think it's very risky. I would turn some money into bitkoyn, and spend the other money on tasty food, clothes and rest. and suddenly you forget the password for your wallet?

Believe it or not. This happens quite often and sometimes people lose more than $100,000 worth of coins because of this silly mistake. And forgetting your password is not the only risk involved. There can be others, such as some hacker stealing your coins, and 2FA getting lost. We should be very careful while storing Bitcoins. Because now it is very valuable.

Alok_Yadav

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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!

Invest what you can afford and you can survive even if that all would lost if you are thinking for safe side.

geegaw

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Quote from: Hobo66 on December 13, 2017, 11:07:10 AM

I would say no, I would not put all my eggs in one basket
the basket can fell and we lose all, Investing a fraction of money in bitcoin will
be fine. Its up to you if you would do so such a thing investing all your money, if you fell comfortable with it.

First, I agree with you not to put all the money in one place, if the bad situation happens, we will probably lose everything, this is the first rule I learned when I wanted to participate in investing. But bitcoin is really a very good investment, we can see its profitability and potential in the future, it still has a long way to go, and put all the money into Bitcoin, I think that's a pretty good decision although I know it is risky but I think it is pretty low, we can get a bigger profit ever with Bitcoin, opportunities only come to us once or twice in life, we should take advantage of this opportunity well, should not be afraid of risk and deny this good opportunity.

Hobo66

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I would say no, I would not put all my eggs in one basket
the basket can fell and we lose all, Investing a fraction of money in bitcoin will
be fine. Its up to you if you would do so such a thing investing all your money, if you fell comfortable with it.

Crypto Bloke

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If anybody really has to ask this question they must not understand what Bitcoin is/how it works.

Diversify your portfolio!

E50M

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I think it's very risky. I would turn some money into bitkoyn, and spend the other money on tasty food, clothes and rest. and suddenly you forget the password for your wallet?

ljm8888

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The code for bitcoins is open source, and anyone can modify their own programs, and anyone can change the upper limit. But as long as you modify the cap, the bitcoins won't be recognized by existing p2p networks. But if bitcoin is really in demand and there is a shortage of supply, that limit won't necessarily move -- as long as there are enough nodes to support it, the change will be successful.

JayT22

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its very risky,only invest what u can lose!u wont lose all ur money,bitc can crash to a few dollars again.
bitcoin is bubble when it burst u maybe gonna lose all ur money.

Harlot

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Quote from: digitalgame4life on December 13, 2017, 08:42:12 AM

Quote from: olatslodi on December 13, 2017, 06:10:47 AM

In my opinion, it is risky to turn all my money into bitcoin. Because the crypto world is volatile to the point that you won't know exactly when the price will go down or up. You can invest the small amount of money that you can afford to lose, so that you will not regret in the end.

Totally agree with you young padawan, never invest all your money into bitcoin, it has risen very much the last few weeks, and something that goes up must also come down, if you do invest a good amount of money you should invest into some of the better projects or altcoins, they have much potential and are way better than bitcoin if you talk about transaction fees and confirmations.

Additionally this guy is talking about his money from the bank which means it is his savings nonetheless. Never ever put all your savings on a volatile asset as it is really risky for your money to be there. Yes your money remains idle and depreciates overtime in the bank but it is better than making all your savings be vulnerable to big losses. Why not just try a portion of your savings in the cryptocurrency market first as it is better than going all in on something that is subject to too much of change.

Sithara007

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You can find my earlier post somewhere in this thread, where I warned the OP not to do any such foolishness. But now I just hope that the OP ignored my advice and went ahead with his plans. Because when the thread was created here in this forum (5th October), the exchange rate of Bitcoin was $4,300 per coin. Now it is $17,200 per coin.

InnMind.com

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The risk is probably not that huge. It's unlikely that bitcoin falls back to $700 but imagine you've sold your house and everything in it, bought bitcoins and then they fall only $1000. It's not a 10 000 decrease but still in your mind you'll be very disappointed because the loss will still be huge. Cryptocurrencies volatility makes them a very risky field of trading. Suitable only for those who enjoy risk

ambivvvert

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YES!!! To turn all your money into bitcoin is a very big risk. We are not sure on what future bitcoin has. You cannot risk all your wealth just because you saw the continues increase of bitcoin. Yes you can invest some huge amount in bitcoin, but not all your money. There are some other things to invest some of your money that give a sure profit.

Gladz29

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Quote from: Granxis on October 05, 2017, 05:30:44 AM

Certainly I will not recommend you to risk all your money, because it will negatively affect your personal life, you will have to constantly look at bitcoin prices. Maybe you'll see meaningless numbers in your dreams

Some people say that when you invest bitcoin you can take a risk. But it depends to people. But for me before you take a risk your money just think twice. Because its hard to find money in this day. Not all the time you can find money. But for me, when you invest bitcoin its not risky.

pwchan001

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Investing in digital coins can be very risky, I suggest you not to devote all your money to bitcoin. However, as mentioned by some users here, you can invest part of your saving in it. In this case Even if there is a big drop in the price of bitcoin, you still have something left.

Mumen Rider

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Well you have a bit of a point there but still it is risky. I mean what if you got scammed in some way? All of your money will be gone. If i would suggest a thing just put half of your money on bitcoin and try to win some. You need to keep some for yourself you see, it's hard to live without money.

digitalgame4life

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Quote from: olatslodi on December 13, 2017, 06:10:47 AM

In my opinion, it is risky to turn all my money into bitcoin. Because the crypto world is volatile to the point that you won't know exactly when the price will go down or up. You can invest the small amount of money that you can afford to lose, so that you will not regret in the end.

Totally agree with you young padawan, never invest all your money into bitcoin, it has risen very much the last few weeks, and something that goes up must also come down, if you do invest a good amount of money you should invest into some of the better projects or altcoins, they have much potential and are way better than bitcoin if you talk about transaction fees and confirmations.

decoder88

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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!

Agree. Turning money into bitcoin is definitely risky. In bitcoin the word risky is somehow always there. When you say bitcoin there are some risk you need to be considered and be sure to ready and have some enough knowledge on how you handle it. Bitcoin value is the one factor who make it very risky because if you turn your money into bitcoin and sadly the value of bitcoin dump, your money will dump too. You lose.

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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. All i can say is that it is very risky to turn all of your money to bitcoin because we all know that bitcoin today isn't that good in a sense of its value. But what is the main risk of turning all of your money into bitcoin? Well, you may end up losing all of your money it things doesn't come up good. Your miney will somehow dump if bitcoin value dump.

wjchong

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Yes it is risky to turn all your money in Bitcoin. You advised to invest some amount of your money in Bitcoin.

Topic: is it risky to turn all my money to bitcoins? - page 80. (Read 37346 times)