Topic: My personal savings now I will invest in Bitcoin (Read 871 times)

Bitcoin is safest among all cryptocurrency. Undoubtedly It'll be raise a lot in upcoming bull run. So investment with it, is good idea. Besides It'll be more great if you know how to trade but trading is very complex thing and as you mentioned, Bangladesh economic condition isn’t so good, so it is better to keep some money like $1k in hand cause if trade goes worng you can't sell until bitcoin reach that price from you brought (otherwise you’ll loss).  So rather keep some hand cash for your basic expense and emergency situation

It seems that the OP has a source of income from which he was able to save this amount, but I agree that I would not invest all the money in one direction. I would try to divide the available budget into several areas. You never know where you can earn more, somewhere you will earn more, somewhere less, but in this way you can eliminate the loss of all money, if something happens to the asset in which you invest all the money.

If you don't feel safe with the bank, you can convert your deposited money into Bitcoin if you want. If you convert your money into Bitcoin, there will be some risk of your money. If you can accept that risk, then of course you should invest your money in Bitcoin. After investing you may notice some volatility in the market every time, if you see volatility in the market you will not be disappointed you will just believe that the market will go well sometime. Investing in bitcoins involves some risk to your money, but you won't lose your money at all. But you have waited five years to accumulate your money so hopefully if you invest in Bitcoin you will invest with such time  you will be patient enough to invest for a long time and hopefully you will be very profitable.

you are in Crypto mate so i think it is much better to put more in crypto not just in bitcoin , lessing the Gold ,Bonds and Fiat to put in other altcoins may be one of the good interest than just purely in bitcoin and other government controlled options.
not these days because if is fluctuating for months now  but indeed that it is a perfect decision to invest now.

I want to say, This is a good decision of yours. Currently, due to the high demand of Bitcoin, its value is increasing day by day. As a new member in the forum I will tell you if it is your real savings then you invest half. Keep the other half as something you may need. Bitcoin will surely give you good profit, that is expected.

I think it's wiser to do what is considered the best, and I totally agree that currently investing in bitcoin is very profitable if you really want to compare it to interest from savings or bank deposits.In investing in bitcoin, it takes quite a long time to generate maximum profits, in contrast to banks, which can be obtained at any time. In bitcoin, you can also make short-term trades, but it requires expertise because if it's wrong, it can actually be detrimental. 

Banks are still very much needed by many who want to be able to get convenience in making every transaction. It is not easy to eliminate the need for banking because traditional banking transactions are still needed. So I think there are still many who need and rely on banking, and it is not easy to change this habit.

Your decision to invest in Bitcoin in right because in current times of inflation the only savior is Bitcoin and the ones who invest in it could get better returns in 2024-2025 from that investment. I recommend you to invest in Bitcoin at $29k to $30k range because I believe that Bitcoin will go higher in price after some days and that's why it's better to invest in it at those ranges.

If your intention is more about trading rather than investing then I recommend you to learn about trading and the crypto market first, and when you have learnt a lot about the market then you should start Bitcoin trading. I also recommend you to choose a better and trusted platform for trading because most of the platforms aren't trust worthy and that's why a top platform would be a better choice for anyone.

I recommend you to avoid depositing your money into any of those banks at all because if the economic condition of your country isn't well then the banks will also suffer from those circumstances. I think these kind of situations make us closer towards Bitcoin because the traditions fiat based currencies of many countries are getting highly affected by inflation. The Bitcoin was created to be independent from those banks and it works on its own and that's why it is a cure for inflation.

Your desire to save in bitcoin rather than in a bank is correct and the strategy you have planned is wise enough to do DCA. Because saving money in the bank in the long term is the same as making yourself poor. the right thing is to turn your money into a slave and make your money work hard for you. don't be made a slave by the bank by saving money there.

Because saving money in the bank instead of our money is played by the bank and the bank is lucky but we don't get anything, it's better to invest money in Bitcoin which is profitable in the long term. But whatever it is, don't keep all your money in Bitcoin, you still have to have other savings for daily needs or urgent needs.

With so much inflations on Bangladesh it might end up on bankrupt in the end and that's sad thing to hear. That's why bitcoin will become essentials in that kind of situations as it not govern or controlled by the government. Putting personal savings on crypto might have risk but if you are risk taker to be begin with, it all be worth it but my suggestion is that don't put full on it but more like a half or create a DCA schedule for buying bitcoin.

Same here.

I will never put it all in Bitcoin unless OP has still another source of income that will prevent him to sell his bitcoin at whatever price whenever he needed cash. Though, I will never put any money on a bank, I'd put the $1000 in bitcoin and keep the $800.

To answer OP's question, investing in Bitcoin instead putting his money in banks is way more profitable and a smart move in the long run. Just don't forget that we have bearish and bullish season, so don't expect your money would pump every single day.

Making money is not the same as keeping it because investments are taught well in school. People walk away from hard times, I embrace them. Those who are new investors should be careful about all these factors and should be careful of new purchases especially during inflation. Such high yield in this downturn is possible only under the supervision of a professional or trusted advisor. A man must have his own decisions but as a noob it becomes quite difficult to handle all this and being aware of that becomes the main factor.

Bitcoin is unpredictable. We don't have a fixed date here to tell if when is the pump will come. We might earn a profit after a year or two or maybe earlier than that. A personal saving fund is already a saving so I think it doesn't make sense if we will still put it into Bitcoin but if we do, better to not go all in because investing in Bitcoin still has a risk. Investing gives us a passive income but it's not a form of a job.

A job is when you do it daily but it's better to have one before we start investing so that we won't touch our assets easily and we can be able to put more money into it using our salary. We can also set aside some to our savings account.

Good decision to invest into Bitcoin, or let's say cryptocurrency in general. As everyone has already rightly suggested, don't put the whole $1800 into crypto. Keep portion free to use to meet other life needs. Also, the amount you're investing shouldn't be only on Bitcoin, diversify your investment, if you have a broader knowledge, You can also put some in stocks and metals.
From my own pov, given the market conditions now, I think you're better off with regular trading, long term right now is uncertain. In all you do, stay smart and make good moves.

Good decision you have taken. In my personal opinion I think that the way the inflation is increasing it will be always good to avoid your fund to deposit on the banks. Because I think depositing on bank I.e. holding your fund on fiat currency is just to decreasing your fund value. So in this case Bitcoin can be a good solution for this it is secure and can be more beneficial for the long term investment. Good luck to you Hope you can gain a good amount on the bull

I appreciate you decision and appreciate you analysis for Bitcoin.Expart analysis says that if look all  market position and Bitcoin price is about to begin bull because whenever doller crashed the Bitcoin price bull and Doller bull Bitcoin price crashed .If look the expert analysis and charts so the doller is crashing so we hope the bull run is coming in all crypto market and Bitcoin . So I have the same advice for OP If you will  good profit form Bitcoin so this time is right to investing best of luck OP.

That only proves that beginners are not aware and not really ready to invest in the potentials of bitcoin. But due to their high greed, they decide to invest quickly and expect immediate profits even if the knowledge and experience are not present. That’s why most newbies end up failing and losing their capital, simply because they don’t know what they are investing of and they don’t have right attitude towards bitcoin investing.

Your decision to invest in Bitcoin is absolutely right. Bitcoin is the only crypto currency where you can make your investment without worry. Many people still keep their money in the bank because they believe that their money is safer in the bank. If a country's economy is weak, then after their currency devalues, the value of their money also decreases. As you are talking about your country's bank there are risks of their bankruptcy. Investing in Bitcoin puts your capital under your own control, and whenever the price of Bitcoin rises, the value of your capital will also increase.

The only thing you have to be careful of is that whenever you invest in Bitcoin, try to take an entry at a good time, because right time entry can give you good profit. I appreciate your decision to invest in Bitcoin.

It took him 5 years to save $1800, which means he could still live without it, but he wouldn't be willing to lose it. Because if he loses it, it will take him another 5 years to save, if it were you, would you be willing to lose it and spend another 5 years saving again? Bitcoin is a potential investment, but that doesn't mean you won't risk or lose money investing in it, so it would be a bad idea to invest all your savings in bitcoin.
Don't forget life is full of surprises, and to minimize risk, we should diversify our assets, why not invest 50% in bitcoin and 50% in savings?

Since you have been familiar with Bitcoin for a long time, you must have good experience about it. If you bought Bitcoin and held it for a long time, you definitely made a good move. But since you are thinking of investing in this early stage then you need to be a bit experienced about the volatility of the market. Since you have been involved with Bitcoin for a long time, I think you have a good grasp on it. But the advice I will give you is that you better get a good experience with Cryptocurrency and later invest in it you will be better off. If you want to invest, you must first start with a small amount so that the risk is less and hold the invested money patiently.

Thats really a good saving. As stated op is able to have his life moving without the help of the savings. Investing into bitcoin is really good and the right choice. All around the world inflation is a big problem and op have taken the right decision. Whether it is bitcoin or something else, we shouldn't expect the return out of the investment at the shortest and it need to be given time. So long term focus is much important and we should be careful to enjoy profit, if there is growth happening in between.