My personal savings now I will invest in Bitcoin - page 6.

panganib999

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Quote from: synchronym on July 09, 2023, 12:33:02 AM

I have been thinking about trading in Bitcoin for quite some time now. I have been involved with Bitcoin for a long time but am still thinking about investing here. I used to run DPS in bank for 30 dollars per month for 5 years, this DPS will complete 5 years this month. I'll get roughly $1800, I don't think it's much of a savings to keep that money in the bank. Bangladesh is suffering from severe dollar crisis due to which many banks are likely to go bankrupt. The names of those banks have not yet been published by any mass media. Because of the economic condition of Bangladesh, I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

While investing in a coin that's historically shown to appreciate in value like bitcoin is always a wise decision, I wouldn't really go so far as to say that you should bust your whole savings in it cause at the end of the day, you need money for when the rainy days come and bitcoin wouldn't be so secure for that. At least invest half of it on bitcoin and keep the rest as part of your emergency funds, that way you can ensure that you don't scramble around looking for money when shit hits the fan, and you still get to be part of the bitcoin train at the same time.

The recent debacle against banks stray the people's attention away from the fact that saving is still just as important as investing, if you only invest and didn't save you wouldn't have gone anywhere, if you only save without investing your going to have useless bags of money lying around in the future. A little bit of everything is just perfect.

Distinctin

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Quote from: synchronym on July 09, 2023, 12:33:02 AM

I have been thinking about trading in Bitcoin for quite some time now. I have been involved with Bitcoin for a long time but am still thinking about investing here. I used to run DPS in bank for 30 dollars per month for 5 years, this DPS will complete 5 years this month. I'll get roughly $1800, I don't think it's much of a savings to keep that money in the bank. Bangladesh is suffering from severe dollar crisis due to which many banks are likely to go bankrupt. The names of those banks have not yet been published by any mass media. Because of the economic condition of Bangladesh, I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

Bitcoin investment is a good and profitable idea but knowing the risks in it, you should not invest all your hard-earned money on it but only a portion in which you can easily afford to lose. That way, even if you lose them, at least you still have spare money to make your ends meet, and to try other investment that will work on you. Investing does not guarantee profitability at all times, that’s why at some point, you have to invest using trial and error method so you will know which investment will perfectly fit for you.

uneng

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Quote from: synchronym on July 09, 2023, 12:33:02 AM

Bangladesh is suffering from severe dollar crisis due to which many banks are likely to go bankrupt. The names of those banks have not yet been published by any mass media. Because of the economic condition of Bangladesh, I want to invest my money in Bitcoin.

Due to the reason mentioned above I would avoid letting my money invested at local banks at all costs! During instability times we have to make sure our money is in our hands, and that is something Bitcoin can assure you when you hold your coins inside a custodial wallet.

I think your decision to invest in BTC is right, but you have to make sure it's going to be a long term investment. Don't invest money you are going to need in some months or in a year. Keep in mind Bitcoin is heavily volatile and this volatility can push the price downside for long periods of time (bear market), therefore it's not suggested you cashout your funds meanwhile.

bitgolden

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Quote from: demonica on July 09, 2023, 06:12:48 AM

You've mentioned that you've been involved with Bitcoin for a long time so I can assume that you know the pros and cons and I believe you can weight your decision whether it will be a good idea to invest your savings in Bitcoin or not. To be honest, it's hard to give a financial advice since I don't know your financial status and I am not that familiar with how's your economy doing right now. But if you really want to invest in Bitcoin but still in doubt, then don't put everything in Bitcoin. Only invest what you think you can afford since you might still need to use a part of your savings for something else.

Even when you have been involved in bitcoin for over 10 years like me, it is not an "easy" decision to make because it always has some risk in it. Like if I invest into bitcoin with all my savings right now, what if it falls down right after and takes months before it recovers? Look at 2022, we had one of the biggest drops and that meant that if you invested before that fall, you still haven't recovered from that period, and that's why it's a very hard decision without a doubt. I hope that people do better about it, but it is not going to be easy decision for sure.

This is why it is smarter to ask others, not because you should do what they say, but at least you can get pros and cons of it and compare it yourself, decision is still yours, but at least they can show you something you haven't thought about before.

passwordnow

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First, don't invest in what you don't know. It's okay to take it slow at a time so that you understand where you're investing your money. Second, $1800 is such a huge amount already and others don't have it and that's why you have to think first if you're pursuant to doing this.
So that in the end, whether it will make you a profit or not, you won't have others to blame but only yourself for doing so because you're the one who decided to do it.

BIT-BENDER

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Firstly do you have another source of income apart from the work you said you have in the back which is $30 per year, because I find it hard to believe you get paid that amount and it amounted up to $1800 which means you successfully save all your earning from you job for five years.

I would really want more clarity before I can throw in my advice, if you had other things that sustain your living as it has for five years then I think you can put your saving in Bitcoin, but the choice is yours and you should know the market is volatile and can drop and rise but I am confident in the future of Bitcoin.

cheezcarls

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Quote from: synchronym on July 09, 2023, 12:33:02 AM

I have been thinking about trading in Bitcoin for quite some time now. I have been involved with Bitcoin for a long time but am still thinking about investing here. I used to run DPS in bank for 30 dollars per month for 5 years, this DPS will complete 5 years this month. I'll get roughly $1800, I don't think it's much of a savings to keep that money in the bank. Bangladesh is suffering from severe dollar crisis due to which many banks are likely to go bankrupt. The names of those banks have not yet been published by any mass media. Because of the economic condition of Bangladesh, I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

It's better not to risk them all on Bitcoin. You reminded me of my sister who also ask some advice regarding about putting all of her savings into Bitcoin.

So I just advised her not to put all of it, but rather an extra amount of money that she can afford to lose regardless of the results.

I think the same thing goes to you. Never risk all of your life savings into Bitcoin. Only spend what you can afford losing and treat it as dead money. If you gained, then good for you. Otherwise you just hold it until it recovers and reaches your target profit range.

Silberman

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Quote from: synchronym on July 09, 2023, 12:33:02 AM

I have been thinking about trading in Bitcoin for quite some time now. I have been involved with Bitcoin for a long time but am still thinking about investing here. I used to run DPS in bank for 30 dollars per month for 5 years, this DPS will complete 5 years this month. I'll get roughly $1800, I don't think it's much of a savings to keep that money in the bank. Bangladesh is suffering from severe dollar crisis due to which many banks are likely to go bankrupt. The names of those banks have not yet been published by any mass media. Because of the economic condition of Bangladesh, I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

Whether or not this is a mistake will depend on you, bitcoin is a very good asset and it has demonstrated its staying power and its potential, also right now is a good moment to invest in bitcoin as the bull market has yet to appear, so the only unknown factor is yourself, it is a good thing you are already thinking about this, but according to the information you share banks are in problems where you live, so there is a real possibility you may not get paid and as such you do not have the cash to invest in this market.

umbara ardian

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One thing I want to tell you is to manage your finances as early as possible. Maybe the amount of money used to invest is not large; early investment can effectively generate larger profits, which in the long run will have significant results. The sooner you learn how to manage your money, the higher your chances of financial success. When you have a solid understanding of personal finance and money management skills, you have more confidence in the face of challenges. In addition, having a clear income and expenditure plan helps you determine appropriate and necessary spending, save money for the future, and invest properly. Financial management helps to know which expenses need to be handled first and which ones later. You will save and invest effectively every month.

Dr.Bitcoin_Strange

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First, I would ask what your intentions are with that money in another five years. Because if you are Investing in Bitcoin, you must consider the length at which you want to hold your coin. Another thing to consider is the goal of your investment For example, I have a goal to keep Investing in Bit until I have accumulated at least 2 or 4 Bitcoin so that I can give each Bitcoin, or 0.5 BTC, to the four kids I'm going to have.

We all have different goals or dreams, so if you have set out to invest in Bitcoin, you must have some agreement within yourself to keep holding no matter how tense you become during a bear market or during some emergencies that will require you to sell off so quickly. With the current price of Bitcoin, 0.06 BTC should be about $1800+, so let's assume you hold till the Bitcoin price becomes $300,000, probably in the next five or ten years, because you will be Making a lot of profit then.

Cheers 🥂, Dr.Bitcoin_Strange 👺👺

kryptqnick

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Only you can make a decision for yourself, as it's ultimately your life, your money, and also we are unlikely to understand the intricacies of your position. If banks are unsafe, I guess Bitcoin is a good option. But that $1800 can become $1k just as easily as it can become $3k, at least for some time. Also, I think what really matters is whether it's safe and simple to sell some BTC for fiat when/if necessary, and that strongly depends on a particular country. Having $5k in Bitcoin instead of $1800 in a bank account is only good if you can spend that directly when needed or easily sell for fiat. I'd also consider the legality of it, as it seems that at least some crypto operations are illegal in Bangladesh.

Awaklara

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Quote from: synchronym on July 09, 2023, 12:33:02 AM

I have been thinking about trading in Bitcoin for quite some time now. I have been involved with Bitcoin for a long time but am still thinking about investing here. I used to run DPS in bank for 30 dollars per month for 5 years, this DPS will complete 5 years this month. I'll get roughly $1800, I don't think it's much of a savings to keep that money in the bank. Bangladesh is suffering from severe dollar crisis due to which many banks are likely to go bankrupt. The names of those banks have not yet been published by any mass media. Because of the economic condition of Bangladesh, I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

if you have been studying Bitcoin long enough, I think you will have no qualms about putting your money in Bitcoin instead of keeping it in the Bank. If you are still in doubt, you should look for answers to your doubts first. Or you can put some upfront, not all of your savings.
if you are planning for the long term, I think Bitcoin is the best opportunity. I think if you put your money 5 years ago in Bitcoin you could get a bigger return than you would get from a Bank. most importantly, you can trust the Bitcoins you own like you trust the Bank that holds your money.

Accardo

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I think Op should be focused on the recent economic crisis happening in his country and hold his money for tougher days. Bitcoin price may not be favourable to him at a time like this. Which could cause him more harm if he losses his savings. Patience is the key, when he is sure of his moves not becoming a hindrance to his financial economy in future, he can invest in bitcoin, with lesser fear or doubts in him.

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Quote from: synchronym on July 09, 2023, 12:33:02 AM

I have been thinking about trading in Bitcoin for quite some time now. I have been involved with Bitcoin for a long time but am still thinking about investing here. I used to run DPS in bank for 30 dollars per month for 5 years, this DPS will complete 5 years this month. I'll get roughly $1800, I don't think it's much of a savings to keep that money in the bank. Bangladesh is suffering from severe dollar crisis due to which many banks are likely to go bankrupt. The names of those banks have not yet been published by any mass media. Because of the economic condition of Bangladesh, I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

I see two completely different things there. If you want to do trading then you must be 100% sure you know what you are doing because, on average, 80-90% of the people doing trading end up losing their money, do you have enough knowledge to be better than that? How long have you been studying technical analysis, etc? My suggestion would be to simply buy and hold otherwise you could lose your money very quickly.

kaseygriffin

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If you are concerned about the risks of bank failure but are you really worried about the risks of bitcoin, we need to be fair to look at things from different perspectives.
If you are really financially comfortable and this investment amount does not bother you much in the long term, then I recommend you to invest in bitcoin, and wait for it for the next 2 years, I is also quite confident and speculates that at that stage we will be in a new bull cycle and bitcoin could hit a new all-time high.

isaac_clarke22

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Quote from: synchronym on July 09, 2023, 12:33:02 AM

I have been thinking about trading in Bitcoin for quite some time now. I have been involved with Bitcoin for a long time but am still thinking about investing here. I used to run DPS in bank for 30 dollars per month for 5 years, this DPS will complete 5 years this month. I'll get roughly $1800, I don't think it's much of a savings to keep that money in the bank. Bangladesh is suffering from severe dollar crisis due to which many banks are likely to go bankrupt. The names of those banks have not yet been published by any mass media. Because of the economic condition of Bangladesh, I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

Well it's going to be a bit of a hell experience for you for now. I would advise to just not overdo Bitcoin transactions too much as it could put you behind the bars considering that Bangladesh govt bans the usage of crypto. You said "likely" to go bankrupt which means there are still possibility that there won't be

If you could do personal transaction, that would be better rather than getting your IP detected involved in crypto transactions around exchanges and putting you at risk.

I am not sure how strict the laws are in there so don't fully take my advice if I am misunderstanding the whole situation.

Crypt0Gore

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Invest what you can afford to lose, that's all I can advise you, personal savings is not enough honestly, I believe that you need an emergency fund aside too because if you keep investing your hard-earned money and some other emergency comes up you could be left with no choice but to sell some of your assets, someone who want to be a successful investor must be prepared for emergencies also, so that you can invest in peace and turn your dream into reality.

Believe me, many things will try to stop you once you have the determination to invest for a better future, you need to be full prepared.

Eternad

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Quote from: synchronym on July 09, 2023, 12:33:02 AM

I have been thinking about trading in Bitcoin for quite some time now. I have been involved with Bitcoin for a long time but am still thinking about investing here. I used to run DPS in bank for 30 dollars per month for 5 years, this DPS will complete 5 years this month. I'll get roughly $1800, I don't think it's much of a savings to keep that money in the bank. Bangladesh is suffering from severe dollar crisis due to which many banks are likely to go bankrupt. The names of those banks have not yet been published by any mass media. Because of the economic condition of Bangladesh, I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

First of all do you need this money on other necessity or you live normally without using it because this money of yours is savings while Bitcoin investment requires a lot of time to make a decent profit from holding. Investing on Bitcoin is useless if the money that you will use for investment is needed on other necessity things.

Invest only what you can afford to lose. Bitcoin investment is indeed far better investment rather than put your money in the bank. But there’s a lot of risk involved in terms of price volatility. Evaluate yourself on how you can handle risk for your investment then decide aftwerwards.

Bananington

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Quote from: synchronym on July 09, 2023, 12:33:02 AM

I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

Your decision to also have investment in bitcoins is better than keeping it all in the bank where it will be subject to loss in value from inflation. Buy bitcoins with the percentage from the savings that you can keep for long time until you make a target profit. keeping bitcoins will not be difficult for you since you already have the habit of being able to save money and prevent yourself from spending it when the time comes. Keep some cash that you may need accessible to you, and then plan to buy more bitcoins to add to what you will buy, buying once is good, but it is more encouraged to buy, and keep buying to keep.

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Quote from: posi on July 09, 2023, 09:29:21 AM

As you say, you've been with bitcoin for a while, meaning you already know about the benefits and risks of investing in bitcoin. I think you can decide for yourself instead of relying on our advice because no one will understand what you're going through better than yourself.
(....)

I agree with this, it must always be a good thing that every one of us will know the risk of Bitcoin if you are putting your money on it.
Because no one will guarantee a win for Bitcoin, no one knows the future.

I also advice to OP that if you are investing your personal savings in Bitcoin, make sure to have extra fiat money somewhere else. And always your personal savings on Bitcoin will be easy to access and safe, like storing it to your personal Bitcoin wallet.

Topic: My personal savings now I will invest in Bitcoin - page 6. (Read 871 times)