My personal savings now I will invest in Bitcoin - page 7.

nesty

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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 are well equipped with proper knowledge and understanding about investing in bitcoin, I think you are ready enough to invest. The only question is if ever can you afford to lose the savings that you have now? Because if you are not ready to lose that amount of money well definitely you are not yet ready to invest. Since you said you had been involved with Bitcoin for a long time now, for sure you know what strategy you will follow. The decision to invest or not in bitcoin would probably would be your personal decision, It would hard to seek for an advice then if you lose you will blame the losses on them. Be smart in making a decision make sure you are well equipped.

posi

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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 can only give you advice that I think you already know, bitcoin is a very promising investment, and it is an opportunity to save us from inflation or the crisis that the government is having on us. But investing is always risky, so never put all your trust in bitcoin, you need to diversify your assets.

someone703

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I just want to advise you to do what is appropriate for your current life context, investing in anything should have a calculation and a specific goal, as OP mentioned first Bitcoin investment as well as the main instability story in your locality, I think it is better to have a lot of cash to facilitate life than to use it for investment. I've also witnessed some local lessons when the conflict broke out the banking system didn't work, and it seemed that cash wasn't always accepted either. So some problems like accumulating food, medicine, fuel for life to recover through complicated times, life is much more precious than money, so don't be too hesitant what you will do to make money safe. safe, but do whatever to keep you safe.

taufik123

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Quote from: Vaskiy on July 09, 2023, 08:12:42 AM

Considering the prevailing situation of the banks it is good to move the funds to bitcoin. Bangladesh is one among the country that have made more restriction on usage of bitcoin. Some have suggested to invest partially on bitcoin and keep the rest in cash. By the time you should understand the risks, because when you're in need you can't expect the investment to return good profit as you need to have patience to hold. If you're with a good day job that can fulfill your daily expenses, then it is good to consider it a long term investment and try to increase the holding through trading.

There must indeed be financial management so that there is a division of money for investment in Bitcoin and for daily needs.
Apart from using savings to buy Bitcoin, leaving the savings money in place and buying Bitcoin with a sufficient amount can be for the long term.

If you don't have daily income or for daily living needs then use enough savings to invest.
Don't force the will if it can be for the long term.

Cash is still needed for emergencies.
Add to that a few different investment instruments.

vv181

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Bitcoin is one of many options to hedge against FIAT, especially in your specific case where the local currency is worsening. Nevertheless, you should take consideration about another alternative besides Bitcoin, because what is concerning is if that amount of funds is the only savings that you got so you better take a precaution about the risks.

Essentially, you are the one who could potentially understand better about which one to decide. I encourage you to gather more information, especially about the risk ratio that you might get exposed to if you want to convert your savings into some investment instruments.

Vaskiy

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Considering the prevailing situation of the banks it is good to move the funds to bitcoin. Bangladesh is one among the country that have made more restriction on usage of bitcoin. Some have suggested to invest partially on bitcoin and keep the rest in cash. By the time you should understand the risks, because when you're in need you can't expect the investment to return good profit as you need to have patience to hold. If you're with a good day job that can fulfill your daily expenses, then it is good to consider it a long term investment and try to increase the holding through trading.

ringgo96

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For us crypto users of course, saving money in the bank will have fewer benefits that we can get because depending on the interest they give, then when many crypto users invest in bitcoin and altcoins because they already know the journey of bitcoin and can always provide very large profits even though the risk is greater than the bank but are very confident to invest in bitcoin, And as you said at this time there are indeed many banks that are in trouble so we are not comfortable to store assets in the bank, so the decision you make is very right and I am sure later you will definitely feel the benefits.

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I advise you not to invest all your money into Bitcoin because, after all, you need cash for your daily life so you won't have a problem if you want to buy something for your daily needs.

You can divide the money into several parts and use the money you can afford to invest in Bitcoin and other money to fulfill your life needs. It will be better for you because when the inflation rate increases, basic necessities will increase in price and if you don't hold cash, you cannot buy those basic necessities.

And it would be even better to earn income so you don't have to worry about meeting basic needs but still use the money you can afford to invest in Bitcoin.

Obari

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

I still don't understand if my decision is right, please let me know your opinion

You need to stop thinking and start investing.
Your decision is perfect and I believe you're intended to hodl for long since you could do that in the bank.
Since you've been in the Crypto industry for long now, you should be aware by now that the best way to stay ahead of your country's economic crisis is through saving and investing in digital currencies and let bitcoin be paramount because it is one of the most reliable and since you're expecting your money today, I will strongly back you to head straight to buying bitcoin without fear and always keep buying at every stance you get an opportunity to buy and smile in 5 years time.

Goodluck.

lovesmayfamilis

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By itself, investing in Bitcoin will always be the right decision, but as you were warned above, you must understand that you will be violating the laws of your country. Despite this, there are many people from your country on the forum, and it would be more useful to consult directly in your local section. But in general terms, you should not invest amounts that you are not ready to freeze for a while. I think that one way or another, if you create a similar topic here, in any case, you already have a ready-made solution. As they say, there are always ways out of any situation. Be careful with your investments and be patient. One day, your country will probably change its views on Bitcoin.

ancafe

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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. I still don't understand if my decision is right, please let me know your opinion

It is a much better choice compared to keeping DPS in the bank, the value of the currency will continue to depreciate and you will lose the opportunity to get a lot of profit in the system previously. Bangladesh has not legalized bitcoin and you have to invest anonymously to protect privacy, but when you have to try to maximize the amount as you mentioned, then it's best to share three things as a step to maximize the money you have, savings, cash kept at home and investments .

You can choose just enough to be placed in an investment and don't need it in its entirety because when you need cash is still available and you don't need to sell some of your investment assets in bitcoin. Uncertain economic conditions caused by inflation and recession can make your money unproductive, placing money in bitcoin is much more appropriate because your money does not lose value.

demonica

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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.

Cryptomultiplier

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I understand your fear of having to be a victim to bank closure due to bankruptcy or financial crises resulting from USD palava.
You have exercised discipline in maintaining a savings, no matter how little it is and while it is a wise move to invest the savings in BTC, inorder to be safe from the bank issues that is looming, you have to keep in mind that the knowledge of how to keep and multiply the coins in your wallet, is what that would make you rich and independent.

First understand how BTC functions, how and the best wallets to use, how to keep your keys safe from hackers and scammers and friends who are spies.

You also showed how you built the savings by small consistent input. Same strategy can be applied in BTC and is called DCA strategy. I believe it would work well for you.
BTC is steadier and more reliable, bear in mind too about the halving expected next year2024, inorder to decide if you should start now or wait till later.

My advice, start now, DCA for 5years.

Ayers

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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

Is 1800$ the only amount you have? Investing in bitcoin is a good investment, but investing all of our money in it is not a good idea as the future is unpredictable, so never put all your eggs in one basket. No matter how bad the crisis is, cash is always needed in all cases, so I advise you to have a reasonable allocation to avoid difficulties in life. You should only invest 50% of it in bitcoin, and the rest you should save in cash for everyday expenses and emergencies.

One of the most important things, your country is still banning bitcoin, so be careful with your bitcoin investment if you don't want more trouble.

mvdheuvel1983

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It is good that you have started to invest the money in Bitcoin. It is your money and you can do whatever you want to do with it. But here is the thing like they always say in the Bitcoin community to invest money that you know you can afford to lose and secondly 2 do the dollar cost average strategy which is one of the best strategies 4 mitigating the risk involved in Bitcoin investment.

I would say to you that in as much as you have high hopes about Bitcoin if the money you have saved up since the last five years is one that you cannot afford to lose then you should split the money into some parts and invest a portion in Bitcoin. You should do it periodically assuming that there is no other investment that has caught your attention.

BD Crypto

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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

I appreciate your decisions and always remember bottom Holders win the race in crypto market. There is a little suggestion for you, if you can do so just invest particularly which means DCA( Dollar Cost Averaging). As we are now climbed up a little bit from the bear market so it's not the perfect period to invest entire funds at a same time. Predictions are prediction they can be real or can't and crypto market is totally uncertain but we believe in Bitcoin which can create another history.

We all know that doing DCA will maximize your investment so try this for a better starting. Again after investment you have to keep your funds fully secured. As we know how much risky the custodial wallets are. So try non custodial open source wallets like Electrum, Mycelium, Blue Wallet etc. Another word I want to add as you are not a beginner at all so hope you have some knowledge about it's volatility and disadvantages. So be prepare to face good or bad days for Bitcoin and invest smartly with proper analysis and risk management.

Wish you all the best for you investment.

Mr.suevie

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

I still don't understand if my decision is right, please let me know your opinion

Investing in bitcoin with this your saving its not actually a bad plan considering the market cap of bitcoin price today, I feel this is actually a great time to make such investment but the choose is still yours to make because bitcoin is a volatile asset and one needs to understand the whole conditions that follows this type of investment because you have to take the responsibility to any actions that will follow an investment in bitcoin because sometimes newcomers to bitcoin investment actually panic and sell off their investment due to price dip which is actually the wrong view towards this type of investment because the dip actually open more opportunity for the investor to buy and HODL.

Bd officer

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First of all congratulations, you have expressed interest in investing in Bitcoin. You should not invest your entire money in Bitcoin as it involves risk. You first invest a small amount of bitcoins and gradually increase the investment amount.

I give you some more advice, I am also a Bangladeshi citizen. Bitcoin is still illegal in our Bangladesh so you need to maintain privacy by investing in Bitcoin. Because if anyone finds out you are involved with Bitcoin then you could be in legal trouble.

Spaceman1000$

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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

You said, you've been involved in Bitcoin for a very long time, but yet your still skeptical 🤔 about your decision in investing in bitcoin.
I found that to be fascinating, because for the duration of time you've known Bitcoin, you should understand that, investing in bitcoin is one best decisions you can take, though I would advise you shouldn't go all in with your entire savings, you can invest half of it or a quarter of it.
Since your also thinking about trading in Bitcoin, I will also advise you take some classes on trading and try to be perfect on your demo before going into live trading.

Nrcewker

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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

Listen mate no one can give you any perfect suggestion on investment. In all type of investment there is risk and you need to admit it. But yes you can make your investment more precise by calculating the risk involved in it. According to me investing all the savings in a particular sector is not good. You should always diversify your investment in various assets. But as you have mentioned about the economy of Bangladesh and it’s banking system, so yes investing in Bitcoins will be more profitable at current situation.

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