My personal savings now I will invest in Bitcoin - page 8.

Ultegra134

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Quote from: Outhue on July 09, 2023, 03:05:44 AM

I don't bother to keep any money in the banks again until I need fiat that I want to spend on something or buy food items, all I care about is eating food and investing my money that's why I invest almost all the money I made from my business into Bitcoin and few other crypto projects, I am fine with living this way, some food to keep living and make more money to invest for my own better future.

I strongly believe that this is one of the ways I can get things done in life, I decide to start and finish my own house in two years from now and I will be doing this with part of my investment, I am excited to see how this will turn out in two years time and mind you, if things go wrong I can always restart, it's part of life and mine is adventurous to me that's why I like doing this.

I'm not fond of banks either; your money is sitting there losing value while they're profiting from your deposits, and in return, you receive a mere interest rate that won't yield more than a few euros per year. On top of that, the government has full access to your spending and how much money you have. In the recent filing of taxes, there was a detailed list of how much money has been spent from each bank account I own. It's insane to think how much information they can see about us with zero privacy whatsoever.

The issue, however, lies in the fact that we can't 100% depend on cryptocurrencies for our daily spending; it's not the most convenient thing unless we use a card such as Binance's or Crypto.com's or a few other cryptocurrency cards that are out there, but even then, banks can't be completely avoided.

Lorence.xD

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That is the good side of Bitcoin, there would be a slim chance for it to get bankrupt as many people invest in it. It's a good choice to invest your assets in Bitcoin since you already have the background. Plus in Bitcoin is decentralized you could manage your assets whatever you like. But If I were you, those numbers of your savings, I would not invest all of it in Bitcoin, you could do some alternatives for you to have a back up investment. Since Bitcoin is still volatile that could affect your assets. But much better than banks that are being affected by economic issues such as inflation, to Bitcoin you could manage your losses and earn profit.

salad daging

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Just think back in your country how the existence of bitcoin if it were known by the government would it not be a problem? Bangladesh is a country that prohibits bitcoin that I know of so this should keep your privacy in while holding bitcoin as its investment.

Trying to diversify is important you can choose several assets including physical gold that can be stored and this price is more stable compared to bitcoin which has high volatility, is it with money you mention it is a savings or including other cost of living needs?

I think the decision remains in your hands, investing in bitcoin is indeed highly recommended but you must understand how the risks and how it works.

yhiaali3

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Of course, staying away from banks and heading towards bitcoin will be the best decision you make in your life. You will never regret such a decision and you will see exciting results in the future.

If you had large amounts of money such as 10k or more, I would advise you to buy half of it in Bitcoin and the other half or less in gold and keep some fiat to buy the necessary needs, but since the amount you have is not large, it is better not to divide it and buy only Bitcoin.

Inflation threatens all countries without exception, so everyone must withdraw their money from banks before they go bankrupt and transfer them to Bitcoin or gold.

SOKO-DEKE

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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 has proven to be a great investment since its existence due to its continued increase in value. I can say that early investors have made some money out of their Bitcoin investments, and even recent investors are hoping for the best. From the evidence gotten from the Bitcoin history of Bitcoin, I can easily say it is worth investing.

From your story, you said that you have been involved in bitcoin for a long time now, and with that, I may believe you understand both the advantages and risks involved in bitcoin investment and the cryptocurrency industry. If you do not understand it properly, I will advise you to take your time and learn more, so that your knowledge can decide for you whether you should invest in Bitcoin or do another business with the money you been saving for over four years. I want you to know that nobody is sure of what will happen, but your knowledge is your hope.

Outhue

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I don't bother to keep any money in the banks again until I need fiat that I want to spend on something or buy food items, all I care about is eating food and investing my money that's why I invest almost all the money I made from my business into Bitcoin and few other crypto projects, I am fine with living this way, some food to keep living and make more money to invest for my own better future.

I strongly believe that this is one of the ways I can get things done in life, I decide to start and finish my own house in two years from now and I will be doing this with part of my investment, I am excited to see how this will turn out in two years time and mind you, if things go wrong I can always restart, it's part of life and mine is adventurous to me that's why I like doing this.

cryptoaddictchie

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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

I think you should be more careful since its a highly volatile digital currency. Bitcoin has a future to increase more its value but it will depend on the market. Sometimes youll encounter its a very low price which will average your buying power and get a general weighted shares. But dont expect that it will be a win win solution. Right now, its on 30k level and we can see below that or burst to its ATH before who knows this is a speculative asset.

avp2306

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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 that is the only money you have better just save it because you might be in more worse situation if your investment in bitcoins fall. Remember that there's ongoing crisis happening on your country so think more wisely and don't rush your decision making on investing. Maybe for now try to seek crypto job as sideline and try to grow your money earned there since this could be the safest option you have rather than trying to risk all because you think you can earn easily with this.

pawanjain

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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

Given your situation, I would be more likely to diversify my portfolio into bitcoin, fiat, gold and bonds.
Bitcoin might give better returns but depending on the availability in your country you may or may not be able to encash it at the right time.
Gold might give decent returns and you will be able to encash it since it can be easily sold at shops and so it will help you in case of any emergency.
You can hold some fiat cash with you so that you don't face any liquidity crisis and can plan things out accordingly.
You can hold bonds in case the banks go bankrupt then bond holders will still be on the safer side.

If I were you then I would divide my portfolio in below criteria
Bitcoin - 30%
Gold - 30%
Bonds - 20%
Fiat cash - 20%

I am not counting real estate because I am assuming if you are having real estate then just keep as it is.
This is just my idea of diversification and you can do your own research.

Jawhead999

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AFAIK Bangladesh is a country which still ban Bitcoin, so you need to be careful about your privacy. Even though you know you're only invest in Bitcoin and never done any crime, but breaking a law is considered as crime for the government.

If your country has a bad economy condition, it's better to move your wealth to global asset which not 100% affected by your country e.g. gold or Bitcoin, not local stock company or real estate.

Don Pedro Dinero

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I would keep half between cash and the bank for emergencies, say $500 in cash at home, $500 in the bank and the other $800 in bitcoin, but keep in mind that it is very volatile and count on not using it for a long time. Over time, if you save more, you can buy more bitcoin little by little, following a strategy known as DCA.

Always think before you invest to have 3 to 6 months of emergency expenses saved. Then you can invest. Otherwise you may be forced to unwind your investment (sell) if you need the money in the middle of a bear market at a loss.

synchronym

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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

Topic: My personal savings now I will invest in Bitcoin - page 8. (Read 871 times)