Should I convert my savings into Bitcoin? - page 6.

Zadicar

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Quote from: ~Bitcoin~ on October 28, 2016, 12:20:58 AM

Why not? It can be really profitable rather than storing them in your local banks but you have to keep a constant eye on the how bitcoin market is going and be updated with the latest news regarding bitcoin and its price.

In occasion like bitfinex hack, you have to act fast if that type of event cause panic to traders and market get dumped. Sell when market is having heavy selling pressure and quickly buy back when price stabilizes.

We really could convert or put up money into bitcoin anytime . As you mentioned we should be aware always regarding on its movement so that we could able to avoid so much loss when there are unpleasant circumstances that might possible happen on bitcoins price that would cause to dump. If you saw that there are panic selling it would be really depend on you if you decide to sell off too or decide to hold and wait for the bitcoins price to rise up again. Any investment do have risk.

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Quote from: Spektrobas on October 27, 2016, 02:28:49 PM

I am thinking in investing my savings into Bitcoin and try to get some profit when the price of BTC goes up, but is it actually profitable?

It would be really profitable if bitcoins price would rose up higher than to your buying price and you could surely gain profit with that. You could actually put your savings into bitcoin hence this is somewhat already an investment for long term or even short term but i would recommend that put only on the amount that you could afford to lose or lessen on upcoming years because we cant be sure already on the price of bitcoin on near future because of its volatility and we muts really aware on that when we intend to put money into bitcoin.

~Bitcoin~

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Why not? It can be really profitable rather than storing them in your local banks but you have to keep a constant eye on the how bitcoin market is going and be updated with the latest news regarding bitcoin and its price.

In occasion like bitfinex hack, you have to act fast if that type of event cause panic to traders and market get dumped. Sell when market is having heavy selling pressure and quickly buy back when price stabilizes.

neochiny

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Quote from: MaddestScientist on October 27, 2016, 05:58:30 PM

Rule of Thumb: Do NOT invest more than you can afford to lose.

Grin

Quote from: Spektrobas on October 27, 2016, 02:28:49 PM

I am thinking in investing my savings into Bitcoin and try to get some profit when the price of BTC goes up, but is it actually profitable?

Exactly. I think you should use same rules like in gambling. Don't use money you can't afford to lose. So, if you really can afford to lose ALL your savings(which I doubt), thrn go ahead and invest all! Because there's no such thing as a "surething".

What I would do is buy low(relatively lower than now), at about 25 - 50% of my savings then let it sit. When price finally peaks(who knows how long), then I'd convert to fiat my initial capital and hold the remaining(profit) in btc.

Barbut

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No, you don't need to do that. Keep your money safe, depending from your savings and your monthly income you should convert just one small part of that savings into bitcoins, or to leave savings and to invest from your monthly income.
It's better when you have money on more then one place. It's safer like that, and more secure if something bad happen.
Fiat is not safe anymore, economy crisis can happen in any moment and fiat we have can become worthless, inflation. Maybe is better to save in gold, or some other metal.

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It's a bit risky if you are going to invest all of your savings and convert it to bitcoins, maybe just some portion of it.

Even though the price of bitcoin now is getting higher and higher still don't remove the possibility that it can get wrong.

Just convert what you think you can afford with bitcoin, but I would say not all.

Indrawan77

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Yes it really profitable to invest in bitcoin, if you search the price from 2015 you can see the significant rising up until now, however i am not suggesting you to convert all of your saving into bitcoin, you need to spare some in case bitcoin gone bad

shintosai

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Quote from: hajimasan on October 27, 2016, 11:29:22 PM

Quote from: Spektrobas on October 27, 2016, 02:28:49 PM

I am thinking in investing my savings into Bitcoin and try to get some profit when the price of BTC goes up, but is it actually profitable?

i will suggest you to convert your saving into half of it into bitcoin because in bitcoin always profit is not sure so you need to work with Bitcoin through mind and use your mone in legit way to get profit .
i mean you are going to change fiat into btc and then want to invest then invest it in the trusted casino sites .

Thats the good idea mate convert only the 50% so whatever happen you still have the other half and beside just if worst things happen you can still use your btc to trading lending or even casino investment for you to able to grow your btc inveatment.

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Quote from: Spektrobas on October 27, 2016, 02:28:49 PM

I am thinking in investing my savings into Bitcoin and try to get some profit when the price of BTC goes up, but is it actually profitable?

it depends on what you mean by my savings!
if your savings is all the money you have then i wouldn't suggest investing "all" of it in anything. it is very important that you always invest what you an afford to lose no matter what you are investing in.
instead invest a part of it and keep an emergency funds.

danherbias07

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This is your choice and no one can control you from that.
But I suggest you just leave a little in bitcoin and just try it out for some time. If you are looking at bitcoin statistics it is already growing in price for some days. If you are monitoring bitcoin movement then you should have seen that and think it is a good idea to invest in it.

hajimasan

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Quote from: Spektrobas on October 27, 2016, 02:28:49 PM

I am thinking in investing my savings into Bitcoin and try to get some profit when the price of BTC goes up, but is it actually profitable?

i will suggest you to convert your saving into half of it into bitcoin because in bitcoin always profit is not sure so you need to work with Bitcoin through mind and use your mone in legit way to get profit .
i mean you are going to change fiat into btc and then want to invest then invest it in the trusted casino sites .

nara1892

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Quote from: Spektrobas on October 27, 2016, 02:28:49 PM

I am thinking in investing my savings into Bitcoin and try to get some profit when the price of BTC goes up, but is it actually profitable?

yes. it's going to the end of the year. my friend said that the price will go up by the end of the year (december), so it's good timing to invest to bitcoin.

I just want to suggest you not to invest all of your savings. save some of them to fulfill your daily life.

Harlot

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The question shouldnot be like that, The questions you need to be asking yourself is when and how much? Of course it is easy for us to devide when to invest our savings but in order to maximize profit we need to buy something cheaper so that when it goes up we can sell it with an extra gain. So my advise for you is to but Bitcoin at a low price before considering buying it.

Ryananda

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Maybe you can convert some of the amount in your savings to bitcoin. It would be very beneficial because if we convert to bitcoin is the same as investing. Because bitcoin prices are always fluctuating and if prices go up you will benefit greatly.

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Quote from: Spektrobas on October 27, 2016, 02:28:49 PM

I am thinking in investing my savings into Bitcoin and try to get some profit when the price of BTC goes up, but is it actually profitable?

Invest as much as you are willing to lose, then watch and read and learn about bitcoin until you are able to make the decision on your own.

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Quote from: NattyLiteCoin on October 27, 2016, 08:27:54 PM

If you have a constant income, just do an automatic purchase of BTC from coinbase on a weekly or bi-weekly basis. Set it, forget it, and live. I believe you should always have enough cash to live on for 6 months with no income. So if you're feeling froggy, figure out what that cash amount is, put the rest in BTC and do the auto-payments.

I do not think so, an automatic purchase of bitcoin from coin base on a weekly will make the owner loose control of saving their money or bitcoin. I think it will wise if we put a good portion in fiat and a good portion too in bitcoin. In this case bitcoin such as investment so it is not realy secure to save big amount of bitcoin in one wallet. Also it still hard to use bitcoin in regular basis.

NattyLiteCoin

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If you have a constant income, just do an automatic purchase of BTC from coinbase on a weekly or bi-weekly basis. Set it, forget it, and live. I believe you should always have enough cash to live on for 6 months with no income. So if you're feeling froggy, figure out what that cash amount is, put the rest in BTC and do the auto-payments.

Meuh6879

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so, for you, the Gold can crash below 200 USD ...

Gold is a speculative asset to regard of ETF emission ...

Doms

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Do what you must and what you think suits your risk appetite. Diversification is key when it comes to investments. We should not put all our eggs in one basket. Savings is good and serves its own purpose. If you are to convert your savings into bitcoin, make sure that it is only a portion which you could afford to lose. We all know that bitcoin is still a speculative investment and unexpected things might happen every now and then.

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Quote from: MingLee on October 27, 2016, 07:53:21 PM

but there are also a lot of people who just want to keep their value of their work and invest to combat inflation and the devaluation from their work.

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