Transfer My Entire Savings to Cryptocurrencies? - page 3.

gohan21

jr. member

Activity: 336

Merit: 1

Quote from: Triple on December 04, 2017, 12:26:42 AM

I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

It's a big mistake to get all of your funds into crypto coins because it's a great deal to beat it
if you do not plan too well because many people are losing even expert in trading.

readygoaw

full member

Activity: 476

Merit: 105

Quote from: letsfly on July 18, 2018, 08:23:40 AM

Im not sure if you have read or heard one famous idiom about investing " Do not put all your eggs in one basket." If you havent, then there you have it. Dont put it all maybe half is safer or maybe the most is 75% and put the remaining 25% for insurance or immediate funds.

Good saying. Never risk with all of your money investing it in the cryptocurrency only. If you have a lot, buy some real estate but if the sum is small...risk!

Maxpips

member

Activity: 205

Merit: 16

Quote from: Teebass001 on July 19, 2018, 01:32:00 AM

Yeah you can make more money trading crypto like you rightly asserted. But have you also considered that you can also lose everything overnight in crypto. It's a two way traffic. I would advise you against putting your entire life saving in crypto, you can do 50% instead. And leave the other 50% in traditional stocks where you are assured of safety. As regards leaving your money on exchanges. No exchange is safe, I would rather advise that you get the wallet for any coin you are willing to hold and transfer it there or you might have to consider any of these wallets, ledger Nano or Trezor. Good luck mate

Definitely sound advice here.

If it were me I'd put 25% in Crypto (Bitcoin only, as it's the one most likely to survive over the long term), 50% Stocks and then the rest in Bonds.

The problem with Crypto is nobody knows if it's going to be around within the next few years. Bitcoin will probably be around, not as a new form of currency but as a speculative investment - similar to gold - but what the value of Bitcoin is likely to be 2 or 3 years from now is impossible to predict, because it doesn't have any real value.

With stocks it's different. You don't know what the price of a stock will be over the next few years, but at least you know it has some real world value unlike Crypto.

Also, with some stocks you can make money from dividends, so you can make money just by holding the stock without the price actually rising.

Value Investing by Ben Graham is a great books on stocks, bonds and general investments. You should check it out if you're interested. You can get it for free too. Just put "Value investing pdf" into google and it should be one of the first links that appears.

siddharthsikka

newbie

Activity: 84

Merit: 0

If you like challenges then you can put all your savings. If not dont want to put your all the savings to the cryptocurrency. Because you can earn much more with half of your savings

KesoNie

copper member

Activity: 672

Merit: 270

Quote from: Huy Mai on July 21, 2018, 07:56:15 AM

Extremely risky! Do not do that!
Cryptocurrency is just one of investing channels, and you know that investing always has risks. My 1st rule in investing is that I just invest what I'm ready to lose. You do not know what will happen in the future, so you have to have a good plan for your entirement instead of using all of your money for investing! Good luck sir.

This was extremely risky that we should transfer all your savings to cryptocurrencies. Instead of transferring all your savings better to divide it and place some of it in banks to make sure that you have assured that you could protect your future than taking risk and didn't allot even some of your savings for your future needs.

Huy Mai

newbie

Activity: 84

Merit: 0

Extremely risky! Do not do that!
Cryptocurrency is just one of investing channels, and you know that investing always has risks. My 1st rule in investing is that I just invest what I'm ready to lose. You do not know what will happen in the future, so you have to have a good plan for your entirement instead of using all of your money for investing! Good luck sir.

canadinhano

newbie

Activity: 112

Merit: 0

Too risky, I think you should transfer 50% to invest, do not invest all in them, if you mistake you will lose capital and you will regret it.

merrillolive

newbie

Activity: 224

Merit: 0

Yes. That is a risky decision, if you loopholes you will lose capital, do not risk so risky, I think the market is falling, suitable for you to buy. But do not invest all.

deus030518

jr. member

Activity: 224

Merit: 1

You should not put all your money in the cryptocurrency so you will not lose what you cannot afford to lose. You can divide your saving to a different coins so that if you lose the one that you invest there is on the rise you up from your lose. If you only invest in one coin the it lose you will not earn what you invest and you might say that if you did not invest in the crypto currency then you still have money for your daily needs.

p i e c e

full member

Activity: 336

Merit: 100

Quote from: mdw1962 on July 18, 2018, 08:46:26 AM

Putting all your money into crypto currencies is good but very risky and not advisable to do so for me. It is better to use Bittrex as an exchange site cause their security system is good (but annoying).

Too much risk, man. If you are the newbie, you can choose the outsiders, I mean the cryptocurrencies that will fall but not grow. You can be a loser then.

YNAGS Team

member

Activity: 220

Merit: 10

This can be both the best idea in your life and the worst decision as well you need to pay maximum attention to the cryptocurrency that you are about to buy and invest in. Because it is very serious thing.

Ponchik34

newbie

Activity: 190

Merit: 0

3DES finally launched their tokens! It's a very interesting project, I'm watch their development since autumn. Those guys develop a tasks exchange to process 3D printing models, MVP is ready, and recently they announced scaling up the project concept to create a universal computing tasks exchange. For now the tokens are only on Etherdelta, and soon will be on IDEX. I think I got to buy lots of them.

Maricurijohn

jr. member

Activity: 294

Merit: 8

The Premier Digital Asset Management Ecosystem

It is risky for you, I think you should spend part of the money on electronics, because this market is constantly changing if you concentrate on investing all you will regret if you lose money.

LianaSie

jr. member

Activity: 140

Merit: 1

I would not recommend to hold all your cryptocurrencies in Binance. Even it looks like one of the safest exchange, anything can happen. Maybe a ledger nano S, or trezor could also cause more safety.

Teebass001

jr. member

Activity: 110

Merit: 1

Staker.network - POS Smart Contract ETH Token

Yeah you can make more money trading crypto like you rightly asserted. But have you also considered that you can also lose everything overnight in crypto. It's a two way traffic. I would advise you against putting your entire life saving in crypto, you can do 50% instead. And leave the other 50% in traditional stocks where you are assured of safety. As regards leaving your money on exchanges. No exchange is safe, I would rather advise that you get the wallet for any coin you are willing to hold and transfer it there or you might have to consider any of these wallets, ledger Nano or Trezor. Good luck mate

Sandy25

newbie

Activity: 149

Merit: 0

I would not recommend that for me personally it is not easy into crypto as 123 if you dont have any experience on this.. Investing on stock exchange is good so i guess leave it there and just put some portion of your savings on crypto.. Always best time to invest on dip the profit will easy to achieve on that.. Or buy some good coin for long term one.

mornabo

hero member

Activity: 1148

Merit: 504

Quote from: samycoin on July 18, 2018, 06:24:46 AM

Quote from: Triple on December 04, 2017, 12:26:42 AM

I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

In that case I think much better to don't put your all savings in crypto because a huge money like that is so risky. Maybe divide it so you can assure that you will get a good earnings or profit.

Thats right, All In on something risky is the wrong strategy I think, because you have the possibility to lose all your money? you need
to manage finances so you do allocate the right funds for investment or saving, do not take risk too big with all in at crypto

MDIPANJAN

newbie

Activity: 98

Merit: 0

That'd be a very risky move i would say. Don't do that please.
This market is still very volatile and you can loose all your savings
so invest what you can afford to loose.

lilanka

newbie

Activity: 26

Merit: 0

I think it is not a good idea. Keep some savings in your pocket as a backup. Invest some in crypto.

clip123

member

Activity: 193

Merit: 10

going all in is obviously a mistake. Do you want to tell us which route you took and how it impacted you? that may help other traders here

Topic: Transfer My Entire Savings to Cryptocurrencies? - page 3. (Read 4040 times)