Don't do it! Not just Bitcoin, I think it would be extremely foolish to invest your life savings into any one thing.
If you're considering investing, do not put all your eggs in one basket, diversify, diversify, diversify. Of course, a lot depends on your risk tolerance and when you need to access your funds, but if you invested your life savings at the beginning of the year into crypto, you'd be down. A lot. How much would you be down if you invested 100% on January 1st? Around 70%!
How do I know? On my @starthere steemit account, I've been running a Top Ten cryptocurrency experiment that I started at the beginning of the year. The rules? Buy $100 of each the Top 10 cryptocurrencies on January 1st, 2018. Run the experiment 365 days. Hold only.
No selling. No trading. Report monthly.
Even if the market eventually turns around (and I believe it will) can you stomach the volatility that goes with crypto? Wealth is worthless if you have a heart condition because of all the ups and downs of bitcoin!
There are youtubers and steemians who claim to be 100% in to crypto and encourage their followers to do the same. Don't believe them - they're not 100% invested in crypto! Ask them if they own any property, cash, or vehicles. They're dispensing horrible advice to attract views and to come across as experts.
I strongly discourage everyone who is thinking of putting all their life savings into cryptos. Sure the blockchain technology is revolutionizing and "maybe" in the next 5 years you could double/triple/quadruple your investment. However, the risk is just too much as cryptos are too volatile and the market is too unpredictable. You might end up losing all your hard-earned life savings for that "little" possibility of profit in the future.
If you can, invest only a "small" percent into crypto. Do not solely rely on it for your gateway to become a successful person. There are only a few people who succeeds on this field. Sure it could be you but it could also not be.
Investments are calculated risks, which are outright distinct and different from gambling.
People evaluate risks in different manners, according to their own interpretations or current financial status. There are 4 stages in life, survival, security, success and significance. If you are in the first stage, which your whole survival is entangled with the number in your life savings, then I would advise you stay away from investments, any kind of them, just focus on creating more values for yourself until you are able to generate some sufficient amount of money.
However, when you are in the second stage and further up, you could now then evaluate your options. Depending on your preferences, you could go for housing properties if you like passive cash flows, stock market if you like liquidity or cryptocurrency if you prefer speculations. They are very similar, which they all can earn you money, but very different in terms of the risks associated.
There are people who believe in the cryptocurrency, or the digital gold, Bitcoin, and they are willing to fork out every cents of their savings to pump into the investment. Bear in mind, the cryptocurrencies or the blockchains technology generally are still vastly in the development period, which still have a long way to go until mass public adoption. It's wise to think twice before you pump in any money into any investments, especially cryptocurrency - Bitcoin.
Anyway, if you are still wondering or confused, simply don't. Because you are not prepared, both mentally or physically.
Life saving means some money which you save for emergency stuffs of your life. So that you need not to worry about money on emergency cases.
In case of investing on bitcoin you might not get the money in your need. On crypto market there is always up and down. If the market goes up then it's ok but if thr inverse happena then you will be doome. You have to sell you bitcoins on low Price and you might get less money than your need. In life cases you should not take risk and investing life saving on bitcoin is a real risk. You shouln't do this.
If you really want some profit from your money, you can deposit it in bank which gives some profit for depositing money. You may not get much but you savings are safe and can be said your life is save.
As we know, bitcoin is a currency that is not controlled by anyone, this is a free currency, and the prospects in the long run are very good, because users continue to grow every day. However, on the one hand, unpredictable prices, easy to fluctuate, make us have to think twice about using it as a future investment tool. No one is responsible for all the risks that occur.
Bitcoin as a cryptocurrency is good for investments
because it can be very profitable and give good returns on investments but it is also a kind of investments that is
risky so that is why i will never invest on my life savings
on the investing on bitcoin,infact i cannot invest all my life savings on any investment because there are always some little risks in most investment and i cannot
place a risk on all my life savings,what i can do is that i
can remove out of my life savings and use it to invest but i cannot use all of it is for investment...
No, no, no!
Don't do it! Not just Bitcoin, I think it would be extremely foolish to invest your life savings into any one thing.
If you're considering investing, do not put all your eggs in one basket, diversify, diversify, diversify. Of course, a lot depends on your risk tolerance and when you need to access your funds, but if you invested your life savings at the beginning of the year into crypto, you'd be down. A lot. How much would you be down if you invested 100% on January 1st? Around 70%!
How do I know? On my @starthere steemit account, I've been running a Top Ten cryptocurrency experiment that I started at the beginning of the year. The rules? Buy $100 of each the Top 10 cryptocurrencies on January 1st, 2018. Run the experiment 365 days. Hold only.
No selling. No trading. Report monthly.
As of the end of my last update (July), I was down 63%. And the market has fallen even further in August. Check out my post for all the bloody details: https://steemit.com/cryptocurrency/@starthere/experiment-tracking-top-10-cryptocurrencies-for-one-year-2018-month-seven-down-63-40349c630ba41est.
Even if the market eventually turns around (and I believe it will) can you stomach the volatility that goes with crypto? Wealth is worthless if you have a heart condition because of all the ups and downs of bitcoin!
There are youtubers and steemians who claim to be 100% in to crypto and encourage their followers to do the same. Don't believe them - they're not 100% invested in crypto! Ask them if they own any property, cash, or vehicles. They're dispensing horrible advice to attract views and to come across as experts.
Don't fall for it - they're providing horrible advice. Get your financial house in order first (https://steemit.com/personalfinance/@eoj/personal-finance-101-part-1-step-on-the-scale-get-organized-feel-the-pain-6790e53db1dbbest), invest in tax-advantaged investments, diversify, then (and only then) consider putting any left over money that you're okay to completely lose into bitcoin or crypto.
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"Invest only what you can afford to lose!"
I strongly discourage everyone who is thinking of putting all their life savings into cryptos. Sure the blockchain technology is revolutionizing and "maybe" in the next 5 years you could double/triple/quadruple your investment. However, the risk is just too much as cryptos are too volatile and the market is too unpredictable. You might end up losing all your hard-earned life savings for that "little" possibility of profit in the future.
If you can, invest only a "small" percent into crypto. Do not solely rely on it for your gateway to become a successful person. There are only a few people who succeeds on this field. Sure it could be you but it could also not be.
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you are so damn right.
Rule #1:
"Invest only what you can afford to lose!"
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For sure, IMO.
Investments are calculated risks, which are outright distinct and different from gambling.
People evaluate risks in different manners, according to their own interpretations or current financial status. There are 4 stages in life, survival, security, success and significance. If you are in the first stage, which your whole survival is entangled with the number in your life savings, then I would advise you stay away from investments, any kind of them, just focus on creating more values for yourself until you are able to generate some sufficient amount of money.
However, when you are in the second stage and further up, you could now then evaluate your options. Depending on your preferences, you could go for housing properties if you like passive cash flows, stock market if you like liquidity or cryptocurrency if you prefer speculations. They are very similar, which they all can earn you money, but very different in terms of the risks associated.
There are people who believe in the cryptocurrency, or the digital gold, Bitcoin, and they are willing to fork out every cents of their savings to pump into the investment. Bear in mind, the cryptocurrencies or the blockchains technology generally are still vastly in the development period, which still have a long way to go until mass public adoption. It's wise to think twice before you pump in any money into any investments, especially cryptocurrency - Bitcoin.
Anyway, if you are still wondering or confused, simply don't. Because you are not prepared, both mentally or physically.
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The answer is straight no.
What do you know about life saving, what is it?
Life saving means some money which you save for emergency stuffs of your life. So that you need not to worry about money on emergency cases.
In case of investing on bitcoin you might not get the money in your need. On crypto market there is always up and down. If the market goes up then it's ok but if thr inverse happena then you will be doome. You have to sell you bitcoins on low Price and you might get less money than your need. In life cases you should not take risk and investing life saving on bitcoin is a real risk. You shouln't do this.
If you really want some profit from your money, you can deposit it in bank which gives some profit for depositing money. You may not get much but you savings are safe and can be said your life is save.
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As we know, bitcoin is a currency that is not controlled by anyone, this is a free currency, and the prospects in the long run are very good, because users continue to grow every day. However, on the one hand, unpredictable prices, easy to fluctuate, make us have to think twice about using it as a future investment tool. No one is responsible for all the risks that occur.
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Bitcoin as a cryptocurrency is good for investments
because it can be very profitable and give good returns on investments but it is also a kind of investments that is
risky so that is why i will never invest on my life savings
on the investing on bitcoin,infact i cannot invest all my life savings on any investment because there are always some little risks in most investment and i cannot
place a risk on all my life savings,what i can do is that i
can remove out of my life savings and use it to invest but i cannot use all of it is for investment...
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I believe strongly in investing as I see it as one of the ways to attain financial freedom and yes, I can invest my life savings in bitcoin.
However, I would only be investing a part of this savings and not all since I know all investments carry some modicum of risk.
So in summary, yes, I would invest my life savings in bitcoin, but I would divesify and only invest a portion of this savings in it.
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