Bitcoin Forum

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Hi there.. my grandson says I should get some sort of crypto currency to put some of my savings in.  I am hoping for big returns so I'm a bit scared of getting bitcoin since it has been going down in value.

Anyone have any suggestions?

Henrietta
 ??? ::)

Hmm... did you check the price of the other coins[1]? Literally 99% of all coins are down. Bitcoin is the safest bet by far and it's one of the few that won't die in the next few years. If you are worried about the price, try buying a little bit over time instead of buying all at once. This way you get a medium price that can give you some safe profits even when it goes down (in this case, buy the dip).

[1] https://coinlib.io/

Savings are meant to give you an assurance that if ever there will be a time that you need urgent money, you can able to cover it. Putting your savings into cryptocurrency needs a deep analyzation, understanding the risks, patience, etc.

There are lots of "What If" that you need to consider before deciding to "RISK" your savings funds.


That's one of the "What IF".

You have lots of reasons to believed that bitcoin will able to reach some of our desired price targets. However, what if there will be a time now that you need to use your savings funds (that you put in crypto) for something important but bitcoin is currently dealing on a bear market which drastically put losses on the value of your holdings? You will be forced to sell no matter what.

Bottom line: Understand all the associated risks once you consider putting your money in crypto. This is not a joke so you need to be serious.  We can't just say "hey put your savings into bitcoin" even how optimistic we are in bitcoin's future.

Since you are in a Bitcoin forum, most of the people here will suggest Bitcoin and probably we are right, just what @TryNinja said, Bitcoin is much safer as of now.

I'll share my experience before when I am same with you, looking for some altcoins instead of altcoins, I bought most of them at the peak or bull run 2017, and boom. Lost almost 80% for them and decided to switch all to Bitcoin, that's why I will never do it again.

Same suggestions as in every similiar case like yours.
Get to know what you are investing in, why bitcoin is trully so revolutionary technology.
Learn about computer security to keep it safe.
Dont invest more than you can afford to loose.

Good luck and have fun learning :)

Thank you all!!
Good advice.  I was not going to risk my life savings.. and I am interested in bitcoin.  So maybe that's what I'll do.

Henrietta ;D ;D

Because it fits in well: I started to write a topic about this issue yesterday and finished it just now: Is diversification really a good advice for Newbies? (https://bitcointalk.org/index.php?topic=5199926.0)

To keep it short:

The last 2 years were much worse for Altcoiners since most of them are down 80 to 95% now (if not even more) while Bitcoin is only down 50%:

Coin	Investment around ATH	Loss until now	remaining value
___________________________________________________	________________________	_________________________	______________________
Bitcoin	1000$	50%	500$
Shitcoin A (let’s say Litecoin (https://coinmarketcap.com/currencies/litecoin/), in early 2018 Rank 7)	1000$	80%	200$
Shitcoin B (let’s say NEM (https://coinmarketcap.com/currencies/nem/), in early 2018 Rank 6)	1000$	95%	50$

So, Altcoins went down much more in value and would have resulted in a bigger loss. Even if we refer to shorter periods until now, Bitcon is far ahead of Altcoins, see also Bitcoin Dominance (https://coinmarketcap.com/charts/#dominance-percentage), which rose from 33% in Jan 2018 to 67% today.

I've listed more details in my topic: Is diversification really a good advice for Newbies? (https://bitcointalk.org/index.php?topic=5199926.0)

BTC for sure
All other always changed due to changes in BTC rate
 ::)

If you want save your money and don’t want to take risks then bank is best option for you.Don't put your money in crypto by hearing from people. Try to understand what is crypto.You mentioned that you are hoping good returns,that's good.but there is high risk to lose in crypto currency.Because in crypto up and down is a natural thing. But if you want to invest in crypto bitcoin will be your best choice. Now make a research and think what should you do.                     

If you think Bitcoin is unsafe because the price has gone down take a look at many other altcoins that have completely died or have absolutely no liquidity. There are altcoins with a trading limit of $10.
Bitcoin will bounce back, it is not the first time it is down. Don't invest in Altcoins based on a feeling or a buzz. Read what the project is all about and if the service they are offering works with Bitcoin equally as good as with their native currency it makes no sense to invest in such a project.   

yeah, bitcoin is the safest compared to altcoin, even I feel regret for buying altcoin because I lost about 90% assets. if we look at the rise in altcoin last year then it is currently down and it's almost 90%, so, don't hesitate to buy bitcoin now. because, in the end, bitcoin prices will keep rising and we will see that in 2020 it will really happen.

It was hard to choose on what was the best altcoin from now because there are some altcoin do dump easily then don't take back unlike bitcoin that when it dump it was sure that it can recover sooner.

Just choose bitcoin from good investment because you can't sure the altcoin.  You can invest from trading if you can or know the techniques but you'd never trust holding altcoin.

I would request you to stay active on this forum for sometime and learn how crypto is performing and I would suggest you to start with a gradual investment towards altcoins like TRON which is under 10 cents but have the potential of giving you good amount of return but again don't be quick to invested rather start with small amount and then gradually reinvest from the profits. 

If you are still in doubt and don't have the desire, then you can go and look for other investments out there. But if you still have a high desire and curiosity about the benefits of investing in cryptocurrency then you need to do some research. Bitcoin is currently falling, but are you sure that it will fall forever? I don't think so. If you want to invest for a long time then you don't need to worry about this. Keep in mind that there is a lot of manipulation on the market, whales want to get a lot of profit by playing their way. You should not be fooled by that, if you have a strong determination then you should not hesitate. A good decision is that you must examine it right now, don't wait too long.

It will be hard if you look at the bottom but if you choose to pick on the top list will you will have an easy time to choose among them since they are the one who gets the potential unlike with those new coins who suddenly fall even though they are successful we the their ICO's and other forms of crowdfundings. And I suggest to look after Xrp,xlm and BNB.

One is dumping their tokens endlessly, while the other doesn't have a clear purpose and market segmentation. Not to mention their billion of supply. They might be able to ride the bull run wave but that's short-lived, she'd need to exit as soon as the wave ended.


Don't forget the supply.

Just after a fall is the best time to buy.

Absolutely not. Why would you encourage a brand new user to this space, who doesn't know very much about bitcoin and probably nothing about these altcoins, to start throwing their money at these projects they don't understand? I would stick with bitcoin pretty much permanently, but at the very least until you spent several weeks learning all about it and the technology behind it. You should spend time reading and learning before just blindly throwing your money away.

Don't forget that TRON is a plagiarized pump-and-dump scam with no real world use and a CEO (why does a decentralized project have a CEO? Great question) who has been accused of money laundering. Honestly, you might as well go to a casino and put your money on red or black on the roulette wheel. Better odds and a better return than you will ever see with TRON.

There are a lot of options out there. Altcoins and bitcoins can be chosen by you and it should depend on where you think you can gain more profits than any other. Bitcoin will always be one of the best currency to buy amidst the crisis it is facing right now. The value might be low right now, which means it is best to buy right now, so you should take this opportunity to buy lots of it and hold it till the value goes higher. There are many people who are currently investing on bitcoin right now because they know it has the potential to regain its value again and give them lots of profits.

You still up to make money even for your age. The internet isn't hard for you to learn I guess since you found your way to post in the forum and I guess you also have a mobile where you can install a wallet.

Go for BTC. This is good time to invest into BTC since it had drop a bit. BTC is the most popular so there is no way you could go wrong with it. Just don't put all your money to it since its your savings, its meant for your retirement.

You should buy tiny bit every month. Like $50 or $100. I dont know your financial situation. So it will not matter how price changes in shorts terms. You should open account at something like Coinbase to do that easily.

Big returns in any venture comes with lots of risk, especially if you want quick profits. And it going down in value depends on your angle, the price is way above what it was early this year during the thick of the bear season. If you're looking for long term profits then I would also suggest Bitcoin.
However, do not just; 'get some cryptocurrency', first learn about cryptocurrency: when to buy, how to secure your coins, i.e, protecting your wallet and device as well.

Bitcoin shouldn't be the money in your savings wallet, it's just for venture capitalists, because its volatility can be huge after every day. If you want a coin that can hold savings, I guess that Fiat coins will be a good choice for you.

When people express interest in crypto I just give them some.

It's far less trouble for me and them.

Pinch your grandson's nipple until he hands some over for free. It's his fault for mentioning it in the first place.