I never spent any savings on Bitcoin and I'm not broke

[prettybuds]

If I had invested my savings in Bitcoin would it be more likely to be broke?

[Elwar]

If I had invested my savings in Bitcoin would it be more likely to be broke?

Do you keep your savings in a currency that loses value over time?

[BitcoinSupremo]

If I had invested my savings in Bitcoin would it be more likely to be broke?

Keeping in bitcoin your savings have quite some advantages, like if you are married, in a divorce case your wife gets pretty much nothing, which is different if you keep in USD. Don't tell her about your bitcoin wallets lol. Now on a serious reply , in long term many people and me too think that bitcoin price will rise in future so it would not be more likely to be broke, it would be more likely to have a bit more money in the worst case or be rich in the best case.

[Kakmakr]

If I had invested my savings in Bitcoin would it be more likely to be broke?

Keeping in bitcoin your savings have quite some advantages, like if you are married, in a divorce case your wife gets pretty much nothing, which is different if you keep in USD. Don't tell her about your bitcoin wallets lol. Now on a serious reply , in long term many people and me too think that bitcoin price will rise in future so it would not be more likely to be broke, it would be more likely to have a bit more money in the worst case or be rich in the best case.

If your wife gets a clever attorney, you will be f#$%ed. You have to declare all your income and expenses and if they pick up that you had bitcoins stored somewhere and you did not declare it at the time, then they will force you to sell them, depending on your marital contract and also charge you interest on the money she should have received.

That is how it works within my country. Do not lie to the court, you will be slapped with criminal charges on top of that interest.

On topic : Never invest more than what you can afford to lose. Bitcoin is seen as a high risk investment.

[elite3000]

Depends on your entry price and when you will need your savings.

If you bought in 2013 or before, under $20, then you are closer to rich than to broke

[Betwrong]

If I had invested my savings in Bitcoin would it be more likely to be broke?

Well, it depends on when you would invested. Of course if you'd bought BTC when it was around $1k you'd be broke but that bulb lasted only couple of months and you should be really unlucky to invest exactly at the time. But if you'd invested half a year ago when Bitcoin was around $300 you'd be richer than you are now.

[bob123]

The key is to never invest more than you can afford to lose.
I think its fine to do higher investements in low-medium risk investments tho.

[Elwar]

I spent all of my savings on euros, now I'm broke.

[DimensionZ]

I remember when Mt. Gox filed for bankruptcy a lot of people who had emptied their bank accounts and invested the fiat in Bitcoins were screwed. There were some pictures of people from Europe who flew over to Japan to protest in front of the Mt.Gox office because they lost their life savings and went broke. My advice is to never put all of your eggs in 1 basket and diversify your investments wisely.

[Jasad]

If I had invested my savings in Bitcoin would it be more likely to be broke?

that's funny,other thread also mentioned about same situation,trying to ask is he was brooke if he saving his bitcoin. i think its not normal,people should know that they invest is not lost their money or bitcoin,weird.

[btcltccoins]

If I had invested my savings in Bitcoin would it be more likely to be broke?

you are looking like a joking with us.But the answer is if you have saving your bitcoins, so you should wait it now, you can see bitcoin's price is going up, and it is good sign, and after 2 months halving is coming ,so use it and sell your bitcoin on right time,than it will prove you that your saving is better for you.

[btcjoin14]

Depends on if you bought bitcoins while it was at a high price if you did you would most likely be broke. But if you bought while it was cheap you increased your net worth by a bit.

[ranochigo]

I remember when Mt. Gox filed for bankruptcy a lot of people who had emptied their bank accounts and invested the fiat in Bitcoins were screwed. There were some pictures of people from Europe who flew over to Japan to protest in front of the Mt.Gox office because they lost their life savings and went broke. My advice is to never put all of your eggs in 1 basket and diversify your investments wisely.

That was because those people didn't practice the correct way of storing Bitcoin; in your own desktop wallet. Anyway, the coins did drop in value slightly before Baidu and various Chinese companies stopped accepting it as a mode of payment.

My advice is for you to invest parts of it into Bitcoin and store it safely, preferably in a cold storage. Never invest more than you can afford to lose.

[pereira4]

Maybe or maybe not, but if you want to have any chances to get rich in the next decade, holding Bitcoin is a must. The potential for growth is the highest that I can think off of any other possible investments. Sure, you can always but some stock or altcoin that's worth pennies now and randomly gets a good pump and become insta rich, but that is just a big lottery. With long term Bitcoin storage, there is a real vision and foundation to make it.

[tiggytomb]

A risky business putting all of your savings into anything, bitcoin however probably has the most potential for some kind of profit especially if you were able to buy in a few years ago and even now is still a good point of entry as long term we will rise (hopefully)

[Indrawan77]

I think you will gain profit if you invest in bitcoin, bitcoin price will keep on rising in this few years, its a good thing if you start to invest into bitcoin now

[franky1]

a smart person would never put all of their eggs into one basket.

here is a sliding scale of risk. where the top is the most risky and the bottom is most safest based on a LONG TERM investment
1. altcoins
2. pennyshares
3. real estate
4. fiat
5. bitcoin
6. stable bluechip share portfolio
7. precious metals

many people will cry and whine and show their total blind devotion that bitcoin should be the safest investment ever.
well this may be true based on the codebase of 2014 and the ease of buying and selling of that period.
but if you look passed your faith and think of the logistics of moving between bitcoin-fiat-bitcoin its a more harsh environment compared to 1-4 and about the same as 6-7. and future legal issues worldwide make bitcoin slightly less investable compared to 5-6

some people may whine and cry that real estate is safer then just hoarding fiat. but once you realise that a $250k house turns into $300k+ once you account the interest. then the maintenance, insurance, taxes pushes a house upto $350k costs.. most people dont always get their $350k let alone any profits to cover inflation.

so my advice is after you have paid your bills and a few luxuries.. if you have an example $100 left over.. split it up as

$20 fiat
$40 bitcoin
$10 shares
$20 precious metals

and keep an eye on the prices of each.. if one rises and another falls, invest less in the one that rises and more in the one that falls. that way you get more of the cheap stuff and less of the expensive stuff.

the reason i suggest $40 of bitcoin is because its still fresh and the fluctuations in price allow for more potential returns.  but keep in mind my last paragraph about adjusting the amounts based on price fluctuations.

and last tip. if you buy bitcoin at $450. and it drops to anything below $450 dont be a dummy and cash out crying at the loss.. hold and keep investing for cheaper coins. remember its only a loss when you cash out. so dont cash out at a loss. unless there are signs of a disaster scenario where it can drop to 0. think of any drop in price as an opportunity to grab more, cheaply

[gentlemand]

I'm sure plenty have gone broke with Bitcoin. You could've bought at $1200 and sold at $200. If you'd dabbled in trading as well there's no shortage of capacity for setting your money on fire. As for gambling...

[alyssa85]

If I had invested my savings in Bitcoin would it be more likely to be broke?

If you bought a mere six months ago (when the price was between $200-$250) you would have nearly doubled your money by now...

[mobnepal]

If I had invested my savings in Bitcoin would it be more likely to be broke?

Don't know from taking what reference you are claiming so that you may have been broken if you have put your savings in bitcoin. Price is increasing from 200 to over 400 within last few months. You may have doubled your savings if you have put those in bitcoin few months ago.