Should I convert my savings into Bitcoin?

[avatar_kiyoshi]

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?

If it's me, I'm not investing all my savings into bitcoin, it's too risky considering the volatile which sometimes it will down to low maybe the factor is whale/someone who makes big wall sell. We don't know.

Maybe half of savings is worth to convert into bitcoin, storing them into cold wallet or more secure wallet for a long term.

[dinda22]

it is clearly advantageous for the long term, but sometimes in the short term also can be profitable because bitcoin prices fluctuating, sometimes rise very quickly in a short time. but my advice if you want to savings into bitcoin, better wait for the price to fall and not for the moment because it has been increased.

[Kakmakr]

Would you take financial advice from someone with limited or no financial education or experience? Would you take financial advice from someone you have never met? Well, this is what you are going to do, when you ask for financial advice from people on this forum.

I would not risk my savings on advice being given to me from some unknown person without any liability for what they are saying. We are here to talk about Bitcoin, not to give biased financial advice to people, who might end up losing their life savings, based on the things that was said in a anonymous forum.

If you want to risk some investment into Bitcoin, then you should never go all in. Decide how much of your savings you would be comfortable to gamble on a high risk investment and then give it a try, but never more than what you can afford to lose. ^smile^

[jossiel]

it is clearly advantageous for the long term, but sometimes in the short term also can be profitable because bitcoin prices fluctuating, sometimes rise very quickly in a short time. but my advice if you want to savings into bitcoin, better wait for the price to fall and not for the moment because it has been increased.

It can be profitable but you must be able to have a certain amount on how much you are going to convert with bitcoins.

This is a good idea and chance of getting profit as you don't have to work just to get bitcoins, you can just simply convert your fiat into bitcoins.

And wait again for the price increase of bitcoin, just to get profit.

[amacar2]

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 am also converting my savings into bitcoin from few months ago and in profit right now which is good than i have thought due to recent big price pumps. But i will sell some if price get corrected a little bit or if market seems to get dumped heavily.

[Herbert2020]

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?

bitcoin is a very good investment because it is not yet at its peak price but it is getting there and it takes time. that is why i always say bitcoin investment should be considered a long term investment (unless you want to become a day-traders and use the daily fluctuations to make profit but that requires lots of time and skills).

[clickerz]

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

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.

That is correct, spend only what you can afford to lose especially in investment which you are not familiar or uncertain. Also,why all your savings? You must save at least an emergency fund for you or for your family.This is a must if you have a spare money. Why? Because when an emergency, you will be forced to sell your investment in a price lower than the price you bought or at a losing end.

[NorrisK]

Diversity is king in these cases. Never put all your eggs in one basket or risk losing it all.

I would spread those savings around different types of investments:

• Keep a part in your savings account
• Invest in some stocks/ investments funds
• Buy some bitcoin
• Buy some gold/silver/platinum

The way you divide the ratios is up to you and what makes you feel comfortable. Make sure you have enough in your savings to get you out of a hairy financial situation quickly. Some investments are easier to convert to spendable fiat than others.

[Pursuer]

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?

investing is always risky, and investing in bitcoin is no exception either.

that is why you should first understand these risks and then make an investment in it. it is your money and you should be extra careful about it.

these risks are not only related to bitcoin price and the fluctuation but also is risks of saving it in an unsafe wallet (in other words learn how to make a cold storage)

[avikz]

Never ever do that. Don't convert your entire savings in to bitcoin, then you will be taking huge amount of risk with your savings. You may loose all. So choose a percentage of your savings and convert it into bitcoin for good. Take it as an investment with huge upside potential.

Also have a healthy mix of your savings in bitcoin as well as fiat currency, so that if any emergency occurs, you can quickly get some money to control the situation. For bitcoin, it will take some time to convert it in to fiat currency and then the situation may get out of your hand.

[n691309]

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 how long do you think to keep the bitcoins, if you think to make money within a short period of time then you may don't, personally I don't put all my savings in bitcoin because it is risky and I prefer 50-50 or similar investing in bitcoin and holding some on the bank.

[rosablu]

Never ever do that. Don't convert your entire savings in to bitcoin, then you will be taking huge amount of risk with your savings. You may loose all. So choose a percentage of your savings and convert it into bitcoin for good. Take it as an investment with huge upside potential.

Also have a healthy mix of your savings in bitcoin as well as fiat currency, so that if any emergency occurs, you can quickly get some money to control the situation. For bitcoin, it will take some time to convert it in to fiat currency and then the situation may get out of your hand.

I totally agree, invest only small amounts of btc per time!

[iam2good]

I will suggest you convert 50% to bitcoin and leave 50% in fiat.

[requester]

Yes exactly the same, i am also doing this i had now converted $120 to bitcoin and i know that definitely it's price will rise up. currently $50 had raised and i am waiting for rise of another $100 so that I could name noticeable profit.

[croutonhexagon]

If you trust me then i could say that this is the best option to increase one's money without doing anything. Just but bitcoin with your savings money and sell those bottom when bitcoin market rise up.currently i am having $40 profit per bitcoin that that's not enough because I have only 0.08 bitcoin with me. I should get aeast $200 profit per bitcoin top name a noticeable income

[rik3]

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 is Profitable to Invest in Bitcoin Because Bitcoin has Potential To Grow And If You Buy Btc Then  Also You are Able to Buy Other Altcoins Like Dogecoin , Dashcoin Also And Doing Trading Of Altcoins Also Give Your Profit....
I am Also a Trader And I am Getting Decent Profit By Trading Altcoins....

[Tyrantt]

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 can be very, very profitable but just like that the price could fall and you'll lose some of your money. I'd suggest you to invest a % of your savings, let's say 40% and you can use somewhere around 10% to invest in trading or some gambling site bankroll.

[Golftech]

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 can be very, very profitable but just like that the price could fall and you'll lose some of your money. I'd suggest you to invest a % of your savings, let's say 40% and you can use somewhere around 10% to invest in trading or some gambling site bankroll.

If you have strong believed that btc can bring good profits for you why not i guess it should be your decision because for me its okay to ask for advise but if talking about money its really better to make sure that you know what you are entering as bitcoin price keeps rallying up and we cant say if that will stay or it will fall.

[TraderETH]

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?

What is your plan with the bitcoins? If it for long Investment you can buy the bitcoins and saving them it will be profitable for long term but if you become traders make sure you have understood about related trading cryptos coins.

[CoinBreader]

Put some of your savings in Bitcoin, but then again dont put what you dont afford to lose..! also where are you from ? is your currency is not $ , then you have some extra safety , because any time you can turn your BTC in to $