is it risky to turn all my money to bitcoins?

[vintages]

is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!

It is not only risky but it is highly risky to do so in bitcoin and any crypto coin. In cryptocurrency business or investment, it is best to do business considering the probability in it.
Before putting all your money in it, you should ask yourself these questions;

1) what if I didn't gain much from my investment?
2) What if  my wallet was hacked and all my coins was stolen?
3) Can I really wait for long as the price of bitcoin to receive my profit? (This is because the price of bitcoin might not grow as expected)

[sehanmaxx01]

There is no set laws in any country related to it. Moreover its heck of volatile.

[STRAKS]

Definitely. I would never advocate investing more than you would be comfortable losing. Having said that though, it also depends on your level of risk aversion. How much of a risk taker are you and how does that affect your emotional state? Things to consider.

[taiwww]

It is always risky to invest your all money at one place.
And that risk increases when you put all your money in volatile currency like bitcoin.
If you see bitcoins history charts it has fallen 20% in a day. Bitcoin is a decentralised currency backed by nobody.
Banks are backed by governments so relatively less risky.
It is advisable to keep some money in bank so whenever you need cash you can withdraw it from Atm.
If you have more risk more profit set of mind then bitcoin is the best option, you can invest in bitcoins it will give you more returns than any other currency .

[harbin55]

is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!

very risky my friend
it will blow your mind and heart if all your money you turn on bitcoin will gone
this is like a gamble you may win or lose
for me just invest a 30/50 % of your money in long term investment here so you just wait may make a good profit on future ^_^

[Kiweikoo]

It is not that risky. But it is wiser if you are to exchange your money or buying bitcoins using your money.

Indeed before investment proper knowledge should be gained along with proper guidance. Secondly the decision making power should be strong and try to get enter into some promising projects. Yes it is acceptable matter that fluctuations do come but all you need is to be keen and wise about what you want to do.

[gabmen]

It is not that risky. But it is wiser if you are to exchange your money or buying bitcoins using your money.

Indeed before investment proper knowledge should be gained along with proper guidance. Secondly the decision making power should be strong and try to get enter into some promising projects. Yes it is acceptable matter that fluctuations do come but all you need is to be keen and wise about what you want to do.

With everything both of you said dude, it is risky. Every experienced investor would tell you that it's not enough to be prepared, you have to always have a fall back in case things go wrong. If you place all your money in btc and it, for some reason crashes, then you're in deep trouble

[g4vinshreds]

is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!

Yes,  it's very risky. Bitcoin is like an investment,  it could potentially stop being worth anything and that would make your money worth nothing. Also, there's no loss protection insurance on bitcoin that I know of.

[South Park]

Short answer, yes, it's risky. HOWEVER, if you had done it on the day you made this thread, you would have a 69% return right now. I'll go out on a limb here and say that's a tad bit more than you would have made in a typical savings account.

Saving accounts most of the time do not give interest rates you need to invest and even then you may get only something between 1% and 5% so in order to get the same earnings that you could have in the last months you will need to invest for more than a decade, this show to us very clearly which one is the best investment.

[howtobuy]

The short answers is yes, its very risky. And never invest all money anywhere, especially in such a volatile asset as bitcoin. I wouldn't suggest to put more than 5%-10% of your investment amount. So if you lose it all it's not very painful. But if the price will go to $100,000 - you will still be very happy.

[chennappa121]

I think it's legal at your country you can easily convert your money to bitcoin with legal process, if not legal it's not possible, and still your looking for that there more way to convert your money to bitcoin in illegally.

[NikolayRaev]

There is always any risk, doesn't matter what you do. As for me i would rather make a few portfolios. So you will not lose all ypur money if bitcoin crashes.

Before you start investing in crypto currency you must do two things: 1 is to study the process of handling bitcoin.
                                                                                                     2 Understand the "pitfalls" of such investments.

[matrixjohn]

is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!

I do suggest that invest only 50-70% of your savings in digital currency and the rest of the 50-30% invest into a real business (shop,restaurant, services ..etc) so that if something bad happens like the goverment banning the bitcoin in your country you still have savings. But this year is the year of bitcoin, I am quite sure that if you invest in bitcoin you will surely reap a huge profit in the future. take the risk and profit big!.

[LegendaryMiner]

It is a stupid thing to do for any investment. When you see your investment go down, chances are high that you will panic sell, and even if you consider yourself emotionally prepared for such a scenario, you might have to sell anyway, because you'll need that money to cover your daily expenses.

[Omega Weapon]

I wouldn't say its risky as a whole but its not too wise to have Bitcoin as your only investment. I believe in spreading your investment to other potential crypto currencies.

If your main concern as whole is the risk then the only coin in which you should invest is in bitcoin, investing in other cryptocurrencies may seem like it lowers your risk by not having all your money tied to a single cryptocurrency but that is only going to add more risk since all the other coins have an even greater volatility than bitcoin and if you want less volatility than the one bitcoin offers maybe you should not invest in crypto at all.

[harbin55]

is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!

yeah there's are many people not trusting bitcoin even they earn money using bitcoin because they know its easy to dump the value of bitcoin so they cant trust bitcoin

[Stevenos]

Risk is the freezing of your cash. No way to convert to fiat. Huge increase / decrease in value

If you can ride the storm, happy to take risk and all the volatility and know their could be conversion problems to get to fiat and pay via wire, then a strong buy in my opinion, x100 on current price in 10 years time

[HatakeKakashi]

It's very risky to invest all your money in bitcoin . Because they have possible your money gone if the price decrease or bitcoin become dead. Even the price is continue increasing they have possibility also it will decrease so be careful. Invest only your extra money . Dont put all your money in one investment. Its better if you have bitcoin and different altcoin to make your money safe to losing.

[Naoko]

It's very risky to invest all your money in bitcoin . Because they have possible your money gone if the price decrease or bitcoin become dead. Even the price is continue increasing they have possibility also it will decrease so be careful. Invest only your extra money . Dont put all your money in one investment. Its better if you have bitcoin and different altcoin to make your money safe to losing.

I agree, bitcoin is not all over the world in the end and anything can happen... it is better slowly and confidently move forward...although, those who take risks often get more...but I'm not such a risky person, I have a family)))) so I can't afford it

[dafang]

Of course, there are risks, and investments are risky. You should understand the risks of investing. The current bitcoin is in a development stage. The value of bitcoin has not been set yet. The price volatility is relatively large, so if you invest all your money , You may lose money, of course, you will make money, do not recommend that you take all the money to invest, you can take a small part to invest, I wish you good luck.