Transfer My Entire Savings to Cryptocurrencies?

[Svelto]

I won’t suggest you to put all your savings in crypto. You should continue investing in stock market and use a certain percentage of your funds in crypto, diversification is the key.

As for storing your coins in exchanges, I strongly recommend you NOT to do so. You do not control the wallet and you never know when will the exchange closed down and whether you will be able to get back your coins. Leave the coins you use for day trading and transfer the rest to your coin wallets. I suggest a hardware wallet such as Ledger or Trezor for this.

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[promosn]

I do read these types of threats over and over again and mostyl all of the answers sound like: never ever invest all your savings in afluctuable market like this. For sure you should have been doing this back in 2013 or back in 2014 or last month but even since I am a strong believer in btc and some alts (ltc, for example), your investment could turn out to be worthless one day...
good luck though

[Aikidoka]

Be careful! Do not transfer all of your savings to any cryptocurrency! Believe me, you do not know what happens in the future. If you are really confused, try to use 20% of your savings to avoid the risk because we are not aware of the fate of the cryptocurrency. It is unpredictable.

Added to that statement, you can start trading and of course while being cautious. Try to buy some crypto coins and then sell them so you can add them to your savings. Good luck!

[aloha99]

It would be good idea. Personally, I receive my salary in bitcoins and I hold it in my hard wallet. I spend money from freelancing incomes and invest the rest in promising crypto projects. Remember, DON'T PUT ALL EGGS IN THE SAME BASKET. Your entire savings in crypto => yes Your entire savings in bitcoin => NO

[wuvdoll]

Diversification is a better option here, you're basically opening yourself to potential huge losses. Bitcoin may not fall anytime soon, so it's a bit different, but if this was fiat money you were talking about and a certain currency, that'd be a deathwish. Also cryptocurrencies are not designed to pay for basic needs such as groceries or anything else you may need during a daily routine, so keep that in mind.

I really do not understand why people do not understand the importance of diversification. It is one thing to know that there is a possibility of something working well, and it is one other thing to also know that there is a possibility of things going wrong. That is enough to let any investor or trader know the necessity of spreading risk.

Going all in like you said is even crazy enough to give you high blood pressure with the huge volatility risk of cryptocurrencies.

[JimmieA]

I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

I do not know what you thought but when I read the title of the topic I felt it was a wise thing not to say it was stupid. At present there is no certainty with the future of crypto but you want to dump all the savings that you have on it. When investing in crypto, what make you must afraid is not the hackers, it's the volatility of the currencies, you should invest in copper that many people use to trade.

[Shinza]

I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

The decision is up to you. But I want to ask you a question so you can make your own decision. If you spend all your savings on investing in crypto and failing, how would your future be?

[tothetop]

Use several exchanges, I think it is the only answer, and leave some part of your portfolio in other assets, don`t forget about diversification

[tamoymie]

if this happend in my case, im doing such thing. its too risky, though we think a bigger brighter future with bitcoin, sometimes what they called benefit of the doubth is helpfull. just think of, what if you need to claim that money for emergency purposes and in that time, cryptocurrency is on its low value point. come on? dont tell me you will trade it. so, it will be more wise to maybe transfer some... but not all my friend

[herurist]

I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

I think you should analyze your step, because replace all your saving to cryptocurrency is a bad idea. Crypto world should become alternative income after your real job ( stocks ). You can replace your trust ( money, skill, knowledge ) if you understand what and how real market is? Send all your asset is not recommended, because if market falling your loss become reality. Think again and see you next time.  

[meyklove]

In order to be successful in what you want or do, you need to take a big risk. If your guts telling you to do that then take the opportunity.

[AngelSky]

Use several exchanges, I think it is the only answer, and leave some part of your portfolio in other assets, don`t forget about diversification

Keeping all the funds on crypto currencies is not a good idea actually there is huge risk you will find in the time price fluctuation. Your investment may doubled after some months or may half of the fund sinks in the crypto currency you have invested itself.
If you are fine to face risk put the fund on exchange on multi altcoins. Just add some of the funds on bitcoin and ethereum. Apart from this all the other cryptos cannot be guaranteed for long time investment.

[likeBTC]

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

There is a big auge for cryptos right now, maybe a lot of people are going to tell you that you need to put all your money in here, but the reality is that you are the only one who can look for that answer.

You are the only one who can say if you really want to put all this money in here.
If you do not feel confortable about putting your money in here, then why would you put it all? Just invest a twenty percent or so.

[Taki]

I would never put my entire saving in cryptocurrencies.

Let's be honest, it's true that the market is performing very well but you don't know what can happen, and you can't deny the risk to lose money (for whatever reason, I am not talking about to be hacked or something similar, it's something that you should take care with everything).

If you diversify your portfolio you minimize the risks of loss, diversity is a golden rule in investments. To be greedy often lead to the wrong decision, especially when you're young. Use a little wisdom, it will be more beneficial in your decisions

I agree. Even if bitcoin is showing phenomenal temps of growth, exchangers and wallets are still not so safe place, but to move your founds from exchanger to a paper wallet all the time firstly will cost a lot for you and second can take a lot of time with such sum of money. I am still swatting my not little deposit from Ladger wallet, but time is passing, I am actually loose money with this entire waiting. So, I would also not recommend you to do so with all of your money.

[Strongkored]

You can divide by a ratio of 70% in cryptocurrency and the rest in stock this is just my advise.
I use Poloniex and Bittrex platform. Currently there are many exchanges that require members to verify using National ID or passport, and my advice before making a deposit make sure that your exchange account is verify so that your funds are not stuck in that exchange.

[NeverCrypt]

A good decision is to use a equally weighted portfolio with both stocks and cryptocurrencies. Read more about this on google.
Never put all of your money into one investment. This is always a bad choice.

[raven7886]

This is a good idea but you should remember to transfer your savings only. You should have more investments to reduce your risk because the current crypto market has a lot of potential but it also comes with huge risks.

Perfect. Crypto space, despite the fact that there are a lot of huge potentials; it is just a space one needs to be very careful with as well.

It is still in its early stage and even with all the developments that look like bitcoin is getting established, it is still a risky investment and one should not even consider putting one's egg in just a basket even if the investment is not a huge risk let alone crypto.

[SirLancelot]

I agree...

As a young person you can afford to be riskier in your investments, though I would also be cautious about investing your entire savings. If I were you I'd put a good chunk in but still retain some savings and other investments.

Never put all your eggs in one basket... remember that, cliques have meaning for a reason.

As a young person you can afford to be riskier in your investments ?? I do not agree with this. It is risky to invest in btc or altcoin. Moving all the savings into investing btc is a stupid job, not risking investment. Why do not you think about investing only half or a third of the money you have?

Yes absolute. This man get some amazing profits if he divides him amount and invest some in trading and some in other methods so that much profits can be earned at the end. You are absolutely right that is so risky to invest everything in one source. Although bitcoins would never disappoint you but still risk is risk. And you have to keep yourself away from risks.

[whirlcoin]

You can divide by a ratio of 70% in cryptocurrency and the rest in stock this is just my advise.
I use Poloniex and Bittrex platform. Currently there are many exchanges that require members to verify using National ID or passport, and my advice before making a deposit make sure that your exchange account is verify so that your funds are not stuck in that exchange.

Investing on the stock market is more riskier than crypto investment so it is better to invest all his savings into cryotocurrency.If he is storing his entire savings then it might be a bigger amount so he have to store it in a cold storage than exchange wallets so maybe go with a hardware wallets for full security on savings.

[hydeevanz]

I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

I agreed to the fact that it is risky to put all your money in stocks because if the account was hacked and tried to send your money into their accounts then for sure it will only take one click and your money will turn to zero and you have nothing left even a single penny. Since you said, you had lots of money now, I think you should put your 50% of money in the bank to make sure you still have money in your wallet and it will be safer than ever. Or you should think of some portfolio that is more secured and safe than what you are using right now.