Transfer My Entire Savings to Cryptocurrencies?

[sumanto]

better do not take and withdraw the assets you have in stcok exchange everything, you better set aside some money for trading capital in stock who know you can benefit there again and in my opinion for now binance is the best exchange place and has the volume very high trading.

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[multimix]

I think this is a big risk for him because he transfers all of his savings although he has a big chance to make a big profit too in the future. but I think before he does this, he should think that he still needs money to continue his life.

[carriebee]

I think this is a big risk for him because he transfers all of his savings although he has a big chance to make a big profit too in the future. but I think before he does this, he should think that he still needs money to continue his life.

Big risks to transfer all savings into cryptocurrencies and not a wise decisions to invest all. Market is high and low it's price so it is better to not to all in. Though you have point it can gives a huge profit but still not a good decisions.

[Cryptoproff]

Please dont ever think that transfer the entire money that you have to any of business or trading or whatever is good idea because its never been a good idea at all.
It is like put all the eggs to one basket.

[playboy654]

The most riskier thing anyone and specifically experience trader will put all his eggs in one basket. What if cryptocurrency that you invested in go out of the market. I think one must only invest the amount he or she is comfortable to lose, and this rule shouldn't ever be broken.

Yes you are right investing on your both your savings into crypto currency is the most riskier thing ever do it at any cause money is important for all but not our life it is just a medium to move forward so keep little bit for your future life.

[budz0425]

Please dont ever think that transfer the entire money that you have to any of business or trading or whatever is good idea because its never been a good idea at all.
It is like put all the eggs to one basket.

It is not practical to transfer all your hard earned money as the price was unstable and it is somewhat hard to predict the price so we must be practical in making a decision with what we are doing especially in trading, it is fine to take risk but not too much unless you are so sure about what you are doing.

[Traderbtcc]

I think the idea of migrating all of one's wealth to crypto is a bad idea. For one, There are bear markets which would see the value of your holdings take a beating down the pipeline. Even if one must invest heavily, I think you would better off keeping a small percentage in fiat. Because funds like that would come in handy when the market isn't greenish.

[Granxis]

Please dont ever think that transfer the entire money that you have to any of business or trading or whatever is good idea because its never been a good idea at all.
It is like put all the eggs to one basket.

It is not practical to transfer all your hard earned money as the price was unstable and it is somewhat hard to predict the price so we must be practical in making a decision with what we are doing especially in trading, it is fine to take risk but not too much unless you are so sure about what you are doing.

Yes, especially large amounts of savings can lead to huge problems when you suddenly convert the investment. Therefore, more than one alternative should be tried. With alternative investments such as gold and stocks, the risk should be reduced.

[ipanks]

it is not a great idea to transfe all your entire savings to cryptocurrencies unless you know about the risk and you will not regret if somethings bad will happen in the future. besides that, you don't have to risk your money and it's better to keep saving your entire money in the bank account and you can stay calm with your investment in the cryptocurrencies. but you can go for this if you have a good skill in cryptocurrencies and you are really sure about what will happen in the future and you can make a bigger profit in cryptocurrencies.

[alvinmtp]

I suggest you do not put all your savings in cryptos although, we can see that bitcoin is continuously proving itself in terms of being a good investment just like other cryptos, still we are not sure until when will it continue to be like this (giving us good returns/profits). Also there are possibilities that an account can be hacked no matter how safe it is just like what you've said. I would suggest you to make balance on how much money you want to put in your savings as well as in cryptos, better to divide it wisely, cause just like what i've said, bitcoin and other cryptos continues to prove itself in the market, there are also possibilities where it can give as better profit and it would be a big regret if you do not make wise decision on what to do with your money.

[BlueStackz]

Better to not to do thing thing because you gain to much risk. I guess you should save some of your money because how about if need a money that badly? Where you will your money? Too much risk will have a destructive consequences so you must think twice before you come up to this decision.

Investing al of the savings into crypto currencies is going to give huge profits with time but you have also made a very good point here. In case of emergency it would be a little bit difficult to transfer crypto coins into cash first and then utilize that cash according to the situation. 

Paper money is essential as it is accepted by everyone at the moment where as digital currencies still have to go a long way before they become legal worldwide.

In this situation we need to diversify our savings so that we have a money for the emergency situation and the other one is for investment in cryptocurrency that helps our savings grow and we can also have an emergency fund that we can use easily whatever happens.

I agree, whatever good exchange services was that and have a good reputation since the day it was started, but we still cannot assure if our money to invest being safe. Because like what you said everything come a risk in crypto, If he really like to try then he may try to invest that only he can afford to lose.

Investing of your money into any of the crypto currency is no doubt a very good idea but I don’t think so that investing your entire savings or income into bitcoin or any other crypto coin is a sensible decision. You need to invest only that much money out of your income which you can afford to lose and that you need to keep something with you which can help you at tough times.

[crazy-pilot]

Even when bitcoin is about to die it always gets back to life and keeps growing up as it did many times in the past.

[Traslavin]

The most riskier thing anyone and specifically experience trader will put all his eggs in one basket. What if cryptocurrency that you invested in go out of the market. I think one must only invest the amount he or she is comfortable to lose, and this rule shouldn't ever be broken.

I would beg to disagree with this kind of mindset though there's a lot of trader's and investors saying that it is really worth it to invest in Cryptocurrency yes it's true that it os really worth it but transferring your entire savings in cryptocurrencies or simply putting all your eggs in one basket because you can't make sure that it would profit you much more than your investment.

[300pips]

Sometimes we feel greedy and dont want to lose an opportunity. Putting all your fiat savings into crypto is same as putting all your money into casino. What if Binance got hacked? Or Bitcoin suddenly collapse due to whale manipulation. Dont do that or you will cry later. No I do not doubt crypto, but I just worry to hear that someone is putting all his life savings into gambling. Dont do that dude. If I were you I will put only the 1/4 of my stocks investment in crypto.

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.

[kavindra]

the best option I think chooses both cryto and stock, if one loses the other one can still cover the losses, exchange my current selection binance and kucoin

[ahmad21]

No, never do that. Crypto market is highly volatile which makes it very risky investment. It is still on the growing stage which makes it more prone to risks of fraud and all. So I will not advise you to put your hard earned money to such a great risk even if you completely trust the technology. But yes you can invest some amount in a good cryptocurrency and the rest of the amount in stocks or something which has credibility from government. You can even consider gold for investing you money. And for exchange part, Binance, which you are already using, is good enough.

[Domenc]

This will a foolish idea to try as I am not doubting the possibility to getting earned from cryptocurrency and the amount of profit they contain but there is subject to availability to this savings. As, market shows up and down movement and in the case of emergency it will be very difficult to acquire your source from cyrptocurrencies. I think you should invest 50% and 50% in different source to expect more profit.

[tunapa]

Investment rules says you should diversify your invesmtment. Never ever invest all your capital in one place. Investing all ones life savings is not a good idea no matter how profitable the opportunity might seem. Cryptocurrency is still growing, profitable and brings good returns in short and long term, the best idea is to store your coins in offline wallet of the coin, exchanges are good for purchase and trading, but we can never be too sure if anyone is above hacking. Binance and bittrex are good exchanges to buy or trade your coin of choice.

[BlasterS]

Nope, transfer my entire savings to cryptocurrency is too much to ask for and too risky
because it’s all about personal uses now and I think is not good at all, and also I know is not advisable to do that thing.

[RivAngE]

Since the OP hasn't replied here for a long time, I suppose he made his decision. I like this subject though and I'd like to offer my two cents.

The biggest enemy of every investor in my opinion is himself/herself. If you can't control your psychological pressure of your savings going for a rollercoaster run, then you'll most likely sell because of discouragement or dismay, see the market imotion cyrcle bellow,


So I ask, can you stay calm if you have the 100% of your savings in one place? Especially if you're trading on margin and you can lose 100% of your investement.

Another thing that is probably not though of in the case described by the OP is the tax.
If someone was to liquify a bit amount of stocks, then the earnings must be reported and there'll be tax on the end of the year. The law is different for every country and you might be able to pay less tax or none at all for small withdraws distributed between different years. But if you withdraw all your earnings from the stock market to your bank and then send them to a crypto exchange, keep some money to your bank for the tax payment.