Transfer My Entire Savings to Cryptocurrencies?

[crazy-pilot]

Let's imagine that you have such currency as Bitcoin and now you are not sure whether you should Hold and Save or Invest and Buy Altcoin.

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1715186654

[ajaymukund]

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.

$ 1000 is enough money for you to get rich in the Crypto market. I have a startup friend with $ 300 and now he has $ 2 million. I'm not kidding, it's true. He worked very hard, analyzed the ICO project and speculated very smartly. After just one year, he has had a lot of money from the Crypto market.
I advise you not to transfer all your savings into electronic money as it only makes you more anxious.

[Monnt]

There is no doubt that the best investment in bitcoin is the long term and I'd always recommend to try doing that since it's promising in terms of profit.

For me this long term investment is best as well. But this really varies from person to person. This never let you know that everyone is interested in long term investment and everyone must be going for that. No, every trader comes with some different mindset and achievements that may or may not be resonating with long term investment. So better is to research before getting in here.

[lamadu3]

To be honest with you, I think it is not a good idea when it comes to transferring all of your savings into cryptocurrencies. Try to picture this out for yourself. What happens if all of the cryptocurrencies fall? Of course, all of what you have saved will fall as well and you might end up getting lost there. The best thing for you to do is to diversify your savings. Put some of them in cryptocurrencies while keep the rest to sustain yourself. Do not put all of your eggs in a single basket.

I do not think also that you have to invest all of your savings in the cryptocurrency. You can take 30% of the money and buy the altcoins and Bitcoins.

[naily]

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.

My advice about currency exchange is a good exchange I suggest you proceed with the exchange. You can split your funds in half, then invest half in cryptocurrency

[Ziskinberg]

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.

My advice about currency exchange is a good exchange I suggest you proceed with the exchange. You can split your funds in half, then invest half in cryptocurrency

Actually we are in the crypto world and we are dealing with cryptocurrency.
I don't see the difference with cryptocurrency and exchange because exchange do crypto thing which give them money.
I suggest if you are not good in trading short term, just buy and hold it for long term, but never go all in because it's a bad decision.

[crazy-pilot]

That would not be a good idea and it is not like I question the profitability of cryptocurrencies. That is because if you convert all your savings in crypto you take too much risk and you have difficulties accessing it in case of emergency.

[nesty]

It is not wise to put all your savings to crypto currency because if it crash so hard your savings will be at loss. It is better to invest portion of your savings that is comfortable with you and keep some of your savings for emergency purposes. Better manage your money wisely to avoid losses. But if you are risk taker it is up to you to decide that serious matter.

[market field]

I do not think this is a good idea. If it was me, I would not do it. You should only invest 60% of the savings you are having so or better. Make a donation for emergency work. so better.

[jerowacik]

It's your decision. When I first bought bitcoin in 2012 the price was $13 per BTC. If I bought it for all my saving I would be a millionaire

[blockchainwriters]

don't do such step on cryptocurrencies Crypto market is very volatile and u may see market crash and market may take time for recovery so u should have sufficient time for recovery money for survival

[futuret]

That would not be a good idea and it is not like I question the profitability of cryptocurrencies. That is because if you convert all your savings in crypto you take too much risk and you have difficulties accessing it in case of emergency.

Of course that won’t be a very good idea to transfer all your savings to crypto. Though crypto is a world of easy earning but bear in mind it is a world of uncertainty as well. There have been times when people invest their savings and earn huge. There have been times they lose all. The good thing would be if you invest a portion of your saving in crypto and keep the remaining money aside or invest that money in real estate or property business.

[@alaji]

Op that decision might be too risky as the volatility of Bitcoin and other altcoins are toi high for one to transfer all his or her savings in to crypto currency.

[binbim229]

Do not do that. We should be living a way. Profit comes with great risk. Do not know what will happen. Do not take the risk: D

[FUD Expert]

You already said that the risk is too high compared to your other investments. Yes, the profits is very abundant in cryptocurrencies but it's better to do slow and careful so you can still manage your risk and reduce your losses.

[simpleholmes]

there is always a saying that don`t put all your eggs in one basket, I neglected this saying twice and twice I have lost money as my entire period in crypto, so I would say better distribute your savings.

[legenduim]

This decision is not wise. You can be not sure what will happen on the market next day. It is good to invest not more than 30% of your savings in the cryptocurrency.

[Drakula]

You already said that the risk is too high compared to your other investments. Yes, the profits is very abundant in cryptocurrencies but it's better to do slow and careful so you can still manage your risk and reduce your losses.

Very well said. You can invest half or a quarter of it or 75% of it as long as you have something left for other necessities you need to pay. You have to make sure that you can get a money immediately for emergency purposes. This industry is very promising and helped a lot of lives but be careful and take measures. Just be sure.

[Compa]

dont put you all of money you can't afford to lose it, invest or trading is risky to lose of money
so, it be better to be smart for the investment.

[4abrec]

I do not think so. Why? because in this situation, the best option for investing savings is 50%. The remaining 50% you wait when the course will go down to buy more coins)