My personal savings now I will invest in Bitcoin

[synchronym]

I have been thinking about trading in Bitcoin for quite some time now. I have been involved with Bitcoin for a long time but am still thinking about investing here. I used to run DPS in bank for 30 dollars per month for 5 years, this DPS will complete 5 years this month. I'll get roughly $1800, I don't think it's much of a savings to keep that money in the bank. Bangladesh is suffering from severe dollar crisis due to which many banks are likely to go bankrupt. The names of those banks have not yet been published by any mass media. Because of the economic condition of Bangladesh, I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

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[Don Pedro Dinero]

I would keep half between cash and the bank for emergencies, say $500 in cash at home, $500 in the bank and the other $800 in bitcoin, but keep in mind that it is very volatile and count on not using it for a long time. Over time, if you save more, you can buy more bitcoin little by little, following a strategy known as DCA.

Always think before you invest to have 3 to 6 months of emergency expenses saved. Then you can invest. Otherwise you may be forced to unwind your investment (sell) if you need the money in the middle of a bear market at a loss.

[Jawhead999]

AFAIK Bangladesh is a country which still ban Bitcoin, so you need to be careful about your privacy. Even though you know you're only invest in Bitcoin and never done any crime, but breaking a law is considered as crime for the government.

If your country has a bad economy condition, it's better to move your wealth to global asset which not 100% affected by your country e.g. gold or Bitcoin, not local stock company or real estate.

[pawanjain]

I have been thinking about trading in Bitcoin for quite some time now. I have been involved with Bitcoin for a long time but am still thinking about investing here. I used to run DPS in bank for 30 dollars per month for 5 years, this DPS will complete 5 years this month. I'll get roughly $1800, I don't think it's much of a savings to keep that money in the bank. Bangladesh is suffering from severe dollar crisis due to which many banks are likely to go bankrupt. The names of those banks have not yet been published by any mass media. Because of the economic condition of Bangladesh, I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

Given your situation, I would be more likely to diversify my portfolio into bitcoin, fiat, gold and bonds.
Bitcoin might give better returns but depending on the availability in your country you may or may not be able to encash it at the right time.
Gold might give decent returns and you will be able to encash it since it can be easily sold at shops and so it will help you in case of any emergency.
You can hold some fiat cash with you so that you don't face any liquidity crisis and can plan things out accordingly.
You can hold bonds in case the banks go bankrupt then bond holders will still be on the safer side.

If I were you then I would divide my portfolio in below criteria
Bitcoin - 30%
Gold - 30%
Bonds - 20%
Fiat cash - 20%

I am not counting real estate because I am assuming if you are having real estate then just keep as it is.
This is just my idea of diversification and you can do your own research.

[avp2306]

I have been thinking about trading in Bitcoin for quite some time now. I have been involved with Bitcoin for a long time but am still thinking about investing here. I used to run DPS in bank for 30 dollars per month for 5 years, this DPS will complete 5 years this month. I'll get roughly $1800, I don't think it's much of a savings to keep that money in the bank. Bangladesh is suffering from severe dollar crisis due to which many banks are likely to go bankrupt. The names of those banks have not yet been published by any mass media. Because of the economic condition of Bangladesh, I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

If that is the only money you have better just save it because you might be in more worse situation if your investment in bitcoins fall. Remember that there's ongoing crisis happening on your country so think more wisely and don't rush your decision making on investing. Maybe for now try to seek crypto job as sideline and try to grow your money earned there since this could be the safest option you have rather than trying to risk all because you think you can earn easily with this.

[cryptoaddictchie]

I still don't understand if my decision is right, please let me know your opinion

I think you should be more careful since its a highly volatile digital currency. Bitcoin has a future to increase more its value but it will depend on the market. Sometimes youll encounter its a very low price which will average your buying power and get a general weighted shares. But dont expect that it will be a win win solution. Right now, its on 30k level and we can see below that or burst to its ATH before who knows this is a speculative asset.

[Outhue]

I don't bother to keep any money in the banks again until I need fiat that I want to spend on something or buy food items, all I care about is eating food and investing my money that's why I invest almost all the money I made from my business into Bitcoin and few other crypto projects, I am fine with living this way, some food to keep living and make more money to invest for my own better future.

I strongly believe that this is one of the ways I can get things done in life, I decide to start and finish my own house in two years from now and I will be doing this with part of my investment, I am excited to see how this will turn out in two years time and mind you, if things go wrong I can always restart, it's part of life and mine is adventurous to me that's why I like doing this.

[SOKO-DEKE]

I have been thinking about trading in Bitcoin for quite some time now. I have been involved with Bitcoin for a long time but am still thinking about investing here. I used to run DPS in bank for 30 dollars per month for 5 years, this DPS will complete 5 years this month. I'll get roughly $1800, I don't think it's much of a savings to keep that money in the bank. Bangladesh is suffering from severe dollar crisis due to which many banks are likely to go bankrupt. The names of those banks have not yet been published by any mass media. Because of the economic condition of Bangladesh, I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

Bitcoin has proven to be a great investment since its existence due to its continued increase in value. I can say that early investors have made some money out of their Bitcoin investments, and even recent investors are hoping for the best. From the evidence gotten from the Bitcoin history of Bitcoin, I can easily say it is worth investing.
 
From your story, you said that you have been involved in bitcoin for a long time now, and with that, I may believe you understand both the advantages and risks involved in bitcoin investment and the cryptocurrency industry. If you do not understand it properly, I will advise you to take your time and learn more, so that your knowledge can decide for you whether you should invest in Bitcoin or do another business with the money you been saving for over four years. I want you to know that nobody is sure of what will happen, but your knowledge is your hope.

[yhiaali3]

Of course, staying away from banks and heading towards bitcoin will be the best decision you make in your life. You will never regret such a decision and you will see exciting results in the future.

If you had large amounts of money such as 10k or more, I would advise you to buy half of it in Bitcoin and the other half or less in gold and keep some fiat to buy the necessary needs, but since the amount you have is not large, it is better not to divide it and buy only Bitcoin.

Inflation threatens all countries without exception, so everyone must withdraw their money from banks before they go bankrupt and transfer them to Bitcoin or gold.

[salad daging]

Just think back in your country how the existence of bitcoin if it were known by the government would it not be a problem? Bangladesh is a country that prohibits bitcoin that I know of so this should keep your privacy in while holding bitcoin as its investment.

Trying to diversify is important you can choose several assets including physical gold that can be stored and this price is more stable compared to bitcoin which has high volatility, is it with money you mention it is a savings or including other cost of living needs?

I think the decision remains in your hands, investing in bitcoin is indeed highly recommended but you must understand how the risks and how it works.

[Lorence.xD]

That is the good side of Bitcoin, there would be a slim chance for it to get bankrupt as many people invest in it. It's a good choice to invest your assets in Bitcoin since you already have the background. Plus in Bitcoin is decentralized you could manage your assets whatever you like. But If I were you, those numbers of your savings, I would not invest all of it in Bitcoin, you could do some alternatives for you to have a back up investment. Since Bitcoin is still volatile that could affect your assets. But much better than banks that are being affected by economic issues such as inflation, to Bitcoin you could manage your losses and earn profit.

[Ultegra134]

I don't bother to keep any money in the banks again until I need fiat that I want to spend on something or buy food items, all I care about is eating food and investing my money that's why I invest almost all the money I made from my business into Bitcoin and few other crypto projects, I am fine with living this way, some food to keep living and make more money to invest for my own better future.

I strongly believe that this is one of the ways I can get things done in life, I decide to start and finish my own house in two years from now and I will be doing this with part of my investment, I am excited to see how this will turn out in two years time and mind you, if things go wrong I can always restart, it's part of life and mine is adventurous to me that's why I like doing this.

I'm not fond of banks either; your money is sitting there losing value while they're profiting from your deposits, and in return, you receive a mere interest rate that won't yield more than a few euros per year. On top of that, the government has full access to your spending and how much money you have. In the recent filing of taxes, there was a detailed list of how much money has been spent from each bank account I own. It's insane to think how much information they can see about us with zero privacy whatsoever.

The issue, however, lies in the fact that we can't 100% depend on cryptocurrencies for our daily spending; it's not the most convenient thing unless we use a card such as Binance's or Crypto.com's or a few other cryptocurrency cards that are out there, but even then, banks can't be completely avoided.

[Nrcewker]

I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

Listen mate no one can give you any perfect suggestion on investment. In all type of investment there is risk and you need to admit it. But yes you can make your investment more precise by calculating the risk involved in it. According to me investing all the savings in a particular sector is not good. You should always diversify your investment in various assets. But as you have mentioned about the economy of Bangladesh and it’s banking system, so yes investing in Bitcoins will be more profitable at current situation.

[Spaceman1000$]

I have been thinking about trading in Bitcoin for quite some time now. I have been involved with Bitcoin for a long time but am still thinking about investing here. I used to run DPS in bank for 30 dollars per month for 5 years, this DPS will complete 5 years this month. I'll get roughly $1800, I don't think it's much of a savings to keep that money in the bank. Bangladesh is suffering from severe dollar crisis due to which many banks are likely to go bankrupt. The names of those banks have not yet been published by any mass media. Because of the economic condition of Bangladesh, I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

You said, you've been involved in Bitcoin for a very long time, but yet your still skeptical 🤔 about your decision in investing in bitcoin.
I found that to be fascinating, because for the duration of time you've known Bitcoin, you should understand that, investing in bitcoin is one best decisions you can take, though I would advise you shouldn't go all in with your entire savings, you can invest half of it or a quarter of it.
Since your also thinking about trading in Bitcoin, I will also advise you take some classes on trading and try to be perfect on your demo before going into live trading.

[Bd officer]

First of all congratulations, you have expressed interest in investing in Bitcoin. You should not invest your entire money in Bitcoin as it involves risk. You first invest a small amount of bitcoins and gradually increase the investment amount.

I give you some more advice, I am also a Bangladeshi citizen. Bitcoin is still illegal in our Bangladesh so you need to maintain privacy by investing in Bitcoin. Because if anyone finds out you are involved with Bitcoin then you could be in legal trouble.

[Mr.suevie]

I still don't understand if my decision is right, please let me know your opinion

Investing in bitcoin with this your saving its not actually a bad plan considering the market cap of bitcoin price today, I feel this is actually a great time to make such investment but the choose is still yours to make because bitcoin is a volatile asset and one needs to understand the whole conditions that follows this type of investment because you have to take the responsibility to any actions that will follow an investment in bitcoin because sometimes newcomers to bitcoin investment actually panic and sell off their investment due to price dip which is actually the wrong view towards this type of investment because the dip actually open more opportunity for the investor to buy and HODL.

[BD Crypto]

I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

I appreciate your decisions and always remember bottom Holders win the race in crypto market. There is a little suggestion for you, if you can do so just invest particularly which means DCA( Dollar Cost Averaging). As we are now climbed up a little bit from the bear market so it's not the perfect period to invest entire funds at a same time. Predictions are prediction they can be real or can't and crypto market is totally uncertain but we believe in Bitcoin which can create another history.

We all know that doing DCA will maximize your investment so try this for a better starting. Again after investment you have to keep your funds fully secured. As we know how much risky the custodial wallets are. So try non custodial open source wallets like Electrum, Mycelium, Blue Wallet etc. Another word I want to add as you are not a beginner at all so hope you have some knowledge about it's volatility and disadvantages. So be prepare to face good or bad days for Bitcoin and invest smartly with proper analysis and risk management.

Wish you all the best for you investment.

[mvdheuvel1983]

It is good that you have started to invest the money in Bitcoin. It is your money and you can do whatever you want to do with it. But here is the thing like they always say in the Bitcoin community to invest money that you know you can afford to lose and secondly 2 do the dollar cost average strategy which is one of the best strategies 4 mitigating the risk involved in Bitcoin investment.

I would say to you that in as much as you have high hopes about Bitcoin if the money you have saved up since the last five years is one that you cannot afford to lose then you should split the money into some parts and invest a portion in Bitcoin. You should do it periodically assuming that there is no other investment that has caught your attention.

[Ayers]

I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion

Is 1800$ the only amount you have? Investing in bitcoin is a good investment, but investing all of our money in it is not a good idea as the future is unpredictable, so never put all your eggs in one basket. No matter how bad the crisis is, cash is always needed in all cases, so I advise you to have a reasonable allocation to avoid difficulties in life. You should only invest 50% of it in bitcoin, and the rest you should save in cash for everyday expenses and emergencies.

One of the most important things, your country is still banning bitcoin, so be careful with your bitcoin investment if you don't want more trouble.

[Cryptomultiplier]

I understand your fear of having to be a victim to bank closure due to bankruptcy or financial crises resulting from USD palava.
You have exercised discipline in maintaining a savings, no matter how little it is and while it is a wise move to invest the savings in BTC, inorder to be safe from the bank issues that is looming, you have to keep in mind that the knowledge of how to keep and multiply the coins in your wallet, is what that would make you rich and independent.

First understand how BTC functions, how and the best wallets to use, how to keep your keys safe from hackers and scammers and friends who are spies.

You also showed how you built the savings by small consistent input. Same strategy can be applied in BTC and is called DCA strategy. I believe it would work well for you.
BTC is steadier and more reliable, bear in mind too about the halving expected next year2024, inorder to decide if you should start now or wait till later.

My advice, start now, DCA for 5years.