My personal savings now I will invest in Bitcoin

[doomloop]

Personally, has many advantage when saving fund invest in bitcoin than holding in the bank although as deposit fund because profitable earn under 5% each years based on in our Bank country. But difference profitable earn comparison when saving assets in bitcoin because one year later more than 30% until 50% depend investing in the right time.

I think OP have right decision by investing his personal saving fund to investing in Bitcoin, but you need back up fund when moment Bitcoin price as your assets going drop without have to sell all bitcoin assets and still have another saving for something urgent needed. Difference with OP have passive income from side job and investing saving fund in bitcoin will grow up one day later without have to sell when price down.

Bitcoin is unpredictable. We don't have a fixed date here to tell if when is the pump will come. We might earn a profit after a year or two or maybe earlier than that. A personal saving fund is already a saving so I think it doesn't make sense if we will still put it into Bitcoin but if we do, better to not go all in because investing in Bitcoin still has a risk. Investing gives us a passive income but it's not a form of a job.

A job is when you do it daily but it's better to have one before we start investing so that we won't touch our assets easily and we can be able to put more money into it using our salary. We can also set aside some to our savings account.

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[Essential10]

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

Making money is not the same as keeping it because investments are taught well in school. People walk away from hard times, I embrace them. Those who are new investors should be careful about all these factors and should be careful of new purchases especially during inflation. Such high yield in this downturn is possible only under the supervision of a professional or trusted advisor. A man must have his own decisions but as a noob it becomes quite difficult to handle all this and being aware of that becomes the main factor.

[AicecreaME]

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.

Same here.

I will never put it all in Bitcoin unless OP has still another source of income that will prevent him to sell his bitcoin at whatever price whenever he needed cash. Though, I will never put any money on a bank, I'd put the $1000 in bitcoin and keep the $800.

To answer OP's question, investing in Bitcoin instead putting his money in banks is way more profitable and a smart move in the long run. Just don't forget that we have bearish and bullish season, so don't expect your money would pump every single day.

[raidarksword]

With so much inflations on Bangladesh it might end up on bankrupt in the end and that's sad thing to hear. That's why bitcoin will become essentials in that kind of situations as it not govern or controlled by the government. Putting personal savings on crypto might have risk but if you are risk taker to be begin with, it all be worth it but my suggestion is that don't put full on it but more like a half or create a DCA schedule for buying bitcoin.

[puloweh555]

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

Your desire to save in bitcoin rather than in a bank is correct and the strategy you have planned is wise enough to do DCA. Because saving money in the bank in the long term is the same as making yourself poor. the right thing is to turn your money into a slave and make your money work hard for you. don't be made a slave by the bank by saving money there.

Because saving money in the bank instead of our money is played by the bank and the bank is lucky but we don't get anything, it's better to invest money in Bitcoin which is profitable in the long term. But whatever it is, don't keep all your money in Bitcoin, you still have to have other savings for daily needs or urgent needs.

[SamReomo]

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

Your decision to invest in Bitcoin in right because in current times of inflation the only savior is Bitcoin and the ones who invest in it could get better returns in 2024-2025 from that investment. I recommend you to invest in Bitcoin at $29k to $30k range because I believe that Bitcoin will go higher in price after some days and that's why it's better to invest in it at those ranges.

If your intention is more about trading rather than investing then I recommend you to learn about trading and the crypto market first, and when you have learnt a lot about the market then you should start Bitcoin trading. I also recommend you to choose a better and trusted platform for trading because most of the platforms aren't trust worthy and that's why a top platform would be a better choice for anyone.

I recommend you to avoid depositing your money into any of those banks at all because if the economic condition of your country isn't well then the banks will also suffer from those circumstances. I think these kind of situations make us closer towards Bitcoin because the traditions fiat based currencies of many countries are getting highly affected by inflation. The Bitcoin was created to be independent from those banks and it works on its own and that's why it is a cure for inflation.

[lepbagong]

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

Your desire to save in bitcoin rather than in a bank is correct and the strategy you have planned is wise enough to do DCA. Because saving money in the bank in the long term is the same as making yourself poor. the right thing is to turn your money into a slave and make your money work hard for you. don't be made a slave by the bank by saving money there.

Because saving money in the bank instead of our money is played by the bank and the bank is lucky but we don't get anything, it's better to invest money in Bitcoin which is profitable in the long term. But whatever it is, don't keep all your money in Bitcoin, you still have to have other savings for daily needs or urgent needs.

I think it's wiser to do what is considered the best, and I totally agree that currently investing in bitcoin is very profitable if you really want to compare it to interest from savings or bank deposits.In investing in bitcoin, it takes quite a long time to generate maximum profits, in contrast to banks, which can be obtained at any time. In bitcoin, you can also make short-term trades, but it requires expertise because if it's wrong, it can actually be detrimental. 

Banks are still very much needed by many who want to be able to get convenience in making every transaction. It is not easy to eliminate the need for banking because traditional banking transactions are still needed. So I think there are still many who need and rely on banking, and it is not easy to change this habit.

[cryptodude]

I want to say, This is a good decision of yours. Currently, due to the high demand of Bitcoin, its value is increasing day by day. As a new member in the forum I will tell you if it is your real savings then you invest half. Keep the other half as something you may need. Bitcoin will surely give you good profit, that is expected.

[peter0425]

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

you are in Crypto mate so i think it is much better to put more in crypto not just in bitcoin , lessing the Gold ,Bonds and Fiat to put in other altcoins may be one of the good interest than just purely in bitcoin and other government controlled options.

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.

wrong, Real estates is one of the best physical investments mate as the value of House and Lots are increasing each year or better to call Lots are.

I want to say, This is a good decision of yours. Currently, due to the high demand of Bitcoin, its value is increasing day by day. As a new member in the forum I will tell you if it is your real savings then you invest half. Keep the other half as something you may need. Bitcoin will surely give you good profit, that is expected.

not these days because if is fluctuating for months now  but indeed that it is a perfect decision to invest now.

[Patrol69]

If you don't feel safe with the bank, you can convert your deposited money into Bitcoin if you want. If you convert your money into Bitcoin, there will be some risk of your money. If you can accept that risk, then of course you should invest your money in Bitcoin. After investing you may notice some volatility in the market every time, if you see volatility in the market you will not be disappointed you will just believe that the market will go well sometime. Investing in bitcoins involves some risk to your money, but you won't lose your money at all. But you have waited five years to accumulate your money so hopefully if you invest in Bitcoin you will invest with such time  you will be patient enough to invest for a long time and hopefully you will be very profitable.

[Altryist]

Same here.

I will never put it all in Bitcoin unless OP has still another source of income that will prevent him to sell his bitcoin at whatever price whenever he needed cash. Though, I will never put any money on a bank, I'd put the $1000 in bitcoin and keep the $800.

To answer OP's question, investing in Bitcoin instead putting his money in banks is way more profitable and a smart move in the long run. Just don't forget that we have bearish and bullish season, so don't expect your money would pump every single day.

It seems that the OP has a source of income from which he was able to save this amount, but I agree that I would not invest all the money in one direction. I would try to divide the available budget into several areas. You never know where you can earn more, somewhere you will earn more, somewhere less, but in this way you can eliminate the loss of all money, if something happens to the asset in which you invest all the money.

[Mehedi72]

Bitcoin is safest among all cryptocurrency. Undoubtedly It'll be raise a lot in upcoming bull run. So investment with it, is good idea. Besides It'll be more great if you know how to trade but trading is very complex thing and as you mentioned, Bangladesh economic condition isn’t so good, so it is better to keep some money like $1k in hand cause if trade goes worng you can't sell until bitcoin reach that price from you brought (otherwise you’ll loss).  So rather keep some hand cash for your basic expense and emergency situation