I choose Bitcoin

[Bravethug]

Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate, they offered to pay the interest upfront but the initial deposite would be locked in till the exact stipulated time. Though this may sound like a good deal I discouraged him from making this investment for the following reasons.
Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.
Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.
On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...

[Poker Player]

Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate,

If you are offered that, it is because where you live inflation is higher than 13%. Or because it is a scam.

On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...

If it is for the long term, fine. What happens is that they are usually different investments. A deposit is not usually for the long term, because you lose money due to inflation and Bitcoin should be for the medium term at least, because in the short term the price can go down very fast.

Get a HW, preferably not Ledger or Trezor, and think about where you are going to buy the Bitcoin. If it is a centralized exchange you will have the problem of privacy basically. If it is decentralized or P2P you could have a problem tomorrow justifying where the money you have comes from if it becomes a fortune depending on what you do with it.

[Adbitco]

As long as the person has the good knowledge of bitcoin then he should invest in bitcoin, I won't actually encourage someone to sign any deal with any app in the name of having some percentage of interest at some stipulated time period. We had of lot online banking folding up and what if they decide to shut down their operation what would you do at the cost of your investment?

Meaning they go and your money lost, so investing in bitcoin is something that could give you a relaxed mind and it should be for long term not short time and it must be accomplished with patients, there are lots of people who called themselves bitcoin holders but yet can't withstand any bad market pressure or conditions they will easily feed the market with their investment.

[bayu7adi]

Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.
On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...

13%? That's even higher than the highest bank offer in my country. It would certainly be a sensation here if there were a highly reputable bank offering such rates.

So, it seems like the point that makes you advise against deposits on that platform is due to inflation and the platform's reputation, right? And you suggest buying Bitcoin for the long term.

I strongly recommend providing advice based on the risk tolerance of your interlocutor. Personally, I would still opt for Bitcoin as an alternative, meaning I would diversify across multiple assets. For instance, investing in gold, stocks, BTC, etc. makes more sense because when it comes to savings, it's all your hard-earned money that's unseen in our lives. So, I wouldn't want to place it all in one place to avoid unforeseen collapse risks. Although Bitcoin has shown an upward trend every year, it doesn't rule out the possibility of a collapse at an unpredictable time.

[Eternad]

Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.
Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.
On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...

What country are you leaving because a bank offering 13% fixed interest rate while the inflation is very high is suicide on their business since they have more fiat money losing value while giving a high fixed interest rate will add more risk to them. I take it all day long I were you since it automatically cuts you some loss due to inflation in guaranteed way.

There’s no guarantee that Bitcoin will go up by the time your deposit unlock while there’s a chance of losing more. 13% is already high interest rate but I understand the concern about inflation. What I’m saying is there’s a chance to negate inflation through guaranteed way while you have job that can give you source of income for your daily expenses.

[Doan9269]

Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate, they offered to pay the interest upfront but the initial deposite would be locked in till the exact stipulated time.

These are what the fiat currency Institutions promises, they will hold down your asset with them over a long period of time and offer you little incentives on it, while they would have maximize the potential in that money in making investment trades and make alot of profits from that, as for everyone who adopt bitcoin, they should learn to make it more of digital currency and yet their investment asset that can yield the ever profitable return other investment couldn't offer them.

Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down.

Yes, there's nothing that cannot happen with the use of a centralized platform that operates under a regulation, they make promises that are far from what they could realize themselves or as an achievement.

If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...

Bitcoin, learn and know about bit because there's nothing profitable than this when it comes to digital currency or investment.

[seoincorporation]

If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...

It reminds me of the first month of the year, when a close friend was investing in a financial tool that offers 8% annually, i talked with him and told him to take out that money and better invest in Bitcoin, he decided to do it and buy them when the price was $16k... as you can see the year isn't over yet and he is close to double the investment. It was a risky move, we all know the volatility can be dangerous. But my friend is happy riding this wave, he feels like it was the best decision ever in his life.

[Marvell1]

If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...

If it were me, I wouldn't give any financial advice. I know that bitcoin has huge potential and can bring us huge profits if held for long term but I don't have any evidence to guarantee it for my friend. I don't know what will happen in the future. Furthermore, I don't know if he has the ability and the same interest as me to take risks to get greater rewards. I don't know if he will be okay with the short-term volatility of bitcoin or the negative bitcoin news he faces…There are so many things to consider before giving advice about investing in bitcoin.

Instead, I would say he shouldn't rush to put all that money in the bank, he should learn about bitcoin. I would tell him, in addition to better profit opportunities from bitcoin, bitcoin can also become its own bank, ensuring privacy...He can then choose what he thinks is good for him, I don't want to directly give financial advice to anyone, because I have nothing to guarantee them anything.

[TheUltraElite]

13% interest rate on a fixed deposit is too high. I suggest you tell your friend to check how this company or bank is generating money and the types of loans they are involved in because that is where the money to pay interest on the fixed deposits come from. It usually remains under 6%.

Now FD is not bad as long as you know what you are doing. A Recurring deposit is need for a spending that you anticipate. All these methods of investment have their pros and cons. Bitcoin is not the solution to their shortcomings, keep that in mind. You will need liquid cash at hand when an emergency strikes, which already happened with the pandemic and all.

So advice your friend to manage asset like that fiat and crypto. Under fiat, bank deposits should a part, but please the source.

[Fiatless]

Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate, they offered to pay the interest upfront but the initial deposit would be locked in till the exact stipulated time.

13% interest upfront and initial deposit locked up for a stimulated time.  I smell something fishy. This is one of the strategies of many Ponzi schemes and scam projects in my country. The pattern is to use deposits to pay the interest and after they have gathered enough amount from clients they will pull an exit scam.

Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.

I am sure that many online banks are not insured by the national deposit insurance so customers might lose their funds in cases of bankruptcy. Some of them are not even registered or regulated by relevant authorities. You have to do intensive research before banking with these online platforms.

On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking folong-termterm financial investment, adv itiseeuld y itou advice?...

You still have more work to do. You have to teach your partner about wallets and security. Learning how to keep his coin safe is very important to avoid regrets.

[Furious 7]

Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate, they offered to pay the interest upfront but the initial deposite would be locked in till the exact stipulated time. Though this may sound like a good deal I discouraged him from making this investment for the following reasons.

Honestly, I am quite suspicious of offers like this, especially with a large interest rate because basically for a 13 percent interest rate offer I think the conditions when the strength of money in your country is not very good or the most prevalent is fraud because I have never seen a bank offer such a large interest offer.

I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...

There is nothing I can give in this case because in the end to be in bitcoin is also not as easy as imagined especially for those who are new and unfamiliar with bitcoin. There needs to be more learning and strengthening in terms of mentality that must exist before investing in bitcoin. Even if it is for the long term this is still very good but whether your partner can mentally hold back and will not use the money for a longer period of time than thought.
Often we encounter a mindset when someone new to bitcoin thinks that this is the easiest and shortest way to get money but it is precisely with thinking like this that we will be destroyed.

[Texac]

If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...

But do you think it is right to invest all that money in bitcoin?  i mean, what do you have to do to assure your friend that bitcoin will definitely bring him profit?  we all know that investing in bitcoin has greater risk than other investments or depositing money in banks.  therefore, you need to let your friend know about the risks of investing in bitcoin, don't just focus on huge profits and hide the risks of bitcoin from your friend.  you should give him full advice including the pros and cons of bitcoin and you should let him decide for himself.

[Abu-Naim]

Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate, they offered to pay the interest upfront but the initial deposite would be locked in till the exact stipulated time. Though this may sound like a good deal I discouraged him from making this investment for the following reasons.

A 13% interest rate is high for an online platform; in fact, investing in any online platform is riskier than investing in altcoins because these platforms could disappear at any time, in which case you would be powerless to hold anyone responsible for your error.

Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.

The main benefit of bitcoin is that it offers an alternative that increases the value of our wealth and gives us financial freedom. Because our coin will be in our possession and at our disposal, we won't need anyone's permission to withdraw it whenever we need it.

On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...

You gave him sound advise since putting his money into bitcoin will be his last step toward financial independence. If he stores his bitcoin in a non-custodial wallet, he will retain ownership of the currency and, with enough time, earn more than 50% of his initial investment.

[Ucy]

I think it's OK you discouraged your partner from the fix deposit investment since his goal is for the investment to increase in value or become profitable in the future. Better he used the fund to take care of urgent needs than allow it to lose value in long-term fix deposit. Alternatively he could invest in something that can beat inflation within the period he hopes to take back the fund.
Fiats or national currencies are really not the best things to invest in long-term, as they are notorious for losing value due to inflation. And it's not really a good idea to lock in alot of money on a custodial platform even with the high interest rate it offers. It's actually a gamble or a big risk not worth taking.

Bitcoin is a great alternative since it's deflationary and allows investors to fully control or self-custody their funds. It's best to invest in Bitcoin longterm, and the right time to invest is when there are signs of potential strong price increase within the period you hope to see your investment grow to maturity.

[m2017]

Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate, they offered to pay the interest upfront but the initial deposite would be locked in till the exact stipulated time. Though this may sound like a good deal I discouraged him from making this investment for the following reasons.

The beginning is exciting.

Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.

The interest rates on bank deposits are simply ridiculous and one should not waste time trying to compensate for inflation in this way.

Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.

These platforms have no trust just like traditional banks, which easily go bankrupt by disappearing with your deposits.

On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.

Do you yourself have the experience of investing in bitcoin to give investment recommendations to others? How long ago?

The price of bitcoin is always unstable and it is unknown whether this will ever change.

If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...

Do you really think that on a forum dedicated to bitcoin and called bitcointalk they can give financial investment advice other than bitcoin?

[Rockstarguy]

Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate, they offered to pay the interest upfront but the initial deposite would be locked in till the exact stipulated time.

These are what the fiat currency Institutions promises, they will hold down your asset with them over a long period of time and offer you little incentives on it, while they would have maximize the potential in that money in making investment trades and make alot of profits from that, as for everyone who adopt bitcoin, they should learn to make it more of digital currency and yet their investment asset that can yield the ever profitable return other investment couldn't offer them.

This is the strategy most banks and investment platforms used to generates more money for themselves,  I think it is a good idea to invest in bitcoin if only one can have patience in Hodling for the bull season or a period when their is a good value in the price of bitcoin markets.  I don't really fancy investment on online banks because anything can happen,  online banks is just as a centralised exchange. I have come across some online banks in the past where people invest their money but at the end of the day it got crashed and all money hot loss. Bitcoin is the safest investment anyone should consider for investment. Online banking, Ponzi is a big No for me for investment.

[komisariatku]

Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate, they offered to pay the interest upfront but the initial deposite would be locked in till the exact stipulated time. Though this may sound like a good deal I discouraged him from making this investment for the following reasons.
Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.
Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.
On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...

Does your country experience inflation above 13% per year? I think a deposit with 13% interest is very high, is that an annual deposit? To find out whether the platform is legal or illegal, you can contact your country's financial authorities. That's easy because every financial service must be registered with the country's financial authority

Is your investment short term or long term? You need to consider many things, including investment timing, bitcoin price fluctuations, and investment targets

[aylabadia05]

If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...

It's not that tempting when an offer like that comes to me even though the interest rate is up to 13%.
If my partner comes and offers investment in something other than the country's currency, for example he comes offering land investment, maybe I will consider it as a decision.

Before I ask him to invest in Bitcoin, I will try to find out whether he has knowledge about Bitcoin and how interested he is in Bitcoin investment.

[ChiBitCTy]

Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate, they offered to pay the interest upfront but the initial deposite would be locked in till the exact stipulated time. Though this may sound like a good deal I discouraged him from making this investment for the following reasons.
Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.
Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.
On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...

Well as a financial advisor myself, I would have handled this very differently.  First off, I can't imagine anyone issuing something right now that promises a 13% gain.  What kind of product was this, and what country?  Also how long were the terms for this 13%?  Looking at say CD's, bonds, annuities etc, there is absolutely nothing out there guaranteeing 13% for any length of time.  Now there are some products that might be this high, for instance something like an Equity Linked Noted...but the note coupon can lose money if you fall under the "barrier", as well as they can "call" the note which cancels it and they pay your principle back.

Recommending someone put money in bitcoin versus what he was looking at is probably two very different things. For any proper advice give, you need to know the persons enitre financial situation.

[Asiska02]

Yesterday my partner came up with an idea to deposit a good some of money in a fixed deposit account on an online banking platform offering a 13% interest rate, they offered to pay the interest upfront but the initial deposite would be locked in till the exact stipulated time. Though this may sound like a good deal I discouraged him from making this investment for the following reasons.

Hmm, 13% interest rate is already showing red flags not to go ahead and invest in such platforms. Financial Companies like this give you enticing offers to lure you into investing with them and this looks too good to be true, he rather not go ahead than later going ahead with the investment and regret it later.

Firstly with the rate at which the traditional currency in my country is steadily loosing value and the proposed profit and initial deposit might just be valueless at the matured time this deal might be of little or no value.

Inflation is something to consider in a case like this, and since you know how your country currency is losing value and may not worth anything at the stipulated time to take his money, it is better he doesn’t even try it. This is a risk not worth taking. Where this pains the most is the fact that you’ll assume that you’re some amount richer whereby in the real sense you’re not just different from the way you are currently.

Secondly these platforms in my opinion cannot be trusted as different reasons can lead to their folding up and shutting down. I understand that life's a risk but some risks are not worth taking.

With what you explained above on how the platform operates and give out this high interest rate. I can easily conclude that they will exit the business in a short time when they are able to gather a lot of money from people’s investment. So, it is better not to even give a trial.

On the other hand I offered a solution. I asked him to invest in Bitcoin, now even though the price of bitcoin is volatile, in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.
If you were in the position to give financial advice to someone looking for a long term financial investment, what would you advice?...

I would say he should invest in bitcoin because as long as this forum is concerned, we are all bitcoin enthusiasts and will love to see people invest in it to increase its widely use and adoption and not for just them to come and enjoy the benefit of long term investment which is an added benefit when they invest in it. Bitcoin is volatile but can get you more security of your funds if you invest through the right channel while waiting for your funds to grow for the long term.