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.

[sunsilk]

Your points about fixed deposits and the potential losing of its actual value is true. Yeah, your friend might get the money but it's only the interest and what's next? His principal money will be locked for how long? a year, two years, three years or more?

That interest won't even be enough to buy some wants that he got and then his money will be kept by the bank for a long time losing its value and inflation is uncontrollable plus the taxes from the interest he'll get.

in my opinion it is still more profitable to invest in Bitcoin especially for long term investment than in any fixed deposit scheme.

These fixed deposits are for conservative people that don't have appetite to take risk and speaking for my own personal experience, I don't have alot of money in the bank because I chose to keep it in Bitcoin and I never regretted that move.

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

I'll also say the same thing but we have to remember that every person has a different risk management. We can easily say about Bitcoin's volatility because we've taken that but if the person you're talking too isn't the same as yours upon taking risks.

Then, it's better to just direct them with investments that have lower risk like bonds or these fixed deposits but let them know that don't put all of their money in the bank because unexpected things can happen.

[SamReomo]

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?...

Like everyone else said that 13% interest rate can be a trap because the banks that offer such high interest rates may be frauds or they can be bankrupt anytime. I think you gave a better advice to your partner because those banks are offering such high interest rates to hide something that you and your partner aren't aware of yet.

I believe that investing in Bitcoin is safer option for your partner because Bitcoin isn't controlled by a third party and each 4 year it's value can grow due to halving and bull market. The current time is the best time for Bitcoin investment because in 2024-2025 the price of Bitcoin is expected to give the holders at least 100% or even more profits. Some people predict that in next bull run we may see another ATH in the price of Bitcoin and a few predict that Bitcoin will go above $100k.

If suppose its price reaches even $90k then you and your partner have made more than 200% profit from the Bitcoin investment. And when we compare it to the amount of interest that you and your partner get from that bank's interest rates then that's less than 30% and that gives us a clear picture that how good Bitcoin is for the investors.

[letteredhub]

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.

Hmmm, the 13% interest rate is unlike for a traditional bank, and you don't get to see any bank that will agree to offer that except they have a hidden motive thereafter.

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?...

it is as a result of the volatility of bitcoin price that we advise that we shouldn't give financial advise to people that have no understanding of crypto to invest their money because the market is completely unpredictable. But the good thing is that in your case you have a good knowledge about bitcoin that you can to the ground explain so well to your husband how it works.
Since the plan it's aimed at a long term investment plan then it's fair enough that you'll be making profits based on my knowledge of bitcoin you can hardly not make profit under a long term investment. Even in a medium term you're still in the cards of making profit especially at this epoch stage of bitcoin halving to come.

[SatoPrincess]

First, the interest rate being offered by this company is suspiciously high and that’s a red flag. Traditional banks do not give such interest rates, I wouldn’t trust an online savings platform to put a timelock on my money. Secondly, I wouldn’t give financial advice to relatives or friends, it’s bad for relationships but in your case it’s your partner and the financial decisions he makes will affect your home. Bitcoin is less scary than this investment your partner was going to make. You just have to educate him on the fundamentals of Bitcoin so he doesn’t get fomo when he reads a blog or article that says something negative about Bitcoin

[nelson4lov]

As much as the offer sounds enticing, one principle that has kept me disciplined is the fact that:

If something sounds too good to be true, it's probably not true.

Just two days ago, I saw a company that claims to be a reputable credit company offering a similar deal as OP; 23% per annum with the full interest paid upfront.

Apparently someone later revealed they're a loan shark that takes 232% per annum interest when someone takes a loan from them. I believe that is how they make their money to attract bigger investors to patronize them. The flow:

1. Someone invests in them for 23% per annum.
2. They give out these investment funds as loans charging 232% interest for repayment.


 

[Ever-young]

In as much as we hate centralized systems, bank in particular, still it’s better for me to put in my money into a recognized and register bank which offer just 15% annual profit than for me to go into some online platform which gives an offer which appears too good to be true, this is if I have least option and centralized system is all i gat if not.

If am not in a hurry to use the money I should not think about ROI first but what I will consider first is what how to escape inflation a little and how can my money be safe in my hand and ready to use when ever I want to make use of it, and this can only lead me to considering bitcoin as one of the only option which will help me all the way to achieve that goal, it’s better to save in someone your capital will be safe than to chase ROI and lose the whole thing. I respect and support your decision of not putting in that money for security reasons always look for anything that will give you full control over your funds.

[BitDane]

@OP, it is a good advice but make sure that your friend will have enough knowledge about Bitcoin so that when it come the time that Bitcoin paper value decreases, your suggestion won't back fire to you.  There are lots of instances between friends especially in investment when the value of the investment plummet, the investor blame the one who suggested the idea and even create misunderstanding.

Having your friend to be informed and make him understand the volatility of the market and prevent the situation where your friend blame you during the Bitcoin price crash.  Remember @OP Bitcoin is not always an uptrend journey.

[gunhell16]

If it's online banking with a 13% return, what I can say here is that the scheme is obviously a scam, and it's also online, so investors don't have much of a fight when that happens. What bank is your friend referring to anyway? Today, you gave a suggestion where, although it is also an online investment and quite volatile, you somehow explained the risk and the advantage as well.

There is nothing wrong with giving suggestions anyway; in the end, the decision is still up to your friend, and he is the investor. And then, so that you don't think badly about it, tell him not to invest if he doesn't understand; instead, he should do an investigation about Bitcoin first so that he himself will convince himself to invest in it. Just give him a background feed on the pros and cons.

[Z-tight]

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

I don't give financial or investment advice to people, if someone i know is looking for a long term investment and asks for my opinion, i would just give them a couple of investments i think is good, without actually telling them to invest on this or that. I know you may think it is great to tell people to invest in BTC, and it may actually be great, but i don't do it, i believe people who don't understand BTC shouldn't be buying it in order to hold it for the long term, that's because they are going to make a mistake and lose it. People lose coins everyday and i would not want one of them to be someone i encouraged to buy BTC.

[Bitcoin_people]

It is good if your classmate invests wisely when you impart some knowledge about Bitcoin. You will never force him but definitely blame you if he suffers a loss investing in Bitcoin in the future. That's why the first thing you should do to educate a loved one about Bitcoin is to talk to them about Bitcoin as much as possible. If he is interested in investing in Bitcoin by following that discussion and considering the negative and positive aspects of Bitcoin, motivate him to invest. Moreover, if your friend takes advice to invest later knowing the volatility and risks of this Bitcoin market, it is his personal matter. But I would recommend these people to invest in Bitcoin who have little understanding and knowledge about Bitcoin. Ignorant people should never give advice about Bitcoin but they will just run it off and play it off as ridiculous. So I would like to advise all people who have knowledge and experience about Bitcoin and are interested in long term investment, so that they can get good amount from Bitcoin in future.

[Reatim]

It is how good they wanted you to be trapped or your partner in this investment , Imagine giving directly the Initial interest and your money will be locked for a certain period of time?

then your partner only giving them the chance to use her money to do whatever they wanted while you will have no power over that money.

this is how good crypto investment , because while you are the one who keeps holding your  funds , and you still have the power to where to invest and how long and how much you wanted to earn.

[retreat]

In my country, banks are only allowed to provide a maximum fixed interest of 3% and above this amount customers must be careful because the potential for the bank to fail to pay is greater. So the 13% fixed interest offered by the bank seems quite risky because the interest is quite large for the banking platform to offer and it is possible that they will fail to pay their customers.
So compared to depositing money in a bank with a fixed interest of that amount, it is better for your friend to put some of his money in Bitcoin and wait until the halving because it is possible that the price of Bitcoin will increase next year.

[Lorence.xD]

Already sound a scam when you mentioned they will lock up the initial deposit with 13% interest rate. Please be careful in investing your money online where mostly of the platform are scam or hack, where once you gave any information, they could hack your bank accounts draining it. If you are planning to invest your money on a bank, it would be better to walk-in to avail so you could be assure than in online. But there's a lot of investment that you could do not only in Bitcoin like real-estate, forex, business and etc. I hope before you guys invested at Bitcoin you already have the knowledge and background to start with, so you could avoid unnecessary losses in the crypto industry. Since you are the one who introduced Bitcoin to your friend, it might not happen but it's possible that whenever thing are not going too good, your friends might point the blame to you.

[Fiatless]

In my country, banks are only allowed to provide a maximum fixed interest of 3% and above this amount customers must be careful because the potential for the bank to fail to pay is greater. So the 13% fixed interest offered by the bank seems quite risky because the interest is quite large for the banking platform to offer and it is possible that they will fail to pay their customers.
So compared to depositing money in a bank with a fixed interest of that amount, it is better for your friend to put some of his money in Bitcoin and wait until the halving because it is possible that the price of Bitcoin will increase next year.

The Central Bank of any country regulate interest rates so no bank will offer 13% if the apex bank has approved less than that. Commercial banks are strictly regulated in my country because customers deposits are insured. Bitcoin is a long-term investment because the price is highly unpredictable. Sometimes you will have to readjust your Bitcoin investment plans because the price didn't go up as planned. Nobody can predict what the Bitcoin halving will look like,  it might be prosperous or otherwise. I will not introduce somebody to bitcoin because of the predictions of next year's halving.  It is better to convince people to invest for a long time in Bitcoin. But nothing is impossible, one can be lucky to make quick money from the next year halving.

[fuguebtc]

In my country, banks are only allowed to provide a maximum fixed interest of 3% and above this amount customers must be careful because the potential for the bank to fail to pay is greater. So the 13% fixed interest offered by the bank seems quite risky because the interest is quite large for the banking platform to offer and it is possible that they will fail to pay their customers.
So compared to depositing money in a bank with a fixed interest of that amount, it is better for your friend to put some of his money in Bitcoin and wait until the halving because it is possible that the price of Bitcoin will increase next year.

The Central Bank of any country regulate interest rates so no bank will offer 13% if the apex bank has approved less than that. Commercial banks are strictly regulated in my country because customers deposits are insured. Bitcoin is a long-term investment because the price is highly unpredictable. Sometimes you will have to readjust your Bitcoin investment plans because the price didn't go up as planned. Nobody can predict what the Bitcoin halving will look like,  it might be prosperous or otherwise. I will not introduce somebody to bitcoin because of the predictions of next year's halving.  It is better to convince people to invest for a long time in Bitcoin. But nothing is impossible, one can be lucky to make quick money from the next year halving.

Depending on the value of currency in each country, there will be different interest rates. In my country, there was also a time when bank interest rates went up to 9% during the inflation period and then returned to the normal 6% level. Therefore, there will be no banks setting high interest rates to scam people, and all banks will be managed by the central bank.

I also really disagree with many people recommending bitcoin to someone just because the halving is approaching. It's like we're just directing them to speculate in bitcoin, not contributing to making this bitcoin revolution stronger.

[JunkieMiner]

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?...

If I tells you about my own experience I had never trusted these type of apps, as you will be already familiar with an app MTFE, that was on the google play store and most of the people had invested there, even in my area, there were a lot of users who had invested in this app, and the gives them some interest for some months, but after some months, the app owner had stole all the users' money, and now the app owner is going to tell them, they have to invest more. So, the app that gives some interest is not good at all in my opinion. At the start, it looks good, but after some time, it turns into a loss.

[Sim_card]

No one should trust everything online, especially when it comes to giving out money to someone without knowing the person. The interest is too high to be real and this online bank can run away with your money, when they see that the time to pay you back is close. You should ask your friend if he doesn't need the money over a long period of time and if he says yes, you should encourage him to invest in bitcoin. Make sure you teach him the basic knowledge of bitcoin and the right wallet, like electrum wallet to keep his funds, because it is an open source wallet. Bitcoin is the best for him to invest in, since fiat currency will depreciate when kept in the bank but bitcoin is an hedge to inflation and is a safe haven.

[Nrcewker]

Listen mate, it’s all about traditional banking system vs decentralised way of managing your finances. Now you have the option to choose where you want to put your money. Now both have their disadvantages and advantages. You need to analyse both before putting the money in correct place. There is no doubt that Bitcoins will give you the maximum returns, but along with this, the risk of getting loss also increases. Whereas in traditional banking system you have a fix rate. So I would say OP had done good thing, by opting for Bitcoins.

[KiaKia]

For me, I believe it depends on the individual, to safe myself from stress I am picky on people I choose to advice to invest in Bitcoin, because there are some people that will never see Bitcoin as a good place to store or invest their money, till today some people still believe that Bitcoin is the biggest scam in the history of mankind, and because it's surviving now doesn't mean it won't turn into scam, this is what few educated idiots are telling me face to face, so I am not going to help those that don't need help, even heaven help those who help themselves. 

Do you want to learn something as cool as Bitcoin? Yes, it's possible, but actions speak louder than voice, if all you are good at is making noises with your mouth you won't change anything, be someone of interest in Bitcoin before I can spend my precious time on you, honestly today people don't need to be reached anything, just get on the internet and do some research on your own, no one was born with the ability of knowledge, we all came into the world and start leaning something.

[knowngunman]

First, the interest rate being offered by this company is suspiciously high and that’s a red flag. Traditional banks do not give such interest rates, I wouldn’t trust an online savings platform to put a timelock on my money. Secondly, I wouldn’t give financial advice to relatives or friends, it’s bad for relationships but in your case it’s your partner and the financial decisions he makes will affect your home. Bitcoin is less scary than this investment your partner was going to make. You just have to educate him on the fundamentals of Bitcoin so he doesn’t get fomo when he reads a blog or article that says something negative about Bitcoin

We can not judge based on the interest rate offer by the platform since the writer refused to disclose the period of the investment and the amount involved. I'm personally not a fan of online platform investment due to their unreliability. Savings in the establish commercial banks will actually gives one peace of mind than bitcoin actually if you are scared of market volatility. Investing in this type of platform especially with the time lock is an idea that requires no second thought before it should be discarded. I ever had experience with one platform some years back on something like this, although, it was for a short period of time and the amount is not huge so I give it trial and unfortunately the platform crashed before the stipulated time I was supposed to withdraw both my capital and interest and I lost everything.

Offering financial advice is actually not too good in my opinion as the Op did. His friend or partner as he call him might eventually comes back to blame him if anything happens in opposite and back fire. In such situation, I do analyse both options available and the consequences attach to each of them and allow the person to choose disclaiming that I will not responsible for anything afterwards. Do not force anyone to invest in bitcoin unless they choose to do so at their own will.

[Rockstarguy]

@OP, it is a good advice but make sure that your friend will have enough knowledge about Bitcoin so that when it come the time that Bitcoin paper value decreases, your suggestion won't back fire to you.  There are lots of instances between friends especially in investment when the value of the investment plummet, the investor blame the one who suggested the idea and even create misunderstanding.

Having your friend to be informed and make him understand the volatility of the market and prevent the situation where your friend blame you during the Bitcoin price crash.  Remember @OP Bitcoin is not always an uptrend journey.

It is a good advice if only OP partner can understand the volatility of bitcoin when it goes low, but Bitcoin still remain the best alternative for investment. If at all in the process of investment and the price falls their is nothing bad about it and no need to panic because the price won't remain low for ever. But saving the money in fixed deposit account even with the interest the bank will give it doesn't make sense because fiat is known as currency that Normally lose value.

Bitcoin is not a bad investment to grow  money if only one is good enough to understand the market and how it works. It is advisable for people who are not ready to face the challenge of the volatility of the market shouldn't border to invest in bitcoin.

[EluguHcman]

Sorry did you suggested Bitcoin with the faith of your knowledgable ideas on how to trade on Bitcoin or was it as a result of you hearing here and there from investors on how profitable Bitcoin investments is?
Because trading is a platform that requires a basic understanding of the technology how the market works.

However, since you are both partners it is believed that there is a trust amongst you so in as much as you are recommending a business idea for you both, Bitcoin investments is the best reliable, safest and better rate of interests value.
Wait. You just said a Good sum" meaning it is a hug amount of money. So  I would suggest you go ahead with the Bitcoin  but as a beginner, you should start up your capital with a tolerable amount if by means the market doesn't go impressive as thought within a period of time because the reliable possibilities to grow in Bitcoin trading most especially depends on your patient.

[Minecache]

No one should trust everything online, especially when it comes to giving out money to someone without knowing the person. The interest is too high to be real and this online bank can run away with your money, when they see that the time to pay you back is close. You should ask your friend if he doesn't need the money over a long period of time and if he says yes, you should encourage him to invest in bitcoin. Make sure you teach him the basic knowledge of bitcoin and the right wallet, like electrum wallet to keep his funds, because it is an open source wallet. Bitcoin is the best for him to invest in, since fiat currency will depreciate when kept in the bank but bitcoin is an hedge to inflation and is a safe haven.

Well, bitcoin is also a form of online investment and it also brings high profits, even very high, so if you tell your friends about it, they will also consider bitcoin as any online investment. Every form of investment has risks and it is our job to analyze the pros and cons of both. Don't just favor one of the two because if you only talk about the benefits of bitcoin, what will your friendship be like if his bitcoin investment fails? Furthermore, don't encourage anyone to invest in bitcoin, but give them complete information about bitcoin and let them decide for themselves.
If you don't want your friendship to break up, don't want to be blamed, never give investment advice to anyone, give them information, knowledge and let them choose.

[posi]

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?...

Most of the time when we give advice to someone, we want the best for them, but when it comes to money, I wouldn't give advice. Because we don't know what they want or need, we are not them so we cannot impose our thoughts on them. Bitcoin does have huge potential but not everyone wants to invest in it or can withstand its volatility. According to what you said, your friend doesn't know what bitcoin is, so you should instead teach him about bitcoin before giving him bitcoin investment advice.

[traderethereum]

I will also advise him on investing in bitcoin using DCA every week or month.
He can determine the amount of money he wants to use to buy bitcoin and how long he will buy and keep it.
If he is not interested in investing in bitcoin, I suggest he buy gold based on the money he can afford.
If I didn't know how much money he wanted to invest, that might be my suggestion.
But if he tells me the amount of money, I may give other suggestions that he might accept, but my first suggestion is still to invest in bitcoin.

[kryptqnick]

I'd be concerned about a 13% interest rate, I agree with Poker Player on that one.
The op did mention the fiat currency losing value, but I'd still be very careful with actually making that deposit. If it's losing a lot of value, it's important to consider whether it might suddenly lose way more, but you won't be able to do anything with it because of the conditions of that deposit.
With Bitcoin, you can always sell when you feel like things aren't moving in the right direction, so it's less risky. I'd rather invest in Bitcoin than give money to a centralized entity without being able to withdraw it for a fixed amount of time.

[2Pizza410000BTC]

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?...

Bitcoin investment is very important to us who are involved with Bitcoin. But people who are not involved with Bitcoin will not understand the importance of Bitcoin investment. If I had the OP's personality, I would first teach him about Bitcoin and then give him an idea of the volatility of the Bitcoin market. If he agrees to invest in Bitcoin after knowing everything about the ups and downs of the market, I will definitely make him invest in Bitcoin. But instead of keeping money in various online banking accounts, I think it is better to invest in Bitcoins. Because if you can hold Bitcoin investment for a long time, you can definitely earn hundred times more than the banking interest rate from here.

However, no direct offer can be made to anyone to invest in Bitcoin. If he is willing to invest in Bitcoin, then you can make him invest in Bitcoin. And if he doesn't like it, never invest in him because he will blame you for the rest of his life if he loses.

[icalical]

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?...

13% annual interest rate is a very suspicious, it's too good to be true. I guess you just saved your friend from a scam. I would say that suggesting him to invest in Bitcoin is a good move, but I think before that, you need to explain to him about Bitcoin and show him some article that relevant for why Bitcoin could be a suitable investment for him, and after that he can move on with his own decision. My concern is that if he just listen to you without fully understanding about Bitcoin investment, when the market crash he will blame you for losing part of his money.

[Cryptomultiplier]

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?...

Most of the time when we give advice to someone, we want the best for them, but when it comes to money, I wouldn't give advice. Because we don't know what they want or need, we are not them so we cannot impose our thoughts on them. Bitcoin does have huge potential but not everyone wants to invest in it or can withstand its volatility. According to what you said, your friend doesn't know what bitcoin is, so you should instead teach him about bitcoin before giving him bitcoin investment advice.

Am sure the friend in question asked because he could see how much financial independence or freedom OP was enjoying to a limit. Am sure he wanted same for himself since he intended to make an investment he knows nothing about.

I like the fact that OP was quick to open up, it has at least laid a foundation of trust wherebeit the friend can easily listen to him ones he starts iterating him on the subject, pros and cons of Bitcoin and the cryptocurrencies market in general.
Since advice is free, it is better to give advice first and if he keeps coming back for more knowledge, he would definitely invest and not hold you responsible even if the market crashes. BTC ain't crashing anytime soon just for clarification.

[BITCOIN4X]

~Snip

Bitcoin investment is very important to us who are involved with Bitcoin. But people who are not involved with Bitcoin will not understand the importance of Bitcoin investment. If I had the OP's personality, I would first teach him about Bitcoin and then give him an idea of the volatility of the Bitcoin market. If he agrees to invest in Bitcoin after knowing everything about the ups and downs of the market, I will definitely make him invest in Bitcoin. But instead of keeping money in various online banking accounts, I think it is better to invest in Bitcoins. Because if you can hold Bitcoin investment for a long time, you can definitely earn hundred times more than the banking interest rate from here.

However, no direct offer can be made to anyone to invest in Bitcoin. If he is willing to invest in Bitcoin, then you can make him invest in Bitcoin. And if he doesn't like it, never invest in him because he will blame you for the rest of his life if he loses.

Someone who comes to invest at bitcoin is actually those who believe in the good potential of the resulting profitability. Its price volatility allows them to gain profits in the short term as well as in the long term, but bitcoin investments tend to be expected to be long term rather than short term investments.

I agree that the potential returns from bitcoin investments can exceed the profits from bank deposits, but someone who doesn't like risk and high volatility is not suited to bitcoin. Not everyone agrees with bitcoin for various reasons, but I hope they can change that mindset when they get involved with bitcoin. Some classic investors don't like investment instruments without physicality, so they won't suit bitcoin.

[BVeyron]

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?...

I agree with you: btc is suitable for long-term investment, I'd rather not call it an investment - it's more like buying something valuable... As for trading, it's quite hard to get profit out of short-term deals in cryptotrading. I think that btc can bring hodlers some profit in a couple of years, but most probably there won't be a dramatic price rise...

[Honyek]

Making a choice to invest in bitcoin for a long-term investment is not a bad idea. This l will say concerns this very period when the bitcoin halving is coming where you have the chance of making profit considering the bitcoin record. However, it may not be like that all the time. So you have study the bitcoin record and watch carefully how every situation of bitcoin is going before you make such investment. You can also make enormous research for other things best to invest in before you engage in such.

[Emmanuelex]

For a long term investment I am going to advise them to choose Bitcoin. I strongly believe that in two years from now we are going to see the market go up like ten times more, and that's more than anything you will get from a fixed deposit in any bank.

So Bitcoin is the ideal for me.

[n00ber]

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?...

I agree with you: btc is suitable for long-term investment, I'd rather not call it an investment - it's more like buying something valuable... As for trading, it's quite hard to get profit out of short-term deals in cryptotrading. I think that btc can bring hodlers some profit in a couple of years, but most probably there won't be a dramatic price rise...

You are contradicting your own words, if bitcoin is not an investment then what do you call it? Moreover, when you buy something and expect it to be more valuable in the future, you don't call it an investment, what do you call it? But I agree with you, bitcoin will give better returns if we hold for long term instead of just trading short term. There are still many people who make profits from trading, but I believe that if we compare the total returns of both, holding will give better returns.

[TheUltraElite]

For a long term investment I am going to advise them to choose Bitcoin. I strongly believe that in two years from now we are going to see the market go up like ten times more, and that's more than anything you will get from a fixed deposit in any bank.

It is a question of risk vs reward. Bitcoin is a riskier asset with provisions of bigger gains, at the same time bank deposits are stable over years. Depending on what your country deems as legal you have to decide how much risk you are willing to take with bitcoin. If you are in a state where you might need liquid funds every now and then, bank deposits are ideal but always have cash at hand to spend. If bitcoin is accepted in local stores, invest more in bitcoin.

However, I am still waiting for the name of OP's "Bank" that offers 13% interest because that is something too good to be true.

[Ale88]

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?...

I am pretty curious to know in which country you live because 13% interest rate is a lot, and if the bank is offering that rate (assuming they are legit and it's not a scam) the inflation rate must be even higher than that! And in that way you would be only reducing the loss of buying power, buying bitcoin on the other end could make you lose some money at first (dumps) but in the long run is going to be worth it, you just need to be patient.

[usekevin]

It is a good advice if only OP partner can understand the volatility of bitcoin when it goes low, but Bitcoin still remain the best alternative for investment. If at all in the process of investment and the price falls their is nothing bad about it and no need to panic because the price won't remain low for ever. But saving the money in fixed deposit account even with the interest the bank will give it doesn't make sense because fiat is known as currency that Normally lose value.

Bitcoin is not a bad investment to grow  money if only one is good enough to understand the market and how it works. It is advisable for people who are not ready to face the challenge of the volatility of the market shouldn't border to invest in bitcoin.

The bitcoin was the unique one for the investors to keep their saving for the longer period.The bitcoin price is decentralised,So it’s easy to inverse at any point and get profit at the next all time high.Some people lose their valuable coin by doing the panic selling at the bear market.The bear market is the common one in all the investment platform like stock and the cryptocurrency.But the bear market should be used in the good way,So the trader can get the profit at the time of the bull run.

[|MINER|]

I agree with you life is risky but not all risks in life are worth taking.  Alt coin is very risky. It has the possibility of losing everything.  But if you want to invest in alt coin, you can invest in the first row.  But I would say if you want to invest for long term then invest in bitcoin.  Bitcoin is a medium of reliability.  And if you are a beginner then invest in bitcoin.  But it is also true that many people have benefited a lot by investing in alt coin.  The more the risk and the more the profit. But For securing your fund Bitcoin will be the best choice.

[tjtonmoy]

I will never recommend putting all of your savings in Bitcoin investment. As everybody says, never invest what you can't afford to lose. So if that money is your lifelong saving, then never put it into Bitcoin investment. If it is something that you can afford to lose or something that you have to save up for investment, then make sure to diversify it too. Never put all of your eggs in one basket that will only lead to losses also make sure you can make profit from your investments. Bitcoin investment will never give you a 100% chance of profit. It contains profits and losses.
Putting your money into a locked saving and on a platform that is online is never a good idea. But putting everything in Bitcoin is also not a good idea. So make sure to invest in different places, not only just in Bitcoin. That will minimize the risk and maximize the profit, or in case of losses you may end up profiting from the other investments.

[Odusko]

Online banking platform, which means that there is no physical representative or office and offering such a high rate in returns the 13% interest looks too high to be sustainable for the long term, and your choice of Bitcoin instead seems perfect for this situation and it must be for the long term because of your talk about the impact of inflation on your traditional financial investment.
You should also take into account the possibility of Bitcoin falling in the short term, so Bitcoin must be taken in the long term to see a real increase in value.

[riantolie]

I agree with you life is risky but not all risks in life are worth taking.  Alt coin is very risky. It has the possibility of losing everything.  But if you want to invest in alt coin, you can invest in the first row.  But I would say if you want to invest for long term then invest in bitcoin.  Bitcoin is a medium of reliability.  And if you are a beginner then invest in bitcoin.  But it is also true that many people have benefited a lot by investing in alt coin.  The more the risk and the more the profit. But For securing your fund Bitcoin will be the best choice.

The risk depends on altcoins. Memecoins definitely have high risk I don't think is worth taking. But ETH, for example, is not the worst option. I just think that you need to mostly focus on Bitcoin and buy altcoins if you're feeling fancy.

[Fara Chan]

Making a choice to invest in bitcoin for a long-term investment is not a bad idea. This l will say concerns this very period when the bitcoin halving is coming where you have the chance of making profit considering the bitcoin record. However, it may not be like that all the time. So you have study the bitcoin record and watch carefully how every situation of bitcoin is going before you make such investment. You can also make enormous research for other things best to invest in before you engage in such.

I already think that investing in Bitcoin can be done at any time without having to look at a certain moment if we want to run it in the long term. But if it is only for short-term investment, it is not wrong if an investor looks at certain moments such as the halving example with a better profit target. But if the investment is to be carried out in the long term, there is no need to wait for a certain moment to make an investment, because it can be done immediately at any time as long as someone has the knowledge and ability to do it.

[DrunkBender]

I choose blackjack and hookers over bitcoin!

[gunhell16]

Making a choice to invest in bitcoin for a long-term investment is not a bad idea. This l will say concerns this very period when the bitcoin halving is coming where you have the chance of making profit considering the bitcoin record. However, it may not be like that all the time. So you have study the bitcoin record and watch carefully how every situation of bitcoin is going before you make such investment. You can also make enormous research for other things best to invest in before you engage in such.

I already think that investing in Bitcoin can be done at any time without having to look at a certain moment if we want to run it in the long term. But if it is only for short-term investment, it is not wrong if an investor looks at certain moments such as the halving example with a better profit target. But if the investment is to be carried out in the long term, there is no need to wait for a certain moment to make an investment, because it can be done immediately at any time as long as someone has the knowledge and ability to do it.

Investing in Bitcoin is an option; the same is the case with altcoins, sometimes because what others here tell us is that Bitcoin is always the best investment, and there is nothing wrong with that, but we must also think that Bitcoin is not the only source of income we can earn here; it can also provide us with future savings.

In short, there are many opportunities here in cryptocurrency, not just Bitcoin. That's why the correct explanation to a person gives knowledge about it; if the explanation is wrong because of the view on Bitcoin, of course the one who hears it will adapt the same false belief and knowledge about Bitcoin or cryptocurrency.

[adzino]

Yep, I get what you are saying. That fixed deposit scheme does sound tempting with that 13% interest, but if your local currency is taking a nosedive due to bad economy and inflation, then what's the point, right? Unfortunately there are people that doesn't understand this and basic economy. They are the ones that falls victim to this kind of "scheme" (but yeah, 13% sounds a lot..). So yeah, bitcoin and other crypto currencies seems to be a better option, but don't forget about the risk involved. Bitcoin investment is for long term investment. It is extremely volatile. You might end up having less than what you invested when you might need the money. So it is better to spread out all the investment instead of investing and saving everything in Bitcoin.

[OcTradism]

Yep, I get what you are saying. That fixed deposit scheme does sound tempting with that 13% interest, but if your local currency is taking a nosedive due to bad economy and inflation, then what's the point, right? Unfortunately there are people that doesn't understand this and basic economy. They are the ones that falls victim to this kind of "scheme" (but yeah, 13% sounds a lot..). So yeah, bitcoin and other crypto currencies seems to be a better option, but don't forget about the risk involved. Bitcoin investment is for long term investment. It is extremely volatile. You might end up having less than what you invested when you might need the money. So it is better to spread out all the investment instead of investing and saving everything in Bitcoin.

I don't say same things about future of Bitcoin and cryptocurrencies (altcoins). Bitcoin is unique and strong with no more than 21 million of bitcoins in total supply. How about altcoins?

There total supplies for Mintable tokens can be unlimited. Developers can mint and issue more tokens to total supplies and create massive inflation that will kill altcoin prices on market. Altcoin developers usually create their projects by market trends and when trends gone, they abandon their projects.

Altcoins look promising with chance to multiply your capital but risk to lose all your capital is big too. If you are a careful person who prioritize your capital safety, you will not choose altcoins, but pick Bitcoin instead.

[reagansimms]

I would do as you suggested to your partner to buy Bitcoin instead of depositing some money into a deposit account that is frozen for the specified time limit. No one can guarantee security there, especially as the amount of interest offered is very low compared to the potential generated from Bitcoin investment.
Even though there is a risk of loss in Bitcoin investment, I am not too worried about any possible risk of loss. The knowledge that I have gained from the forum will really help me in determining my attitude, building character and patience when facing the pressures that occur in investing.

[btc78]

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

Buddy you are asking in Bitcointalk.org specially in Bitcoin section so what do you expect from us?

I have a bad experiences in banks since many years ago thats why when I come to learn about bitcoin ? and its network and system , I now constantly trust this for many years and yes, if I did invest my monet in banks , I thing mine will remain as almost the same comparing to how much I have now.

so the answer is clear , Invest or deposit in Bitcoin specially as he is asking for long term purpose .

[Blitzboy]

Yep, I get what you are saying. That fixed deposit scheme does sound tempting with that 13% interest, but if your local currency is taking a nosedive due to bad economy and inflation, then what's the point, right? Unfortunately there are people that doesn't understand this and basic economy. They are the ones that falls victim to this kind of "scheme" (but yeah, 13% sounds a lot..). So yeah, bitcoin and other crypto currencies seems to be a better option, but don't forget about the risk involved. Bitcoin investment is for long term investment. It is extremely volatile. You might end up having less than what you invested when you might need the money. So it is better to spread out all the investment instead of investing and saving everything in Bitcoin.

And there we have it, folks - the seemingly constant battle between traditional and innovative. Your explanation seems to contrast the “safe and steady” 13% fixed deposit, losing its shine owing to an unstable economy, with Bitcoin's dazzling, throbbing attraction. This dialectic hides a more turbulent truth, isn't it?

Imagine if everyone accepted Bitcoin and crypto, upsetting existing banking and financial systems. A massive shift to decentralized finance could cause regulatory and economic concerns.

Bitcoin investment is a long-term game with dramatic highs and lows. Here's to embracing your pragmatism, and may we all navigate these financially choppy seas while enjoying crypto's shifting dynamics.

[BlockchainWizard]

…
Get a HW, preferably not Ledger or Trezor, and think about where you are going to buy the Bitcoin.
…

A question on the side. Why wouldn't you recommend Ledger or Trezor? If these two HW are out of the question, which would you prefer instead?

[Ayers]

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

Buddy you are asking in Bitcointalk.org specially in Bitcoin section so what do you expect from us?

I have a bad experiences in banks since many years ago thats why when I come to learn about bitcoin ? and its network and system , I now constantly trust this for many years and yes, if I did invest my monet in banks , I thing mine will remain as almost the same comparing to how much I have now.

so the answer is clear , Invest or deposit in Bitcoin specially as he is asking for long term purpose .

We're on a bitcoin forum and everyone is a bitcoin investor so it's strange to have a bunch of questions about whether we should choose bitcoin or banks, gold, real estate... .

I think you are wrong, if you invested money in the bank many years ago, your money will not remain the same until now. They have lost most of their value as inflation is increasing every year, your money is still the same but the value has decreased significantly. Many people have realized this and they have chosen bitcoin as an alternative to banks. Yes, bitcoin is the answer to OP's question.

[Gaza13]

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?...

Indeed, for people who don't understand that deposits look profitable, this is the safest instrument for them,
For the first point, your choice is right, friend, banking in your country offers an interest rate of 13%, you also have to know how much inflation is in your country, and there are some tax deductions, not in your country, such as if the bank cheats you to add money, but this is not the case when the maturity period has expired, your money will actually be reduced by deductions such as taxes, etc.

For point 2, for platforms that are not trusted and are not protected by the government or your country's institutions, you should avoid these platforms, usually they offer high interest rates higher than the 13% you mentioned above, usually if this platform collapses then your money will not be replaced by institutions that have been determined by your government.

Your choice is right to invest in bitcoin, bitcoin is better than gold, as we know the supply of bitcoin is 21 million, if gold is not yet known for sure how much supply is still in the bowels of the earth. What about people whose private keys are lost, this will reduce the existing supply, the supply will become smaller and become a struggle
for all people in the world. Hold on to the next 20 years for the future of your children and grandchildren. Satoshi opened the world's eyes with the technology he created which was cruel to Fiat Money.

[Salahmu]

The risk depends on altcoins. Memecoins definitely have high risk I don't think is worth taking. But ETH, for example, is not the worst option. I just think that you need to mostly focus on Bitcoin and buy altcoins if you're feeling fancy.

In as much as I'm not an investment adviser but I can never encourage someone to go for altcoins especially memecoins most of there price movement is being controlled by influencers so those kind of coins are tend to be pump and dump coins and perhaps most of those coins can crash anytime, so in times of investment Bitcoin is always the key, Bitcoin is the center of every other coins were as other coins can fail but Bitcoin will never failed, Bitcoin has been my number investment and I will keep accumulating and holding because the only way to see what Bitcoin holds for us in the future is by holding for a long time.

[jeha2015]

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

In my opinion and if I'm honest, it all depends on how long you want to invest the money. short term or long term?

Apart from that, you also have to adjust your investment goals: Make a profit or just save?

Because the average person invests, especially investing in Bitcoin, for the future, so it can be said that the investment is for the long term.

In this case, of course Bitcoin is more profitable, rather than making a deposit at a bank, in my country the interest rate is at 5%. I also wonder why in this country it can be as high as 13%.

but yes, once again, "playing" stocks must of course understand how the market moves like a rollercoaster. If the stock's fundamentals are good, that's okay, just gas because we trust the fundamentals.

But for example, if we invest in Bitcoin, and when we want to sell it again, the price is going down and it feels like it will take a long time for the price to go up again, so be ready to hold it until your goal is achieved. So it is important to invest in bitcoin with cold funds.

the main thing is :

Btcoin has high returns but also high risk.

The deposit is low risk because it is not affected by market movements, the management system has been determined by the parties and does not change at any time. but yes, the profits are not as much as investing in Bitcoin. In conclusion, I will invest in bitcoin rather than deposit.

[FatFork]

If these two HW are out of the question, which would you prefer instead?

I would recommend considering Blockstream Jade or Foundation Passport, as both of them are fully air-gapped and open-source solutions. Additionally, Coldcard (Mk4) and BitBox02 are also viable options, even though they are not fully air-gapped. Trezor can also be a viable solution if you are aware of potential security risks.

[legendbtc]

The risk depends on altcoins. Memecoins definitely have high risk I don't think is worth taking. But ETH, for example, is not the worst option. I just think that you need to mostly focus on Bitcoin and buy altcoins if you're feeling fancy.

In as much as I'm not an investment adviser but I can never encourage someone to go for altcoins especially memecoins most of there price movement is being controlled by influencers so those kind of coins are tend to be pump and dump coins and perhaps most of those coins can crash anytime, so in times of investment Bitcoin is always the key, Bitcoin is the center of every other coins were as other coins can fail but Bitcoin will never failed, Bitcoin has been my number investment and I will keep accumulating and holding because the only way to see what Bitcoin holds for us in the future is by holding for a long time.

Even if you are a financial expert and if you give investment advice in altcoins to others, especially memecoins. I'm pretty sure you're a bad expert with no knowledge of the market. You do not need to be an expert and should not give investment advice to anyone because even with our own investments, we cannot guarantee 100%, so how can we guarantee others?

Regarding bitcoin investment, it is really good but it also has certain risks, it is not completely safe, so I would be cautious when giving advice to others. As I said, I believe in bitcoin, but I personally have no proof that my investment will be absolutely successful, so advising others is a rather sensitive issue.

[Z-tight]

A question on the side. Why wouldn't you recommend Ledger or Trezor? If these two HW are out of the question, which would you prefer instead?

Passport is a very good alternative, it is also open source, you can go through this link for a list of open source hardware wallets^[1], and there is also another compiled list for airgapped hardware wallets^[2], by the way, do your own research about the different wallets before making your choice.

Ledger isn't recommended mainly because of the recent feature they added to their devices, which is the ledger recover service^[3], they have also been exposed telling lies that they are open source^[4], i think it is very important that everyone avoids a ledger hardware device. As for Trezor, it is open source and surely not as bad as Ledger, but they have implemented CoinJoin solution using the Wasabi implementation, that spies on their customers' utxo before either blacklisting or accepting them to participate in their CoinJoin.

[1] https://bitcointalk.org/index.php?topic=5288971.msg55583288#msg55583288
[2] https://bitcointalk.org/index.php?topic=5361456.msg58004091#msg58004091
[3] https://bitcointalk.org/index.php?topic=5452900.msg62251240#msg62251240
[4] https://bitcointalk.org/index.php?topic=5467841.msg62891890#msg62891890

[posi]

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?...

Most of the time when we give advice to someone, we want the best for them, but when it comes to money, I wouldn't give advice. Because we don't know what they want or need, we are not them so we cannot impose our thoughts on them. Bitcoin does have huge potential but not everyone wants to invest in it or can withstand its volatility. According to what you said, your friend doesn't know what bitcoin is, so you should instead teach him about bitcoin before giving him bitcoin investment advice.

Am sure the friend in question asked because he could see how much financial independence or freedom OP was enjoying to a limit. Am sure he wanted same for himself since he intended to make an investment he knows nothing about.

I like the fact that OP was quick to open up, it has at least laid a foundation of trust wherebeit the friend can easily listen to him ones he starts iterating him on the subject, pros and cons of Bitcoin and the cryptocurrencies market in general.
Since advice is free, it is better to give advice first and if he keeps coming back for more knowledge, he would definitely invest and not hold you responsible even if the market crashes. BTC ain't crashing anytime soon just for clarification.

What makes you think OP has achieved financial independence or is someone who has made big money investing in bitcoin? Or is he just newbie to the market and starting to accumulate bitcoin?

Depending on each person's perspective on life, some people will be very open when giving advice, while others will not. I'm not looking for trouble so I won't give investment advice, but if they want to learn about bitcoin then I'm ready. If you can be responsible for someone, you can give them investment advice.

[Kelvinid]

Legit or reputable companies don't offer that much (13%) but scam does in order to encourage people to put their money into them.
Good decision to decline that offer but I wasn't sure that choosing Bitcoin would also be a great idea. And I tell you why because even though Bitcoin is profitable if you can't manage it well, that will incur losses also. If ever you do this better see yourselves first and how prepared you are because many people lose their money due to lack of knowledge. You can't jump into crypto without any idea what is all about and how it works.

[goldkingcoiner]

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?...

In my experience, giving people financial advice is nothing but a recipe for disaster. You could, in the end, even be legally sued if the person in question makes a loss and decides to blame you. I do not recommend it. Personally I have never heard of anyone I know getting in legal trouble for giving bad financial advice but it can happen.

You can recommend Bitcoin and name all the reasons why you think it is a good investment but if the person is dubious, there is no point in trying to convince them. Sooner or later they will realize the potential of Bitcoin by themselves without your help. And it will be less of a headache for you.

People need to feel like they discovered an investment opportunity for themselves.

[Negotiation]

I agree with you life is risky but not all risks in life are worth taking.  Alt coin is very risky. It has the possibility of losing everything.  But if you want to invest in alt coin, you can invest in the first row.  But I would say if you want to invest for long term then invest in bitcoin.  Bitcoin is a medium of reliability.  And if you are a beginner then invest in bitcoin.  But it is also true that many people have benefited a lot by investing in alt coin.  The more the risk and the more the profit. But For securing your fund Bitcoin will be the best choice.

The risk depends on altcoins. Memecoins definitely have high risk I don't think is worth taking. But ETH, for example, is not the worst option. I just think that you need to mostly focus on Bitcoin and buy altcoins if you're feeling fancy.

Yes because depending on the price of bitcoin, the value of altcoins increases and also a deep understanding of the cryptocurrency market is always recommended before investing money. First learn about bitcoin ethereum and other famous cryptocurrencies. Then read about their uses and future prospects before taking any investment decision. Bitcoin has been much more stable over the years and the next half is fast approaching. Considering the current market conditions now may be the right time to invest but you need to be aware of the risks.

[yazher]

Yes because depending on the price of bitcoin, the value of altcoins increases and also a deep understanding of the cryptocurrency market is always recommended before investing money. First learn about bitcoin ethereum and other famous cryptocurrencies. Then read about their uses and future prospects before taking any investment decision. Bitcoin has been much more stable over the years and the next half is fast approaching. Considering the current market conditions now may be the right time to invest but you need to be aware of the risks.

The rate of altcoins failing is high because most of them just rely on bitcoins and they are all waiting for bull runs, whenever their price increase, they don't have consistency because it won't last forever and at the end of the day, they are just simply waiting for bitcoin price to rise. therefore it is really recommended that if you have multiple choices on where to invest and you are confused, it's really nice to stick with bitcoins and you don't need to worry about a sudden trap like what most altcoin investors suffered because they ended up losing their money when they thought the altcoins they choose was the right one but it's a pump and dump coin which is a common scam in the crypto community.

[BlockchainWizard]

Passport is a very good alternative, it is also open source, you can go through this link for a list of open source hardware wallets^[1], and there is also another compiled list for airgapped hardware wallets^[2], by the way, do your own research about the different wallets before making your choice.

Ledger isn't recommended mainly because of the recent feature they added to their devices, which is the ledger recover service^[3], they have also been exposed telling lies that they are open source^[4], i think it is very important that everyone avoids a ledger hardware device. As for Trezor, it is open source and surely not as bad as Ledger, but they have implemented CoinJoin solution using the Wasabi implementation, that spies on their customers' utxo before either blacklisting or accepting them to participate in their CoinJoin.

[1] https://bitcointalk.org/index.php?topic=5288971.msg55583288#msg55583288
[2] https://bitcointalk.org/index.php?topic=5361456.msg58004091#msg58004091
[3] https://bitcointalk.org/index.php?topic=5452900.msg62251240#msg62251240
[4] https://bitcointalk.org/index.php?topic=5467841.msg62891890#msg62891890

Thank you for the detailed information on the different hardware wallets. It's good to know that there are alternatives like Passport that are open source. The links to the lists for open source and airgapped hardware wallets are also very helpful.

It is indeed very important to do thorough research before making a choice. Your concerns about Ledger and Trezor are also valuable and should be taken into account when making a decision. I will read further into the HW alternatives.

[Mame89]

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

If I had to choose, I would invest in bitcoin rather than bank deposits, the reason is simple. Because deposits will reduce the value of our currency due to inflation, it is not profitable if we save in the bank even though the interest rate reaches 13%, but I was a little surprised by the high interest rate, this could be part of a scam because as far as I know most deposit interest rates below 10%. Meanwhile, Bitcoin as we know was born because of the previous banking crisis. Blockchain is designed to separate third parties, bitcoin assets were created so that we can be responsible for our own keys, this is very different from private and public banking which are closely intertwined.

Therefore, I prefer to save bitcoins rather than deposits in banks. However, bitcoin still has its own risks if you don't know how to store it, it would be better before choosing bitcoin, you have to learn how bitcoin works well and choose a wallet with strong security to store bitcoin.

[imthegreat]

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?...

By far the best solution would be to convert everything to bitcoin. Make a transaction to a cold wallet so that no one can steal them. And it would be necessary to buy at the bottom of the prices that can be found based on those analyses. After all this, press the bitcoin increase. This is my storage method.

[radjie]

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?...

It's the right decision to make a long-term investment in Bitcoin. In fact, Bitcoin has experienced an increase in price from its initial launch until now.  Even though everything has risks, if Bitcoin is used as a long-term investment, it is very likely that the investment we make in it will provide unexpected profits in the future.

[MinoRaiola]

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 ...

13% is a lot when it comes to € or dollars. Many banks still offer no interest. Fixed deposit can stand at 4-6%, I would believe. I recently heard that in europe it is smart to sell your car now and buy again in the next year, because the cost of gasoline is rising, the Co2 tax and more else. This could also save money, if it works. I always try to do something that not all people do, so that i have maybe a chance of a higher profit.

[Dr.Bitcoin_Strange]

OP, before someone decides to invest their money in Bitcoin, I suggest they should always know or have decided when and how long they are ready to hold on to their investment without any urgent plan that will require them to harvest their investment when the period of the investment is not yet due. Bitcoin prices can be very volatile, and that's what an investor should know, so that before they put their money into Bitcoin, they should have already known that it's a long-term investment they are venturing into, so that they will not sell off so quickly when the price is down, and if they do, they will be selling at a loss. If your partner has the intention of holding the money for a long time without the intention of spending it, then he or she can go ahead with your idea, but if not, then allow them to stick with what they know best. I know that Bitcoin is very good to invest in, but if you help some people get into it, they might turn to blam you at the end of the day because of the panic over the price fall.

[seanskie18]

It's wise to be cautious of any investment opportunities that promise guaranteed returns or high-interest rates, as they could be scams or fraudulent schemes. Always do thorough research and consider the potential risks and rewards before making any investment decisions.

Furthermore, diversifying your investment portfolio and not putting all your funds into a single asset or platform can help mitigate risks associated with the potential shutdown of a particular service or platform. It's essential to make informed and responsible investment choices.

[Japinat]

It's wise to be cautious of any investment opportunities that promise guaranteed returns or high-interest rates, as they could be scams or fraudulent schemes. Always do thorough research and consider the potential risks and rewards before making any investment decisions.

Furthermore, diversifying your investment portfolio and not putting all your funds into a single asset or platform can help mitigate risks associated with the potential shutdown of a particular service or platform. It's essential to make informed and responsible investment choices.

That is why we should spend time searching and digging into a certain platform that offers huge ROI because most of them are false promises.
Well, choosing a single asset is not really a wise choice but investing in Bitcoin seems to be the safest one rather than choosing altcoins. In this case, I'd rather take the opportunity to invest solely in Bitcoin than have it shared with altcoins. Another reason is that investing in Bitcoin is not stressful, as long as we hold and keep our keys safely, we are secure and sure of profit gains.

[Luzin]

That is why we should spend time searching and digging into a certain platform that offers huge ROI because most of them are false promises.
Well, choosing a single asset is not really a wise choice but investing in Bitcoin seems to be the safest one rather than choosing altcoins. In this case, I'd rather take the opportunity to invest solely in Bitcoin than have it shared with altcoins. Another reason is that investing in Bitcoin is not stressful, as long as we hold and keep our keys safely, we are secure and sure of profit gains.

So now I prefer to invest without intermediaries and not in any projects. I prefer live trading and Bitcoin with funds under my control. Of course choosing Bitcoin is the best reason. But there is a patient nature that you must master. Although indeed all types of investing require that skill. Maybe many people don't want to take a lot of risks by just keeping it. Although I did that, I also tried to multiply Bitcoin by trading with Altcoin pairs.

[summonerrk]

~~~

Probably, the most reasonable thing in this situation would be not to buy bitcoin right now, but to wait for an even greater price reduction, because I believe that it will definitely still fall in price to $ 20,000. And if you buy bitcoins now, then with such a drop it will already be a small drawdown on the deposit. If we approach the issue even more seriously, it is better to leave several orders of flesh up to $ 8000, because I believe that such a drop is also possible and $ 8000 is the lowest redistribution, to which the price of bitcoin will then only increase.

[sokani]

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?...

Please you should advice your partner not to invest his money into such a platform because it looks like a new trick to steal people's money. The whole thing looks fishy, this kind of investment could be likened to the devil who will give you shoes and collect your legs. Scammers are smart set of persons and they have high IQ. They are luring people to the platform by offering to pay all the interest upfront, while the capital remains with them until the time is due to cash out. I'm very certain when many persons have onboarded the platform, they will runaway with their money. He could invest the money in bitcoin, stocks, real estate etc. but not this platform because it's a scam.

[YUriy1991]

By far the best solution would be to convert everything to bitcoin. Make a transaction to a cold wallet so that no one can steal them. And it would be necessary to buy at the bottom of the prices that can be found based on those analyses. After all this, press the bitcoin increase. This is my storage method.

Of course, this must be the main focus and if someone is careless, someone can lose their wallet or reserves and their money will also be lost, especially now that hundreds of thousands of users are buying and selling Bitcoin and what we have to remember and pay attention to is that the government can start to regulate Bitcoin more aggressively and now many Bitcoin Transactions are made through applications and it is recommended to be more careful because payments cannot be cancelled. So, enter the correct Bitcoin address to send and receive bitcoins.

[doomloop]

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.

8 percent fix annually? I think that was tiny but maybe it is only stable or safe. Glad that your friend didn't think twice to transfer in BTC despite of its higher risk but at the same time the profit that we can get here can also sky rocket more than what other financial instruments are offering.

You or your friend are also in the right timing because $16k seems to be the floor price that BTC has this bear and as we can see the price only rise and never go below it. Who wouldn't be happy by that? Not only him but I know, you are also happy about your friend and happy about your self thinking that you help someone to make a better decision.

[Josefjix]

So now I prefer to invest without intermediaries and not in any projects. I prefer live trading and Bitcoin with funds under my control. Of course choosing Bitcoin is the best reason. But there is a patient nature that you must master. Although indeed all types of investing require that skill. Maybe many people don't want to take a lot of risks by just keeping it. Although I did that, I also tried to multiply Bitcoin by trading with Altcoin pairs.

Trading is risky, only advisable to trade when one has a legit flow source of income. From day one, it has been bitcoin because it's a prominent project in the market, also popular. Deviating to trading other pairs might been dangerous because I've not gather basic knowledge about the project, I can only prefer to invest short-term with these altcoins because their lifespan is so short, take an illustration on the terrible incident that happen to Luna and FXT, I've learnt my lesson and I'm growing to become a better version of myself in the market.

[Ricardo11]

I would definitely recommend him to invest in Bitcoin. Because these days many such fake platforms are coming out where they disappear at any time after we paying. Usually such fake platforms offer good things so that common people easily get addicted to them and invest money. Later they suddenly disappeared. This is why I recommend you to invest in Bitcoin. Bitcoin is still within 27k. Its value will be out of reach. Because Bitcoin will rise above 120k by 2025. If you want to invest, invest now before the value of Bitcoin goes out of reach. You can achieve great success in this.