I choose Bitcoin

[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.