I choose Bitcoin

[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.