I choose Bitcoin

[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.

[1714651298]

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[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.