Savings are falling, so I'm wondering if I should invest in Bitcoin?

[BIT-BENDER]

And how can I stay mentally strong in the long term?

If this would be your first time investing in anything at all depending on how old you are it will be surprising, I think we should start developing the habit of investing early, owning assets and building tangible portfolio.
Bitcoin and crypto-currency investment is very similar with most investments you already know about.

But since you asked for advice for me I will say you should not base you move off people's advice or get influenced without you doing your own research, have emergency funds for yourself, invest what you can be able to bear if lost.

[ovcijisir]

First I would recommend to diversify your savings into more than one chunks. Investing in BTC is one of the things I'd recommend to invest in long term, but first you need to do a little research and see how cold wallets work and what is self custody. Under no circumstances I would not recommend leaving your Bitcoin on exchanges, custodial wallets, or any other service where your BTC can be frozen for any reason.

Second I'd invest also in gold/silver coins. Look for your local numismatics store for those and consult websites like numista.com to know precious metal content for each coin.

Third you as you said land is also good investment, but look for parcels accessible by road and if you would like to invest in arable land, I'd suggest having some soil tested to know which crops can be planted there. Also look if there is enough sunlight for plants. Arable land can be rented or you can grow crops yourself if you have interest in farming.

[AVE5]

It is good that your intention is to invest in bitcoin for a long term. To get the most out of bitcoin, you must think long term, but you must be careful not to invest money that you will have need of in the nearest future in bitcoin. That being said you should only invest your discretionary income in bitcoin. And to successfully hold for the long term, you have to set up an emergency funds and reserve funds accounts, this will help you big time while holding your bitcoin.

You've really pointed out the basic points which maybe a key guide to understand that there's need to invest with what can be affordable to be tolerated during the market price declines that creates Fomo among traders and investors behaviors. While the tips to stay unpanick is when you've only invested with that spare funds that's left over after you've sorted immediate needs. Being in emergency needs in the short term might be inevitable, so you should also have some savings ahead in case of necessity so they you don't have your bitcoin as the only alternative to solve your need if not, you'll be kicked out of your financial position in the future.
Following these tips while you keep consistent on buying more bitcoin with the dollar cost average will help to reach your investment target.
Investing on land is also good to be considered when diversifying.

[Hodlpreneur]

I wish you all the best for thinking so much about your savings at the end of your three-year career and for spending some time on Bitcoin. As time goes by, the effects of inflation will become more pronounced and your capital will slowly decrease. If you deposit one million rupees in the bank now, then of course after ten years your one million rupees is guaranteed to decrease to eight million rupees, but if you hold eight million rupees in Bitcoin, then after ten years your eight million rupees can become eighty million rupees.

That is, remember that paper money has inflation, but Bitcoin has no inflation. So you can hold Bitcoin without fear.

I really like what you said. As you said, even if you keep money in the bank, its value decreases with time. Now my question is, why do people keep money in the bank?

You said, if I invest in Bitcoin and hold it for a long time, up to ten years, then my capital will increase from 8k to 80k. You are absolutely right. I have seen many people in this forum saying that they have been holding Bitcoin investment since 2015. If I am not mistaken, they have made a profit of about 350 times or more today.

I have read the important advice of everyone in this thread. And I have realized that it is very important to be patient in investing for a long time and be able to accept the fluctuations of the market. I will start but I am not sure what my future holds?

[LDL]

I really like what you said. As you said, even if you keep money in the bank, its value decreases with time. Now my question is, why do people keep money in the bank?

Look, if you want to know the exact reason why people keep money in banks, then you definitely have to discuss the popularity of Bitcoin and how much people are aware of it. Basically, it has not been possible to create maximum public awareness about Bitcoin in different countries of the world so far, especially if we talk about my country Bangladesh, then at most 2 percent of people know about Bitcoin. Those who do not know about Bitcoin, how to invest in Bitcoin, they will basically keep money in the bank and keep it in a fixed deposit. Moreover, another important reason is that people who are afraid to invest in Bitcoin will never invest in Bitcoin and they will always trust in paper money. Those who have trusted in paper money and do not trust in Bitcoin, they will keep money in the bank even if you convince them thousands of times.

[JoyMarsha]

Bitcoin is a known asset that secures people's future. You did well to convert your saved money to Bitcoin; you have protected yourself from economic inflation, to have hope of a bright future, because there is no way you would choose to hodl Bitcoin for many years, you won't have profits. Profits to have are based on the amount invested. Just to remind you of that, in case you are thinking of something else, having huge profits in the future, because time has passed when someone would invest with small amounts, they will expect a huge return on investment in the future.

[Rockstarguy]

If you are going into Bitcoin to invest your savings due to inflation,  you need to make sure to know Bitcoin investment is a longterm investment and if your money for the savings will be used at anytime, their is no need to to go into Bitcoin because Bitcoin is a volatile assets and you never can tell when you will need your money if by then the price of Bitcoin has drop or increase. But just incase you are prepared not to touch your saving for a very longtime,  then you are good to invest in Bitcoin, because keeping money in the bank which you are not ready to use, it will be affected by inflation and will drop in value,  so the best thing is for you to just invest it in Bitcoin because Bitcoin is a good store of value for money.

[SUPERSAIAN]

And how can I stay mentally strong in the long term?

You need to have full knowledge about bitcoin as well as the cryptocurrency market, because only when you understand it well, you will have enough confidence and consistency with your choice. You cannot maintain your spirit and keep your faith if you do not understand it. Therefore, knowledge is what you need first.

Second, you need to have a complete financial plan, you need to allocate and separate your spending fund and emergency fund to ensure that you will not have to touch your investments. Also, investing is risky so never put all your eggs in one basket no matter how big the potential of bitcoin is.

You've offered some good advice. Bitcoin is currently over $100,000, so if someone wants to invest long-term, they can still buy Bitcoin and make a long-term plan. They already receive a regular salary, so they can set aside a portion of it for Bitcoin. However, we always need some cash for emergencies.

We never know what the emergency will be. I think an emergency fund can be used in the event of a sharp decline or unexpected downturn. I would do this, but I wouldn't recommend it to everyone. It's more important to keep it for emergencies, healthcare, and other essential expenses, and prioritize it.

[WillyAp]

If you are going into Bitcoin to invest your savings due to inflation,  you need to make sure to know Bitcoin investment is a longterm investment and if your money for the savings will be used at anytime, their is no need to to go into Bitcoin because Bitcoin is a volatile assets and you never can tell when you will need your money if by then the price of Bitcoin has drop or increase.

Read his argument:

I am a salaried employee. I have been working in an organization for three years, and I am spending as much as I can.

 spending as much as you can has never archived any meaningful amounts.

[Bitcoin Smith]

So you are planning to convert all your life savings into bitcoin because you believe that bitcoin will not lose it's value.

Let me give you my opinion, if you are going to become an investor then diversification is important, it can be gold, real estate and bitcoin too but never put all your eggs in one basket so if one thing goes south you will have the chance to survive but if you invested in only one and it is going down then you may have no other option at all.

[Davidvictorson]

 How to manage risk?
And how can I stay mentally strong in the long term?

Investing in Bitcoin at this time is good.
I will never discouraged anyone from doing it. But if you want to do it, you need to plan strategically and be very smart about it.
Use the search button in the forum to check discussions on how to go about it.
It is always advisable to use money that you can afford to lose. In addition, if you can get other skills that will make you earn higher. And to be honest, Bitcoin will not solve your failing savings problem because it is not a get rich quick scheme. Be very strategic and smart about it.

[MorganaX]

It is good that your intention is to invest in bitcoin for a long term. To get the most out of bitcoin, you must think long term, but you must be careful not to invest money that you will have need of in the nearest future in bitcoin. That being said you should only invest your discretionary income in bitcoin. And to successfully hold for the long term, you have to set up an emergency funds and reserve funds accounts, this will help you big time while holding your bitcoin.

Saving money is the only way to get out of many financial trap that the society have designed the public and one of the best means of doing it is exactly through Bitcoin because Bitcoin is an asset that have proven to grow immensely overtime and it has given  so many persons financial freedom although many newbies that get into the act have tied up the idea that Bitcoin is something that gets you money very fast but the truth is you will have to save it for long term planning.

[rodskee]

I am a salaried employee. I have been working in an organization for three years, and I am spending as much as I can. In these three years, I have saved some money. I noticed that my savings are losing value due to inflation. So I thought how to keep this saved money safe without leaving it in cash so that my future is secure. So I decided that I need to convert my saved money into something that is capable of retaining its value over time. An acquaintance of mine advised me to buy land. Its value will increase over time.

land is not a bad choice it will increase over time but you really have to choose a place or a location that would be center of development and also have land that is geophysically safe if that makes sense this means not prone to earthquakes and etc

How should I start? How to manage risk?

And how can I stay mentally strong in the long term?

bitcoin right now is not at its peak we would consider the market to be red actually but this is not a bad thing necessarily you can buy during this time and wait for it to rise again

just keep informed and see what has happened from the past to prepare yourself for the future

[Fiasem20]

And how can I stay mentally strong in the long term?

It's just a simple logic,put to practice all what you've read about bitcoin investment.Long term investment goal tends to be the most profitable in the bitcoin investment.In my own perspective on how to be mentally strong in the long term is by having a target in your investment goal, thereafter you start as soon as possible by investing with your discretionary income and build an emergency fund,emergency case turns up in the face of your accumulating journey you won't be pushed to withdraw your holdings prematurely.

[tygeade]

I would guess that is what most people are looking into. Bitcoin is the best asset and because of that everyone thinks that the best way to invest is bitcoin and we should be doing the same too. We are on bitcointalk forums which means that most people here love bitcoin and if we can do that then there are nothing wrong about it and we can do this.

I get that it is going to be something that will take some time but because we are dealing with what we are dealing with there is nothing wrong with what we have right now. I get that it is not going to be easy to bitcoin investor during volatile times like these where there are prices going up and down, but it is the nature of bitcoin. We have broken over the all time high this month, and same month we have crashed hard.

[Natalim]

Bitcoin is a good choice for your investment. However, it is also a high-risk asset so you have to practice proper risk management and be patient as much as possible so you can lessen the risk and avoid possibilities of losing. With that, just invest only an amount on what you can afford to lose, not your entire hard-earned savings.

Reserve some investment funds, separate from emergency funds. That way, you can invest and hold your bitcoin as long as you want, because you won’t worry anymore whenever unforeseen events suddenly happen because you have your emergency funds to take care of it.

[Cryptomultiplier]

Bitcoin investment has the potential to assure you of wealth if you are patient till about 10years.
You must plan how you intend to hold the bitcoin and it is always best to use a cold wallet that is separate from online internet access.
You also have to know how much financial risk you are willing to take and the exact strategy of which dollar cost averaging is better and most preferred above lump sum investment strategy.

All these and more including the security and safety of your investment is paramount because no one would do it for you as compared to commercial banks with managers who do the work for you.

[rachael9385]

The economy is becoming something else, a lot of people that have saved up their fiat currencies are begining to notice that it's losing value based on inflation, if you consider investing in Bitcoin you must make sure that you have enough that you can spend on the basic things you need and also you must have a source of income, this would help you hodl your investment for a long time without thinking of selling

[Judith87403]

The economy is becoming something else, a lot of people that have saved up their fiat currencies are begining to notice that it's losing value based on inflation, if you consider investing in Bitcoin you must make sure that you have enough that you can spend on the basic things you need and also you must have a source of income, this would help you hodl your investment for a long time without thinking of selling

You're right with the way the economy is and seeing how our fiat currency is seriously decreasing I think one need a steady cash flow because without having a good cash flow or a stable source of income one can't be able to stack enough bitcoin in his portfolio. here in my country the amount they're paying some workers is too small to cover thier expenses that is why majority is finding it hard to invest into bitcoin reason been that after paying thier bills they don't always have enough leftover, the only leftover they have will be used to buy other Minor things. Why  those that have other source of getting money won't find it difficult because they can decide to use thier monthly salary for their bills then the profit they're getting from thier business will be use for thier investment.

[Botnake]

Just because inflation is slowly killing your savings, then you won’t prioritize saving anymore? That is a very wrong move. We should never run out of savings, because that will also serve as our emergency funds when everything about our investment is a total loss. Just invest on a small amount first, and when you already master the process, you can gradually increase your capital so you can maximize your future profits too.

Don’t be too focused on your investment but continue saving as well. We don’t know what lies ahead in the future, so we must prepare for it, at least when that happens, our investment and savings are stable enough.