I would rather invest in bitcoin instead of keeping money in the bank. When I invest in bitcoin I can receive at least 10x profits in the next bull run, but bank interest is only around 10 percent in my homexperience country.
Keep money in bank or invest in Bitcoin?
- Thread starter Nat
- Start date
It is not Always you should prefer the option of investing on crypto currency as they carry some form of risk and if care is not taken, you may lose all of your money on the investment
Investing money on bitcoin is good as your money may increase. While keeping or saving money in bank bring little or no interest at all. However, it's not all money that you can invest in cryptocurrency. The money you want to invest in crypto should be money you're not going to need for some time because you can't predict when you'll make profit with money invested.
But I you keep your money in bank, you can be sure of getting your money back when you need. But investing your money on cryptocurrency has two possible outcome, is either you make a loss or profit.
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I don't trust the financial system this much, even though I understand the point you have about the volatility of Bitcoin. I've lost money to bank charges and deductions, and I'm sure if I were to keep the same amount of money in Bitcoin and in the bank for ten years, my Bitcoin would be worth more than money kept in the bank.
The Bitcoiners would never agree to keep their Bitcoin in the bank. They will rather choose to invest in digital assets like bitcoin because they know that it will surge in the future and they will make money from it.
We all know that business is all about taking risk, if actually you want to make it in life, you need to take the risk instead of saving the money in bank, but I did say that saving money in the bank is bad.
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Without taking a risk it would be difficult to make wealth on your own because jobs can't make you wealthy. Sometimes playing is safe is not the best way to preserve yourself.
It's more riskier not to take a risk. To become wealthy, you need to be strong enough to take risk by investing. Playing safe by keeping money in bank won't make one rich.
Cryptocurrency also has its own issue, as it can also mess you up as well and you can lose your money if you don't make your proper research before venturing into it.
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Yes , but currently the markets are bearish and if you buy Bitcoin I think it is not going to be profitable for you .
You have to take strategic risk in order to make money.
This will always happen but not only in Bitcoin, but in all markets, the SP500 although it has grown since its inception for example, has also had many highly bearish moments in which money was lost, I think it is best to try to find good buying points.
Money saved on the bank has a lot of drawbacks. Add to monthly expenses or VAT applied for not active accounts you could also face issue of inflation or decrease of the value of the money over the years so what you could purchase last year you could not purchase this year with same amount of money. Save money in crypto could have better returns if the price of cryptocurrency increases.
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In the same vein, It's not everyone that can handle the challenges and uncertainties associated with Investments. Sometimes you might work hard just for you to lose money.
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The dollar is currently bullish and their is a high chance of it continuing it's bullishness all through the month if March. It is not the best time to invest now.
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The seasonal tendencies charts also confirms what you just said . The dollar has turned bullish due to the increasing rise in interest rates. The feds keeps increasing it.
Well I think that the main problem of leaving your money "dead" in the bank is that usually your purchasing power will be constantly reduced over time, it is better to use it by investing it even if it is not in Bitcoin but in any other asset which can have a growth or potential returns, But you should do a good research about it, so as not to end up regretting it.
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Keeping money dead in bank even if the bank account offers interest let's say even 2 % interest then price of the local currency is even more than this interest.
Let's say for example the price of neira is 570 neira this year and the next year is 620 neira then even with 2 % or even 5 % interest you did not reach the 620 neira and next year it reachs 730 neira then the bank interest is a joke.
It also depends a lot on the inflation of the country, I have a Pakistani friend who told me that he invests his money in a Muslim bank that generates 18% interest or something like that told me, this could beat inflation, but well I'm not really sure how true all this can be.
Individual investors have different preferences but personally I would prefer to save my money in cryptocurrency because I know that is going to appreciate and it is of a better investment.
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Everything depends, there are also those who prefer to save in gold instead of fiat or any other asset, it all depends on the vision of the investor and what risk aversion he has, as well as the importance he gives to future possible benefits.
Because the value of the gold is increasing each year while it will not be the case for fiat currency means the value is decreasing so it is stupid to save money on fiat as you will lose your money.
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