Is it sensible to invest savings in crypto?

[numibo]

Hi, I want to share my despair with you. I had thought of investing some savings in cryptocurrencies (about 25 / 30k), with lending or with farms, but when I started implementing my plan, problems arose. I believed that cryptocurrencies were the future, but their future already seems blocked to me today. For example, today it is difficult to find a serious EMI, which does not have high fees, to send EUR to exchanges. In 10 years the situation will be much more complicated. I also realized that when I want to make cash out, the serious problems will start. If my capital is worth 50 or 60k how will I spend it without being intercepted? Converting to EUR and withdrawing money from ATMs would be a problem. I am very sorry because the crypto world fascinates me, but I think there are other simpler investments to implement, such as gold. What is your opinion on this? What do you think? Maybe I am doing something wrong?

 

[pipona]

step 1: stop whining and despairing and start accepting the world as it is, not the way you wish it it be.

if you believe in the long term potential of crypto, you'll figure out a way of getting your fiat into crypto.

if you don't believe in it strongly enough and aren't willing to put in the effort, then give up and invest in "simpler" investments like gold. i hear bank deposits are also a simple investment with long term yield potential...

 

[Martin Everson]

Hi, I want to share my despair with you. I had thought of investing some savings in cryptocurrencies (about 25 / 30k), with lending or with farms, but when I started implementing my plan, problems arose. I believed that cryptocurrencies were the future, but their future already seems blocked to me today. For example, today it is difficult to find a serious EMI, which does not have high fees, to send EUR to exchanges. In 10 years the situation will be much more complicated. I also realized that when I want to make cash out, the serious problems will start. If my capital is worth 50 or 60k how will I spend it without being intercepted? Converting to EUR and withdrawing money from ATMs would be a problem. I am very sorry because the crypto world fascinates me, but I think there are other simpler investments to implement, such as gold. What is your opinion on this? What do you think? Maybe I am doing something wrong?

That is a valid concern and one that I share. I would however never recommend putting savings you are not willing to totally lose into crypto as its a highly speculative asset.

If however you are just worried about being able to buy and sell the crypto for fiat easily in future then buying via an ETF from a Swiss company like 21shares may be a solution. The crypto can sit right beside your stocks in your portfolio. But keep in mind ETF's have their own risks, fees etc.

 

[legrant]

Hi, I want to share my despair with you. I had thought of investing some savings in cryptocurrencies (about 25 / 30k), with lending or with farms, but when I started implementing my plan, problems arose. I believed that cryptocurrencies were the future, but their future already seems blocked to me today. For example, today it is difficult to find a serious EMI, which does not have high fees, to send EUR to exchanges. In 10 years the situation will be much more complicated. I also realized that when I want to make cash out, the serious problems will start. If my capital is worth 50 or 60k how will I spend it without being intercepted? Converting to EUR and withdrawing money from ATMs would be a problem. I am very sorry because the crypto world fascinates me, but I think there are other simpler investments to implement, such as gold. What is your opinion on this? What do you think? Maybe I am doing something wrong?

I don't get what you're asking for.

Are you looking for advice about if you should or shouldn't invest in crypto or are you trying to get info about how to avoid certain agencies by putting your money into crypto?

Are you using money taxmen are aware of? Why do you mention the "without being intercepted" part, is it dirty money?

 

[uplana]

If it is legal money services like kraken, binance etc. can easily exchange your crypto to FIAT and visa versa.

 

[CyprusLawyer101]

If your concern is the " where to invest " part, then if you stick with the major cryptos like bitcoin or one of the near by dancers you should be fine in terms of investment risk. I dont take into consideration the possibility that the whole thing may one day blow up alltogether.

 

[polonieth]

Here is one tip:

1. Send USD, EUR etc to Kraken and convert to USDT (no fee to deposit fiat)
2. Move USDT to Poloniex on the TRC20 chain
3. Convert USDT to HEX on Poloniex
4. Withdraw HEX to METAMASK
5. Stake hex at go.hex.com. Ladder stake it over varying time periods.
6. See what happens.

FYI Hex is the first decentralised certificate of deposit. And of course do your own research

 

[legrant]

Please do not do what the user above says under any circumstance. Do you own deep research on anything you're going to put money in, especially when it comes to crypto.

 

[polonieth]

Please do not do what the user above says under any circumstance. Do you own deep research on anything you're going to put money in, especially when it comes to crypto.

Under any circumstances?

It's of course imperative to do your own research, as I pointed out.

But my tip is no different to those saying stick with bitcoin or put it an ETF.

Here is one tip:

1. Send USD, EUR etc to Kraken and convert to USDT (no fee to deposit fiat)
2. Move USDT to Poloniex on the TRC20 chain
3. Convert USDT to HEX on Poloniex
4. Withdraw HEX to METAMASK
5. Stake hex at go.hex.com. Ladder stake it over varying time periods.
6. See what happens.

FYI Hex is the first decentralised certificate of deposit. And of course do your own research

I should have added: See what happens, you might have a lot, not much more than you started with, a bit less, or zero.

But this is the easiest FIAT on-ramp to crypto for most people using Kraken. Dharma, Macha are others to consider.

 

[Martin Everson]

I think the issue is that easy and cheap on and off ramps may not exist in the future so should not be relied upon. The regulatory landscape is evolving constantly around crypto and what is easy and cheap today may not be so in the near future with never ending burdens on AML and fighting tax evasion. This will ultimately mean higher fees or service providers leaving the market.

Look at UK for example.

Crypto exchanges operating in the UK to pay 2% digital service tax

UK has updated Her Majesty's Revenue and Customs regulation (HMRC) to compel crypto exchanges to pay 2 percent Digital Service Tax.

www.crypto-news-flash.com

 

[numibo]

Thanks everyone for the answers. Do you think we can rely on stablecoins like usdt? Would you move your savings to a stablecoin to keep it safe?

 

[ShillGates]

a stable coin is not a stable coin. Everyone is touting crypto as the next big thing, but when you dress it down , all it is a a public (or private) ledger than people agree upon.

Decentralised it is not, since usdt can be printed at the drop of a hat without any scrutiny whatsoever based on so called IOU notes. So y'all in the same "decentralised" boat together.... i think its the scam of century.

but yeah as ever, the higher it goes, the more people believe in it......

anyway my two pence, sharks everywhere

 

[stevy777]

Yes I think one of the good places

Keep Fiat you loose to inflation

Let me share what I do

I put some of my savings into HEX (which is basically a crypto savings coin) , and then stake it for five years fir 23% APY (I do a ladder), maximum stake of 15 years which is 42%

If you want in, “Staker app” is the simple way to get into hex

 

[leaveNet]

Thanks everyone for the answers. Do you think we can rely on stablecoins like usdt? Would you move your savings to a stablecoin to keep it safe?

No, I personally don’t think you can rely on anything in crypto coin space. Its highly speculative and you should not invest money that you are not willing to lose.

In the end it’s up to you but don’t trust people that promise easy money. Nowhere and especially not on the internet and definitely not people in the crypto coin space.

I recommend you to read some books about the crypto coin space and then read some contra arguments from well known and intelligent people. There are many people in the software development world for example that are strongly against crypto coins. They say it solves nothing(!) in development. Battle test your own positive assumptions from the pro crypto books with the contra arguments.

Don’t go the short way. Don’t trust. But risk something for the profit.
Maybe buy some coins and see how it goes and how it feels. Educate yourself.

 

[numibo]

Ok. Thanks for the valuable advice from people who think healthily. What are the alternatives for investing savings under the radar? Can physical gold (bullion) be a viable solution to invest your savings that you are not willing to lose?

 

[leaveNet]

Diversify your assets.

Gold (or other metals), crypto coins, wine, whiskey, art, food.

Classify in risk classes. Pick an allocation that fits your personal risk appetite and stick with it for some time. strictly follow your plan and rebalance recurringly.
Reassure your allocation fits your needs every XX years. Not too early, not too late. Because your risk aversion will change over the years. This is absolutely normal and mirrors your age, wealth and lifestyle.

 

[csp dubai]

bitcoin soon willl reach 100000 , most likely because they print too many usd , the biggest scam ever

 

[JackAlabama]

Hi, I want to share my despair with you. I had thought of investing some savings in cryptocurrencies (about 25 / 30k), with lending or with farms, but when I started implementing my plan, problems arose. I believed that cryptocurrencies were the future, but their future already seems blocked to me today. For example, today it is difficult to find a serious EMI, which does not have high fees, to send EUR to exchanges. In 10 years the situation will be much more complicated. I also realized that when I want to make cash out, the serious problems will start. If my capital is worth 50 or 60k how will I spend it without being intercepted? Converting to EUR and withdrawing money from ATMs would be a problem. I am very sorry because the crypto world fascinates me, but I think there are other simpler investments to implement, such as gold. What is your opinion on this? What do you think? Maybe I am doing something wrong?

Not too difficult but one needs to put in some upfront mental work.

1. Go on kraken or coinbase and send cash over there. Since these are USA based services, the amount of bs is much lower than from EU ones.
2. Alternatively hop on localbitcoins / localcryptos and exchange with p2p.
3. Depending on where you live you can find a local exchange which is good and trusted.

 

[369]

There are in each country somewhere crypto ATM's demanding arround 3.5%

 

[climbwave]

Crypto will help You gain wealth. Try to hold instead of trade and will be fine!