Is Investing My Savings in the Crypto Market a Good Idea in 2023

[Urbandreamer]

I don't have a deep understanding of technical issues, but why has the price of Bitcoin continued to rise in the recent period?

Oh, I forgot to say, welcome to TLF.

[murraypaul]

I don't have a deep understanding of technical issues, but why has the price of Bitcoin continued to rise in the recent period?

Either normal supply and demand, or because Tether is printing billions out of thin air to prop up the price.

Or a little bit of a and a little bit of b.

[1nvest]

Best IMO to keep like with like, invest some of your virtual savings into a virtual currency and you might accumulate enough to buy a virtual house, spend it on a virtual holiday/break, or buy a virtual painting. For your real hard earned savings hold a real currency, backed by the state, and buy real assets, or spend some on a real holiday.

Crypto is still its infancy, once established and proven secure its transaction methodology will be adopted by the banks/state, as part of that they'll kill off virtual currencies that otherwise compete with the states currency.

[Urbandreamer]

Best IMO to keep like with like, invest some of your virtual savings into a virtual currency and you might accumulate enough to buy a virtual house, spend it on a virtual holiday/break, or buy a virtual painting. For your real hard earned savings hold a real currency, backed by the state, and buy real assets, or spend some on a real holiday.

Crypto is still its infancy, once established and proven secure its transaction methodology will be adopted by the banks/state, as part of that they'll kill off virtual currencies that otherwise compete with the states currency.

Ah, but don't forget to learn a bit about what you are doing.
For example, prisoners have in the past been forced to play games in china to get virtual currency.
https://www.theguardian.com/world/2011/ ... aming-scam

Liu says he was one of scores of prisoners forced to play online games to build up credits that prison guards would then trade for real money. The 54-year-old, a former prison guard who was jailed for three years in 2004 for "illegally petitioning" the central government about corruption in his hometown, reckons the operation was even more lucrative than the physical labour that prisoners were also forced to do.

For the record, there is actually a difference between digital money (bitcoin or the £ when spent using a debit card) and virtual currency (the £ that you don't have created so that you can spend it on your credit card and later destroyed when repaid, or gold traded in a online game).

Virtual and digital don't mean the same thing. I think that, without getting into crypto or even money, this link explains the difference for those that are having trouble.
https://thecontentauthority.com/blog/virtual-vs-digital

[ursaminortaur]

Shouldn't this thread be on the "Crypto and NFTs" board which was split off this board sometime ago ?

[Urbandreamer]

Shouldn't this thread be on the "Crypto and NFTs" board which was split off this board sometime ago ?

I'd agree.

BTW, the OP made the post within 10 min of creating an account, so may not have known the boards structure.
They also have not revisited TLF since 10/11.

In simple terms, we should actually question the purpose of this thread at all. I'd recommend letting the thread die and posting on that board if you feel that you have something to say upon subjects better dealt with there, or questions that relate to those subjects.