Quote from: Bravethug on October 04, 2023, 02:14:20 PM

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?...

Bitcoin investment is very important to us who are involved with Bitcoin. But people who are not involved with Bitcoin will not understand the importance of Bitcoin investment. If I had the OP's personality, I would first teach him about Bitcoin and then give him an idea of the volatility of the Bitcoin market. If he agrees to invest in Bitcoin after knowing everything about the ups and downs of the market, I will definitely make him invest in Bitcoin. But instead of keeping money in various online banking accounts, I think it is better to invest in Bitcoins. Because if you can hold Bitcoin investment for a long time, you can definitely earn hundred times more than the banking interest rate from here.