Is it good to convert all fiat to crypto?

[nakagil 35]

No, because with cryptocurrencies you don't know, today they can generate a lot of profit but tomorrow it can be lost and you run the risk of being left with nothing and in these times starting from scratch can be complex, the best thing would always be to invest something in electronic currencies and Always have several income so as not to be dependent on a single input of money and thus be able to invest in cryptocurrencies and have the security that if that investment did not generate profits or only generated losses, it was money destined for that purpose.

[baykriptoo 15]

Converting all your fiat money to crypto will be very dangerous if you are someone who does not understand how the market goes because you will lose lots of your money. 

[victorxb 50]

In my opinion, you can convert most of the fiat money since cryptocurrencies rise in price and therefore passively generate income for you. Of course, never convert all your fiat money, always leave the necessary for your common expenses since not all businesses accept cryptocurrencies.

[Hiroyuki476 54]

Greetings, 

Well, at the moment, your candour proves that you're a forward thinking individual! Good on you!

However, given the fact that the majority of the world's citizens has yet to fully accept and conduct transactions in cryptocurrency, I would surmise that perhaps a 3 to 5 year waiting period would suffice for you before making the shift. Of course, that's not to discredit the swathes of businesses and financial institutions that are preempting the aforementioned transition. 

It's probably not recommended at this point. 

Best of luck, 

@hiroyuki476  

[tradecci123 25]

the best would be to diversify in both fiat and crypto, and also to diversify in multiple cryptos

[elox369 7]

A good strategy to reduce the risk is to divide your investment in different crypto currencies. It has its complications, but it is better than investing in only one. Yes, crypto currencies are incredibly volatile in price, but it is very unlikely that they will all fall at the same time.

[Teresa112 37]

I would never advise you to do this.  Not even a smart person would advise you to do it.  It will never be safe to use all your Fiat money to buy crypto currency.  Although you can buy a small amount of crypto currency at first.  You can make many installments of Fiat in small amounts in crypto currency.  And if you want to invest, you must invest a small amount.

[ebuald5 14]

I do not think it is appropriate to convert your money and savings into cryptocurrencies since you should have information that although there are stable currencies, they are not comparable to fiat.

 

You should always have fiat and only grab a percentage to invest in cryptocurrencies.

[SOLCITO 28]

Well, I think it's not advisable, because even those crypto currencies are not adopted everywhere, so it would be good to invest at least a percentage of your money, but not all.

[Rawad933 159]

If you are an expert in cryptocurrency yes, it is good, why not, but if your experience is small in this field, it is better to invest in small amounts to avoid large losses and to save your money

[Desfase 45]

No no, the best thing would be to diversify earnings, also today fiat money is more useful and easy to use, there is a long way to go when cryptocurrencies can become independent from traditional money, it is also necessary for the cryptocurrency market, for example the dollar its Low and high affect the price of bitcoin and altcoin, they are still complementary.

[Dydk007 45]

that's a very bad idea, as they say in previous answers, you are risking all your money. that you can get lost from one moment to the next if something goes wrong. it is better to divide your investments. in crypto and fiat. having variety in your money is a good idea. But never put everything in one basket. it is dangerous.

[sarahmoses202020 251]

On 12/17/2019 at 11:29 AM, Delgboke said:

I have been thinking what if I should convert all my fiat currency into digital currency/ cryptocurrency Is it adviseable to do that? Please what do you think. 

This is a very bad idea as we are not completely in a crypto society and definitely you will need to use cash one way or the other. So what you should do is to use have a few fiat for your daily needs. There are very few people that accept crypto for payment so fiat is your best shot and you are going to need a lot of it.

[Teminali69 1081]

11 hours ago, SOLCITO said:

Well, I think it's not advisable, because even those crypto currencies are not adopted everywhere, so it would be good to invest at least a percentage of your money, but not all.

But even though crypto is not accepted in all places of this world the truth is it is used everywhere, and for as long as you invest in the right coins you have nothing to worry about. But yes it would be much wiser to not invest all that you have.

[guatazoo 7150]

Directing all your moneys in the same place this is really very risk, so it's good to look different places where you can dare to invest your money safely. 

[Essaouira20 210]

Don''t convert all FIAT to Crypto keep some FIAT left when bad times are coming you never know what crypto going to do for your own safety don't go all in .

[wilfredoveliz1 118]

Greetings. My recommendation would be if you are going to invest all your fiat money, do it in 2 parts, either a percentage in stablecoins and another part in the currency that gives you more confidence in the market.

[Caracteres87 141]

In my opinion, you should only convert the fiat money with which you want to trade, trade or invest in cryptocurrencies or not to depend on banks or anything that carries out any limitation of any kind

[CoinFree 54]

The possibility of doing so simply changed my ability to save, when
I want to allocate money to investment I do not think twice and spend my fiat money
a crypto.

It is obvious that in order not to lose the investment you must know the market a little and be patient
or leave it on a stable coin

On 10/4/2020 at 7:24 PM, Hiroyuki476 said:

Greetings, 

Well, at the moment, your candour proves that you're a forward thinking individual! Good on you!

However, given the fact that the majority of the world's citizens has yet to fully accept and conduct transactions in cryptocurrency, I would surmise that perhaps a 3 to 5 year waiting period would suffice for you before making the shift. Of course, that's not to discredit the swathes of businesses and financial institutions that are preempting the aforementioned transition. 

It's probably not recommended at this point. 

Best of luck, 

@hiroyuki476  

Although there were probably platforms based solely on this service before
binance's P2P trading is opening doors to users from hundreds of countries
to help your savings not only be savings but rather a future investment.
 

[Swapzone 174]

You want to invest? NO. 

Crypto is a very volatile market and you can lose all your funds in a second. So, always be careful.

[SALOMON CASTELLANOS 56]

On 12/17/2019 at 6:29 AM, Delgboke said:

I have been thinking what if I should convert all my fiat currency into digital currency/ cryptocurrency Is it adviseable to do that? Please what do you think. 

Converting all your fiat money to crypto depends on what you want to do.

It is not about changing for the sake of change without having a clear objective and strategy.

In my case, I live in a country with super hyper inflation, it is better to change the country's money into cryptocurrencies since the value of the local currency vanishes minute by minute

[Joli7 25]

I don't think it is a good idea to convert all fiat to crypto, because if there is no crypto in a country, it cannot be used and it would be a very serious economic problem.

[Syedbesharat 5423]

On 12/17/2019 at 3:29 PM, Delgboke said:

I have been thinking what if I should convert all my fiat currency into digital currency/ cryptocurrency Is it adviseable to do that? Please what do you think. 

If you are in China,Canada,U.S.A ,U.K or in Europe you can easily use crypto in many states as well for many things.If you are in undeveloped country the its not good thing where paper money is strong and you can buy groceries from cryptocurrency. Always check your surrounding before conversation because you can't use them every place. 

Make sure crypto acceptance and then make a move it will be more convincing .

[Rigamer 91]

Well, converting Fiat to Bitcoin or any altcoin, I would do it only as an investment. Since cryptos are usually Unstable or volatile. And well, I prefer to keep my funds in Fiat without converting to crypto

[adamramis 496]

You can't convert all fiat to crypto it's too risky you may not be able to exchange it again if you living in undeveloped country unless your company doesn't accept crypto technology don't even think about it