Bad economic situation makes bitcoins more difficult to keep. - page 5.

slapper

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Quote from: Sim_card on August 21, 2023, 11:04:10 PM

Inflation is the cause of this,that is why your income might not be able to meet up with your needs anymore. You don't need to start selling your bitcoin only if you have invested more than the amount that you are suppose to invest. This is where the problem lies because when there is an emergency need,you are left with no option than to sell off. That's is why you need to have various means of cash inflow to enable you not sell your bitcoin or you need to invest based on your cash inflow at a given period of time. Inflation can destabilize one bitcoin accumulating plan or your plan to hold for long if you can't be flexible with the changes in the cost of living.

I've done some amazing deals in my life, and business 101 includes knowing inflation. Watching folks get taken off guard by it is hysterical. Inflation? that previous foe? The problem is that you're already playing the game incorrectly if you let inflation dictate your actions

In addition, you didn't plan ahead of time if you were selling Bitcoin in the middle of an emergency. It has to do with vision! Do you believe I would have fared as well if I had simply folded whenever things get a bit heated?

streamlining your revenue sources? That's just right! It's important to spread your resources around and not put all of your eggs in one basket. But what is the actual point being made here? You must make wiser financial decisions and plan ahead for the unavoidable. Stop attributing your failings on inflation. Act as if you want to play in the major leagues

Kakmakr

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Yes, I have friends that were forced to sell their coins, before they could make a profit. The high inflation and fuel prices are pushing up the cost of food and services and interest on debt are increasing, so people are struggling to survive.

The problem with this are the following... these people say "Bitcoin" is a bad investment, because they lost money or they did not profit. They do not care that they did not have the liquidity to "save" their bitcoins or that it was their decision to sell early.... they just blame Bitcoin. Roll Eyes

Sim_card

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Inflation is the cause of this,that is why your income might not be able to meet up with your needs anymore. You don't need to start selling your bitcoin only if you have invested more than the amount that you are suppose to invest. This is where the problem lies because when there is an emergency need,you are left with no option than to sell off. That's is why you need to have various means of cash inflow to enable you not sell your bitcoin or you need to invest based on your cash inflow at a given period of time. Inflation can destabilize one bitcoin accumulating plan or your plan to hold for long if you can't be flexible with the changes in the cost of living.

Afnan_faizah

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anyone can have their own opinion but it is not a fact. for me holding bitcoin is an easy investment because I just hold it for long time and wait for the bullish market trend come. it is work for me because I don't care about the volatility and also I made a good plan so I don't disturb my btc investment. I always buy btc at cheap price so I can get good position, I think this is what's make me relax, I don't do DCA.

TelolettOm

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Quote from: Queentoshi on August 17, 2023, 11:38:56 AM

I was having a conversation with a friend, and we talked about how difficult the economy is and how it can disrupt someone's plan to hold their bitcoins without tampering with it.

I agree that the condition of economy in a country, possibly ruins the plan for holding the Bitcoin a long time. I've experienced it, the economy in my country is getting worse and the prices of all goods are increasing a lot. My job salary and my savings are no longer enough to deal with the situation. So, I have no choice, I must sell some of my Bitcoin. Since it is an urgent need, I don't care whether it is a bearish (red market) or bullish (green market). This really brings a serious impact to my plan, it reduces almost 50% of my Bitcoin asset.

Quote from: Queentoshi on August 17, 2023, 11:38:56 AM

Holding your bitcoins has a lot to do with discipline truly, but discipline is harder to practice when you are being suffocated and suffering financially with plenty bills and responsibility to respond to. People in countries with better economy, where there are good jobs and businesses are working, Bitcoins will easier hold than for people who are in places with terrible economic situation.

Discipline is a must but it can be applied on the normal condition. But if we needs urgent money and we have no choice, selling our Bitcoin is the only option left. With the deteriorating economic status in various parts of the world, there are many people suffering their financial. It includes the Bitcoin holders. Those who struggle in their financial stability, probably difficult to keep their Bitcoin. While for Bitcoin holders who have no problem with their financial stability, must be easy to keep holding their Bitcoin. It is the fact that happening nowadays, only Bitcoin holders with strong financial level who can survive and won't be influenced by economic issues in a country.

noorman0

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Quote from: darewaller on August 18, 2023, 01:34:15 PM

-snip-
But in a nation like Switzerland, you do not see a wealth gap all that much, the poorest there and the richest people do not have that much of a difference, and on average people live the same life, a dude that washes the dishes do not make THAT much lesser than the guy who cooks and they accept this as the norm and they do not have any problems. In nations like USA "how could washing dishes should be worth as a chef!!!" and they just create the gap themselves.

I'm interested in learning briefly about Switzerland, especially the local economy. Reading some people's experiences, concluding that Swiss regulations and policies will not make you more conspicuous in terms of wealth. This does match your opinion, but this is precisely the dark side.

The country's cost of living sounds high to the ears of the average person around the world, not that they are among the rich in their class. In an old survey (2017), 33k out of 8 million Swiss residents attempt suicide every year in that country. No rich man wants to die early.

bayu7adi

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dont be greedy

For sustenance, an individual requires sustenance and refreshment—this is an undeniable reality. However, to enhance one's wealth, an individual must engage in investment. Yes, when one is in the stage of struggling to secure daily sustenance, reaching the echelons of affluence, let alone attaining financial freedom, becomes exceedingly challenging. The journey ahead remains extensive.

At the core of all human pleasures lies good health. If a salary merely covers the cost of nutritious meals each day without any surplus, then Bitcoin takes a backseat. Indeed, for those with meager incomes, nutrition remains the paramount concern.

Hence, Bitcoin cannot find universal acceptance across the globe. The matter of sustenance takes precedence over digital tokens for many individuals who continue to grapple with upholding their well-being.

Casdinyard

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It's true for everything. The rich get richer, the poor becomes poorer, and it's up to the middle class to get stuck between this turmoil and fall to poverty when shit hits the fan. It's been like that since time immemorial, middle class being sidelined when they constitute 90% of the workforce. As with bitcoin keeping, the same could be said. The whales and those who have bags to hold are able to accumulate more, while those who have little holdings are pressured to sell as both the bitcoin economy and world economy pushes them to do so. Hopefully this changes when the next bull run comes in but if the outside economy never changes (and I'm not talking about the USD cause it's got nothing to do with most things nowadays anyway) it will all be for naught in the end.

romero121

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Bad economy always makes the people think the reality. Whenever there is something new people easily believe in it, but the real value will be understood in a gradual manner. Inflation have hard hit around the world. People who had predicted well have made prior arrangements to stay away from the crisis. Bitcoin isn't difficult to keep if you were able to secure the security password in a much better place.

Woodie

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Quote from: Queentoshi on August 17, 2023, 11:38:56 AM

I was having a conversation with a friend, and we talked about how difficult the economy is and how it can disrupt someone's plan to hold their bitcoins without tampering with it.

In times of economic stress it's expected that resources can be spared for other activities, investments etc and this will mean that people will actually stop saving as uncertainty is present in such a scenario.

Quote from: Queentoshi on August 17, 2023, 11:38:56 AM

I think this is true because if you think of how difficult things are getting, Salaries from jobs no longer sufficient to sort all needs, and profit from business seriously affected and made intangible because of the increasing cost of running a business and the rising cost of things.

On this one it's actually not only about having a bad economy, people around the world aren't relying on one salary unless it's well paying, but even though this is the case you need to find a way to make extra cash to avoid financial stress that comes from too many bills to attend too..Btw if we look at how our Rich friends make their money, you will find that they don't depend on one stream of income and this is what people need to be adjusting to!

Quote from: Queentoshi on August 17, 2023, 11:38:56 AM

Holding your bitcoins has a lot to do with discipline truly, but discipline is harder to practice when you are being suffocated and suffering financially with plenty bills and responsibility to respond to. People in countries with better economy, where there are good jobs and businesses are working, Bitcoins will easier hold than for people who are in places with terrible economic situation. What do you think?

They say tough times, build tough men and if the economy is bad you have to work twice as hard to maintain a good lifestyle otherwise you could lose everything if the fight for a better living isn't doubled. As for bitcoin and hodling, tbh this isn't for everyone especially that today's small investors want to see results tomorrow which is impossible...bitcoin is for those that don't mind the outcome and are investing in it without any pressure .

suzanne5223

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Quote from: xSkylarx on August 19, 2023, 11:44:32 PM

Quote from: AmoreJaz on August 19, 2023, 06:01:25 PM

Quote from: suzanne5223 on August 19, 2023, 05:52:22 PM

Quote from: Davian144 on August 17, 2023, 08:26:59 PM

Quote from: suzanne5223 on August 17, 2023, 04:14:42 PM

I believe what you said here is one of the many ways to prevent the temptation of selling Bitcoin or find a way to lock the BTC for sometime before it can be accessible or else in the state of bad economical situations as stated by the OP I don't think there's another way to avoid the temptation of not selling.

The temptation to sell Bitcoin can indeed always be present in the lives of people who have Bitcoin, but for those who don't have Bitcoin, I don't think they will be tempted by anything because maybe there is nothing they can sell to satisfy their lust. But as long as we can hold it because there is a source of income from other jobs that can be used to buy things that make us tempted by it, I think there will be no problem with continuing to hold Bitcoin because we already have one way to be able to keep Bitcoin in the best way maybe in storage.

The best way I see to avoid the temptation of selling Bitcoin holding during emergency or economic condition is to have vast means of earnings or lock their holding away for some time and the same thing goes for people who are not into BTC they always look for something they can sell or exchange for deal through the pawnbroker.

that is why it is always advisable to diversify your portfolio, not only with cryptocurrencies but with other tangible assets as well. because if one is not doing good in the market, you can opt to use the other asset.
however, you can only lock your holdings if you are very sure that you won't need them in any way. because unforeseen circumstances will give you the reason to pull off some of your assets or else, you will be in deep debt owed to high interest from lenders.

You can lock it if you have extra money, but if not, it is not advisable because we really need it in the future no matter what. Also, locking it is somewhat of a bad thing to do just to make sure you won't be able to get it, but I do prefer having discipline because you can use it in every aspect of your life, so practice it until you get used to it. I know this depends on the person as it is difficult, but if you are having this, you won't have problem holding Bitcoin or any assets.

@AmoreJaz In the situation of the issue mentioned by the OP diversification is not also the solution and the right solution from my understanding locking the investment since the discussion is about how to hold onto an investment in the midst of challenges and emergencies. About the lending, there are lenders on this forum that have good interest though.
@xSkylarx Trust me discipline is not enough in the situation of having an emergency issue that needs funding and the reason why choose locking is to keep the investment intact. Although we can choose to use DCA for the investment in others to fix some area financially.

Ultegra134

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Quote from: dothebeats on August 18, 2023, 09:43:29 PM

Quote from: Ultegra134 on August 18, 2023, 06:58:55 PM

Quote from: Unbunplease on August 18, 2023, 02:46:56 PM

Quote from: Ultegra134 on August 18, 2023, 02:06:43 PM

The financial situation has been pretty crap in the past few years; inflation has made everything progressively worse; thus, sometimes I may be tempted to use my Bitcoin. However, my personal preference is to store my Bitcoin somewhere that I don't have access to. Till now, I was away and didn't have access to my computer; I only had my phone; thus, even if I wanted to, I had no means to use them. In all seriousness now, honestly, if it's a matter of life and death, and you're in desperate need of money, use your Bitcoin by all means; you haven't signed a contract to hold them forever. I completely understand that you might be holding out for the future, but that doesn't have to set your needs back if it's absolutely necessary.

If you store bitcoins out of reach, you risk missing the moment when they can be traded profitably and waiting for the cryptocurrency crisis to start again. Availability should always be there. The other thing is a theory, but you have your concerns.

I'm planning to hold long-term for over a year, or even more, two, three years, who knows, I'm not in any hurry. As I've said earlier, I'm not in a dire need of money, not yet at least and I can still afford to do that. Thus, I'm not going to miss any trading opportunities, Bitcoin won't magically recover to $60,000 that I might be interested in selling at. It's a slow and steady process that takes a lot of time and when that time comes, I'll have my coins on hand. Till then, I don't see why should I make my coins more accessible. It's safer the way it is.

Hey, you do you. At the end of the day, it is your bitcoin, it is your property and it should be your decision how you will handle it. If you feel and think that your coins should stay where they are now is the best way to do then go ahead, no one knows your financial capacity and state more than you do. And I agree with you, Bitcoin and the system is a slow and steady process, we all want to make a profit off it after all.

I'm suggesting that having no direct access to your Bitcoin might be a feasible solution to avoid using it when you're faced with a challenge. Generally, I'm not blaming anyone for selling; it's a personal choice, and I'm not the one to judge someone else's financial choices. In my opinion, there's a pattern here by a small percentage of users that points the finger at those who might be selling during the bear market. It's understandable to anticipate that Bitcoin recovers, but I'd like to remind others that there are no guarantees, and even though statistics show that it's probable to recover soon, we might go through a tough period before that happens.

Lorence.xD

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Quote from: coin-investor on August 20, 2023, 06:57:30 AM

Quote from: Queentoshi on August 17, 2023, 11:38:56 AM

People in countries with better economy, where there are good jobs and businesses are working, Bitcoins will easier hold than for people who are in places with terrible economic situation. What do you think?

Totally agree I live in a third-world country and have a day job and even if I have online jobs my income is not sufficient to sustain the inflation is taking a lot of toils to us, daily wage earners, I could hold my Bitcoin but there's always a point that I need to sell some coins on my portfolio, there's even a time that I have to sell all my Bitcoin because some of the coins and tokens on my portfolio have no value.
For a daily wage earner like us, we need to find ways to HODL our Bitcoin because this is our hope for the future However bad the economy of a country we are in, we need to sacrifice now for our future gains.

I can relate actually since I lived in third-world country. I've earning money thru work plus online job as well so I could have extra money to invest with Bitcoin plus savings. But due to the rapidly increasing of inflation rate, any essential needs especially food are starting to get expensive that my income are not enough to sustain my need since I am also helping in my family's bills. So it also reached to the point that I had to sell some of my BTC just to provide the needs cause some alt coins is not enough. I don't know why the salaries of an average person is still bare minimum but the value of any products are increasing so fast. I'm starting to wonder what the government could take action on this but I suddenly remember my country has debt of trillions Grin

Pamadar

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Quote from: Latviand on August 20, 2023, 06:51:23 AM

Quote from: Rabata on August 18, 2023, 09:16:50 PM

Holding Bitcoin is not an easy task for everyone. Those who try to hold Bitcoin must keep the financial aspect in mind because one thing we can almost all agree on that Bitcoin is not a short term investment platform, it is a long term investment platform. Investing in Bitcoin is very easy for investors who are involved in a job or business. They can be profitable from Bitcoin. On the other hand, those who are not financially independent will not benefit from investing in Bitcoin. Because they can't be patient. They will need money and then feel to sell bitcoins. So if a bitcoin investor is affluent then he is worth to invest in bitcoins.

It shouldn't be that difficult imo because if you really have a plan of action on how you can keep hodling on to your bitcoin, you will find a way not to spend those bitcoins and you should start hodling bitcoin for the long-term if you know that you have a consistent cash flow like a day job although I can understand that in a bad economy that's a problem as lay offs are a big thing so it's definitely difficult to do that, I guess the luckiest and the one's that have planned ahead for economic problems are the one's will be able to do what I've just said earlier.

Indeed, people who can spare money even in a difficult situation can proceed in holding their assets and not to be bothered by whatever the economy is bringing them.

It's tough, but if you set your plans and you can continue to sustain your needs away from the investment
that you have with your crypto, then it will be good for you once the market start to pump high, keeping and
holding your coin till it reaches your target will bring you decent profits.

coin-investor

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Quote from: Queentoshi on August 17, 2023, 11:38:56 AM

People in countries with better economy, where there are good jobs and businesses are working, Bitcoins will easier hold than for people who are in places with terrible economic situation. What do you think?

Totally agree I live in a third-world country and have a day job and even if I have online jobs my income is not sufficient to sustain the inflation is taking a lot of toils to us, daily wage earners, I could hold my Bitcoin but there's always a point that I need to sell some coins on my portfolio, there's even a time that I have to sell all my Bitcoin because some of the coins and tokens on my portfolio have no value.
For a daily wage earner like us, we need to find ways to HODL our Bitcoin because this is our hope for the future However bad the economy of a country we are in, we need to sacrifice now for our future gains.

Latviand

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Quote from: Rabata on August 18, 2023, 09:16:50 PM

Holding Bitcoin is not an easy task for everyone. Those who try to hold Bitcoin must keep the financial aspect in mind because one thing we can almost all agree on that Bitcoin is not a short term investment platform, it is a long term investment platform. Investing in Bitcoin is very easy for investors who are involved in a job or business. They can be profitable from Bitcoin. On the other hand, those who are not financially independent will not benefit from investing in Bitcoin. Because they can't be patient. They will need money and then feel to sell bitcoins. So if a bitcoin investor is affluent then he is worth to invest in bitcoins.

It shouldn't be that difficult imo because if you really have a plan of action on how you can keep hodling on to your bitcoin, you will find a way not to spend those bitcoins and you should start hodling bitcoin for the long-term if you know that you have a consistent cash flow like a day job although I can understand that in a bad economy that's a problem as lay offs are a big thing so it's definitely difficult to do that, I guess the luckiest and the one's that have planned ahead for economic problems are the one's will be able to do what I've just said earlier.

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Quote from: AmoreJaz on August 19, 2023, 06:01:25 PM

Quote from: suzanne5223 on August 19, 2023, 05:52:22 PM

Quote from: Davian144 on August 17, 2023, 08:26:59 PM

Quote from: suzanne5223 on August 17, 2023, 04:14:42 PM

I believe what you said here is one of the many ways to prevent the temptation of selling Bitcoin or find a way to lock the BTC for sometime before it can be accessible or else in the state of bad economical situations as stated by the OP I don't think there's another way to avoid the temptation of not selling.

The temptation to sell Bitcoin can indeed always be present in the lives of people who have Bitcoin, but for those who don't have Bitcoin, I don't think they will be tempted by anything because maybe there is nothing they can sell to satisfy their lust. But as long as we can hold it because there is a source of income from other jobs that can be used to buy things that make us tempted by it, I think there will be no problem with continuing to hold Bitcoin because we already have one way to be able to keep Bitcoin in the best way maybe in storage.

The best way I see to avoid the temptation of selling Bitcoin holding during emergency or economic condition is to have vast means of earnings or lock their holding away for some time and the same thing goes for people who are not into BTC they always look for something they can sell or exchange for deal through the pawnbroker.

that is why it is always advisable to diversify your portfolio, not only with cryptocurrencies but with other tangible assets as well. because if one is not doing good in the market, you can opt to use the other asset.
however, you can only lock your holdings if you are very sure that you won't need them in any way. because unforeseen circumstances will give you the reason to pull off some of your assets or else, you will be in deep debt owed to high interest from lenders.

With the current difficult economic situation, most investments are in the doldrums or losses. I think diversifying in this case also won't work as no investment will give you returns these days. But why don't we think the solution is to always have a savings, a backup money for emergencies?

I disagree with the idea of lock your holdings because life is full of surprises, we never know what will happen in the future. How can we be sure that we will not need to use it in any case, especially in the face of economic difficulties that have not shown any signs of stopping?

dothebeats

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Quote from: AmoreJaz on August 19, 2023, 06:01:25 PM

Quote from: suzanne5223 on August 19, 2023, 05:52:22 PM

Quote from: Davian144 on August 17, 2023, 08:26:59 PM

Quote from: suzanne5223 on August 17, 2023, 04:14:42 PM

I believe what you said here is one of the many ways to prevent the temptation of selling Bitcoin or find a way to lock the BTC for sometime before it can be accessible or else in the state of bad economical situations as stated by the OP I don't think there's another way to avoid the temptation of not selling.

The temptation to sell Bitcoin can indeed always be present in the lives of people who have Bitcoin, but for those who don't have Bitcoin, I don't think they will be tempted by anything because maybe there is nothing they can sell to satisfy their lust. But as long as we can hold it because there is a source of income from other jobs that can be used to buy things that make us tempted by it, I think there will be no problem with continuing to hold Bitcoin because we already have one way to be able to keep Bitcoin in the best way maybe in storage.

The best way I see to avoid the temptation of selling Bitcoin holding during emergency or economic condition is to have vast means of earnings or lock their holding away for some time and the same thing goes for people who are not into BTC they always look for something they can sell or exchange for deal through the pawnbroker.

that is why it is always advisable to diversify your portfolio, not only with cryptocurrencies but with other tangible assets as well. because if one is not doing good in the market, you can opt to use the other asset.
however, you can only lock your holdings if you are very sure that you won't need them in any way. because unforeseen circumstances will give you the reason to pull off some of your assets or else, you will be in deep debt owed to high interest from lenders.

I agree. Locking your holdings is not as advisable as having our means of income. It may even cause problems, especially during unforeseen situations like accidents or emergencies wherein you need immediate money. Having other means of earning, like other investments and businesses, on the other hand, assures an individual that he/she have a source of money for different things and even unexpected situations.

xSkylarx

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Quote from: AmoreJaz on August 19, 2023, 06:01:25 PM

Quote from: suzanne5223 on August 19, 2023, 05:52:22 PM

Quote from: Davian144 on August 17, 2023, 08:26:59 PM

Quote from: suzanne5223 on August 17, 2023, 04:14:42 PM

I believe what you said here is one of the many ways to prevent the temptation of selling Bitcoin or find a way to lock the BTC for sometime before it can be accessible or else in the state of bad economical situations as stated by the OP I don't think there's another way to avoid the temptation of not selling.

The temptation to sell Bitcoin can indeed always be present in the lives of people who have Bitcoin, but for those who don't have Bitcoin, I don't think they will be tempted by anything because maybe there is nothing they can sell to satisfy their lust. But as long as we can hold it because there is a source of income from other jobs that can be used to buy things that make us tempted by it, I think there will be no problem with continuing to hold Bitcoin because we already have one way to be able to keep Bitcoin in the best way maybe in storage.

The best way I see to avoid the temptation of selling Bitcoin holding during emergency or economic condition is to have vast means of earnings or lock their holding away for some time and the same thing goes for people who are not into BTC they always look for something they can sell or exchange for deal through the pawnbroker.

that is why it is always advisable to diversify your portfolio, not only with cryptocurrencies but with other tangible assets as well. because if one is not doing good in the market, you can opt to use the other asset.
however, you can only lock your holdings if you are very sure that you won't need them in any way. because unforeseen circumstances will give you the reason to pull off some of your assets or else, you will be in deep debt owed to high interest from lenders.

You can lock it if you have extra money, but if not, it is not advisable because we really need it in the future no matter what. Also, locking it is somewhat of a bad thing to do just to make sure you won't be able to get it, but I do prefer having discipline because you can use it in every aspect of your life, so practice it until you get used to it. I know this depends on the person as it is difficult, but if you are having this, you won't have problem holding Bitcoin or any assets.

AmoreJaz

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Quote from: suzanne5223 on August 19, 2023, 05:52:22 PM

Quote from: Davian144 on August 17, 2023, 08:26:59 PM

Quote from: suzanne5223 on August 17, 2023, 04:14:42 PM

I believe what you said here is one of the many ways to prevent the temptation of selling Bitcoin or find a way to lock the BTC for sometime before it can be accessible or else in the state of bad economical situations as stated by the OP I don't think there's another way to avoid the temptation of not selling.

The temptation to sell Bitcoin can indeed always be present in the lives of people who have Bitcoin, but for those who don't have Bitcoin, I don't think they will be tempted by anything because maybe there is nothing they can sell to satisfy their lust. But as long as we can hold it because there is a source of income from other jobs that can be used to buy things that make us tempted by it, I think there will be no problem with continuing to hold Bitcoin because we already have one way to be able to keep Bitcoin in the best way maybe in storage.

The best way I see to avoid the temptation of selling Bitcoin holding during emergency or economic condition is to have vast means of earnings or lock their holding away for some time and the same thing goes for people who are not into BTC they always look for something they can sell or exchange for deal through the pawnbroker.

that is why it is always advisable to diversify your portfolio, not only with cryptocurrencies but with other tangible assets as well. because if one is not doing good in the market, you can opt to use the other asset.
however, you can only lock your holdings if you are very sure that you won't need them in any way. because unforeseen circumstances will give you the reason to pull off some of your assets or else, you will be in deep debt owed to high interest from lenders.

Topic: Bad economic situation makes bitcoins more difficult to keep. - page 5. (Read 951 times)