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.
Topic: Bad economic situation makes bitcoins more difficult to keep. - page 6. (Read 951 times)
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I wonder what the proponents of the idea will say now - "Bitcoin is a good means of fighting inflation, and better than fiat currency" ?
As long as cryptocurrency is a SPECULATIVE asset, it cannot be used as a means of accumulation and storage. It is fraught with huge losses. It is a purely speculative asset, and it can only be "played" by someone who understands how this market works, knows the "signals", and understands how to make money both on the growth of the rate and on the fall. 99.99% of common people do not belong to such people.... Therefore, the advice, to put it mildly, is very harmful for those who do not understand what cryptocurrency is.
Therefore, I strongly recommend that if you give such advice to ordinary people, far from understanding the essence of cryptocurrencies, then guarantee them compensation in case of losses, otherwise they will turn into your enemies
As long as cryptocurrency is a SPECULATIVE asset, it cannot be used as a means of accumulation and storage. It is fraught with huge losses. It is a purely speculative asset, and it can only be "played" by someone who understands how this market works, knows the "signals", and understands how to make money both on the growth of the rate and on the fall. 99.99% of common people do not belong to such people.... Therefore, the advice, to put it mildly, is very harmful for those who do not understand what cryptocurrency is.
Therefore, I strongly recommend that if you give such advice to ordinary people, far from understanding the essence of cryptocurrencies, then guarantee them compensation in case of losses, otherwise they will turn into your enemies
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.
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.
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?
What you say in the title of your post may be in line with current conditions and it is true that BTC must be invested in cold money with a strong determination and discipline. But, for now I feel that one's financial dominance is not doing well at this time, especially since the salary from work is no longer sufficient to meet all needs as you convey because of the current circumstances and situation where everything is expensive.
Today, if we look at the market for these economically strong people, they are actually happy, in this case, they can buy again, and the fall in cryptocurrency prices can also be interpreted negatively, why is that because on the other hand, large institutional investors have been involved in the cryptocurrency market, they have also played a role. as the main driver of the recent sell-off.
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 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 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.
This is tough when you don't have life savings and emergency funds but you have mostly put that in Bitcoin. I think it will serve its purpose if you don't have a choice and you want to sell it because you're in need of money which requires you to sell some of your Bitcoin.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?
Even when you're the most disciplined person but the time requires it and you need to make an action, that can make you sell your bitcoins. But always remember that it's not all about selling all that you've got.And if you have some other source where you can get that money you need, much better to do that and don't spent yet your Bitcoin as we're all waiting for the right time to come in selling it.
In times when a person needs the basics of life and cannot provide them by doing some business or selling something, he will certainly resort to his savings, even those that were intended to be kept in the form of an investment. There is no justification for hoarding something to secure a better life in the future when the present is uncertain.
This fact suffers from companies and countries, not just individuals. This appeared in the reports issued by the economically weak countries after the Ukraine war, as it was proven that more than half of the small and medium companies are on the verge of bankruptcy, which means record highs in unemployment rates.
This fact suffers from companies and countries, not just individuals. This appeared in the reports issued by the economically weak countries after the Ukraine war, as it was proven that more than half of the small and medium companies are on the verge of bankruptcy, which means record highs in unemployment rates.
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 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.
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?
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?
Money is not always the solution to problems. If you could timelock your Bitcoin maybe for three months and also lock most of the money you earn in good investments, you could become more creative at solving problems with the little you have without compromising on good quality. If we can't do this then we know we need wisdom.
I believe people with alot of wisdom/intelligence can live comfortably with less money. 1btc in the hand of a fool is not thesame as 1btc in the hand of the wise. It takes wisdom to spend it wisely and be very contented. It will never be enough for the fool.
This is applicable if we have enough funds for our daily needs. This is actually a great idea but once we are short of funds, we cannot apply this kind of strategy. We will be forced to pull some of the savings to fill the needed daily funds until we pull 100% of our holdings. I think the best solution in this kind of event is looking for a new source of income. If the budget is enough, we can safely keep our investment intact but if the money isn't, we cannot just standbye and let our family to starve while keeping our investment intact.
Beside, if we work hard & do our job really well, even with little to no pay, we will always attract favours to ourselves, such as cheap alternatives to things we need, good quality things for free, plus our things will last for us and we will be shielded from the general bad economy. Bad economy tend to affect those who contribute to the bad economy. We reap what we sow. Better not to participate with people in contributing to bad economy, so you don't reap bad economy.
This is naive, it is rare to see things for free on a daily basis. I agree that we must work hard and do our job well, this will result in higher pay due to the quality of our works and more contacts and client that will give us enough money for our family's needs.
Money is not always the solution to problems. If you could timelock your Bitcoin maybe for three months and also lock most of the money you earn in good investments, you could become more creative at solving problems with the little you have without compromising on good quality. If we can't do this then we know we need wisdom.
I believe people with alot of wisdom/intelligence can live comfortably with less money. 1btc in the hand of a fool is not thesame as 1btc in the hand of the wise. It takes wisdom to spend it wisely and be very contented. It will never be enough for the fool.
Beside, if we work hard & do our job really well, even with little to no pay, we will always attract favours to ourselves, such as cheap alternatives to things we need, good quality things for free, plus our things will last for us and we will be shielded from the general bad economy. Bad economy tend to affect those who contribute to the bad economy. We reap what we sow. Better not to participate with people in contributing to bad economy, so you don't reap bad economy.
Money may not the complete solution for all the problem,but all the problems need money in some way.Many people stake their money on bitcoin to get some interest from the holding bitcoin.They also can earn additional dollars after three months,So bitcoin will give them double money by just holding for the three months.Many people with huge knowledge will curtail their unwanted expenses and they live the life happily.But some people add unwanted expenses and live without peace.
They say that money can't solve everything but praticallly, it could actually solve lots of problems since one of the biggest problem that we're facing right now is lack of financial stability. There will surely be times that we will be tempted to sell our Bitcoin and other holdings but as much as possible, we shouldn't touch it and find other alternstive source of income to sustain our needs because we will still benefit from holding in the long run.
The economic crisis is really hard to deal with nowadays and I must say that a single job isn't enough anymore so if we still have the strength and courage, we should also double our hardwork to earn more if we already know that our salary isn't enough to sustain our living.
Op I don't think the bad National Economy has nothing to do with your holding of bitcoin, if you are a worker, you can use 1% your salary to buy bitcoin every month to accumulate bitcoin and use the remaining % to pay bills and settle some other things. We all know that the inflation is affecting people and the only way you can't keep your Bitcoins is the time when you are not working, and you are only depending on your investment then definitely you must touch your bitcoin. But whereby you have salary then your investment can be saved.
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 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.
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?
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?
Our investments exist for us. Things may not go well in every moment of our lives. In such cases, we can convert some of our investments into cash. There's nothing wrong with that and it's in between the normal functioning of life.
We will not keep Bitcoin in our wallet for life. We can sell our Bitcoin when we need it. If we get the chance, we can buy it again later. After making an investment, we can sell it before it reaches our targeted prices. Sometimes we can make a loss while selling Bitcoin. Let's not forget, the opportunity never ends in Bitcoin.
Of course, it is easier for those with good economic status to buy and hold BTC. Conditions are not equal for all people.
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.
Money is not always the solution to problems. If you could timelock your Bitcoin maybe for three months and also lock most of the money you earn in good investments, you could become more creative at solving problems with the little you have without compromising on good quality. If we can't do this then we know we need wisdom.
I believe people with alot of wisdom/intelligence can live comfortably with less money. 1btc in the hand of a fool is not thesame as 1btc in the hand of the wise. It takes wisdom to spend it wisely and be very contented. It will never be enough for the fool.
Beside, if we work hard & do our job really well, even with little to no pay, we will always attract favours to ourselves, such as cheap alternatives to things we need, good quality things for free, plus our things will last for us and we will be shielded from the general bad economy. Bad economy tend to affect those who contribute to the bad economy. We reap what we sow. Better not to participate with people in contributing to bad economy, so you don't reap bad economy.
Money may not the complete solution for all the problem,but all the problems need money in some way.Many people stake their money on bitcoin to get some interest from the holding bitcoin.They also can earn additional dollars after three months,So bitcoin will give them double money by just holding for the three months.Many people with huge knowledge will curtail their unwanted expenses and they live the life happily.But some people add unwanted expenses and live without peace.
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.
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 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.
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 to hold than people who are in places with terrible economic situations. What do you think?
For sure, when someone is financially stable they would think of multiplying their money, but in such a situation where the economic situation of the country is hitting hard on its citizens, like the one we are in right now, people will barely think of making investments and the investors who have already done some investment might be tempted to change decision on their investment portfolio because of the economic hardship. 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 to hold than people who are in places with terrible economic situations. What do you think?
Not everyone in poor countries suffers from poverty in terms of their standard of living and more have the opportunity to plan and make any investment including bitcoin. Likewise, not all residents of rich countries have decent jobs.
This is a matter of the individual economy, unless you are referring to a state of crisis in which case it can impact all the economic status of everyone in that country.
There will always be a division between poor and rich in all countries no matter what that country identifies as in economic context. To put it simply, I agree with you, not everyone who lives in a poor country has a poor lifestyle, and not everyone who lives in a rich country has a better economic status and standard of living. Hence, the area or location wouldn't matter as much as the individual situation of a person on wether or not they will be able to hold Bitcoin and invest. This is a matter of the individual economy, unless you are referring to a state of crisis in which case it can impact all the economic status of everyone in that country.
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.
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Well, it has been said here repeatedly that one should not invest all their fiat in Bitcoin. while Investing, always have your bodget sorted first and make sure you don't invest the amount that can put you under tension of selling. It's true that if needs arises, sometimes we feel tempted to sell some of our coin to solve those needs but even before such needs should arise, an investor should also be awear that they need to save some fund for emergencies. with such apreoch in Bitcoin investment, you will not feel tempted to sell so quickly because of some common emergencies, because you have already prepared your self for it.
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 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.
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?
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?
Holding Bitcoin during the period of economic hardships is truly a challenging task, as financial circumstances may pressure you to liquidate this precious asset. In order to successfully navigating ownership of Bitcoin, it requires strong faith in its potential to yield huge gain in future, resolve to continue holding it despite market volatility and frequently arising apprehensions about regulations.
Adjust your spending while making some changes to your Bitcoin Hodling too. To fight against inflation, spend what is needed and then decide what you can afford to save in Bitcoin. If you are doing DCA while HODLing, I don't think what you said in OP will be an issue. If you make a little change in your saving pattern, you can easily save BTC while living freely in a bad economy. Make sure you can cover your basic needs with your current income. If not, then find multiple income sources.
Problems will only occur and you will have to tamper with your hodling only when you are putting more into Bitcoin than you can afford. Or your strategy is not working out as planned. It is not bad to change or adjust that strategy based on situations. We all know that a single strategy in the Crypto market does not work for eternity. You need to change things up a bit every now and then based on situations.
One more thing. If it's necessary for you to tamper with your HODL, why not? You are hodling for a reason. That is to have a better future by accumulating profits. You can earn back those Bitcoin in the future. Don't marry your wallet, make sure you let go of it when necessary.
Problems will only occur and you will have to tamper with your hodling only when you are putting more into Bitcoin than you can afford. Or your strategy is not working out as planned. It is not bad to change or adjust that strategy based on situations. We all know that a single strategy in the Crypto market does not work for eternity. You need to change things up a bit every now and then based on situations.
One more thing. If it's necessary for you to tamper with your HODL, why not? You are hodling for a reason. That is to have a better future by accumulating profits. You can earn back those Bitcoin in the future. Don't marry your wallet, make sure you let go of it when necessary.
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