Topic: Bitcoin as a savings account - page 6. (Read 5954 times)

Well people who abuse the system are wrong, and make me sick. I could be paying for your medicate and in that case, I be extremely upset that my money is helping you get bitcoins.

Investing in a few Bitcoins is a long term risk that I am willing to take. That doesn't mean I'm interested in engaging in any illegal activity. And we pay our taxes. But the assumptions have provided this old geek with some amusement.  

...and tell the government otherwise, karma will get you and your wife or maybe it already has...

i agree with you, 'Exoskeleton'. We shouldn't hide our wealth illegally.

My wife has dementia and I've had to quit work to take care of her full-time. We get by, just barely, on our fixed income. The most frustrating thing about our situation is the "requirement" that we NOT exceed the maximum allowed income for her to remain qualified for Medicaid. This would include any money in a savings account. Bitcoin seems to be an ideal way to build a savings account without the worry of saving cash in our house. Would a laminated paper wallet be the best way to secure it?

While the info about your wife (if true) is sad, you are not doing the right thing here. The reason the gov does not give out free money to people with large bank accounts is because those people can pay for expenses themselves. You should pay what you can, as unfair as it may seem to you, and then if what you have left is not enough you can then apply for gov handouts.

If you want to be greedy and take/keep every penny you earn then get a saftey deposit box and keep your cash in it.

This is simple people. Bitcoin is not needed to hide wealth. This has been happening since before there were computers. You don't need a big mattress to hide your money. Bitcoin is not the answer to your "problem". Your problem is that you won't pay what society has said you should pay for your wifes care from your own pocket first. You want to take my/our money first.

Im not trying to start a debate about the law that says you being broke because of medical expenses is fair.

I personally think this is often totaly unfair. I am a "socialist" who thinks that medical care is a basic right. I am willing to pay my share for your wifes care. But we "socialists" are becoming a small minority in a greed driven world. I am willing to bet you are like 80%+ of other humans today and you would be calling foul on your situation if you were not in it. You complain about high taxes, but the fact is if you want your free money, someone else is paying 2x what they should be to fund your lifestyle. We buy your bitcoins. People like you who hide money from being taxed fairly are the reason why taxes are so damned high.

Stop polluting our forum with this pseudo-illegal bs. You don't need bitcoins to illegally hide wealth.

So have you considered opening an IRA? Some IRA's are tax sheltered and from the sounds of it you should also be able to get the tax refunds that come with it. Given how the market is reaching records high it's probably the best place to put your money without negatively affecting your financial situation. You mentioned medicaid, so I'm assuming you're in the US.

You should be able to put around 5K into an IRA in a given year (the cap changes).

So you're aware the value of bitcoins is probably more volatile than the stock markets? And that unlike the stock market it's not guaranteed to have an overall upward trend? You'd probably have an easier time putting your money elsewhere ...

So you're aware the value of bitcoins is probably more volatile than the stock markets? And that unlike the stock market it's not guaranteed to have an overall upward trend? You'd probably have an easier time putting your money elsewhere ...

Seems like a safe deposit box would be a better bet. You could also consider insurance on the appliances you need, and apparently metal shingles.