If you had come to the point where you have to liquidate an entire bank account to pay for your necessities then you shouldn't be investing. Instead you should be saving first at least to have I'd say 1 year worth of living without working put aside be it under your mattress or in a bank account. Bitcoin is indeed becoming a "safer" asset as time passes and the adoption rate raises, but if I were in your financial situation I'd look to diversify more. Maybe stocks, land or rental properties, Idk what are the prices where you live though. However in my opinion is too early to use Bitcoin as a "bank" for all your money.
We do love bitcoin but doesnt mean we would go full on 100% trust on it on where we do put all of our cash without thinking off on diversifying it on other possible things like stocks and properties because we dont know on what comes next with Bitcoin and theres no assurance on what the future holds with it even though it is good looking as of this moment but there no guarantee on that. When it comes to its usage then nothing beats out to be your own bank and making out transactions without 3rd party intervention plus having cheap fees and irreversible transactions and thats what makes it cool. 
Topic: Bitcoin is my Bank - page 2. (Read 1084 times)
Due to the covid 19 pandemic, I lost my job and my bank account was closed because I withdrew all my remaining balance to buy our necessities, at that time I was looking for another alternative to lost job in order to support my family's needs . Until I start trading bitcoin with small capital and thanks God because with the help of cryptocurrency we can continue to survive from the difficult time of pandemic.
Now I have accumulated a small amount to be able to reopen a bank account but I think that instead of opening a new bank account, it is be better to just buy and invest in bitcoin so that I can expect more profit than the traditional bank.
I know that investing in bitcoin is risky but I also believe that bitcoin has a good future.
I just hope I made the right decision.
Now I have accumulated a small amount to be able to reopen a bank account but I think that instead of opening a new bank account, it is be better to just buy and invest in bitcoin so that I can expect more profit than the traditional bank.
I know that investing in bitcoin is risky but I also believe that bitcoin has a good future.
I just hope I made the right decision.
is there no help from government? i think they do it, although not as much as we need. and public will outsmart some events that happening, to make their lives easier.
crypto be the one easiest way to multiple your money (for people who understand it). not only risky, but also need time to process what people want. real job needed if you can find and do it, as long as it can help economy.
Due to the covid 19 pandemic, I lost my job and my bank account was closed because I withdrew all my remaining balance to buy our necessities, at that time I was looking for another alternative to lost job in order to support my family's needs . Until I start trading bitcoin with small capital and thanks God because with the help of cryptocurrency we can continue to survive from the difficult time of pandemic.
Now I have accumulated a small amount to be able to reopen a bank account but I think that instead of opening a new bank account, it is be better to just buy and invest in bitcoin so that I can expect more profit than the traditional bank.
I know that investing in bitcoin is risky but I also believe that bitcoin has a good future.
I just hope I made the right decision.
Now I have accumulated a small amount to be able to reopen a bank account but I think that instead of opening a new bank account, it is be better to just buy and invest in bitcoin so that I can expect more profit than the traditional bank.
I know that investing in bitcoin is risky but I also believe that bitcoin has a good future.
I just hope I made the right decision.
yes, hopefully your decision is right. if I myself choose both, because in my opinion both have advantages and disadvantages. when you prefer to store bitcoin over fiat currency in a bank, I think that is also the right thought. bitcoins are limited in number, and that will keep the value of bitcoins going and may have a good future. but you also have to think about the extreme volatility of bitcoin which is very risky, whereas fiat money tends to be more stable. not a few people who experience losses with bitcoin, and maybe you are one of the many people who are lucky with bitcoin. I use bitcoin for profit, and I will save the income in the bank. if one day I experience a loss because the price of bitcoin falls, I still have money in the bank.
Bitcoin can indeed be used as a means of storage. Its storage is even better than the US dollar. It has its own unique characteristics and is very worthy of the people's trust and use.
Bitcoin also have low transactions fees. Operates on an decentralized system, can't be controlled by anyone. And can be transferred to any country in the world, it has no border, what you said here is the purpose why bitcoin was created as to kill the dormant and stable state of fiat in the economy, holding fiat for a very long time adds nothing to your portfolio and so the new decentralized payment system beats out the older and that's bitcoin. 
If you had come to the point where you have to liquidate an entire bank account to pay for your necessities then you shouldn't be investing. Instead you should be saving first at least to have I'd say 1 year worth of living without working put aside be it under your mattress or in a bank account. Bitcoin is indeed becoming a "safer" asset as time passes and the adoption rate raises, but if I were in your financial situation I'd look to diversify more. Maybe stocks, land or rental properties, Idk what are the prices where you live though. However in my opinion is too early to use Bitcoin as a "bank" for all your money.
Bitcoin is my bank.
bank holds assets. Assets includes tangible things that are other than properties. Example would be Central bank
bank also makes investment. Example of this would be JP Morgan.
When prices are high, you can purchase things with bitcoin. Example includes gold, silver, education, training, and hosting services.
When prices are low, you can buy back with bitcoin.
as an user of Bitcoin you need to realize Bitcoin is your bank, but it is not an bank that someone manages it for you so you just get money when you like. The bank you were think of are the North Korean bank where Royal-Court system economy are in practice. This is, however different than what Bitcoin can offer to individual and entities.
with that said, Hopefully you understand there is an distinction between royal court economy banking and banking (which includes investments and management of custodianship to various types of liquid assets)
bank holds assets. Assets includes tangible things that are other than properties. Example would be Central bank
bank also makes investment. Example of this would be JP Morgan.
When prices are high, you can purchase things with bitcoin. Example includes gold, silver, education, training, and hosting services.
When prices are low, you can buy back with bitcoin.
as an user of Bitcoin you need to realize Bitcoin is your bank, but it is not an bank that someone manages it for you so you just get money when you like. The bank you were think of are the North Korean bank where Royal-Court system economy are in practice. This is, however different than what Bitcoin can offer to individual and entities.
with that said, Hopefully you understand there is an distinction between royal court economy banking and banking (which includes investments and management of custodianship to various types of liquid assets)
Bitcoin can indeed be used as a means of storage. Its storage is even better than the US dollar. It has its own unique characteristics and is very worthy of the people's trust and use.
It's a good storage until the prices has gone down and all the people with the weak hands start panicking and panic sells their bitcoin. I say that take some sort of precaution before investing in bitcoin because blindly following will not be the best course of action.
yes indeed investing in bitcoin is very profitable because by investing here indirectly your future can be calculated, but don't forget this is not instant and takes time because here it cannot be done in one or two days because this takes time.
and never use all the money you have here because this is very risky and the risk is very big. use the money that you don't use for necessities.
because there are so many examples of people who invest all their money here will be stressed when the price drops
and never use all the money you have here because this is very risky and the risk is very big. use the money that you don't use for necessities.
because there are so many examples of people who invest all their money here will be stressed when the price drops
The cryto market is such that cannot be predicted and once can't tell when it would rise and fall like wise one can't tell how long it would be in the dip. The only benefactors are cryto traders who make profit either from Bullish or bearish trends. As a trader I feel making it your bank is more safer but still remember the market is highly volatile and losses also occurs during trading
Bitcoin can indeed be used as a means of storage. Its storage is even better than the US dollar. It has its own unique characteristics and is very worthy of the people's trust and use.
You are not alone OP there are also people who lost their job and came into crypto for alternative earnings and using it as a bank,
But it is better than Banks as you said it could bring more profit than banks and we could earn by trading it.
But it is better than Banks as you said it could bring more profit than banks and we could earn by trading it.
Really good decision. Not only you i saw lots of people comes in bitcoin because of they lost their job in covid pandemic. And they finding an alternative and got bitcoin. Then they got a huge success here and share their feedback with us. How bitcoin help them to live a better life in covid pandemic. Well your story is also same with others. And this is a good site that bitcoin getting people’s trust. This thing gives bitcoin a little push. Very soon on every person's phone have bitcoin wallet. Which is a vision of bitcoin. Lets hope for the best.
I think this is very good but of course you have to be careful because trading here is your risk that determines, but your decision I think is very appropriate because when we invest here our money can grow very quickly but with great risk as well, but this comparable because the risks are great and the benefits are huge as well.
keep our friends on the best path for the future
Thank you guys, to all your comments and suggestions. I will keep it on my mind and always remember what you've said for the better result of my investment. I will save some of my profit and convert it into fiat. I also wish for all of us here in the crypto space to have a successful and profitable trade and investment.
we still live in fiat currency to transact, so we must be wise in making decisions, I salute you, because you have the courage to take the decision to save all your money in bitcoin, but it would be nice if you also have to save some of your money in bank, because if you need an urgent need, you can immediately pick it up at the bank, but if your bitcoins need time to withdraw all your bitcoins ...
I really hope you don't pick offense in this as it could be what it really is to you but, if I am to be frank with you and fair to myself @OP, this post looks very much like a merit hunting. this is a regular post i should be expecting from any regular beginner but it appears your obviously not of that category. mare looking at your activity count reading up to 700+ and I got curious how you aren't a hero or sr. member just yet. For a fact, you've been active and as such a little trip through your profile to see what's your post quality like and i can say its relatively low and very much on the average and coupled with the fact that, this account has been in existence since 2017 and yet, your only just beginning to start your journey in bitcoin investments, your journey in crypto must have been really rough. Naturally I would have thought its been all about bounty hunting for you @OP but that doesn't seem to be the case, but only seem to pick it up just more recently and i'm not sure it would do you a thing of good to go down that road.
In light of the thread, bitcoin isn't a bank and cant be a bank. currencies aren't banks, wallets are.
It pays to be a bitcoin investor and depending on the path you choose to approach it, either trade or hoard or investing it in some other gainful activity, you've just got to develop the right attitude towards it and your almost good to go.
In light of the thread, bitcoin isn't a bank and cant be a bank. currencies aren't banks, wallets are.
It pays to be a bitcoin investor and depending on the path you choose to approach it, either trade or hoard or investing it in some other gainful activity, you've just got to develop the right attitude towards it and your almost good to go.
Hello Sir, my post is true and based on what happened to me during the start of pandemic. If there is someone who will give merit, then, I will be thankful, if nothing, it's okay because I know my capability is very low. Yes, my account was created November 2017 and I didn't receive much merit unlike you but I was thankful for this forum because this member account help me a lot to provide the needs of my five children. Maybe I am not smart and genius like you and I can't post like you but I also think that you should not judge others because we are in different situation and you are knowledgeable enough than me that can post a very high quality post. You know, sometime we just eat two times a day and I always tried to join bounty campaign to earn even a little (I think there is no problem about this) , so, how can I invest even a little if we always lack financially even for our daily needs. I was thankful because of my work, I start saving in a bank for the future of my children's but unfortunately I lost my job because of pandemic and we all spent the little I had accumulated. Now I was thinking that instead of depositing in a bank why not I invest it in bitcoin and hoping that it will grow in the future. Who knows, it might be the answer to our poverty. Also I was thankful that I was able to earn profit during the bitcoin bullrun.
This was your best decision to keep investing in bitcoin and do not move your funds into fiat currency in the bank. I hope due to the bull run you saved bitcoins have increased in value. Just remember to take some profits near the end of bull run.
I really hope you don't pick offense in this as it could be what it really is to you but, if I am to be frank with you and fair to myself @OP, this post looks very much like a merit hunting. this is a regular post i should be expecting from any regular beginner but it appears your obviously not of that category. mare looking at your activity count reading up to 700+ and I got curious how you aren't a hero or sr. member just yet. For a fact, you've been active and as such a little trip through your profile to see what's your post quality like and i can say its relatively low and very much on the average and coupled with the fact that, this account has been in existence since 2017 and yet, your only just beginning to start your journey in bitcoin investments, your journey in crypto must have been really rough. Naturally I would have thought its been all about bounty hunting for you @OP but that doesn't seem to be the case, but only seem to pick it up just more recently and i'm not sure it would do you a thing of good to go down that road.
In light of the thread, bitcoin isn't a bank and cant be a bank. currencies aren't banks, wallets are.
It pays to be a bitcoin investor and depending on the path you choose to approach it, either trade or hoard or investing it in some other gainful activity, you've just got to develop the right attitude towards it and your almost good to go.
In light of the thread, bitcoin isn't a bank and cant be a bank. currencies aren't banks, wallets are.
It pays to be a bitcoin investor and depending on the path you choose to approach it, either trade or hoard or investing it in some other gainful activity, you've just got to develop the right attitude towards it and your almost good to go.
Hello Sir, my post is true and based on what happened to me during the start of pandemic. If there is someone who will give merit, then, I will be thankful, if nothing, it's okay because I know my capability is very low. Yes, my account was created November 2017 and I didn't receive much merit unlike you but I was thankful for this forum because this member account help me a lot to provide the needs of my five children. Maybe I am not smart and genius like you and I can't post like you but I also think that you should not judge others because we are in different situation and you are knowledgeable enough than me that can post a very high quality post. You know, sometime we just eat two times a day and I always tried to join bounty campaign to earn even a little (I think there is no problem about this) , so, how can I invest even a little if we always lack financially even for our daily needs. I was thankful because of my work, I start saving in a bank for the future of my children's but unfortunately I lost my job because of pandemic and we all spent the little I had accumulated. Now I was thinking that instead of depositing in a bank why not I invest it in bitcoin and hoping that it will grow in the future. Who knows, it might be the answer to our poverty. Also I was thankful that I was able to earn profit during the bitcoin bullrun.
Thread created December 2020 where btc at that time just starting to make a parabolic move good decision OP Im sure you have a lot of profit and got huge returns just take profit and reinvest again when the market seems too volatile and hard to speculate.
Well I really like to hear from the OP what happened to his investments into Bitcoin. Maybe he was able to sell some of his investments and then hold the rest. He should not panic this time of the bear season as we all know that this is a normal occurrence. What goes up must come down at some point. We all need to secure our assets and be able to prepare for the next all time high. If the OP is still following this thread, maybe you can share an story or two what happened this past 5 months.
Thread created December 2020 where btc at that time just starting to make a parabolic move good decision OP Im sure you have a lot of profit and got huge returns just take profit and reinvest again when the market seems too volatile and hard to speculate.
I know that investing in bitcoin is risky but I also believe that bitcoin has a good future.
I just hope I made the right decision.
I just hope I made the right decision.
To avoid volatility of bitcoin, you can convert your cash into stablecoins like USDT, USDC, or BUSD which has the same value as the US dollar then store it in a non-custodial wallet or hardware wallet. Just keep the private key in a safe place that you only know, with that you already have your own bank. Just prepare a small amount of altcoin using those altcoins, I'm using trustwallet as my savings account for every transaction you make iit needs a small amount of Tron(TRX) when using USDT while BUSD uses BNB in smart chain wallet. As for USDC, I never tried having that stablecoin because only few wallets support it so I don't know what coin does it uses for fees.
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