Topic: Bitcoin is my Bank - page 3. (Read 1081 times)

I do assume that OP did get a lot of profit and I like to keep it that way. Plus there were no big dips back when bitcoin was rallying to 50k, there were some limbo but it's still the same overall. To everyone who will read this though, I have a different advice for you, don't do what OP did because the prices movement is uncertain and you might not have the same result as OP.

I have the same case, I lost my job because of pandemic. Now, I only possible to earn money from trading in Crypto  and stocks market. Thanks to Bitcoin and altcoin season that help me to gain huge profit, so I can withdraw it to my bank account. I know the high fluctuation of crypto is will not help me anytime because the crypto market can be changing to bearish trend, that why I also trade on stocks market for diversification of risk.

Bitcoin is risky, the value goes up and down But if you have your Main goal to success , Then Big profit is coming.

 In Every Investments You Need an Extensive research,you need clear mindset of what you are doing and what do you want to do. Because in every goals There Are Obstacles Or Struggles That You Will Face, Long Term Holding Is Not Easy, You need to be patience, wiser, smart and knowledgeable as you invest your assets.

That's the right choice, man. Right now we are really going to lose my job due to the COVID19 pandemic, I myself have long only used cryptocurrency for needs, and always fulfilled, I also trade despite sometimes losses, but still grateful because I can still profit and meet the needs.

Hopefully OP made a really big profit since he/she bought bitcoin around December and hopefully the price that he sold his bitcoin was around the 50k mark to at the least so OP can enjoy the profits because that was a really big risk.

It is true that you can make much more profit compared to depositing your money into a deposit account in a bank. But like you said, investing into Bitcoin brings about high risks also. But as long as you invest for a long term, I think it is a good choice to do.

I don't agree with that.

Bitcoin is not a bank. For some people, bitcoin is just an advanced way to manage money.

For some supporters of bitcoin, they are not just financing, they intend to hold it for a long time.

But it's not recommended to put all your assets into bitcoin. You should keep what you need in your life.

Dont worry dude, jaise ke yeh saalo ke baap inko maa ke pet mein the tabse futures or options ki kahaniya suna rahe ho. Dont hesitate to ask questions. As the comment said above read up on it on the sub's wiki or Zerodha Varsity.

Great job dude. Can you please elaborate a little more on your trade- like when did you put this straddle? Also, I am still confused on how did your make money with Puts.

Any suggestions on holding in the US. Bitcoin.com app doesn’t allow us residents to withdraw or cash out. Want something to where I can cash out quick with low fees.

No, I have a significant amount of bitcoins, but it would not change my life significantly if it disappeared. This is mostly because I choose to live under instead of over my means.

Yes. This lowers risk because you only have to handle all your funds at the same time when you create the cold wallets - if at all.

What ever is the best balance between convenience and safety at the time. What particular service is best will change because cold storage is long term.

Currently I keep it around 25% of my savings which is probably more exposure than the average.

No (because I didn't risk more than I can afford to lose)

Yes. I keep long term savings in offline wallets and use spending wallets.

Depends on location. Spending btc is the most convenient. Exchanging p2p, and exchanges are the next.

When the bitcoin price goes up, sell half of your cryptocurrency capital and put the fiat currency in the bank. Use the other half of your savings to trade cryptocurrencies.

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.

Certainly "Bitcoin is my Bank"
Thanks OP for sharing your experience. I feel identified with you in some way. What I could advise you is that you try to open a new bank account. Just for you to manage certain funds and keep your portfolio in bitcoin and crypto. When you need cash, use P2P platforms to exchange crypto for cash. So you will save your money invested in bitcoin.

That is what I normally do to protect my money from inflation. Also in the crypto space there are several ways to save: crypto staking, run, validate, certify node and more.
Good luck in our crypto space.

For those who earn crypto amidst of this pandemic is really a great help but dont remove into your mind when it comes to risk where it isnt really that much
prefer on putting all of your money into crypto or even with Bitcoin.You wouldnt know on what would happen.
Always consider on putting only the money that you can afford to lose.

But if you do insist because youre that optimistic then its your choice.As long you do gain then that what matter most.
Always take precautionary measures.

I really appreciate your idea of using cryptocurrency as a means of saving than using your traditional bank method, but there is something you need to understand, funds in the exchange is different from funds in the wallet. What you are literally doing is more risky because all of your funds are in the exchange where you trade and store right? But this isn't appropriate as funds in exchange is vulnerable to hack or something similar, meanwhile of it happens mean your funds are gone.
It would be better if you had had a wallet (with private key) for storing the little funds you gained from trading as this is the surest way whereby your funds will be saved so you can easily feed your family and yourself, it this right at some point?

investing in bitcoin is less risky than investing in other coins, but you must really know the techniques used. because if the technique you use is correct I think you will not fail and you will get a big profit

Savings is one of the best way to promote or to manage finance especially to avoid spending too much. Instead of spending it, it would be good to save it for future use. Once you are into saving your spending activity will be minimize due to the mindset that you need to save and to achieve your goals. Using bitcoin as bank is one of the great idea. Just do not lose the important details of the wallet that you will going to have.

The development of CBDC does not imply the existence of commercial banks.  Central banks will issue money. 

Also CBDC does not imply payments on deposit accounts and issuance of loans.  In essence, this is the liquidation of the existing banking system.  The total debt in the world is so great that it is inevitable.  Bitcoin is truly your bank.  I think that in the future, you will need bitcoin to issue your money. 

We are used to the fact that fiat money is reliable money.  However, at the present time, unfortunately, this is not the case.