Topic: Bitcoin is my Bank - page 6. (Read 1098 times)

Good point, you always have other options ahead of you. If you do consider other opinions and you have the time to sort
it out, it will benefits you in the long run.

Things are different from everyones views but in each of them there are essence to follow, sort it out and find what is
beneficial and what's not.

Idea of saving all your earnings in bitcoin is quite a big risk to be very honest because you have to be ready to bear the market as many factors can influence bitcoin price. Bitcoin is a decentralized currency and it’s func a different game totally from the bank functions.


Bitcoin have way of creating financial freedom. But nevertheless investing in bitcoin means you are ready to take risk. You have to be very careful it’s not totally a bad choice  because there is potentials for bitcoin growth and Investment.

What you need to do here is diversify your assets so that nothing will go wrong if the bitcoins price in the market will suddenly fall to the bottom and with that strategy, you will have an alternative to getting back what you've lost or you will not panic if you see the price has become all red in the market. with that strategy, you won't need to worry about your bitcoins and you just need to simply wait for the price to rise again and if you have more money, you can buy more from the deep.

You are not wrong in making a decision, because investing in Bitcoin is the right decision to fix your economic difficulties in the future, I believe investing in Bitcoin will bring success and give you a big return from what you have invested in Bitcoin. Indeed, this is very risky, but if you always pay attention to the price of Bitcoin all the time you will not get a big risk with your investment.

I also Hope that you made a right decision,and it is not because Bitcoin is not worth being invested because i also have my own holding.
But about yours it seems the struggle is still there and Holding a coin wont give you a speed benefits in case you again lose funds and what you will do is withdraw the holding.

I think better continue your trading if you find success on this so if you already gather more than enough for your needs,thats the time to start investing and holding Bitcoin.

This is only a piece of advice since i can see the trouble this may cause if failure comes to you soon.

I do agree with you, like any financial advisor would say, "Do not put all of your eggs in one basket." To OP, the risk are there not to warn you about the possibility of losing your hard earned cash, that is there to help you consider your options on what should go to that part and what not to go, banks are helpful too if you know what cogs to operate, it might be archaic but it can still be function as intended, try asking your bank about Index Funds, they have the biggest ROI in banks or you can use your account to buy some stocks of some blue chip stocks so you can earn dividends and invest in long term, if we always look at what is in front of us, finding small diamonds, we might miss the one at the other side.

You did a great job mate, cryptocurrency is also a good way of earning money but a risky thing, a lot of people got suffered due to the pandemic, many people lost their job and one way that may help them is working online and cryptocurrency could help you with that as well, just like what happened to me as well, I never think that I could earn even a little amount of money in this pandemic with the help of cryptocurrency. Crypto wallet is better than the traditional bank for me so you did a great job.

First of all, you shouldn't expect any profits from opening a bank account, all your interest that you gain on your deposits are merely ephemeral misleading numbers. All the "income" that you receive from banks will be eaten by inflation, government counterfeiting, and debasing. You shouldn't expect any profits when investing in bitcoin either, especially in dollar terms. When you think of bitcoin as an investment scheme to make more dollars, what you may end up with is lose your money in terms of bitcoin, which is, unlike fiat money, not ephemeral numbers. You don't want to lose your bitcoin because it is scarce and valuable. Bitcoin, as you have correctly noted, is a better alternative to your bank account. The reason it is better is that it cannot be closed, it cannot be stopped, it is always with you in your pocket.

Even we don't like banks to put our money, still it is necessary to do online or I mean through bank transactions to pay bills, foods, delivery, and online shopping. Some shops implement to accept only the payment thought bank. No cash on delivery anymore to avoid the possibly to get covid through fiat payment. Also using banks transaction is convenient way and you can save time.

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It seems good to hear that you had invested in Bitcoin in this pandemic. I had also lost my job this year because of no activity of the office room for pandemic too. That's the reality which happened with many people surroundings us.

On the other hand, you already withdrew your money from the banks. One thing I can say that bank will give you a security for your money and you can also save your money by deposit in bank for future uses. If you want to grab this, you can use your bank account again because you have already an account in bank and just need to deposit money in that wallet.

you just have to be careful not to go all in and fully depend on bitcoin. although i believe in the future of bitcoin and have been investing in bitcoin for some years now but i still can see the volatility and the risk that is involved in this approach.
and when you are trading bitcoin to make profit, you are putting yourself in even bigger risk because of the way this market is and the exchanges that are the much riskier factor. you can easily lose a lot of money overnight if the exchange scams you or gets hacked.

it is very good for this covid 19 pandemic, using savings to invest and trade is a very big risk, before you invest in bitcoin or crypto always use free money that is not made for any purpose

Just remember that investing in bitcoin is not going to give you a constant profit like a job or something it is just an investment where you buy and sell for profit.

Still, I would recommend just invest in bitcoin or making your bitcoin your own bank account other than using saving in a bank where your money is not sleeping and could easily get caught up by inflation.

Also, make sure to make a lot of research before investing as it is not a good time to invest in bitcoin because the market price is just so high but still a good investment for the long term.

It's such a rapid decision by the bank to close the account which doesn't have money. In my country banks keep the accounts, waiting for people to deposit money there after some time. And there's no amount needed to reopen a bank account in Ukraine... I'm glad that trading got you through the tough times, even though it was a risky choice. Please invest with caution because cryptos are volatile and while they may bring money one time, they can easily take it another time. I use both Bitcoin and banking because the latter is where I get my salary and something I can use to pay for food in the supermarket. Unfortunately, Bitcoin is not that adopted as money yet.

Uhh... My advice:
- show your husband / daughter how to walk up to an local BTC atm and cash out.  BTCer iare classified as dangerous occupation. You can go missing or be interrogated by evil doer, so be prepared.

- for larger amount, on quarterly basis train them and bring them out with you to cash out with the store / business / reputable BTC to what-ever-valuable exchanger.  Do not leave them with large sum of cash, it will lead to disaster.

This is not black and white, my fellow Bitcoin'er. You can have a savings account and invest in Bitcoin at the same time. It is all about your personal portfolio allocation.

If you have a family and you rely on your savings to support your dear ones in case you lose your job, I suggest you keep a big chunk of it close by as an emergency fund. If you invest money you need, you will find yourself stressed out all the time by the market fluctuations.

This is just my humble opinion. Please don't take it as a financial advice.

well.. Commercial Banks are not your friends.

Your banking relationship will be adjusted in accordance to amount of BTC you own (own  = your have control over it.  Not on some BTC exchange.  More on this see https://notyourkeys.org/).  Above an certain amount anonymity becomes crucial, if you wish to continue with your goal of accumulating ever more BTC

1) between 0.00000001 - 0.99999999BTC:
- normal banking relationship, perhaps working on getting an separate account to move money in and out of BTC
- 3rd party deposit activities are not related to your normal account.
- slowly working on having around 50% of this in liquid assets (cash, gold, gift cards)

2) between 1 - 19.9999999BTC
- plan on having at least 25% of investment available in various fiat currency for trade
- in order to replace commercial bank, you now should move away from major payment platform like LINE pay, UNION pay, VISA, American Express, Master Card, ETc, and
- increasingly on your daily face to face transactions with people you exchange trade with, be that BTC to cash, cash to gold, gold to BTC, or BTC to daily needs like grocery and services you need (house keeping, tutoring, and dozens and dozens of other uses)
- Begin to invest on separate IT infrastructure with tail, pine phone, tor dead drops to make capturing of your physical location difficult, and implement opsec (privacy screen, mask, gradual trade amount increase) to safe guard your face-to-face daily transactions.

3) between 20 - 199.99999999BTC
- isolating all fiat and electric activities relating to BTC away from commercial bank.
- Help local shops (small convenience stores, ice cream, breakfast and phone or scooter repair shops ) to setup lightening payment wallet like electrum .  Provide them with free "Bitcoin Accepted Here" sticker. This will help you to increase your BTC anonymity and helps out your community with BTC circulation:
    + Provide them with tail enabled laptop with loaded electrum wallet.
    + Have shop owner write down and laminate their 12 word recovery seeds in two places.  Have their spouse or other trusted person hold the 2nd copy.
    + Show them how to open a channel (hit the channel tab), and receive Lightening payments.
    + Provide download QR Code sticker for Android Electrum / Phoenix (https://phoenix.acinq.co) so retail customer can switch to lightening platform.
    + Provide 2:1 match when store cash out, up to 0.1 BTC/month, and gradually fade out to 1:1 at 1BTC/month.  Word will spread.
- live on credit received base on UNION Pay, Taobao, gift cards (VISA/Master) for everyday convenience (gas, shopping, etc)
- Invest on cold wallets like cryptosteel (https://cryptosteel.com/) and do a 2-4 multisig backup for amount in exceeds of 20 BTC
- identify disciples that can help out with BTC circulation to work with local store BTC adoptions.

4) between 200 - 1999.99999999 BTC
+ Cash and valuable logistics: Means to diversify your physical storage locations of your assets, and
+ Advanced location anonymity: Your locations are air_gapped when you trade or exchange BTC
+ Open your own essential business (fresh grocery store, seafood store, electric and computer game gear specialty, local pharmacy) to now hold commercial bank accounts to assist with moving larger funds.  Hiring and pay and reward employee with BTC bonuses.

5) 2000 BTC +

Won't comment on it for safety reasons. /msg me using PGP pubkey and will go from there.

its a really good example how a decentralized currency can help us in hard moments.


So my brother, a advice, is not put all money in btc. look for 50% in other investiment, i dont know what type of normal investment can be good for you, but depending your country maybe have some good investments to you put others 50%.

The problem , with btc, in your situation,  is the price. If price goes down you probably will be on trouble. Maybe split 50% btc in USDT(25%) and BTC(25%), and the rest normal investment.

The moment of btc now is good, but in some down you can get some problems (depending of price).

It's hard to predict if you'll lose money or get some profit. Bitcoin is very risky and volatile, so I don't recommend you to invest all money in the first crypto.