Bitcoin is my Bank - page 7. | Bitcointalksearch.org

carlisle1

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Campaign Management?"Hhampuz" is the Man

Quote from: Alert31 on December 13, 2020, 09:29:50 AM

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.

You have depending your living now in Bitcoin and trading is what you mentioned to be feeding your family in which the riskiest place in crypto space.

Now mind telling us how will you cover the daily living and also same time investing?

Better decide these things when you are already stablished again and can feed your family even when the price of Bitcoin crashed again and go back to 4k$ level.

it is not because the market now is bullying and you seems to be gaining all day long meaning your survival must depend on this.

Remember that the daily needs are constant while the value of crypto doesn't assure us of constantly .

bassbity

sr. member

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unbelievable with your decision to tackle the covid 19 pandemic. Did you invite your family or neighbors to invest in bitcoin too?
if so you have helped others out of the current crisis because it is appropriate for you as a bitcoin user to advise those closest to you to get to know bitcoin and its benefits.

But the problem is if you have let go of conventional banks, does that sound too much? there is nothing wrong with saving money in a conventional bank account. because one day you will keep your funds there for the wholeness to come.

Wysi

sr. member

Activity: 1638

Merit: 261

I am glad Bitcoin has helped you to get your life back on track as you are one of numerous people whose life has been transformed by Bitcoin and crypto currency. But I would suggest you to have a bank account because it's basic requirement to save money because you need fiat in order to survive and you will require bank account at some or the other point of life as we cannot be completely dependent of digital money.

Also, make sure you covert your profit or capital to USDT or any other stable coin in order to secure it from fluctuations. (Subjective)

dimonstration

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Dimon69

It is risky to put all money in Bitcoin and probably stressful when we lose or didn't able to monitored it properly. OP's dedication in doing so can help others to try it too provided they have knowledge in Bitcoin at all. If there are already many stores that accepts btc as payment or crypto mobile app that use in department stores many will probably do it but will still doubt if there is still few who uses it.

Dsdaq

copper member

Activity: 122

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Dsdaq - One Bitcoin, Trade all assets

Bitcoin is a path to freedom, but investing in bitcoin means you are ready to take risk. Also I think you made a good choice because there is enough space for bitcoin grow and double your investment in no time.

Luzin

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I think you need both. First, a bank account for your transactions to save, shop, meet your needs, because the recognition that fiat money can be used throughout the world, transactions are now recognized as being different from Bitcoin. Both your bitcoin wallet / bitcoin account, because you believe in the future of bitcoin, use it as a store for your digital currency. I suggest both because I think we need it.

dizzy1996

full member

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MoonDeFi

Investing in bitcoin is profitable given the latest market trend, but given your situation, I would not recommend keeping all your funds in one asset, as there is always a risk that the asset may disappear and you will lose everything, which is why I advise you to keep part of your funds in fiat currency

coolcoinz

legendary

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I wish I could go completely bankless, but for now some of my bills can only be paid via a bank, or at a post office with cash, which may be troublesome at times since it's 5km from my house. Despite that, I have at least 200x more money in Bitcoin than I have in the bank. The bank is there only as a backup for things I cannot buy with Bitcoin.

Fesatmas

sr. member

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here you have to think rationally. indeed a very good decision you invest your money in bitcoin. but that doesn't mean you have to forget about your money which will later go into a conventional bank account. You have to be realistic in considering what if one day you get sick and no one can withdraw your bitcoins except transferring them through conventional banks.
I think both of them are very important for your future. You live in a country that uses fiat money to transact.

nicecrypto

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Quote from: Alert31 on December 13, 2020, 09:29:50 AM

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.

Your story is sweet and all that but dude you still need a bank account to get by, except in your location you can get all what you need through btc otherwise I will advise you to go open your bank account, just so you know it doesn't stop you from further trading btc,
Having a bank account is still very important to me and I know to many people here as well.

Astvile

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Merit: 276

Quote from: Alert31 on December 13, 2020, 09:29:50 AM

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.

Feel it for your self. As you said you started trading and you are generating good profits from it you now have the momentum to keep on going on trading why not just go at it. Opening a bank is wise, but investing it in bitcoin specially when you are feeling good about it is way better. Opening a bank cost a couple hundreds(may vary in each country and bank) which you can use as capital for more trades and generate more profit.

inanilujimi

sr. member

Activity: 1876

Merit: 259

What I can possibly say for someone like you is extraordinary, you are ready to accept any risk that will happen to your life and your family, hopefully what you want to achieve can be realized with the path you have chosen.

Jating

hero member

Activity: 2842

Merit: 772

On the contrary, there are people in 2017, who quit their day job to focus solely on bitcoin and crypto trading. Unfortunately, we entered a bearish market in 2018-2019 so I really don't know what happen to those individual if they were able to survived the bear market and make money to bring food to the today.

Perhaps you and the rest of newbies you enter the market wherein we are in the bullish trend and you make some decent money even after you lost your job. But let me remind you that there could be worst cases, like I mentioned so you have to take that into consideration. You might want to save for the future if you can.

As the saying goes though, "Be your own Bank" (BYOB) and that's what you are getting into right now. Best of luck in your journey.

Question123

sr. member

Activity: 1624

Merit: 267

Investing in bitcoin is really good and your money will grow but you will need to secure also your future and banks will help you by saving money so instead of having bitcoin only it's better to have both banks and investing to the bitcoin. Once you earn in investing to the bitcoin will you put the profit to the bank. Because bitcoin is risky investment but will give you a good profit but it can cause also your money to lose.

Alert31

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Trident Protocol | Simple «buy-hold-earn» system!

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.

Topic: Bitcoin is my Bank - page 7. (Read 1098 times)