Can one achieve financial independence through crypto currency? - page 8.

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Quote from: Sayeds56 on February 12, 2023, 06:02:31 AM

The popularity of crypto currencies has been on the rise in recent years and many people are drawn to them as a means to achieveing goal of financial freedom.
Additionally, the decentralization and global nature of crypto currencies like Bitcoin, Ethereum and others, have made them an attractive option for those who want to take control their financial future and want to avoid traditional banks and financial institutions. They can also provide hedge against inflation and currency devaluation.

Given these factors, the dream of financial freedom can come true by using crypto currency?

No. cryptocurrencies can be a means to invest, protect themselves (hypothetically) from inflation, but neither more nor less can be compared to one currency like another.
Financial freedom does not come from owning 1 cent of btc...maybe in 100 years but not immediately.
Much important I would be very careful and throw stablecoins and altcoins into the same group with btc ...

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Quote from: Sayeds56 on February 12, 2023, 06:02:31 AM

The popularity of crypto currencies has been on the rise in recent years and many people are drawn to them as a means to achieveing goal of financial freedom.
Additionally, the decentralization and global nature of crypto currencies like Bitcoin, Ethereum and others, have made them an attractive option for those who want to take control their financial future and want to avoid traditional banks and financial institutions. They can also provide hedge against inflation and currency devaluation.

Given these factors, the dream of financial freedom can come true by using crypto currency?

In my opinion, it's only in their mindset and how they use the Crypto they have, someone will achieve financial freedom if they know how to use their Cryptocurrency perfectly, and they will fall back into poverty if there is an error in using their Crypto too. I think Crypto is just the object, if the management is correct then that person will achieve financial independence through digital currency.

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Quote from: Moneyprism on February 14, 2023, 06:13:06 AM

in theory cryptocurrencies can provide financial freedom to users,, because the Defi system has provided long-term rewards to stakers ..

You cannot achieve financial freedom by locking your crypto up because you want to earn interest through doing that, by merely locking your funds up that way you aren't in control of the funds anymore, you can either be scammed easily or the platform in which you've staked your coins could fold up and that would signal the end of your money.

Quote

however, in practice this is difficult to happen because many Defi projects are scams and don't pay their stakers, and Defi projects that still pay their users no longer provide the high rewards they promised at the start

That is exactly why you should stay away from them. If you want to earn long term ROI on crypto, you should buy Bitcoin through DCA and hold it for a couple of years, that way you'd be in control of your coins as well as the ROI accrued.

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There are some factors into it.

Where are you living? If you're living in a third world country, then a small profit for other people might be large to you already. If that's the case then you can achieve it faster than those who are in a different country like those in the first world countries. Another one is time-frame. How many years are you willing to hold your cryptocurrencies? 1 year? 3 years? 5 years? Achieving financial independence takes time and when I mean it takes time, normally it takes 5-10 years depending on some factors like when did you bought your cryptocurrencies and when did you sold it. Your mindset is also one. If you think that cryptocurrency is a quick rich scheme then better invest in those HYIP's out there.

Financial independence thru cryptocurrency is definitely achievable. I've seen some people here in the forum, and online and for sure those early adopters whose lives are changed because of cryptocurrencies.

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The thing about crypto that everybody talks about is control, unlike traditional money which has somebody else pulling the strings in trying to control inflation,money supply, import & export of goods you name it...crypto has less drama of this, and no third party will have this control over your crypto assets.

Besides when it comes to bitcoin and other altcoins, when nobody knows about your crypto stash it will remain as is but with traditional money someone can dig up your loot if its in the banking system and what not and this is the financial independence and peace of mind you get with cryptocurrencies.

Quote from: mvdheuvel1983 on February 12, 2023, 07:25:30 AM

Quote from: Sayeds56 on February 12, 2023, 06:02:31 AM

Given these factors, the dream of financial freedom can come true by using crypto currency?

If you approach cryptocurrency with the right mindset, you will achieve financial freedom,

Right mindset..ummm this is giving me ideas and what happens if you choose to keep money in crypto to hide your financial well being and avoid

prying eyes when you get to keep money at a bank and probably choose not to contribute towards your tax and whatnot...is this the right mind you were referring to lol Grin

GeorgeJohn

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I'm responding to this thread through the subheading, from the beginning of cryptocurrency it's obvious that it's independent, my reason to portray such is that government have no power of Bitcoin price, so whoever that is investing in Bitcoin is independent for financial situation. Trading of cryptocurrency and long term investment and Short term investment of cryptocurrency are independent.

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Quote from: Sayeds56 on February 12, 2023, 06:02:31 AM

The popularity of crypto currencies has been on the rise in recent years and many people are drawn to them as a means to achieveing goal of financial freedom.
Additionally, the decentralization and global nature of crypto currencies like Bitcoin, Ethereum and others, have made them an attractive option for those who want to take control their financial future and want to avoid traditional banks and financial institutions. They can also provide hedge against inflation and currency devaluation.

Given these factors, the dream of financial freedom can come true by using crypto currency?

I guess a lot have proven it already that they are gaining financial independence with crypto that is why most of the people nowadays are now starting to explore the crypto market hoping one day they can invest with the right projects that will eventually give the decent amount of profits. However, it’s also a certain thing that crypto is not just about making profits and gaining financial freedom, it can also make your whole life into a roller coaster ride and end up financially broken if you invest in the wrong way.

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Quote from: Sayeds56 on February 12, 2023, 06:02:31 AM

The popularity of crypto currencies has been on the rise in recent years and many people are drawn to them as a means to achieveing goal of financial freedom.
Additionally, the decentralization and global nature of crypto currencies like Bitcoin, Ethereum and others, have made them an attractive option for those who want to take control their financial future and want to avoid traditional banks and financial institutions. They can also provide hedge against inflation and currency devaluation.

Given these factors, the dream of financial freedom can come true by using crypto currency?

It is possible to achieve this goal, but if I were to take a guess only a very small number of investors will be able to do this, and this is because of the mistaken expectations most people have out of this market, there are many investors interested in achieving financial freedom thanks to this market, but they expect to invest a few dollars and make millions, and this is not possible, anyone which will reach their dreams of financial freedom is probably already on their way to achieve this goal, and the market of cryptocurrencies will at best accelerate this process.

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Quote from: Sayeds56 on February 12, 2023, 06:02:31 AM

Given these factors, the dream of financial freedom can come true by using crypto currency?

I think the answer to this question is more on this positive side, so yes, crypto currency can indeed provide financial independence to those who are lucky to find the right project and invest in it early enough, those who invested in bitcoin in its early days and maybe held it to 2017 or maybe they still hold it even to today, as long as such individual have access to his or her bitcoin, I bet you that such person have achieved financial independence, And so it is with those that discovered and invested in Ethereum, Binance coin, Solana and many other top crypto currencies.
Atleast, i know some individuals here in my country that are super and extremely rich, and how did they attain such a status in financial independence? its through crypto currency.

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Quote from: Davian144 on February 14, 2023, 09:27:31 AM

Quote from: Moneyprism on February 14, 2023, 06:13:06 AM

in theory cryptocurrencies can provide financial freedom to users,, because the Defi system has provided long-term rewards to stakers .. however, in practice this is difficult to happen because many Defi projects are scams and don't pay their stakers, and Defi projects that still pay their users no longer provide the high rewards they promised at the start

The real DeFi project is a long-term dedicated project and if for now it's no longer paid higher I think that's a very reasonable thing, because the project only implements bigger payments at the promotion stage. Meanwhile, when it is as well known as it is now, of course the payments will always be equalized so it shouldn't be considered a problem.

In addition, a scam DeFi project is a fake project that is only created by a group of people when the original DeFi project has been born or already exists. So a group of irresponsible people can simply copy the basic framework to create a new project. But for matters of financial freedom that have been discussed in this topic, I see it not towards the DeFi project, but more towards everyone who can make money continuously so that everyone can feel financial freedom even though they are not working in a government agency in their country.

yes you are right,, and that's why I said that "in theory" a project like Defi can provide financial freedom,, because it provides passive income to its stakers and with this passive income its stakers should be able to achieve financial freedom, but due to the current state of the crypto market down, it makes the rewards from staking on Defi no longer reliable for the stakers because they are small .. if only the reward was high, surely there would be many people who achieved financial freedom from staking crypto

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You will get different answers depending on how you approach cryptocurrency. You can fulfill your dream of financial freedom if you approach Cryptocurrencies in a non-greedy way. Approach Cryptocurrency slowly, choose assets that have strong fundamentals and do it gradually.
Greedy people are more likely to sink into the pit of loss because they approach Cryptocurrencies in the wrong way. It takes strategy and patience in Cryptocurrency to realize the dream of financial freedom.

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Quote from: Sayeds56 on February 12, 2023, 06:02:31 AM

Given these factors, the dream of financial freedom can come true by using crypto currency?

Yes! In fact, financial freedom / financial independence is the desire of anyone, everyone wants to plan, build, and achieve their own goals to achieve financial freedom as soon as possible. I also don't want to be dependent on anyone, want to do what I like. My plan is to do it all, build a suitable, serious and clear investment strategy. Wide range of investment options including stocks, cryptocurrencies and real estate. I think it is not necessary to set up a separate type/plan, but to combine them in a reasonable and timely manner. Bitcoin and cryptocurrencies make my plan much more varied in my quest for and towards financial freedom. I hope and wish everyone here will achieve financial freedom in bitcoin/crypto

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Quote from: Sayeds56 on February 12, 2023, 06:02:31 AM

~

You still need a job regardless. Yeah, we all know that crypto has been not just on the rise, but also popular throughout the recent years especially when we're talking about decentralized investment like Bitcoin though we should consider how volatile its price can be at any time and that is not really something you wanted when we're aiming for financial freedom.

You can't be financially free with something that is volatile. It's quite contradictory. Crypto ain't going to give it all to you.

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Quote from: Moneyprism on February 14, 2023, 06:13:06 AM

in theory cryptocurrencies can provide financial freedom to users,, because the Defi system has provided long-term rewards to stakers .. however, in practice this is difficult to happen because many Defi projects are scams and don't pay their stakers, and Defi projects that still pay their users no longer provide the high rewards they promised at the start

The real DeFi project is a long-term dedicated project and if for now it's no longer paid higher I think that's a very reasonable thing, because the project only implements bigger payments at the promotion stage. Meanwhile, when it is as well known as it is now, of course the payments will always be equalized so it shouldn't be considered a problem.

In addition, a scam DeFi project is a fake project that is only created by a group of people when the original DeFi project has been born or already exists. So a group of irresponsible people can simply copy the basic framework to create a new project. But for matters of financial freedom that have been discussed in this topic, I see it not towards the DeFi project, but more towards everyone who can make money continuously so that everyone can feel financial freedom even though they are not working in a government agency in their country.

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Quote from: Sayeds56 on February 12, 2023, 06:02:31 AM

Given these factors, the dream of financial freedom can come true by using crypto currency?

Not really but we can consider this as one contributor to our financial freedom.
Looking for financial freedom can't just get solely to crypto investment but this can only be possible when having multiple sources of income. With the volatility of the market, it was found to be a riskier investment that couldn't guarantee assurance which is why some people will say that crypto investment is not a passive investment.

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Quote from: Moneyprism on February 14, 2023, 06:13:06 AM

in theory cryptocurrencies can provide financial freedom to users,, because the Defi system has provided long-term rewards to stakers .. however, in practice this is difficult to happen because many Defi projects are scams and don't pay their stakers, and Defi projects that still pay their users no longer provide the high rewards they promised at the start

But to hard to find long term platform and those who exist promise a good platform together with good profitability is a scam. Maybe for now its hard to find financial independence on cryptocurrency not unless if you have skills to offer and you have many works gotten from multiple clients around the world. But if you are just relying on luck to win on tradings or investing on Defi,NFT or whatever projects maybe its so hard to get in that status.

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This is literally the reason why I am in crypto. I hope to one day have financial independence at a level where I no longer worry about money and I won't stop working until that day. I need to have at least a million dollars to never worry about money every again, probably more than that as well, because I do not feel like it is enough, and anything bad in my life could ruin that and I need a backup plan.

But, the whole idea of crypto for me is to have enough bitcoins in my portfolio that turns into a big enough number one day. So far, crypto is working as per my expectation like it could make me richer or like at least an average employee to be retiring with decent money for rest of life.

Moneyprism

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in theory cryptocurrencies can provide financial freedom to users,, because the Defi system has provided long-term rewards to stakers .. however, in practice this is difficult to happen because many Defi projects are scams and don't pay their stakers, and Defi projects that still pay their users no longer provide the high rewards they promised at the start

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Investing in cryptocurrency might not give you the financial independence that you seek. The conditions in which you can attend financial independence through cryptocurrency is when you have so many cryptocurrencies related skills that you will do work for people and they will pay you.
Again when you are a professional trader you could make financial independence through cryptocurrency.
Another set of people are people that are willing to gamble with altcoins, they may lose them all or be lucky to get x10, x20 etc

Quote from: Sayeds56 on February 12, 2023, 06:02:31 AM

Additionally, the decentralization and global nature of crypto currencies like Bitcoin, Ethereum and others,

Bitcoin is the only decentralized cryptocurrency. Etheruem does not belong here.

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The idea that bitcoin and crypto exist enough to give you a sense of financial freedom and that's so true and truly unlike anything anyone else has, and also for those involved especially the old ones it's unprecedented. Even beyond expectations, it turns out that bitcoin or crypto is a gift for those who can manage it.
And I'm talking about financial freedom that is not restricted by governments and banks, because we are in complete control of it ourselves.

So I'm going to end on a positive note here and say yes, that bitcoin and cryptocurrencies are the pathway to a new kind of financial freedom, but freedom of thought is just as much freedom of money.

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