Economic problem, why is fiat difficult to hold. - page 4.

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Quote from: Inwestour on July 15, 2023, 06:08:07 AM

El Salvador even has programs that will allow the best students to get jobs in prestigious companies after training, but what I like most about El Salvador is that the population has the opportunity to store their savings not in fiat but in bitcoin.

This is an advantage when you know that bitcoin is officially supported by the state, and the state contributes to the education of the population, those who wish it. So although Salvadorans can also keep their savings in the US dollar, which is also pretty good at dealing with inflation, but bitcoin can give something more, it can also be a great investment.

Many people may not see concern regarding El Salvador expansion of the country and the adoption of Bitcoin, I love the progress he is having with the people coperation and the adoption of Bitcoin but I have been thinking what will happen to his legacy when he no longer the acting President of El Salvador, election is fast approaching by next which will be by 2024 and some party that don't like him have become anti Bitcoin, using that strategy and games to manipulate people on how Bitcoin is been force as a legal tender instead of been voluntary; that been said.

For now, Elsavador can only contribute only little to their welfare, the investment has been a negative PNL since they resume buying in December, but they will be even when BTC return around $40k but they wouldn't have anything as profit until they wait for $50k and $60k and I don't think they have plan to sell at these minor prices. Before El Salvador will earn from their investment, it will take a lot of time.

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Quote from: icalical on July 15, 2023, 09:55:26 AM

I think this is really related to inflation, we spend more money because the value of the money itself is inflated. That being said, you can blame anyone, the society, capitalism, or anyone who contribute to the inflation that make Fiat money has less value. But it won't change anything, you are the one who has the control over the money that you owned. It is true that as a group of people and humanity, we need to find a solution for this money problem, but as an individual it is our obligation to adapt with inflation and control our spending.

In addition to what you said money has lost its value and we all will always tend to spend more as a result of inflation, even the money you earn does no longer keep up with the expenses, something happened in my region recently about the removal of fuel subsidy, and no action has been taken and this has affected every single thing in the country, the issue of holding fiat is just one difficult one, and the poor are always exploited to make them self richer, and with money, they are in control. just like ants have been controlled once there is sugar available.

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Quote from: chrisculanag on July 15, 2023, 07:34:17 AM

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Quote from: Uruhara on July 14, 2023, 06:35:27 PM

I think it's a story that can indeed inspire anyone who is currently struggling to be able to have a better job and be able to have a better income. In El Salvador there are indeed more and more stories about the lives of its citizens who are getting better after the adoption of bitcoin. because the government there is also quite active in providing literacy related to bitcoin. residents who want to learn bitcoin, of course, have provided a special school there. And it helps the growth of bitcoin adoption among the people there improve.

And it's true that currently learning everything related to digitalization is something that can be expected to help someone's economy. whether it's about digital payments or opening a digital or online-based business. the point is people have to start adapting to all things that lead to today's digital world. Economic growth in the digital arena is growing rapidly. even the government is also focusing on digitizing their government programs for the good of its citizens. included in finance.

Keep in mind that El Salvador is a country that has adopted bitcoin so it is very natural that many stories from its citizens learn about this and they try what has been needed because a country now with bitcoin has been friendly, even if there is a school on bitcoin literacy then El Salvador will be very natural this country has been specialized for its citizens to understand bitcoin because it will be used as a currency that they use every day.

If someone does not follow the development of digitalization then he will be late in his development, business now involves a lot of digital including in various fields even in the restaurant business now uses a lot of digital where they can order food that is delivered to the house or other types of transactions that are so large on the internet.

It is true that almost all sectors have started to adopt digital systems. Included in payments and also in other services. So that people are currently required to learn and adapt to everything related to technological advances, including in the digital world. But there is something very interesting when we talk about digitization, especially in the digital payment system. i.e. nowadays we are used to storing our fiat in digital fiat form. And what I feel right now is that we are becoming more wasteful when storing our fiat in digital fiat form. Especially if we enter the online shopping platform. So now I prefer to avoid logging into online shopping platforms. because sometimes I can't hold myself back from shopping.

You are right, there are many emerging digital fiat platforms that are almost all available in online shopping stores. Because of this, we have the temptation to peek and look at the products that are sold at a low price that we think is right because only a small amount is deducted from our savings until it grows bigger, but you can also avoid spending if you want to. Just dont install the online shopping apps that you know will trick you especially on the days when they have sales.

But if you really can't avoid it, just put your fiat savings in your personal vault bank instead of putting it in your digital wallet that you know might run out. For me it is better to have fiat and digital fiat that you can use if needed.

Nowadays it is difficult to avoid not storing our fiat digitally in a digital fiat wallet. Because currently, I mostly do most of all my transactions through digital fiat wallets. So I always top up my digital fiat wallet regularly. Because even to pay for taxis and others I prefer to go through digital payments because it's more practical. but indeed the consequences behind this convenience and practicality do have an impact on us making it difficult to control finances. But for now I can control my finances. but only occasionally do I get out of control Grin

.

uninstalling online shopping apps is also the most difficult. because the application has also become a tool that helps make it easier for us to shop for our needs every day. yes, this is a dilemma. but what is certain is that we must have definite goals, and we must become motivated and work harder so that we can achieve these goals more quickly.

icalical

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I think this is really related to inflation, we spend more money because the value of the money itself is inflated. That being said, you can blame anyone, the society, capitalism, or anyone who contribute to the inflation that make Fiat money has less value. But it won't change anything, you are the one who has the control over the money that you owned. It is true that as a group of people and humanity, we need to find a solution for this money problem, but as an individual it is our obligation to adapt with inflation and control our spending.

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Quote from: Uruhara on July 15, 2023, 07:08:12 AM

Quote from: ajiz138 on July 15, 2023, 05:44:21 AM

Quote from: Uruhara on July 14, 2023, 06:35:27 PM

I think it's a story that can indeed inspire anyone who is currently struggling to be able to have a better job and be able to have a better income. In El Salvador there are indeed more and more stories about the lives of its citizens who are getting better after the adoption of bitcoin. because the government there is also quite active in providing literacy related to bitcoin. residents who want to learn bitcoin, of course, have provided a special school there. And it helps the growth of bitcoin adoption among the people there improve.

And it's true that currently learning everything related to digitalization is something that can be expected to help someone's economy. whether it's about digital payments or opening a digital or online-based business. the point is people have to start adapting to all things that lead to today's digital world. Economic growth in the digital arena is growing rapidly. even the government is also focusing on digitizing their government programs for the good of its citizens. included in finance.

Keep in mind that El Salvador is a country that has adopted bitcoin so it is very natural that many stories from its citizens learn about this and they try what has been needed because a country now with bitcoin has been friendly, even if there is a school on bitcoin literacy then El Salvador will be very natural this country has been specialized for its citizens to understand bitcoin because it will be used as a currency that they use every day.

If someone does not follow the development of digitalization then he will be late in his development, business now involves a lot of digital including in various fields even in the restaurant business now uses a lot of digital where they can order food that is delivered to the house or other types of transactions that are so large on the internet.

It is true that almost all sectors have started to adopt digital systems. Included in payments and also in other services. So that people are currently required to learn and adapt to everything related to technological advances, including in the digital world. But there is something very interesting when we talk about digitization, especially in the digital payment system. i.e. nowadays we are used to storing our fiat in digital fiat form. And what I feel right now is that we are becoming more wasteful when storing our fiat in digital fiat form. Especially if we enter the online shopping platform. So now I prefer to avoid logging into online shopping platforms. because sometimes I can't hold myself back from shopping.

You are right, there are many emerging digital fiat platforms that are almost all available in online shopping stores. Because of this, we have the temptation to peek and look at the products that are sold at a low price that we think is right because only a small amount is deducted from our savings until it grows bigger, but you can also avoid spending if you want to. Just dont install the online shopping apps that you know will trick you especially on the days when they have sales.

But if you really can't avoid it, just put your fiat savings in your personal vault bank instead of putting it in your digital wallet that you know might run out. For me it is better to have fiat and digital fiat that you can use if needed.

Uruhara

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Quote from: ajiz138 on July 15, 2023, 05:44:21 AM

Quote from: Uruhara on July 14, 2023, 06:35:27 PM

I think it's a story that can indeed inspire anyone who is currently struggling to be able to have a better job and be able to have a better income. In El Salvador there are indeed more and more stories about the lives of its citizens who are getting better after the adoption of bitcoin. because the government there is also quite active in providing literacy related to bitcoin. residents who want to learn bitcoin, of course, have provided a special school there. And it helps the growth of bitcoin adoption among the people there improve.

And it's true that currently learning everything related to digitalization is something that can be expected to help someone's economy. whether it's about digital payments or opening a digital or online-based business. the point is people have to start adapting to all things that lead to today's digital world. Economic growth in the digital arena is growing rapidly. even the government is also focusing on digitizing their government programs for the good of its citizens. included in finance.

Keep in mind that El Salvador is a country that has adopted bitcoin so it is very natural that many stories from its citizens learn about this and they try what has been needed because a country now with bitcoin has been friendly, even if there is a school on bitcoin literacy then El Salvador will be very natural this country has been specialized for its citizens to understand bitcoin because it will be used as a currency that they use every day.

If someone does not follow the development of digitalization then he will be late in his development, business now involves a lot of digital including in various fields even in the restaurant business now uses a lot of digital where they can order food that is delivered to the house or other types of transactions that are so large on the internet.

It is true that almost all sectors have started to adopt digital systems. Included in payments and also in other services. So that people are currently required to learn and adapt to everything related to technological advances, including in the digital world. But there is something very interesting when we talk about digitization, especially in the digital payment system. i.e. nowadays we are used to storing our fiat in digital fiat form. And what I feel right now is that we are becoming more wasteful when storing our fiat in digital fiat form. Especially if we enter the online shopping platform. So now I prefer to avoid logging into online shopping platforms. because sometimes I can't hold myself back from shopping.

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Quote from: Uruhara on July 14, 2023, 06:35:27 PM

I think it's a story that can indeed inspire anyone who is currently struggling to be able to have a better job and be able to have a better income. In El Salvador there are indeed more and more stories about the lives of its citizens who are getting better after the adoption of bitcoin. because the government there is also quite active in providing literacy related to bitcoin. residents who want to learn bitcoin, of course, have provided a special school there. And it helps the growth of bitcoin adoption among the people there improve.

And it's true that currently learning everything related to digitalization is something that can be expected to help someone's economy. whether it's about digital payments or opening a digital or online-based business. the point is people have to start adapting to all things that lead to today's digital world. Economic growth in the digital arena is growing rapidly. even the government is also focusing on digitizing their government programs for the good of its citizens. included in finance.

El Salvador even has programs that will allow the best students to get jobs in prestigious companies after training, but what I like most about El Salvador is that the population has the opportunity to store their savings not in fiat but in bitcoin.

This is an advantage when you know that bitcoin is officially supported by the state, and the state contributes to the education of the population, those who wish it. So although Salvadorans can also keep their savings in the US dollar, which is also pretty good at dealing with inflation, but bitcoin can give something more, it can also be a great investment.

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Quote from: Uruhara on July 14, 2023, 06:35:27 PM

I think it's a story that can indeed inspire anyone who is currently struggling to be able to have a better job and be able to have a better income. In El Salvador there are indeed more and more stories about the lives of its citizens who are getting better after the adoption of bitcoin. because the government there is also quite active in providing literacy related to bitcoin. residents who want to learn bitcoin, of course, have provided a special school there. And it helps the growth of bitcoin adoption among the people there improve.

And it's true that currently learning everything related to digitalization is something that can be expected to help someone's economy. whether it's about digital payments or opening a digital or online-based business. the point is people have to start adapting to all things that lead to today's digital world. Economic growth in the digital arena is growing rapidly. even the government is also focusing on digitizing their government programs for the good of its citizens. included in finance.

Keep in mind that El Salvador is a country that has adopted bitcoin so it is very natural that many stories from its citizens learn about this and they try what has been needed because a country now with bitcoin has been friendly, even if there is a school on bitcoin literacy then El Salvador will be very natural this country has been specialized for its citizens to understand bitcoin because it will be used as a currency that they use every day.

If someone does not follow the development of digitalization then he will be late in his development, business now involves a lot of digital including in various fields even in the restaurant business now uses a lot of digital where they can order food that is delivered to the house or other types of transactions that are so large on the internet.

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Quote from: AicecreaME on June 22, 2023, 09:20:52 AM

It's difficult to hodl fiat if you're the type of person that loves impulsive buying, shopping online, always eating outside, buying branded clothes and shoes, etc. In order to spend your money on the right things, you have to be matured enough to endure your thoughts on buying the things you want, instead focus on the things you need. Keep track on your expenses, budget your fiat, only buy things you wanted if you really have extra cash for it and don't do it always.

And that is one way to fight the name of waste where unnecessary budget slots are removed, I think it's pretty good if applied. But what is called desire is sometimes beyond our own reasoning and sometimes unstoppable. Saying it is easy, but if you do it, it feels a bit difficult, especially if someone's type of life is already glamorous

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Quote from: Inwestour on July 14, 2023, 11:08:20 AM

Quote from: Uruhara on July 14, 2023, 08:06:29 AM

because even among them there are still many who do not have smart phones that support digital payments. or even they don't have time to learn about digital money. they just focus on working every day to make money.

It would be worth learning about digital money and trying to study this issue properly, it can be life changing. I recently read the story of a guy from El Salvador who was just a construction worker, but one day he learned about bitcoin and became so fascinated by it that he took a cryptocurrency course and eventually became a teacher.

A great example of how bitcoin can change people's lives.

I think it's a story that can indeed inspire anyone who is currently struggling to be able to have a better job and be able to have a better income. In El Salvador there are indeed more and more stories about the lives of its citizens who are getting better after the adoption of bitcoin. because the government there is also quite active in providing literacy related to bitcoin. residents who want to learn bitcoin, of course, have provided a special school there. And it helps the growth of bitcoin adoption among the people there improve.

And it's true that currently learning everything related to digitalization is something that can be expected to help someone's economy. whether it's about digital payments or opening a digital or online-based business. the point is people have to start adapting to all things that lead to today's digital world. Economic growth in the digital arena is growing rapidly. even the government is also focusing on digitizing their government programs for the good of its citizens. included in finance.

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Quote from: teosanru on June 22, 2023, 11:17:35 AM

Quote from: Stepstowealth on June 22, 2023, 09:08:47 AM

Why is money at hand difficult to hold? I usually find it difficult to keep track of money anytime I have cash at hand, I make plans to hold money, but It never stays because something always demands the money, it is even so bad now that money kept in my account is also now being affected due to expenses. This is not something that happens to only me, I know that because of how money can easily be spent, many people now decide to avoid having cash, avoid taking ATM cards from their banks and also avoid activating USSD or internet banking, but is that really a long term solution? I blame myself a lot for spending so much and being irresponsible with money, but in your opinion, do you think that the soceity is contributing to the high and many expenses making money not to stay or is it just a bad habit I have?

This is very true. It's our habit only. Just assess the situation that you had previously with limited money in hand. Will you be borrowing money? Or will you be okay? If you would be okay then you are spending money in a wrong way but if you might have to borrow money eventually then you are right it's just the expenses that you have are unavoidable and absolutely necessary and you need to raise up your income in this scenario to ensure savings.

Instill don't get it while fiat will be difficult to hold. Maybe it could be in the position of holding it for long but I am sure that the bank is always there for us to keep our money and spend it whether we want. If we are tired of holding fiat then we can use the money to buy cryptocurrency and keep it in our wallet for as long as we want. There is nothing hard converting our fiat to cryptocurrency and that can even make us to make more money.

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Quote from: Stepstowealth on June 22, 2023, 09:08:47 AM

I blame myself a lot for spending so much and being irresponsible with money,

This is the first point you need to understand and now that you have identified it, you can now start planning how to make yourself better with money. You can't keep giving yourself excuse that you are not the only one not good with spending money because it is a personal decision and not group. Train yourself on how to manage your income.

Quote from: Stepstowealth on June 22, 2023, 09:08:47 AM

but in your opinion, do you think that the soceity is contributing to the high and many expenses making money not to stay or is it just a bad habit I have?

No I don't think the society contribute to high level of expenses that people incur. The economic hardship is rather making people to adjust. Spending irrational is the reason people are having bills hanging their neck.

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Quote from: Stepstowealth on June 22, 2023, 09:08:47 AM

Why is money at hand difficult to hold? I usually find it difficult to keep track of money anytime I have cash at hand, I make plans to hold money, but It never stays because something always demands the money, it is even so bad now that money kept in my account is also now being affected due to expenses. This is not something that happens to only me, I know that because of how money can easily be spent, many people now decide to avoid having cash, avoid taking ATM cards from their banks and also avoid activating USSD or internet banking, but is that really a long term solution? I blame myself a lot for spending so much and being irresponsible with money, but in your opinion, do you think that the soceity is contributing to the high and many expenses making money not to stay or is it just a bad habit I have?

I also notice that if we hold our money we can easily be tempted to go shopping or spending it in the things that is not so very important to us, maybe it is because it is in our hands, for me the solution is also in our hands if we spend the money to make a good business i am sure that it will never be lost because it will bring us back the capital and the profit if we found a good business that fit on our status specially when we are still in the beginning of a business journey.

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Quote from: Uruhara on July 14, 2023, 08:06:29 AM

because even among them there are still many who do not have smart phones that support digital payments. or even they don't have time to learn about digital money. they just focus on working every day to make money.

It would be worth learning about digital money and trying to study this issue properly, it can be life changing. I recently read the story of a guy from El Salvador who was just a construction worker, but one day he learned about bitcoin and became so fascinated by it that he took a cryptocurrency course and eventually became a teacher.

A great example of how bitcoin can change people's lives.

Quote from: Kimonoe on July 14, 2023, 08:29:50 AM

mindset that must be changed to be rich. no matter how much our income is, it would be better to set aside a little to invest, so that in the future it will make our life better. it's different with people whose economic capacity is below, they have little money most of them will spend it on something that is actually less needed. therefore many people from the lower economic background stagnate in that position. another thing for rich people who can't seem to let money go idle, they look for ways to develop that money, on the other hand environmental factors greatly affect their mindset

Money can allow you to make even more money, but this rule does not work for everyone. I read stories about celebrities who tried to open restaurants failed, which means that having a lot of money, not everyone can increase them, for this you also need to have certain knowledge.

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Managing money and developing financial habits is a process. By experiencing and learning from failures and challenges, we can gain valuable lessons and form a long-term mindset about personal finance.

Do an accurate self-assessment and determine what really matters to you. Personal values and goals will help you develop sustainable thinking and action in managing your money.

It's important to make sure your personal wishes are strong and sincere. This will ensure that you stay motivated and steady in your money management process and create a better financial life in the future.

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Quote from: Stepstowealth on June 22, 2023, 09:08:47 AM

Why is money at hand difficult to hold? I usually find it difficult to keep track of money anytime I have cash at hand, I make plans to hold money, but It never stays because something always demands the money, it is even so bad now that money kept in my account is also now being affected due to expenses. This is not something that happens to only me, I know that because of how money can easily be spent, many people now decide to avoid having cash, avoid taking ATM cards from their banks and also avoid activating USSD or internet banking, but is that really a long term solution? I blame myself a lot for spending so much and being irresponsible with money, but in your opinion, do you think that the soceity is contributing to the high and many expenses making money not to stay or is it just a bad habit I have?

Have you ever wondered how satisfied you are with spending in your life? The things you know and the things you know are balanced, for example, you want to eat well and dress well, but your low and moderate income conditions keep you from getting what you want. The spending plan I think most of us make mistakes is because greed overshadows everything, even as myself before, although I am also a person with a fairly large income, then the letting go of the fun gradually drained my finances and I kept coming back to do more things to fulfill that joy, when I realized those mistakes and reset my spending behavior, I see everything back to balance and need to have backup funds to avoid falling into awkward situations that make life difficult and deadlocked.

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Quote from: Stepstowealth on June 22, 2023, 09:08:47 AM

do you think that the soceity is contributing to the high and many expenses making money not to stay or is it just a bad habit I have?

It seems like you're facing some issues. I completely understand the lifestyle choices of certain individuals that may serve as examples for others. There are those with smaller incomes but larger expenses compared to those with higher salaries. This reality is quite evident within my surroundings, and I'm particularly suspicious of each person's behavior.

Individuals with standard incomes tend to spend more on consumptive activities. They rarely consider investments and the future. They only accumulate money when they plan for something significant.

On the other hand, wealthy individuals tend to be unable to adopt consumptive habits. Wise thinking greatly influences one's financial flow.

I always remind myself of my principle, which is, "I am the only one responsible for myself." Try to resist indulging in something that leads to extravagant spending. If you cannot track which expenditures are overly excessive, you can start recording every expense and income you make. It is better than saving without any particular reason.

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Quote from: Kimonoe on July 14, 2023, 08:29:50 AM

mindset that must be changed to be rich. no matter how much our income is, it would be better to set aside a little to invest, so that in the future it will make our life better. it's different with people whose economic capacity is below, they have little money most of them will spend it on something that is actually less needed. therefore many people from the lower economic background stagnate in that position. another thing for rich people who can't seem to let money go idle, they look for ways to develop that money, on the other hand environmental factors greatly affect their mindset

The mindset of the rich and the poor is of course very different, even though they try to invest by setting aside a little money. Because poor people always have to set aside the money they get every day to be able to invest in the long term, whereas for those who are already rich it's easier to manage because they only use idle money by not having to set aside more of the money they earn a day -day. This is what makes the difference in terms of mindset with the same goal, namely investment.

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Quote from: SmartGold01 on July 13, 2023, 06:26:57 PM

I don't know but I think myself also experiencing same thing as well the worst part of it is that holding at hand for a specific purpose if that purpose weren't accomplished within the 2 to 3 days I would end up using that money for other thing that I think is more valuable than what I planned to run with the money before.
When you hold ATM card thinking you won't touched the ones stored in your account you may still found out that same money you've been something else have been used for another refer purpose at times is very annoying seeing yourself ending up doing something you didn't even place in your budget for that week/Months.

That is really a huge problem; it is like you can't control yourself because you keep spending it, but again, I am also the same with that; sometimes intended money is spent on other stuff, which I regret afterwards, but having control over your money and being able to save it for later use is best, unless you are doing some groceries but are caught short because of the price of foods, which is when you need to re-adjust your budget. It is really best not to spend your money on something intended for you, as you'll be out of budget before your salary comes.

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Quote from: Inwestour on July 14, 2023, 07:54:33 AM

Quote from: Uruhara on July 13, 2023, 06:24:38 PM

Well, the higher the price of goods on the market, the lower the price value of a fiat. That is why those holding fiat will increasingly lose value due to eroded inflation. But holding fiat cash is sometimes necessary for emergencies because it's easy to use. And yes, for the lower classes of society at this time they are only struggling to survive by meeting their daily basic needs. Everything they buy is essential things for survival like food for example. for the middle and upper class, maybe they can still overcome the current conditions. and they can still invest and save. because the middle and upper class usually always produce more than what they need to buy. It's just that there are also middle class people who live extravagantly and always buy things they don't really need.

Therefore, the poor do not have to worry about holding fiat and how best to do it, because they simply do not have that much fiat, since they spend everything on food and basic necessities.

Those who can save something will keep fiat, at least some part in the national currency, and some reserve in a more stable currency. And other funds will be invested somewhere, either in a business or in real estate, this has always been a good decision, as it will contribute to further income. For the rich, there will be an even greater opportunity to diversify their finances, perhaps into gold or bitcoin, as their income may allow them to do so. The more you can distribute investments in different directions, the more protected you will be.

mindset that must be changed to be rich. no matter how much our income is, it would be better to set aside a little to invest, so that in the future it will make our life better. it's different with people whose economic capacity is below, they have little money most of them will spend it on something that is actually less needed. therefore many people from the lower economic background stagnate in that position. another thing for rich people who can't seem to let money go idle, they look for ways to develop that money, on the other hand environmental factors greatly affect their mindset

Topic: Economic problem, why is fiat difficult to hold. - page 4. (Read 1330 times)