I don't believe you, and it sounds like a fairytale to me. Living entirely off bitcoin is doable and some people do it, but it requires a lot of work and very much depends on where you live. You need merchants and trading partners willing to accept your digital coins. It's much easier finding those in The States than in a poor Asian or African country. Every-day spending on food and supplies is easier with cash than with bitcoin. Then you have bills and taxes.
The one person I read about who lives entirely off bitcoin is based in Canada. He shops with merchants that accept crypto, buys a lot of gift cards, and turns to Bitcoin ATMs and friends when he needs cash. So even if he earns and spends crypto, he needs cash from time to time, and a lot of the spending is through payment processors that exchange your BTCs to fiat immediately.
Topic: I hardly have up to $100 again in all my fait bank accounts since I joined BTT - page 3. (Read 572 times)
November 19, 2022, 06:28:17 AM
November 19, 2022, 06:15:18 AM
Both Bitcoins and Centralised banks have advantages over each other. You can’t transfer Bitcoins to all, as there is a high chance that the user might not been using Bitcoins. So in case of any emergency, if you don’t have hard cash or fiat, then converting BTC into Fiat will take a whole lot of time. Also Bitcoins aren’t legalised at many places, so you can’t use Bitcoins there and hence Fiat is required to maintain daily needs.
What did you mean here? are you talking about direct P2P trade? why you need to force yourself to convert your coin to fiat via P2P trade? you can still use P2P platform, centralized exchange, or decentralized exchange. Just look on 24 hours Bitcoin trade [1], it's really huge and there's many people who willing to sell their Bitcoin everyday! As long as the countries accept Bitcoin as a legal tender, you wouldn't find it's difficult to pay with Bitcoin.[1] https://coinmarketcap.com/currencies/bitcoin/markets/
November 19, 2022, 06:06:43 AM
But that is not only all, in my country, the fiat is highly devaluing and getting more worthless as usual, the inflation rate is increasing leading to reducing purchasing power. That has been the reason many people do not prefer fiat but prefer bitcoin, while also that if bitcoin is probably investment on, can give profit. No one can invest in fiat because it always devalues.
Good point and you can add over-taxation of fiat balance because most times, I have gotten notifications on deductions from my account but I don't experience the same with my Bitcoin balance unless I initiate a transaction that is when I will be charged some Satoshi for network fees.Know this and know peace! With Bitcoin, the bank or government does not have access to your money, but with a bank balance, you don't have the right over your money the bank and government do that is why there can take any amount and give you what is left.
November 19, 2022, 04:59:45 AM
Both Bitcoins and Centralised banks have advantages over each other. You can’t transfer Bitcoins to all, as there is a high chance that the user might not been using Bitcoins. So in case of any emergency, if you don’t have hard cash or fiat, then converting BTC into Fiat will take a whole lot of time. Also Bitcoins aren’t legalised at many places, so you can’t use Bitcoins there and hence Fiat is required to maintain daily needs. I am glad that you loved Bitcoins so much and making each and every investment on it, but yes without Fiat, life won’t be easy, atleast in these current situations.
November 19, 2022, 04:44:29 AM
over 99.99% of my money is now in Bitcoin.
Is it 99.99% of your money or your net-worth? I used to be like this too but that was majority of my net-worth which scared me because I realized I haven't diversified well enough. Which is why I have been trying to focus more on diversification. Despite my belief in bitcoin's long term potential, my total net-worth is in real estate, gold and bitcoin with the later having the most percentage. I have not found any other viable "asset" that is stand-alone and can be trusted enough for me to invest in yet. 
November 19, 2022, 04:30:05 AM
It's really a bad idea to store all your assets in bitcoin, even daily spending money. Bitcoin is an asset class that is resistant to inflation but it is only suitable for the long term and not for the short term. An example: if you hold fiat currency since inflation occurred so far your fiat currency will not lose so much value but if you hold bitcoin at $69k, your asset will lose 75% of its value from the current price. In this case, fiat wins bitcoin.
Don't idolize one thing too much, to make life easier, try to manage it all appropriately.
Don't idolize one thing too much, to make life easier, try to manage it all appropriately.
I agree 100% with this.
We have examples of people on the forum who are in my opinion overexposed to Bitcoin, although it depends on each individual case. If your net worth is $100M, you can have 95% of it in Bitcoin. For laughable net worths, I would start by accumulating cash, 3-6 months reserve of expenses readily available, either in cash at home or in a bank account that you can spend or withdraw from an ATM. That's what people call an emergency fund. From there I would go on to build investments. Actually that's what I did in the past and nowadays I keep adding to my investments having financial peace.
I don't have issues with my daily expenses, this is about planning, and I have carefully table out my plans before doing this. I've been in the world of investment for a while now, I don't see any immediate issue for now.
Having only $100 risks you having to sell at a loss if you have an unforeseen event that costs you money, and, besides, I do not know if you expect to have everything in Bitcoin to give you future returns like those of the first cycles. I doubt it, and what is happening in this cycle should make us think along those lines.
Although everyone does what he wants with his money, so I end up giving you good luck.
November 19, 2022, 04:18:38 AM
Like play, I realized I hardly have $100 (conversion) as my total fiat balance in all my bank accounts, over 99.99% of my money is now in Bitcoin. I was slightly using Bitcoin before joining BTT, but this forum has made me a proudly addicted user of Bitcoin (payment, trading and investments). This is a good addition because I am making more money with them unlike the fiat in banks that will just be useless for me and useful for the bank.
I like your how passionate you are about bitcoin. I just hope that the over 99.99% of your money which is now in Bitcoin is not in a centralized exchanged because it is just as good as still having your fait in your local bank account. Incase you don't consider using a cold storage wallet in keeping your coins. Remember that caveat with centralized changes- if it not your keys, it is not your coins.This thinking is not wise at all, so what will happen if you need money for something urgent, such as unexpected bills, a family visit, a sudden accident, torrential rains, a hurricane and other environmental conditions, a fire near you?
Maybe you don't know how cryptocurrency dealings work. I could make as many transfers as possible to my fiat a day if I want. There are days I convert to fiat more than 3 times in a day, so that is not an issue. With about $100 in my bank account, I would still be capable of my/family's immediate needs. It was a well-thought of plan.It's really a bad idea to store all your assets in bitcoin, even daily spending money. Bitcoin is an asset class that is resistant to inflation but it is only suitable for the long term and not for the short term. An example: if you hold fiat currency since inflation occurred so far your fiat currency will not lose so much value but if you hold bitcoin at $69k, your asset will lose 75% of its value from the current price. In this case, fiat wins bitcoin.
To me having upto $100 with fiat is still a bad omen to me since I've realised bitcoin and how to be decentralized with it, bit only for the case of the need to exchange currency for daily expenses is what can make one to have such amount in fiat, I will also admonish that you also maintain decentralization with your bitcoin preferred by not falling the hands of another modernized centralized exchanges similar to fiat banks, bit rather completely go decentralized with your bitcoin in using a decentralized exchange, hardware wallet, or running a bitcoincore via it Tor client.
I don't have issues with my daily expenses, this is about planning, and I have carefully table out my plans before doing this. I've been in the world of investment for a while now, I don't see any immediate issue for now. 
November 18, 2022, 07:32:23 PM
It's really a bad idea to store all your assets in bitcoin, even daily spending money. Bitcoin is an asset class that is resistant to inflation but it is only suitable for the long term and not for the short term. An example: if you hold fiat currency since inflation occurred so far your fiat currency will not lose so much value but if you hold bitcoin at $69k, your asset will lose 75% of its value from the current price. In this case, fiat wins bitcoin.
Don't idolize one thing too much, to make life easier, try to manage it all appropriately. Why not use bitcoin as an investment, long-term savings for the future and always leave a part of fiat for living, emergency work, unexpected accidents...please be sure with me, you have completely eliminated fiat in your daily life, from living, dining and other expenses, you do not use fiat, if you can do that, then you are right to say that fiat is useless.
This I'm not doing to put everything in bitcoin because I'm not going to conclude bitcoin is good but we have to be able to balance our adjustments to the future and bitcoin it's high volatility it's very prone to more drastic decline and if you put all the money in bitcoin then falls badly then your assets start to be worthless or no longer great in value.Don't idolize one thing too much, to make life easier, try to manage it all appropriately. Why not use bitcoin as an investment, long-term savings for the future and always leave a part of fiat for living, emergency work, unexpected accidents...please be sure with me, you have completely eliminated fiat in your daily life, from living, dining and other expenses, you do not use fiat, if you can do that, then you are right to say that fiat is useless.
I prefer and separate from the two, fiat money will not be lost this will be our daily needs, including emergency funds and other needs I keep it in fiat at the bank long then I did it, even though we know that there are lots of benefits in bitcoin in terms of transactions and also cheap fees but we have to think about other risks, if we put all our needs in bitcoin in the form of bitcoin this will be a little more difficult when in a downturn I avoid things It's in daily transactions.
November 18, 2022, 07:12:13 PM
Don't let ideology affect your financial decisions. Managing money should be a purely practical thing. Putting all your money into a purely speculative asset with high volatility is not a good idea. If Bitcoin crashes, you will have to sell at a loss, just to cover your basic needs.
A reasonable thing to do is owning a decent amount of fiat, in cash if you are paranoid about banks, in different top global currencies like USD and EUR. This safety net should cover potential emergency spendings, a few months of unemployment, etc.
A reasonable thing to do is owning a decent amount of fiat, in cash if you are paranoid about banks, in different top global currencies like USD and EUR. This safety net should cover potential emergency spendings, a few months of unemployment, etc.
November 18, 2022, 03:41:27 PM
BTT has opened my eyes, the fiat rulership had milked me for too long. I was blind before, but now I can clearly see. Thanks to Satoshi Nakamoto!
Like play, I realized I hardly have $100 (conversion) as my total fiat balance in all my bank accounts, over 99.99% of my money is now in Bitcoin. I was slightly using Bitcoin before joining BTT, but this forum has made me a proudly addicted user of Bitcoin (payment, trading and investments). This is a good addition because I am making more money with them unlike the fiat in banks that will just be useless for me and useful for the bank.
It is so annoying when I look back at the wire transfer transactions I had performed in the past, to the point of charging me as high as $71 for a single transfer if correspondent banks are involved.
A big shame on the centralized fiat because of this extortion!
I think it is a goof thing that you have decided to invest more heavily in bitcoin, however it is also important to keep some money in hand in the case of emergencies, you do not need to have that money in a bank as in that case it is better to have that money in the form of cash which you can access relatively quickly, now I do not know if where you live 100 is enough for that but if not then it makes sense to try to increase that amount so you do not have to sell your bitcoin for a bad price. Like play, I realized I hardly have $100 (conversion) as my total fiat balance in all my bank accounts, over 99.99% of my money is now in Bitcoin. I was slightly using Bitcoin before joining BTT, but this forum has made me a proudly addicted user of Bitcoin (payment, trading and investments). This is a good addition because I am making more money with them unlike the fiat in banks that will just be useless for me and useful for the bank.
It is so annoying when I look back at the wire transfer transactions I had performed in the past, to the point of charging me as high as $71 for a single transfer if correspondent banks are involved.
A big shame on the centralized fiat because of this extortion!
November 18, 2022, 03:18:47 PM
Like play, I realized I hardly have $100 (conversion) as my total fiat balance in all my bank accounts, over 99.99% of my money is now in Bitcoin. I was slightly using Bitcoin before joining BTT, but this forum has made me a proudly addicted user of Bitcoin (payment, trading and investments). This is a good addition because I am making more money with them unlike the fiat in banks that will just be useless for me and useful for the bank.
99% is quite a high number, some would argue too high to have in a highly speculative asset as it could swing in many directions quickly, due to market forces of demand supply. I would however not knock down the strategy at all, people learn to take more risks the more they get their feet wet in an investment and of course, when they profit from it. It is also an easier decision to make when your country's Fiat is depreciating quickly in value.
This thinking is not wise at all, so what will happen if you need money for something urgent, such as unexpected bills, a family visit, a sudden accident, torrential rains, a hurricane and other environmental conditions, a fire near you?
If they had a good buy in time, they could easily liquidate if an emergency calls for the funds, but you are ultimately right; ideally, only amounts you can afford to lose should be held in high risk assets. 
November 18, 2022, 02:48:36 PM
BTT has opened my eyes, the fiat rulership had milked me for too long. I was blind before, but now I can clearly see. Thanks to Satoshi Nakamoto!
Commercial banks are highly profit oriented and dubious. Their charges are sometime too exuberant and their transaction are not fast. Bitcoin is a very good alternative that has provided a simple, safe and reliable financial transactions.Quote
Like play, I realized I hardly have $100 (conversion) as my total fiat balance in all my bank accounts, over 99.99% of my money is now in Bitcoin. I was slightly using Bitcoin before joining BTT, but this forum has made me a proudly addicted user of Bitcoin (payment, trading and investments). This is a good addition because I am making more money with them unlike the fiat in banks that will just be useless for me and useful for the bank.
The amount of fiat you have in your account would depend on your daily expenses, government policies and the level of acceptance of bitcoin in your country. For people that have a large family and spend more, I think they should have more money in fiat to cover up their daily expenses. If the government is friendly with bitcoin, it would be very easy to convert bitcoin easily to fiat, which might make one to have less fiat. If bitcoin doesn't a high rate of acceptance in your nation, then one needs fiat to carryout business or other transactions. 
November 18, 2022, 02:29:40 PM
those screaming and crying that bitcoin dropped from $70k to $17k
here is one revelation
the 70k was not a sustained amount that bitcoin sat at for a long time
bitcoin value is not at the top of a tsunami
bitcoin value sits at sea level. and each year this sea level does rise.
the 70k was a temporary tidal wave height.
people are not suppose to live and sustain surfing the tip of a tsunami all their lives..
instead they sunbathe and swim at sea levels and ride the temporary waves
look at the sea levels of the last few years
2020 seen a see level of $3k
2021 seen a see level of $10k
2022 seen a see level of $15k
im not saying dont enjoy the surf of large waves. but dont try living ontop a wave worrying about when it will crash
swim at low tide knowing the sea level will rise over time
here is one revelation
the 70k was not a sustained amount that bitcoin sat at for a long time
bitcoin value is not at the top of a tsunami
bitcoin value sits at sea level. and each year this sea level does rise.
the 70k was a temporary tidal wave height.
people are not suppose to live and sustain surfing the tip of a tsunami all their lives..
instead they sunbathe and swim at sea levels and ride the temporary waves
look at the sea levels of the last few years
2020 seen a see level of $3k
2021 seen a see level of $10k
2022 seen a see level of $15k
im not saying dont enjoy the surf of large waves. but dont try living ontop a wave worrying about when it will crash
swim at low tide knowing the sea level will rise over time
November 18, 2022, 10:22:50 AM
It's really a bad idea to store all your assets in bitcoin, even daily spending money. Bitcoin is an asset class that is resistant to inflation but it is only suitable for the long term and not for the short term. An example: if you hold fiat currency since inflation occurred so far your fiat currency will not lose so much value but if you hold bitcoin at $69k, your asset will lose 75% of its value from the current price. In this case, fiat wins bitcoin.
Don't idolize one thing too much, to make life easier, try to manage it all appropriately. Why not use bitcoin as an investment, long-term savings for the future and always leave a part of fiat for living, emergency work, unexpected accidents...please be sure with me, you have completely eliminated fiat in your daily life, from living, dining and other expenses, you do not use fiat, if you can do that, then you are right to say that fiat is useless.
Don't idolize one thing too much, to make life easier, try to manage it all appropriately. Why not use bitcoin as an investment, long-term savings for the future and always leave a part of fiat for living, emergency work, unexpected accidents...please be sure with me, you have completely eliminated fiat in your daily life, from living, dining and other expenses, you do not use fiat, if you can do that, then you are right to say that fiat is useless.
November 18, 2022, 09:52:49 AM
Like play, I realized I hardly have $100 (conversion) as my total fiat balance in all my bank accounts, over 99.99% of my money is now in Bitcoin. I was slightly using Bitcoin before joining BTT, but this forum has made me a proudly addicted user of Bitcoin (payment, trading and investments). This is a good addition because I am making more money with them unlike the fiat in banks that will just be useless for me and useful for the bank.
I like your how passionate you are about bitcoin. I just hope that the over 99.99% of your money which is now in Bitcoin is not in a centralized exchanged because it is just as good as still having your fait in your local bank account. Incase you don't consider using a cold storage wallet in keeping your coins. Remember that caveat with centralized changes- if it not your keys, it is not your coins. 
November 18, 2022, 09:14:41 AM
Maybe $100 is a big amount where you are, but in some other locations it is barely sufficient to go through the day. It is good to have enough fiat for emergency, just as much as you have and keep bitcoins. I recently made a transaction selling some of my bitcoins that took some time before it reflected, imagine that it was an emergency where I needed the transaction to go through quickly, I would have been stranded. Having enough fiat that you can use is as important as having bitcoins
November 18, 2022, 08:23:39 AM
This thinking is not wise at all, so what will happen if you need money for something urgent, such as unexpected bills, a family visit, a sudden accident, torrential rains, a hurricane and other environmental conditions, a fire near you?
You should invest in bitcoin money that you are not afraid of losing and not everything you own.
You should leave enough money for several months ahead.
You should invest in bitcoin money that you are not afraid of losing and not everything you own.
You should leave enough money for several months ahead.
November 18, 2022, 07:46:32 AM
Our money in the bank will just be defeated by the increasing inflation that we're getting. Specially on these times, the inflation is getting higher due to several factors that's happening to the world.
We may still need some cash for spending but if it's about investments. The good thing of bitcoin's volatile is that, it is a deflationary asset/cryptocurrency.
And while cash is being defeated by inflation, bitcoin is doing the opposite.
We may still need some cash for spending but if it's about investments. The good thing of bitcoin's volatile is that, it is a deflationary asset/cryptocurrency.
And while cash is being defeated by inflation, bitcoin is doing the opposite.
November 18, 2022, 07:27:31 AM
That has been the reason many people do not prefer fiat but prefer bitcoin, while also that if bitcoin is probably investment on, can give profit.
No one can invest in fiat because it always devalues.
No one can invest in fiat because it always devalues.
While inflation does eat fiat value,
you do realize btc dropped from $64K to less than $17K in only a few months.
BTC losses have been worse than inflation.
Yes that worst and see how fast it moves this is why we need not to get more emotional in terms of doing decision making base only on what we observe today, I split my balances on multiple alts together with fiat and all of my earnings go straightly on fiat because as of now I think this is safe since volatility is bitcoin is not trusted due to its volatility. So I guess I would rather deal with inflation first and think about my next move rather than hating fiat and go straightly with bitcoin since it could drain all our money if bear market occur.
November 18, 2022, 07:19:39 AM
While inflation does eat fiat value,
you do realize btc dropped from $64K to less than $17K in only a few months.
BTC losses have been worse than inflation.
That is true, but only if you look at a particular part of the All Time chart. If you look further you will notice we are up more than 1,000% only over the past few years. Compare ~$16,000 to prices of 2014-2016. That is only a few years ago. Sure, we may be down for the past year, but Bitcoin overall has been an insanely good investment. We beat inflation to a pulp and we were some of the very few who truly thrived.you do realize btc dropped from $64K to less than $17K in only a few months.
BTC losses have been worse than inflation.
-
Regards,
PrivacyG
Jump to: