I hardly have up to $100 again in all my fait bank accounts since I joined BTT

Inwestour

hero member

Activity: 980

Merit: 947

Quote from: EarnOnVictor on April 05, 2023, 04:31:58 AM

It seems you are getting something wrong here. My expression is the fact that instead of keeping my extra cash in banks and wasting it, they are wisely been managed in Bitcoin. By virtue of this, I don't have as much as $100 in all my bank accounts.

This doesn't mean that all my assets are in Bitcoin, but the ones that were supposed to be in the bank are kept there. In other words, Bitcoin is now my major bank that gives me more interest (gain as some might call it).

I have long since come to the conclusion that I do not keep my savings in the bank, the balance never exceeds $ 500, but often it is much lower. I don’t have much confidence in banks, so in order not to create unnecessary unnecessary risks, I exclude them myself.

So far, my main investment is also Bitcoin, but in the future I plan to diversify my investments into other assets. There is a plan that I will stick to, and there is no place for banks in it.

EarnOnVictor

hero member

Activity: 826

Merit: 641

Leading Crypto Sports Betting & Casino Platform

Quote from: klidex on January 19, 2023, 08:56:22 AM

Quote from: EarnOnVictor on January 19, 2023, 04:42:34 AM

I'm sure you did not read my post insightfully, even the subsequent ones have successfully explained all this. Having almost all my money in BTC or other investments does not stop me from accessing them when I need them. Despite that I have other investments aside from Bitcoin, I easily exchange my money from BTC to fiat in a matter of fewer than 10 minutes in most cases. So, if I need money today, I will definitely convert, it is as easy as that.

Also, the $100 you underlook is big enough to sustain me and my family for a week in my country if there is no celebration or buying something that requires more money, which happens rarely.

What this means is that you keep all your money in Bitcoin and in all your fiat banks there is no balance up to $100.
If so, I really appreciate what you have done because you can confidently and be able to store all your money in Bitcoin or other crypto.
It is very rare for an investor to be able to save all their money in the assets they are investing in. The average investor only invests 50-70% of the money they have.
A little advice from me to keep and always save your assets in Bitcoin because surely one day you will get very valuable results from this storage. If there is an urgent need, it would be better to attract investments other than Bitcoin.

It seems you are getting something wrong here. My expression is the fact that instead of keeping my extra cash in banks and wasting it, they are wisely been managed in Bitcoin. By virtue of this, I don't have as much as $100 in all my bank accounts.

This doesn't mean that all my assets are in Bitcoin, but the ones that were supposed to be in the bank are kept there. In other words, Bitcoin is now my major bank that gives me more interest (gain as some might call it).

klidex

hero member

Activity: 1498

Merit: 504

Quote from: EarnOnVictor on January 19, 2023, 04:42:34 AM

I'm sure you did not read my post insightfully, even the subsequent ones have successfully explained all this. Having almost all my money in BTC or other investments does not stop me from accessing them when I need them. Despite that I have other investments aside from Bitcoin, I easily exchange my money from BTC to fiat in a matter of fewer than 10 minutes in most cases. So, if I need money today, I will definitely convert, it is as easy as that.

Also, the $100 you underlook is big enough to sustain me and my family for a week in my country if there is no celebration or buying something that requires more money, which happens rarely.

What this means is that you keep all your money in Bitcoin and in all your fiat banks there is no balance up to $100.
If so, I really appreciate what you have done because you can confidently and be able to store all your money in Bitcoin or other crypto.
It is very rare for an investor to be able to save all their money in the assets they are investing in. The average investor only invests 50-70% of the money they have.
A little advice from me to keep and always save your assets in Bitcoin because surely one day you will get very valuable results from this storage. If there is an urgent need, it would be better to attract investments other than Bitcoin.

Aanuoluwatofunmi

sr. member

Activity: 672

Merit: 416

stead.builders

Except for those that never had a taste with how bitcoin can serve them right in every aspect of their financial lives they will remain fixed and tied down to fiat, it's feels good to always try something new, bitcoin is a digital and a profitable decentralized currency then why are some people afraid of giving it a try maybe they could see something new and better than they've been experiencing in the past with fiat, it has been made easy to understand when you get the right information about bitcoin and such is what the forum here stand to represent, accurate bitcoin information to everyone, there's no need to fear of missing out when the ideas were already in place.

EarnOnVictor

hero member

Activity: 826

Merit: 641

Leading Crypto Sports Betting & Casino Platform

Quote from: LogitechMouse on November 22, 2022, 03:30:12 AM

A very subjective topic at least for me and for some here.

I'm investing in cryptocurrency and stock market currently but at the same time, I'm also putting a small portion of my monthly income into the banks. Yes, inflation is eating it slowly, but I have my own reason why I'm still putting a small amount of money in my bank account rather than investing all of my money and that is emergency funds just in case worst thing happen to me or to my family.

I also thank this forum because it's the eye-opener for me to get involved into cryptocurrency. I might be lucky that I involved myself into crypto and earn from it just after I graduated in college but overall, Bitcoin and the forum helped me a lot especially when it comes to knowledge. I have no negative feelings whatsoever on these banks since I'm not using it for transaction, but only for emergency funds.

Nice to read all these, but for me, I will always have bad reservations about commercial banks, they are centralized and sole deciders, and have exploited us enough. There is no way I will totally be independent of fiat though, yet I have minimized it to the barest minimum. Thanks to cryptocurrency and I hope I will even be doing more in the future if possible.

Quote from: LegendaryK on November 22, 2022, 02:09:48 AM

What Utility Company & Grocery Stores are you using that is accepting BTC,
not to mention how are you making house or car payments with never more than $100 in fiat?

$100 in fiat is easy to go over at any store, so your only $100 in fiat assertion seems inflated. Wink

Bank ACH transfers cost nothing, all btc transfers have transaction fees.

Or did you mean you only have ~$100 in fiat after you pay all of your fiat bills monthly.

I'm sure you did not read my post insightfully, even the subsequent ones have successfully explained all this. Having almost all my money in BTC or other investments does not stop me from accessing them when I need them. Despite that I have other investments aside from Bitcoin, I easily exchange my money from BTC to fiat in a matter of fewer than 10 minutes in most cases. So, if I need money today, I will definitely convert, it is as easy as that.

Also, the $100 you underlook is big enough to sustain me and my family for a week in my country if there is no celebration or buying something that requires more money, which happens rarely.

yazher

hero member

Activity: 2268

Merit: 588

You own the pen

This is why they're doing everything they can to stop the spread and the popularity of bitcoins all around the world because when people realize the true usage of bitcoins, all of those banks will be closed and no one will gonna trust their money to the banks. That's why they always come up with some of their so-called concern and they also link global warming to the crypto miners. This is how desperate they are because the damage will be clear to them once everyone will put their money into bitcoins rather than putting it to the banks for the banks to use as capital for their hidden businesses.

LogitechMouse

legendary

Activity: 2576

Merit: 1043

Need A Campaign Manager? | Contact Little_Mouse

A very subjective topic at least for me and for some here.

I'm investing in cryptocurrency and stock market currently but at the same time, I'm also putting a small portion of my monthly income into the banks. Yes, inflation is eating it slowly, but I have my own reason why I'm still putting a small amount of money in my bank account rather than investing all of my money and that is emergency funds just in case worst thing happen to me or to my family.

I also thank this forum because it's the eye-opener for me to get involved into cryptocurrency. I might be lucky that I involved myself into crypto and earn from it just after I graduated in college but overall, Bitcoin and the forum helped me a lot especially when it comes to knowledge. I have no negative feelings whatsoever on these banks since I'm not using it for transaction, but only for emergency funds.

LegendaryK

member

Activity: 280

Merit: 30

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 AM

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!

What Utility Company & Grocery Stores are you using that is accepting BTC,
not to mention how are you making house or car payments with never more than $100 in fiat?

$100 in fiat is easy to go over at any store, so your only $100 in fiat assertion seems inflated. Wink

Bank ACH transfers cost nothing, all btc transfers have transaction fees.

Or did you mean you only have ~$100 in fiat after you pay all of your fiat bills monthly.

EarnOnVictor

hero member

Activity: 826

Merit: 641

Leading Crypto Sports Betting & Casino Platform

Quote from: Iroh on November 19, 2022, 05:41:58 AM

I think an addiction, no matter what it is, is not good. And I wouldn’t advise you to indulge in any form of addiction(bitcoin included).
You mentioned you’ve got 99.99% of your funds in bitcoin. Although that may be applauded by some, I would say it isn’t a good nor smart move. I personally think it’s strange

You do not put all your eggs into a basket; no matter how sturdy it is. That’s why you should share your eggs into various baskets. Diversification is important. I also think you should hold more than .001 of your funds in fiat as it’s undeniably more widely accepted and used.

You are getting it wrong, I am not addicted, I only asked if I was addicted. This is a plan that has investments inclusive, and it is earning for me. So it's good.

Quote from: Yatsan on November 19, 2022, 06:48:39 AM

This is a good manifestation but putting uour money on investment, means you are also putting it at risk (since you've mentioned that almost all of your savings were converted to Bitcoin). But indeed there's a chance for profit but consider market behavior as well. Also, quite concerned with using it as a mode of payment especially at this moment wherein market is down for months. I prefer holding or using it as an asset to make profit in the future once bullish trend enter. I am also planning and hoping that one day it will be used as one of the options to pay a service but definitely, it is still too soon for such thing given that adaptation is still on process.

Thank you for this advice. I have been in the investment environment for a long period of time, and BTC only gave me an opportunity to make more money, it's working as planned. Mind you, without taking risks, you can't gain much, I did not take risks during the bullish runs of BTC, and I am using this plan to cover up for the missed opportunity.

Quote from: noorman0 on November 19, 2022, 07:47:18 AM

@OP, do you have a job or real source of income?
Percentage figures that are difficult to accept in whatever part of the world you live (unless you are still living with your parents). It's not about how skeptical you are of the bank, but one must have a liquid reserve fund for emergencies. Another question, do you always carry your bitcoins anywhere and access them in random places without worry?

Yes, I have means of livelihood and I don't have issues moving my money from BTC to fiat if I want to.

Quote from: pooya87 on November 19, 2022, 09:08:31 AM

Quote from: Yawa2020 on November 19, 2022, 06:29:26 AM

You can as well buy shares in some reputable companies and financial institutions if you are financially buoyant enough.

Yeah but I never could get myself into investing in the stock market. In fact over the past couple of years we had a booming stock market and in certain periods it even gave better profit than bitcoin but even then I couldn't enter it since it never made any sense to me to trade shares like this. I know it is a little weird but I find the whole concept seriously flawed!

Stock is a very good option for investments if one has the money. It could be a long-term plan as most stocks in developed countries often appreciate it. Specifically, I advise people to invest in the US stock market, but one has to be extremely careful and speculative at this point as most of them are at their record highs.

S A KHAIR

full member

Activity: 952

Merit: 108

1xBit recovered their reputation

Quote from: Anguwa on November 21, 2022, 10:53:59 AM

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 AM

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!

Keeping money in a bank account won't actually make you any money, but investing it in cryptocurrencies will make you enough money from a variety of sources, including a decline in the value of your money in fiat currency and an increase in the value of Bitcoin or other cryptocurrencies. However, if you hold fiat, the value will either stay the same or decrease, but it can never increase.

But you invest all your money in bitcoin and then bitcoin drops 20% one day, and what do you do? do you think fiat depreciates faster or bitcoin depreciates faster, in this case. It would be a bad decision to put all our money in bitcoin or crypto, we should have some fiat just in case.

Anguwa

member

Activity: 742

Merit: 30

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 AM

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!

Keeping money in a bank account won't actually make you any money, but investing it in cryptocurrencies will make you enough money from a variety of sources, including a decline in the value of your money in fiat currency and an increase in the value of Bitcoin or other cryptocurrencies. However, if you hold fiat, the value will either stay the same or decrease, but it can never increase.

Adbitco

hero member

Activity: 1428

Merit: 653

Leading Crypto Sports Betting & Casino Platform

I hardly save money on my bank account all less wanna pay with my debit card then I will make some trade and conversion to fiat and transfer to my local account. I was so much disappointed with bank whenever they deducted from me as monthly maintenance fee and tax from Government, it's very painful seeing that having $1000 to our local currency kept decreasing everyday by day for just some common transfer or withdrawal. If having $1k before months runs out you end up having $950 which makes me uncomfortable leaving my having my money inside bank so it's better I converted to BTC, usdt and any other currencies.

ilovealtcoins

sr. member

Activity: 1246

Merit: 263

SmartFi - EARN, LEND & TRADE

Quote from: gabbie2010 on November 20, 2022, 06:15:51 PM

Quote from: ilovealtcoins on November 20, 2022, 11:33:29 AM

Quote from: Bitstar_coin on November 20, 2022, 11:06:13 AM

... Except you live in a location where btc is accepted for everything in daily expenses, it is important to keep some csah.

Even if you live in a place where bitcoin is fully accepted, it would not be wise to put your entire fortune in bitcoin. Bitcoin remains a risky and highly volatile asset. They may accept bitcoin today but may also ban it tomorrow. Bitcoin is still a very new asset class, not yet widely recognized, so whether it is accepted or not, you still shouldn't risk your entire fortune.

I also shared the same ideology with OP with 90% of my assets is in crypto I only save some small amount of fiat in my bank account which is meant for smooth running of my family, to make it easier whenever I am in short of fiat I do send some coins to Binance where I do P2P transactions to refill my bank account, this is the method used by most youths in my country invariably preferred saving or hodling their assets in their wallets, though some prefers using a stable coin like USDT while majority uses bitcoin saving huge amount of fiat in bank is not productive with just some few monthly interest.

I see people risking their money when investing most of their wealth in bitcoin or crypto. Bitcoin is a good investment, I am also investing a lot but not the whole property. You should know that there are still risks to bitcoin so placing 90% of assets is also risky, you need to diversify your portfolio like gold and real estate.

gabbie2010

sr. member

Activity: 2842

Merit: 326

Vave.com - Crypto Casino

Quote from: ilovealtcoins on November 20, 2022, 11:33:29 AM

Quote from: Bitstar_coin on November 20, 2022, 11:06:13 AM

... Except you live in a location where btc is accepted for everything in daily expenses, it is important to keep some csah.

Even if you live in a place where bitcoin is fully accepted, it would not be wise to put your entire fortune in bitcoin. Bitcoin remains a risky and highly volatile asset. They may accept bitcoin today but may also ban it tomorrow. Bitcoin is still a very new asset class, not yet widely recognized, so whether it is accepted or not, you still shouldn't risk your entire fortune.

I also shared the same ideology with OP with 90% of my assets is in crypto I only save some small amount of fiat in my bank account which is meant for smooth running of my family, to make it easier whenever I am in short of fiat I do send some coins to Binance where I do P2P transactions to refill my bank account, this is the method used by most youths in my country invariably preferred saving or hodling their assets in their wallets, though some prefers using a stable coin like USDT while majority uses bitcoin saving huge amount of fiat in bank is not productive with just some few monthly interest.

bhooscream

full member

Activity: 728

Merit: 117

I save my money in the bank one time, but there is administration fee to be paid every month and that is higher than the interest itself. How funny it is. I should pay for it. This is really different with having assets in Bitcoin where I don't need to pay for saving the Bitcoin. I can control my money in Bitcoin by myself. This is what makes the difference between centralized and decentralized, about te controls and also the interest in saving them.

I cannot ignore that fiat is also very important in my life because we are here only using fiat or money for transaction, not Bitcoin. But if we are talking about the investment, Bitcoin is relaly much better although this is also high risks. But, we can surely amnage the risk wisely

ajiz138

hero member

Activity: 1498

Merit: 785

Quote from: serjent05 on November 19, 2022, 03:08:37 PM

I also think keeping the majority of our savings to Bitcoin is a smart move but keeping 100% isn't. We always need some fiat in our pocket because we cannot spend Bitcoin anywhere because there are still lots of stores that don't accept it. I also think it is way better to invest a percentage of our money in Bitcoin than keep it in the bank. Banks tend to use our money in different investment and will only give us less than 2% annual interest while when we apply for a loan (funny how we borrow our own money) they charges us more than 10x of what interest they give to us.

This is a fitting point because indeed your thinking is the same as mine for the most part.
Having bitcoins as a provision for old age and investment is indeed very feasible, but on the other hand we also can't save it completely here.
Our life is still going on and it is clear that with it we still have to support ourselves and those closest to us so that we can continue to survive the hard times of life and with that we know that bitcoin alone cannot save for our daily needs especially with the current bearish conditions which is still ongoing.
So we need to set aside another part for our living needs because being 100 percent in bitcoin is definitely one of the actions that in the end when we don't have money for our lives we start to stress and make the choice to use our bitcoins which of course this is what I avoid.

ilovealtcoins

sr. member

Activity: 1246

Merit: 263

SmartFi - EARN, LEND & TRADE

Quote from: Bitstar_coin on November 20, 2022, 11:06:13 AM

... Except you live in a location where btc is accepted for everything in daily expenses, it is important to keep some csah.

Even if you live in a place where bitcoin is fully accepted, it would not be wise to put your entire fortune in bitcoin. Bitcoin remains a risky and highly volatile asset. They may accept bitcoin today but may also ban it tomorrow. Bitcoin is still a very new asset class, not yet widely recognized, so whether it is accepted or not, you still shouldn't risk your entire fortune.

Bitstar_coin

hero member

Activity: 2478

Merit: 695

SecureShift.io | Crypto-Exchange

Quote from: Husires on November 18, 2022, 07:23:39 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.

Perhaps he will then convert some btc to fiat and pay for any services he needs. Although this may not be the wisest thing to do because anything can cause a delay at the time he desperately needs some cash.
Despite the ugly side of fiat, it is still important to keep a considerable amount for contingencies, you never know when you will need it.
It is always good to play safe. Having 70% btc and 30% fiat for your day to day expenses is not a bad idea. Except you live in a location where btc is accepted for everything in daily expenses, it is important to keep some csah.

taufik123

legendary

Activity: 2716

Merit: 1855

Rollbit.com | #1 Solana Casino

I really appreciate what you did when you started to fully believe in crypto including bitcoin. Using Bitcoin as the main asset and not having a large amount of Fiat in the bank account that you are using. This is a real example of your own adoption.

But personally, I still hold 50% Fiat and 50% crypto assets divided into bitcoin and some potential altcoins. I am not completely turned to crypto because of regulatory issues in my country which only allow crypto as a commodity asset and may not be used as a valid means of payment. The safest choice is to hold a portion of Fiat for the purpose of buying daily necessities and crypto only as an investment.

Odusko

hero member

Activity: 1008

Merit: 520

Leading Crypto Sports Betting & Casino Platform

Quote from: PrivacyG on November 18, 2022, 06:19:39 AM

Quote from: ?? on ??

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. Tongue

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.

-
Regards,
privacy

You are both are correct because bitcoin volatility can be likened to inflation at some point but what makes Bitcoin unique is that Bitcoin always recovers at whatever point if you have been following the chart over the past few years, Bitcoin price have made some insane movements and most of the time against the user's expectation.
Bitcoin is a hedge against inflation does not mean Bitcoins is totally free from the impact of inflation in the global stock market an bitcoin is also expose to have some elements of inflation which have resulted in Bitcoin volatility but if you have the right understanding and knowledge that could guide your thoughts, and decision that could limit the risk of unexpected bitcoin price movement as an investor of just a regular Bitcoin user.

Smack That Ace

legendary

Activity: 1974

Merit: 1108

Free Free Palestine

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 AM

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!

Can you be more specific about this?, I don't believe a bank can charge up to $71 for a transaction, to me it is fiction.

I don't mean against you investing in bitcoin and spending most of your money in bitcoin but putting it all in bitcoin and not having any fiat or savings in the bank is a bad idea. I don't know are you married? But for me, I am a married person with a job with a stable income but I never thought of putting all my money into one investment, especially bitcoin, a very volatile asset. Hopefully, you have investments other than putting all your eggs in one basket, it won't make you any better.

so98nn

hero member

Activity: 2114

Merit: 603

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 AM

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!

It is definitely annoying considering the amount of fees they are taking for border transactions. You need to pay for foreign exchange charges, services charges, GS tax and yes of course the bank charges for handling the whole transaction.

I usually keep sending funds to USA for work purpose and you guys might have some idea how worst process it is to go through it.

If you see following screenshots then you would see various stuff.

1. I need to explain them what is the Purpose of remittance?
2. Reason for Remittance
3. Charges for Bearer (intermediate bank charges)

If you go through second screen shot then

1. Exchange rate needs to confirmed
2. They are so greedy they would take charge for delivery of your funds.

As if like they are threatening us our funds might get lost on the way. They are hell crazy.

_______________________	_______________________

Definitely not worth it.

Like same transaction if I have send via bitcoin my wallet would charge me near about 1-2 USD with economic speed.
I don’t have to explain any shit to anyone like from where the money is coming and to whom I am sending.

EarnOnVictor

hero member

Activity: 826

Merit: 641

Leading Crypto Sports Betting & Casino Platform

Quote from: pooya87 on November 19, 2022, 03:44:29 AM

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 AM

over 99.99% of my money is now in Bitcoin.

Is it 99.99% of your money or your net-worth?

Not my net worth, just the certain amount that was supposed to be wasted in the bank with low interest. It is better to maximize my earnings through the opportunity Bitcoin has given me since I already have an understanding of trading/investments. However, it works for me, and I spend my profits to run my monthly bills.

Quote from: Pmalek on November 19, 2022, 05:28:17 AM

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.

You made me laugh pal! This is more than doble because it's what I do in recent months and is working for me. I only realize that it's a better way to earn passive income than I thought. But mind you, I have alternatives, you can read other replies joined with this for better understanding.

Quote from: hatshepsut93 on November 18, 2022, 06:12:13 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.

Thanks for the advice! I'm in an investment environment for long, so I do not "put all my eggs in one basket." I have other investments and assets, was just pointing to the liquid assets here.

Quote from: xSkylarx on November 19, 2022, 05:38:53 AM

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 AM

over 99.99% of my money is now in Bitcoin.

I smirk on this; I don't know why, but is he living using only bitcoin? like if he rented a car, the payment would be in bitcoin? If he buys at a store, does he use bitcoin? How about the other 0.01% of his money and where it goes? I don't believe the OP if this is really his routine unless he will say his investment is 100% in bitcoin, not all his money.

You are one of the people that are getting the whole gist wrong. I referred to the amount in my bank account after all expenses have been sorted out. And if there is a need for me to move in more money, I do it within 10 minutes, so no big deal here.

Tony116

legendary

Activity: 2338

Merit: 1023

DGbet.fun - Crypto Sportsbook

Quote from: EarnOnVictor on November 19, 2022, 03:18:38 AM

Quote from: Tony116 on November 18, 2022, 09:22:50 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.

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.

I don't know how long you have been in the market but I just wanted to add to you that, bitcoin is a very good investment, history has proven it always bounces back after 4 years and hits a new ATH. But that does not guarantee that it will increase again in the future or will continue to decrease, Bitcoin remains a risky investment and the future is uncertain. As a wise investor, don't put all your eggs in one basket, hope you don't forget this immortal saying.
Everyone has their own vision and investment plan and it's your decision, I wish you luck with your plan.

serjent05

legendary

Activity: 3010

Merit: 1280

Get $2100 deposit bonuses & 60 FS

I also think keeping the majority of our savings to Bitcoin is a smart move but keeping 100% isn't. We always need some fiat in our pocket because we cannot spend Bitcoin anywhere because there are still lots of stores that don't accept it. I also think it is way better to invest a percentage of our money in Bitcoin than keep it in the bank. Banks tend to use our money in different investment and will only give us less than 2% annual interest while when we apply for a loan (funny how we borrow our own money) they charges us more than 10x of what interest they give to us.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

I'm pretty much in the same shoes as OP for many years now. To be clear, because that question came up in the thread, it's 90% of my liquid assets (fiat currencies, other crypto). I don't know the value of my net worth because the value of real estate changes in time and I haven't checked it lately, but I'd say that at current price of bitcoin it's about 50% of all that I own. At 60k USD it was more like 90%. I don't have money on my bank account. I use it only for emergencies and it holds less than 0.01% of my money. I hold about 50 times more in cash than I have in the bank and at least 20 times that cash in bitcoin.

buwaytress

legendary

Activity: 2968

Merit: 3684

Join the world-leading crypto sportsbook NOW!

So in the short 3 or 4 months since coming on, you've chosen to put it all in on Bitcoin? Congratulations, and well done -- I hope it serves you well, I actually think you've got amazing timing, that's a double bonus if you continue to build up on that savings with DCA.

I would really recommend you don't lose your day job, and also spread your risk. Fiat's nonsense but you probably could save a bit more money for DCA if you actually kept some fiat in those accounts. Earn some interest, and protect it with state bank guarantees. You use them to pay yearly bills and tax anyway. Then you're not forced to liquidate BTC annually to pay off shit like that.

You did mention spending $71 on transfers. Are your recipients now accepting BTC? And they're happy bearing the cost of liquidation when they convert? Curious because I had a bit of a journey convincing my clients to pay BTC.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: Yawa2020 on November 19, 2022, 06:29:26 AM

You can as well buy shares in some reputable companies and financial institutions if you are financially buoyant enough.

Yeah but I never could get myself into investing in the stock market. In fact over the past couple of years we had a booming stock market and in certain periods it even gave better profit than bitcoin but even then I couldn't enter it since it never made any sense to me to trade shares like this. I know it is a little weird but I find the whole concept seriously flawed!

noorman0

hero member

Activity: 1778

Merit: 709

[Nope]No hype delivers more than hope

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 AM

-snip-
over 99.99% of my money is now in Bitcoin.

@OP, do you have a job or real source of income?
Percentage figures that are difficult to accept in whatever part of the world you live (unless you are still living with your parents). It's not about how skeptical you are of the bank, but one must have a liquid reserve fund for emergencies. Another question, do you always carry your bitcoins anywhere and access them in random places without worry?

Mr. Magkaisa

sr. member

Activity: 938

Merit: 303

- Most of the community members here on this forum platform know that this forum has helped a lot. With the help of the knowledge and experience of other members here, we have ideas about things that we didn't know before that we now know because of the help of others here and us.

At the same time, it cannot be denied that it also provides some kind of work to the rest of us here, to be honest. This forum platform also encourages us to conduct trading activity in cryptocurrencies or bitcoins to grow our fiat instead of keeping it in banks.

Although I also don't trust banks much because I have seen the system they have implemented for their users. But I'm not saying banks are bad.

Darker45

legendary

Activity: 2576

Merit: 1860

I am also disappointed with the fiat system but I don't think it is wise for me to just have a total of $100 in all my bank accounts. A huge chunk of my worth is also in Bitcoin, but since I know very well how Bitcoin's price is very volatile, I admit I cannot risk not to have fiat savings.

I have a number of reasons in mind. For one, I won't easily convert my Bitcoin, especially during bear markets. So I have to have fiat for my regular expenses as well as for possible emergencies. After all, spending Bitcoin is not easy where I am.

You mentioned about making money with Bitcoin and your involvement with trading and investment. If you don't like fiat in the banks because they're just using your money for their own benefits, I'm afraid that's exactly what crypto exchanges and investment platforms are also doing with your Bitcoin.

You might want to reconsider your alternatives.

GiftedMAN

hero member

Activity: 924

Merit: 600

Leo is resting.

Quote from: harapan on November 19, 2022, 06:12:59 AM

Quote from: xSkylarx on November 19, 2022, 05:38:53 AM

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 AM

over 99.99% of my money is now in Bitcoin.

I smirk on this; I don't know why, but is he living using only bitcoin? like if he rented a car, the payment would be in bitcoin? If he buys at a store, does he use bitcoin? How about the other 0.01% of his money and where it goes? I don't believe the OP if this is really his routine unless he will say his investment is 100% in bitcoin, not all his money.

That's a complete joke, even those with large amounts of Bitcoin to an extent still needs fiat to run daily affiars, I am with you on this I think this is a complete story told to earn some merit's. Good he had some already, mission must be accomplished.
BTT must have open your eyes to the bad/power government and banks had over you. Writing all this without prove seems idiotic to me

I think you need to get more proof from the op before you believe what he said but calling his story names doesn't sound nice in my opinion. The op may be in a region where bitcoin is mostly used so converting all fiat to bitcoin wouldn't be a difficult thing to do since he's a bitcoin believer and he has good knowledge of bitcoin if this is possible that means the op will be glad during the bull run but how is this possible with the current price of bitcoin?

Yatsan

legendary

Activity: 2576

Merit: 1252

Leading Crypto Sports Betting & Casino Platform

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 AM

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!

This is a good manifestation but putting uour money on investment, means you are also putting it at risk (since you've mentioned that almost all of your savings were converted to Bitcoin). But indeed there's a chance for profit but consider market behavior as well. Also, quite concerned with using it as a mode of payment especially at this moment wherein market is down for months. I prefer holding or using it as an asset to make profit in the future once bullish trend enter. I am also planning and hoping that one day it will be used as one of the options to pay a service but definitely, it is still too soon for such thing given that adaptation is still on process.

Henrobakkara

full member

Activity: 1512

Merit: 115

Quote from: Husires on November 18, 2022, 07:23:39 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.

Thanks, man. I am thinking that OP has all his daily needs bought out via Bitcoin cos every regular store/market accepts Bitcoin in his/her location. We are all for Bitcoin trust me and you never know how much each of us has invested in Bitcoin, I know I have but we cannot take away the fact that 99% of our daily costs are still paid for in fiat in my location at least regardless of the economic hardship we are going through. It is sad that we are seeing this inflation situation decrease the value of the fiat across the globe but it is what it is and we need to have those cash in hand or the Bank.

Yawa2020

member

Activity: 756

Merit: 30

Quote from: pooya87 on November 19, 2022, 03:44:29 AM

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.

You made a very nice decision mate. In as far as Bitcoin seems to be a potential project one should invest in, it's absolutely too risky to invest almost all your net worth in it. Diversification is the right way to go by. You can as well buy shares in some reputable companies and financial institutions if you are financially buoyant enough. 40-50 % of your investment in Bitcoin is not bad thou.

AicecreaME

sr. member

Activity: 2436

Merit: 455

I am disappointed in fiat because of inflation, its value is not that great, especially if you're in a third world country. Bitcoin is much more different than fiat, it has more value, convenient to have, easily stored, could be access anywhere, anytime, and not easy to stole unlike fiat. Fiat doesn't have volatility like Bitcoin, I mean it doesn't have any bullish season, it's stable and prone to inflation. Storing your fiat in Bitcoin is much better than storing it in bank, because nothing will happen if you keep it in your bank account while still doubting bitcoin.

harapan

sr. member

Activity: 1736

Merit: 306

Quote from: xSkylarx on November 19, 2022, 05:38:53 AM

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 AM

over 99.99% of my money is now in Bitcoin.

I smirk on this; I don't know why, but is he living using only bitcoin? like if he rented a car, the payment would be in bitcoin? If he buys at a store, does he use bitcoin? How about the other 0.01% of his money and where it goes? I don't believe the OP if this is really his routine unless he will say his investment is 100% in bitcoin, not all his money.

That's a complete joke, even those with large amounts of Bitcoin to an extent still needs fiat to run daily affiars, I am with you on this I think this is a complete story told to earn some merit's. Good he had some already, mission must be accomplished.
BTT must have open your eyes to the bad/power government and banks had over you. Writing all this without prove seems idiotic to me

GiftedMAN

hero member

Activity: 924

Merit: 600

Leo is resting.

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 AM

over 99.99% of my money is now in Bitcoin.

Mate, are you being sarcastic here or something? If 99.99% of your money is in bitcoin right now as you said how do you go about getting things in areas where bitcoin is not acceptable for payment? I can't imagine converting all my fiat to bitcoin because my country is yet to accept bitcoin for payment maybe you have got bitcoin atm in your region that's why you find it very easy to do this if not then I doubt you aren't serious about this, just my opinion though I don't mean to disrespect the op.

Iroh

sr. member

Activity: 742

Merit: 275

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 AM

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 an addiction, no matter what it is, is not good. And I wouldn’t advise you to indulge in any form of addiction(bitcoin included).
You mentioned you’ve got 99.99% of your funds in bitcoin. Although that may be applauded by some, I would say it isn’t a good nor smart move. I personally think it’s strange

You do not put all your eggs into a basket; no matter how sturdy it is. That’s why you should share your eggs into various baskets. Diversification is important. I also think you should hold more than .001 of your funds in fiat as it’s undeniably more widely accepted and used.

xSkylarx

hero member

Activity: 2366

Merit: 594

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 AM

over 99.99% of my money is now in Bitcoin.

I smirk on this; I don't know why, but is he living using only bitcoin? like if he rented a car, the payment would be in bitcoin? If he buys at a store, does he use bitcoin? How about the other 0.01% of his money and where it goes? I don't believe the OP if this is really his routine unless he will say his investment is 100% in bitcoin, not all his money.

Pmalek

legendary

Activity: 2730

Merit: 7065

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.

Solosanz

hero member

Activity: 952

Merit: 662

Quote from: Nrcewker on November 19, 2022, 03:59:45 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.

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/

Piesel

sr. member

Activity: 672

Merit: 273

Quote from: Oshosondy on November 18, 2022, 04:29:56 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.

Nrcewker

copper member

Activity: 2268

Merit: 539

LuckyDiamond.io - FLAT 50% Deposit Bonus!

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.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 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.

Poker Player

legendary

Activity: 1372

Merit: 2017

Quote from: Tony116 on November 18, 2022, 09:22:50 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.

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.

Quote from: EarnOnVictor on November 19, 2022, 03:18:38 AM

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.

EarnOnVictor

hero member

Activity: 826

Merit: 641

Leading Crypto Sports Betting & Casino Platform

Quote from: Davidvictorson on November 18, 2022, 08:52:49 AM

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 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.

The majority of my money is in a non-custodial decentralized wallet where I move it between Bitcoin and USDT depending on the trend of BTC. This makes me gain with my savings often, while the others are with Binance where I trade futures and make transfers via P2P and others for my immediate needs.

Quote from: Husires on November 18, 2022, 07:23:39 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?

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.

Quote from: Tony116 on November 18, 2022, 09:22:50 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.

Quote from: Aanuoluwatofunmi on November 18, 2022, 06:01:09 AM

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.

ajiz138

hero member

Activity: 1498

Merit: 785

Quote from: Tony116 on November 18, 2022, 09:22:50 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.

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.

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.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

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.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 AM

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.

Upgrade00

legendary

Activity: 2114

Merit: 2248

Playgram - The Telegram Casino

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 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.

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.

Quote from: Husires on November 18, 2022, 07:23:39 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?

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.

Die_empty

hero member

Activity: 686

Merit: 987

Give all before death

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 AM

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.

franky1

legendary

Activity: 4410

Merit: 4766

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

Tony116

legendary

Activity: 2338

Merit: 1023

DGbet.fun - Crypto Sportsbook

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.

Davidvictorson

hero member

Activity: 1120

Merit: 887

Livecasino.io

Quote from: EarnOnVictor on November 18, 2022, 03:38:10 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.

Queentoshi

sr. member

Activity: 854

Merit: 327

Hire Bitcointalk Camp. Manager @ r7promotions.com

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

Husires

legendary

Activity: 1596

Merit: 1288

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.

sunsilk

hero member

Activity: 3038

Merit: 634

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.

ultrloa

legendary

Activity: 2758

Merit: 1228

Quote from: ?? on ??

Quote from: Oshosondy on November 18, 2022, 04:29:56 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.

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. Tongue

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.

PrivacyG

hero member

Activity: 882

Merit: 1873

Crypto Swap Exchange

Quote from: ?? on ??

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. Tongue

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.

-
Regards,
PrivacyG

tadamichi

full member

Activity: 168

Merit: 421

武士道

Quote from: ?? on ??

While inflation does eat fiat value,

Zoom ten years out and compare fiat devaluation with Bitcoin appreciation in the same timespan. The difference is huge. It’s easy to cherry pick short time frames and using them for misrepresentation to make it seem like fiat is protecting value better.

Quote from: ?? on ??

you do realize btc dropped from $64K to less than $17K in only a few months.

Now it’s closer to actual mining costs, which means it’s a good time to buy. Doesn’t really make sense to only buy at market highs and then complain that it takes too long, to become green again. Buying when most aren’t is what gets you in the green. Also considering the economic circumstances and moment we’re in before the next halving, a drop was expected. However you’re using this moment for braindead trolling again. Will we see you here during the next bull market too?

Quote from: ?? on ??

BTC losses have been worse than inflation. Tongue

Not if you bought before the printing orgy in 2020.

Aanuoluwatofunmi

sr. member

Activity: 672

Merit: 416

stead.builders

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.

Oshosondy

legendary

Activity: 1624

Merit: 1200

Gamble responsibly

The first time I was very disappointed with fiat was when I wanted to withdraw from bet365, only wire transfer was available for my country, $40 minimum withdrawal and it took almost 2 weeks before the money got to my bank account. It changed when I saw many foreign gambling sites on this forum with low minimum withdrawal and the money do get to my wallet within 10 minutes most times or less. One of the ways fiat is not useful for me when bitcoin is existing which is cross border payment.

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.

EarnOnVictor

hero member

Activity: 826

Merit: 641

Leading Crypto Sports Betting & Casino Platform

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!

Topic: I hardly have up to $100 again in all my fait bank accounts since I joined BTT (Read 619 times)