Topic: I just realized I'm 99.9% crypto and 0.1% in fiat (Read 728 times)

sometimes fate like agan often happens, but what can you do to your fate. to make quick decisions it is quite difficult to get cash, apart from selling existing ones.
when the price in crypto started to decline, at least having cash to exchange at a low rate, this happened to me a lot too.

Which is at it should be, if banks want people to deposit money with them then they need to give them a reason and when fiat is being printed at the rates we are seeing and many banks are not offering you any interest rate for having your money with them and many banks are now charging you money for the privilege of having your money in the bank then why bother?

It is better to have it in an investment like bitcoin which not only offers a lot of profits but freedom that you cannot get with any other investment, so when we think about it in this way it makes no sense to hold fiat, with the exception of having some fiat around for your expenses and some emergency in the case something bad happens.

Will vary in each everyone of us when it comes to their holdings because not all countries would have the same jurisdiction when it comes to crypto.If it turns out to be

positive then that would be an advantage because you can fully exert the benefits of it without hesitation or minding off to get some violation but once it is on a the negative side

then you would really be having that hesitance or hindrance for you to do so.For now im not really that much confident on fully switching all of my fiat into crypto
but still i have some coins that have been holding.

I'm currently 0.31% fiat, 98.11% Bitcoin, the rest is XMR and ETH. But I hope to enter the real estate market with my BTC gains after this bull market, becoming a landlord has always been my dream, and I hope to build a portfolio of stocks some day, though now stocks look kinda overpriced in my opinion.

I think when you Bitcoin stash is start becoming worth a lot and when it's 90%+ of your portfolio, it's time to reduce the risk and move money out of crypto. The crash can come at any moment and will leave you with a fraction of your wealth; I didn't sell a single satoshi during the 2017 cycle and I regret it, I wish I sold high and bought back some, but no, I was too caught in the HODL meme.

Well, I am finally there with you. I do not have many fiat, and the ones I have will go straight to spending, which means I do have fiat time to time but it is very quick, whenever I need it, I just cash out and pay whatever I have to pay and rest is still in bitcoin so I am always at 100% except few minutes.

I do not see the point of having money in my bank account anymore, I do have some cash because I may need it, not like I can live without any cash in this world unfortunately, but aside from that I have literally zero money in my bank account now (okay few cents but I couldn't withdraw that) so I can clearly say that I am full on 100% bitcoin aside from some cash here and there, and I keep all my income in bitcoin as well until I need it. It is really a freeing feeling as well I just feel like it is going to be so much easier this way if bitcoin keeps being this awesome.

It is nice to see another user with the same thought process, most of the time I see users talking about diversification and that is fine when you want to protect your capital but when you want growth then you need to concentrate your capital in just a few investments.

Bitcoin is so far ahead any other financial instrument that it does not make sense to invest in anything else, after all what stock can give the same profits that bitcoin has given during the last year? And even if there are a few stocks that have given more profits than bitcoin those stocks are the equivalent of shitcoins and very few would have taken the risk with those stocks anyway.

Its really good to know that your at 99.9% on crypto i think you are living on a country where cryptp is legal that's why you can easily calcuate your expense and investment . Howeve thoug it is tough to use the digital currency here is on my country still i habe 50% on crypto on my wallet and i  make 50% to cash for my expense i always follow this way in every month.

Ah, right, thanks. So you haven't actually used any of those so-called cross chain networks to "wrap" your Bitcoin and stake that instead, then. I might have made my question clearer as this is what I was trying to see if people are already doing more (I know Bitcoin wrapped TVL is growing but I'm pretty certain it hasn't come from "proper" Bitcoin holders).

Far as I know, these aren't proper stakes in the sense we understand them, no need to be online as a validator or part of one, more like locking into smart contracts. I get the attraction, trust a network instead of an exchange, but as I said, I don't exactly trust these networks any more than I do the exchanges!

You're the only one who understand your post.

as long as you are investing what you can afford to lose then there are no problem , but if you are investing your lifetime saving here ? then you are in trouble at some point .

I have the same portfolio history. However, I've feeling that but not sure BTC is going to drop to 50K because it's very negative at the present time. Situation maybe cancelled after breaking 60k, unless freezing out before that action is highly recommended. Regardless of whats i'll keep my crypto as far as possible.

Readiness to transact and get paid in quick time are more convenient and easier with crypto payments but most of my friends who are into different online business are not at all holding any crypto and I guess if they adopt crypto then they could save more and may settle their transaction in more quicker time and this way if they are able to save time and money then that would be double benefits for them. I am still trying to convince them to plan up for long term holding of some cryptos and hopefully they will start listening soon because of on-going bull run.

I am having 50% of my networth in crypto and the rest are on properties and I have less than 5% in fiats. I guess this is how crypto business people are doing right now.

China often doesnt follow international laws and regulations so its not a new suggestion to avoid anything produced there and that includes Bitcoin which could be related to the large amount of smog and coal they burn for energy and other various pollution.   In theory they've agreed to reduce emissions recently I think, in practice they will run a double book on actual practice and reported figures.
  Pretty sure I read of more then one fund that promised to source only BTC mined elsewhere or verified renewable energy.   Its still a reasonable question that mined blocks are not diversified to avoid bias and failure.

That's a nice move actually but isn't it risky to even put your earnings in business to crypto? I mean we all should have an emergency funds IYKWIM because seriously, nowadays is kind of hard to make money especially with this pandemic and crisis in the market especially the food.

But whatever, as long as you can manage to make cash from your business it's fine and I would do the same if I were you. So I'm basically hodling more crypto than fiat right now and it's totally fine since I got some of the expenses covered with my day job so it's not that hard to make a living at least.

You cant say full because you still have 0.5% in cash.  Imho this move is risky but as long you are aware with that the it doesnt matter because its your money you do have the
full control of that and its none others business if you do go full with crypto.Its good to hear out that you are paying up your bills on staking rewards even though
these things arent really that much appealing but it seems you are enjoying it and which is good but always take consideration about the risk involved.
Always set up some back up funds in case things do really messes up.

Is there a difference for bitcoin outside china?

In terms of the slow network and services in the banking system, I think you can do more of mobile transactions in fiat. In this case you can send mobile bank details to the second party you are transacting with especially if it is a country man or someone that can buy in local currency. With this it is more easier because you have fiat in your mobile app and anywhere you go, you can buy, sell and be comfortable with life. I mean, this is even the good thing brought by bitcoin cryptocurrency and digital transaction.

Not surprisingly but I got nothing in fiats, I withdraw my crypto to my local currency each time I want to spend some funds and probably just keep few incase of urgent need. Thankfully with the peer2peer system it's quite easy to withdraw any amount in the next 5-10mins and get instant credited although thses few last weeks, the banks are making it a little be time cosuming due to their network issue.

I see no reason why fiats should be held unless you're saving to invest when the market turns red and better still you can do that using stablecoin that would be easier to store and transferred without having to wait for an authorization from a third party.

Now when choosing your stablecoin, you have to be very selective as not all out their can be reliable. It's no news your coins can be frozen so only patronize those that operate decentralized like DAI.

Practically to say is that I usually do the cashout and convert my crypto to our local currency. I keep remembering my biggest mistake last 2017, and I don't want to miss this time again. So I'll take this chance rather than to continued staking for my future, I actually did some investment and the funds are coming from my cashout which I think that also a good idea. I'm not saving cryptos but I do the outside investment which is just the same as what you did...

Well, staking coins I have are DOT, ETH, and ADA. Right now I only stake DOT though, but plan on doing the others soon.

DOT seems complicated to stake just from what I've heard, I haven't even researched it yet, and it (along with some trading profit) is what I'll be living off of starting next month now that my savings in the bank have run out, so I want it to be easily unstaked and sold with a few clicks of a button whenever I want so I just stake it on an exchange. Not the safest thing since I have a ton of DOT, but major exchanges seem a lot safer these days than a few years ago.

ADA sounds fairly easy to stake yourself, I still need to research it but probably in the next month I plan to get into that and try moving my ADA off-exchange and staking it myself.

ETH is currently nearly all in my own wallet but I will probably move it to an exchange soon to stake. I can't stake it myself because you have to be online to stake (and actually I think it's the same for DOT so I wouldn't be able to stake DOT myself anyways) and I don't have any way to keep a system running always online with my traveling lifestyle.

So yeah while I keep my Bitcoin in cold storage in my own addresses, and that is the vast majority of my money, for staking I feel pretty comfortable doing it on-exchange at major, regulated, secure exchanges, especially since I literally am unable to keep a staking node running due to my lifestyle.

I don't really see a point of Gold at this point. Bitcoin has the same investment thesis as gold, but far better, and its investment thesis goes beyond gold's which is limited to store of value. And I don't see how gold can be helpful in emergency situations. Are you physically storing your gold? Then you have to worry about security. And how are you gonna sell it? I imagine it is fairly costly to sell (verifying purity, depends on what form your gold is in, etc). I personally just don't see any upside to holding Gold when you can hold Bitcoin. I would imagine that some people are already selling Gold they've held for years, for Bitcoin, and I'd guess that will continue, and will make it harder for Gold to keep up with inflation, meanwhile Bitcoin will continue to appreciate many times more than inflation each year. Those are just my thoughts

Real estate is great though, so good job on that. I may eventually get some rental properties to diversify beyond crypto. I'd one day like to cover my entire cost of living in multiple ways, currently I can do it with staking cryptos, but eventually I'd like to also cover my entire cost of living with cash flow from rental properties and from dividends from stocks, and maybe even one day have a business, to really diversify and multiply my income streams so that I can live off of any single one of them.