Topic: I started instilling a bitcoin saving system (Read 253 times)

It's the same even in emerging countries, so I know for sure South Asian and Southeast Asian, all banks that get the licence from the central bank benefit from a uniform deposit guarantee scheme. It's been tested in one or two countries already, and we've famously bailed out banks multiple times, post second world war anyway. When Japan came in the 1940s most countries here weren't independent so the scene was full or private banks and money disappeared overnight -- that was actually what led to deposit guarantees by independent governments.

Most people won't reach their deposit limits in their lifetime anyway...

But you're right, I've always thought most people aren't prepared for the responsibility that comes with owning Bitcoin -- and not knowledgeable enough to realise it.

I don't want to judge if what you doing is right or wrong, because I don't know how your reality is. But on my personal perspective I prefer to invest the largest portion of my funds in BTC, keeping only the minimal amount of money needed for daily expenses in fiat currency. This way I'm protecting my money thinking on long term investments, like properties, which demand a large sum to be executed. By there, I pretend to let all my money in Bitcoin, with the exception I mentioned above. It can be considered a risky plan, and I agree, but as I see it's the best I can do for now.

this is a very good topic, and hopefully it will be a motivation for all of us who want to have 2 savings.
and to be honest I also have 2 savings,
and I started saving bitcoin from 2022 when the price was dropping. even now I'm still saving bitcoin, for long term investment.

I think what you are doing is a good thing.

I hope your investment is successful.

Generally, the case for Western countries, but I'm not sure this is the case for most of the countries in the East. Also, your savings is generally only covered by certain banks, and if you have multiple bank accounts belonging to the same group, you can potentially get caught out. So, that's worth noting if you're relying on that guarantee that the government does. It's these incentives that keep people storing money in the bank, since being your own bank definitely comes with its risk, and a certain level of knowledge to keep it safe. Not everyone, is comfortable with that.

I had one for 5 years now, which is easy for me because I get paid in bitcoin for my job, my salary is in bitcoin and I use a credit card. Which means that at the end of every month, I use my salary and turn that bitcoin into cash based on how much my credit card was used, and the rest stays in my account as bitcoins, and I have been doing this for 5 years. Sometimes I spent more than I earned, sometimes less, and overall I saved up some bitcoins.

I have been doing better this month compared to last month for example and that's fine, there is no issues here because it just means I am doing better than I used to, and could be worse in the future but I will keep doing it.

The way you choose to save and which you choose to have more money in between bitcoin and fiat currency is up to you, can be right, can be wrong, all depends on what your plans are and how what you plan for the future, also depends greatly on your daily, weekly or monthly income and well as expenses..

Like mk4 said, if you earn small amount daily, weekly or monthly and have bills to take care of every day of the week and of the month, having small amount set aside to buy Bitcoin isnt a bad idea since this will help you not to want to sell your bitcoin too early due to the need for fiat money.

Whenever you are in confusion in regards with the investments then you should be using the 70:30 formula to divide your salary/income or whatever it is that you are earning. In this one 70 should be your investments and 30 should be your savings. These would be the savings which will help you survive in the world, it will take care of your daily needs, commute, bills etc. While the major portion should always go into the investments. This will ensure that you are having pretty good amount in the market which may give you good returns in the long terms. However, if there arises any situation where your investments are going down or you are having loses in the market then you won't be much worried about it since you are already ok with those 30 portions and living good life. On the other hand if those 70 goes up highly then it's your lucky day. Choose right path and plan everything prior to going there.

Nothing is the same as your dependent system because the term does not put eggs in one basket is better than just trying in bitcoin, with this system of course it is quite good, I am also the same as saving some in the bank for children and family needs while investing is in bitcoin With the DCA method, it is clear that it is quite effective. What I have been doing so far, consistently, I can continue where bitcoin can be obtained continuously in the DCA system.

I understand how my finances are, what about the cash flow every month, of course it's my responsibility when doing something better in the future, you can say that the current finances are good enough so I can diversify into other assets, not just bitcoin I have even done property and gold, but now I am more focused on bitcoin while prices are still cheap.

Well, the irony here (assuming you are saving longterm) is that fiat is inflationary (meaning the banks print more than should be printed making it lose value) & it loses value overtime hence not a good Store of Value or it's not a good means to save/store money long-term  unlike Bitcoin which is better for long-term savings as it's deflationary(less & less are printed overtime) making it worth more long-term.
I think the risk  is higher with fiat currencies when it comes to longterm saving as your money will most likely be worth less long-term. If for example you invested $100 in your bank savings account when a bag of rice was worth $100, and the bag of rice becomes $150 in two year time while your $100 savings probably only increased slightly by 20% to worth $120, you will need extra $30 to be able to buy the bag of rice... That is a lost for you as your purchasing power has decreased and you can't afford a bag of rice due to the fiat saving becoming worth-less.
This is usually not the case saving longterm with Bitcoin as the $100 will likely worth more and possibly afford you 2 bags of rice.

actually if you have 2 baskets of savings, in my opinion that's good. because then in my opinion is the best way. for current savings
and I also feel like saving 2 baskets like you.

I think this is a good breakthrough for the present.

From what I get after reading your post is that you have some savings in your bank account and you are investing some of it into bitcoin.
That's a good sign and one step closer to financial freedom but you will have to learn more about finance and investments.
It's good that you are on this forum and trying to engage with the community. Just keep doing the same.
Keep learning more everyday and keep asking questions on self improving financially.

It's best to just get your cash out of the bank and keep them with you.  Have you read the news about banks not letting you withdraw your own money?

Cash is king and you will be able to make transactions at any time. But its also good to have a few percentages of your money into BTC. You can not go wrong with BTC, it's known to be accepted and people know it already and its value go up high in time.

but in my opinion, for saving it is better to buy bitcoin with a small amount of money, because the price of bitcoin will be difficult to predict, in my opinion, but even though investing in bitcoin is a good opportunity, for the future, we must also think about saving based on original savings, because savings in the bank are more important after all. try to imagine if the price of bitcoin goes down? and for example I invest most of my savings fund money to buy bitcoins,
what do you think will happen?

in my opinion, it is better that most of the savings should be in the bank rather than most of it used to buy bitcoin..
so in my opinion bitcoin is better just a small part of my savings fund..

You made a good decision OP but actually, your bitcoin savings is a good investment step you took and I believe you are ready for the risk involved. As we all know, bitcoin market is volatile though and there is always ups and downs too. However, you already have a backup plan which is the fiat savings and that would be able to cover you and your family when the time for urgent needs arises. Nevertheless, I believe your bitcoin savings is a long term holding as you and your family have agreed so that you can be able to make good benefits from the savings and moreover, I would advise you keep taking advantage of the current market situation now so as to accumulate more of bitcoin in your savings. If you have already plan holding bitcoin fraction by fraction, that's is a good one for you. I wish you and your family a happy bitcoin holding.

Wrong OP, because the huge amount of money you deposited in the bank will not bring good result to you at the end and, bankers will still like to stress you, when you want to withdraw the money from the bank. Since the price of BTC is very low now in the market, you would have invested big money in BTC and live the small money in your bank so that whenever you have something to buy you can easily go to the bank. Never too late to correct the mistakes because, the price of BTC just drop down to $22k which will help you to achieve something special in the future.

My idea i could best serve you with is to ensure having your savings in bitcoin on your decentralized wallet, this will help you maintain the high level of security and reduced the opportunity of getting scammed by other cryptos that are not genuine, investing on bitcoin is a good decision that can help improve the economy situations of the investors and bring opportunities to making profits ober time when you invested or trade bitcoin.

You are on the right track by having savings in the form of bitcoins that you bought using the DCA system. Maybe the value of your bitcoin savings is not much at this time, but after the bitcoin price can increase to the last ATH, you will see how big the spike you get later.

You can continue doing DCA while waiting for the bitcoin price to start a recovery and start a rally. It may seem boring because you buy every week or month but believe me, the results will not lie to you. Don't store your bitcoins on exchanges but prepare a wallet that you specifically store bitcoins.

Well you did a great job and made a great decision too, I know most persons will come here to condemn your effort or decision but you must have to stand firm and understand that you're holding or intend holding for long term and one way to do so is doing so with money you're not willing to use now or money you can afford to lose or risk.
I also stand on the preposition that investing in Bitcoin especially for the long term shouldn't be something done seeking advice of others since the risk will be beared by just yourself and the impact felt by just you wether good or bad and I love the fact that you're also letting your kids save up for the future through Bitcoin.
Wishing you luck and never get pressured as to saving more and also remember never to share your safe keys(seed phrase) with anyone not even your family unless the need be.

Based on your story, i can say in some ways you are doing it right, investing money you aren't needing in the short term and money you can afford to lose is what you are doing, and that is the right way to do it. One should have a diversified investment, some in BTC, others in other assets and some in the bank; if you have other assets in mind that aren't crypto or any business idea, you can spend some of the money you have in the bank on them, because inflation is also a problem with money kept in the bank.

The most important thing to be sure you are doing it right is for you to tell us how you are storing your BTC, if you are storing it in a custodial or an online wallet, then you are doing it wrong, many centralized exchanges and services are going bankrupt, so your money is better in your self custody, either use a hardware wallet, or set up your Electrum wallet for offline or cold storage for maximum security of your long term BTC investment.

Yeah, don't put everything in one basket. As bad as fiat money appears to be right now, the benefit of having a savings account in a bank is usually that your deposit is guaranteed by your government.

Now I'm the first to say that the promises of your government doesn't mean much when shit really hits the fan, but in general, and depending on your country, there's nothing like having some protection from worst case scenario.

Especially in the case of Bitcoin where you only can count on yourself.

Save what you can to Bitcoin, save what you know you eventually need for expenses in a savings account -- if something happens to you and you didn't prepare well enough, at least that money goes to your family.

You are actually not saving, you are doing an investment which there's always a risk for it and no guarantee of profit in the future.
As you are willing to take such risk, you should be more financially capable to address some of your financial problem without withdrawing that investment.
The idea of DCA is great if you are not active in the market in terms of trading, just make sure to diversify because even Bitcoin goes dump as well so there's no safe investment here.

The only way for us to know if what you're doing is right or wrong is if we totally have a grasp on what your financial situation is and what your financial responsibilities are.

In general though, you seem to be doing it responsibly by having more local currency than bitcoin. That way, you wouldn't be forced to sell your bitcoin if it's the case that you suddenly need a good amount of your local currency.

now the name bitcoin has begun to spread a lot in the world, especially on the internet there are so many exchange advertisements that offer buying and selling bitcoins.

and as humans we must have a goal to build the economy for the future, because now what I feel is more and more business competition.

but my family and I have always instilled that I have to be able to save, in the form of money to the bank.

but now my family and I have been added to saving bitcoin as a future asset, and every purchase uses the DCA system, but in saving bitcoin I always set aside money to buy bitcoin, as well as my children who are starting to implement a bitcoin saving system.
so i have 2 savings,

1: saving money in the bank,
     for according to
     I save in the bank
     also very important.

2: bitcoin saving,
    I think saving
    bitcoins are very important
    even though we don't
    will know for
    future price
    bitcoins.

but in my bitcoin savings there is not much when compared to the money that is deposited in the bank. so my savings cash is more in savings to the bank than saving bitcoins, because saving bitcoins
of course there is a risk. so the amount of money that is saved to bitcoin is only a small amount.
and save my bitcoins for the long term (long term investment).

I want to ask if what I did wrong, or right.?

and are you also the same as me, implementing a bitcoin saving syste?