In Search of Financial Freedom: The Answer Lies With Bitcoin, Not Stablecoins

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Quote from: btc78 on January 23, 2024, 11:11:19 AM

Quote from: xeqoRameshAxueamExaqana on January 20, 2024, 05:10:09 PM

Financial freedom is not about the currency you use. it's about you sleeping idle doing nothing but still making money. it's called financial freedom. making money and being able to spend it both offline and online.

I do agree that financial freedom is not exactly related to the currency yo use however it can have an impact on it

I think financial freedom is being able to spend money without having to worry about losing or ending up with no money because you have enough saved up or in investments

Agreeing with that is cool but I think op need to understand what stable coin is all about and why people do convert there money to stable coin. When can make money from Bitcoin which is clear to us but everything does not revolved around Bitcoin alone. There are many stable coins in the Crypto marketplace which we can always buy and hold for as long as we wanted. We don't need to be too curious to earn fast from the Crypto market. Everything is done gradually.

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Quote from: Kelward on January 21, 2024, 01:17:40 AM

Quote from: batang_bitcoin on January 20, 2024, 04:32:46 PM

Quote from: jrrsparkles on January 20, 2024, 03:31:54 PM

This is for the people who see CBDC as an alternative to the traditional monetary system and it explains why decentralization matters when we talk about financial freedom and staking money with centralized token called CBDC is never really intended for that use.

Use stable coins for trading purposes and never trust them for storing your money, it can vanish overnight if the issuer decides to run away.

In countries that has high to hyper inflation, stable coins can be their savior because of how useless their currency and this means about their daily usage and not for investing purposes. As for investment, we all agree that it's about Bitcoin and that's the best asset that someone can have. While many are experiencing some problems regarding on which crypto they should choose. There's no need to look around and be problematic about it because having Bitcoin can be their greatest asset without having to worry about anything.

Stablecoins and Bitcoin serves different purposes, and they're both important in the different ways that they're applied in financial matters. As you noted stablecoins like usdt is best for currencies that are facing high inflations, they can convert to usdt, but when we talk about the best option to secure your money into an asset so that it can increase in value, it'll be none other than Bitcoin. Bitcoin is decentralized and it is not controlled by any central authority, which makes it a very safe place to invest your money.

Not everyone are going to agree with Bitcoin especially those that don't like to get into volatility. Those people that are living in hyperinflation wants more of the dollar value because they can use it with their day to day living. I am not saying that Bitcoin can't but it's too volatile for them but regardless of the other and minimal voice of those people, we're still seeing more of those folks that are liking bitcoin and sees it as their ticket of getting out of that situation.

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Quote from: xeqoRameshAxueamExaqana on January 20, 2024, 05:10:09 PM

Financial freedom is not about the currency you use. it's about you sleeping idle doing nothing but still making money. it's called financial freedom. making money and being able to spend it both offline and online.

I do agree that financial freedom is not exactly related to the currency yo use however it can have an impact on it

I think financial freedom is being able to spend money without having to worry about losing or ending up with no money because you have enough saved up or in investments

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Quote from: Strongkored on January 22, 2024, 10:38:41 PM

Quote from: jrrsparkles on January 20, 2024, 03:31:54 PM

In Search of Financial Freedom: The Answer Lies With Bitcoin, Not Stablecoins

I didn't read the article so I was quite curious how Bitcoin can provide financial freedom, because usually what is meant by financial freedom is when a person has achieved economic stability where his income will be able to fulfill all his needs and desires, meaning that inflation will not be a problem for him because his income can beat inflation.
Bitcoin can give us profits but financial freedom only when we can be smart investors

Bitcoin is best compared to the traditional fiat banking system which is completely controlled, inflated, and manipulated. This isn't about everyone achieving financial freedom if they buy Bitcoin because they need money even to buy Bitcoin but it is more about the decentralized monetary system which gives us the ultimate custodian of our money but with traditional fiat banks are holding on our behalf while stable coins are even worse, its from private entity who gives nothing but promise that the minted tokens have reserves.

I meant to say for someone who start their journey of achieving financial freedom and they are against fiat money then the crypto they should choose is bitcoin, not the centralized coins.

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Quote from: xeqoRameshAxueamExaqana on January 20, 2024, 05:10:09 PM

Financial freedom is not about the currency you use. it's about you sleeping idle doing nothing but still making money. it's called financial freedom. making money and being able to spend it both offline and online.

Absolutely correct, you have captured the key essence of financial freedom. Its not about the specific currency we use, its about being able to generate income passively and living a comfortable life without need to trade time for money. However, I firmly believe that Bitcoin is such type of precious asset which can definitely pave the way to transform your financial future and achieving freedom, if you invest in it at the opportune moment and continue holding onto it for long term.

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Quote from: jrrsparkles on January 21, 2024, 02:05:39 AM

The reality is people use USDT for long-term storage too, I don't know what is the point of keeping usdt in the wallet in a huge pile when its job no more needed for me outside the exchanges. I guess they see USDT as an alternative to their fiat and they don't want to convert the profits into fiat because they are afraid that their fiat is highly unstable and their profits can go in vain and decides to trust USDT which may look like an opportunity but in reality it is a mistake too.

It is clearly a mistake to store stable coins for the long term, but those that are living in a country with a bad economy and a weak currency may not have any other choice available to them.

If they could get hold of dollars, euros or other foreign currency that was more stable than their own, I am sure they will use it, but a stable currency is the first thing to disappear in a scenario like that, so they have to pick the lesser of two evils and use stable coins until they find a better option to use.

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Quote from: jrrsparkles on January 20, 2024, 03:31:54 PM

In Search of Financial Freedom: The Answer Lies With Bitcoin, Not Stablecoins

I didn't read the article so I was quite curious how Bitcoin can provide financial freedom, because usually what is meant by financial freedom is when a person has achieved economic stability where his income will be able to fulfill all his needs and desires, meaning that inflation will not be a problem for him because his income can beat inflation.
Bitcoin can give us profits but financial freedom only when we can be smart investors

Quote from: jrrsparkles on January 20, 2024, 03:31:54 PM

Use stable coins for trading purposes and never trust them for storing your money, it can vanish overnight if the issuer decides to run away.

I agree with this, stablecoins are a tool for trading crypto on exchanges, not as an investment tool because of centralization, this is even much worse than fiat, if in fiat we can lose value due to inflation, but stable coins we can lose everything even though the coins are still parked there in our wallet.

JeffBrad12

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that should be basic common sense saving in stablecoin is not sure way to keep our wealth from suddenly vanishing we should always remember the fact that there are some stablecoin out there that lose their peg and become uselss overnight and that could very well be repeated by other stablecoin if they don't get audited quite frequently causing lose trust of people that uses the stablecoin and therefore might just become massive collapse.
always save it in other form that aren't truly depending on some entity, in bitcoin it can do, but be prepared also for the volatility and I think honestly if we are done trading we could just easily convert the money to something thats valuable as well as could gain some massive value increase like basically gold or property only then you can be rest assured that your wealth is secured tightly enough but even then you also need to make some diversification just in case.

usdt is only good for pair, etc. i will only use it for that.

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However, I still use usdt to open long positions even though I am scalping in bitcoin, with ease and maintained prices. I really enjoy the fluctuating bitcoin with the help of stable coins when changing trends, it will be more risky if the pair used is a highly volatile altcoin while the focus of attention is only on bitcoin, if you keep it in usdt the work is lighter because it focuses on the price rotation of bitcoin / the main coin that is being traded only. I agree if bitcoin gives financial freedom mugnkin possible range of hundreds or thousands of percent with more regular / filling capital for the long term.

I have little capital and choose to collect with usdt pairs, there are other pairs available but not so complete available if an emergency scalping with other coins. For me usdt is universal and suitable for daily holding, and bitcoin is suitable for all conditions, especially long-term. the two functions and properties of this coin have their respective roles which are very helpful in managing and storing my crypto assets.

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Quote from: Adbitco on January 20, 2024, 06:50:06 PM

Quote from: jrrsparkles on January 20, 2024, 03:31:54 PM

Use stable coins for trading purposes and never trust them for storing your money, it can vanish overnight if the issuer decides to run away.

At this stage you think someone would keep or hold usdt as investment or what, basically people don't hold usdt rather through usdt the fund their wallet then buy bitcoin maybe when they noticed that the market isn't stable as trader.

The reality is people use USDT for long-term storage too, I don't know what is the point of keeping usdt in the wallet in a huge pile when its job no more needed for me outside the exchanges. I guess they see USDT as an alternative to their fiat and they don't want to convert the profits into fiat because they are afraid that their fiat is highly unstable and their profits can go in vain and decides to trust USDT which may look like an opportunity but in reality it is a mistake too.

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Quote from: batang_bitcoin on January 20, 2024, 04:32:46 PM

Quote from: jrrsparkles on January 20, 2024, 03:31:54 PM

This is for the people who see CBDC as an alternative to the traditional monetary system and it explains why decentralization matters when we talk about financial freedom and staking money with centralized token called CBDC is never really intended for that use.

Use stable coins for trading purposes and never trust them for storing your money, it can vanish overnight if the issuer decides to run away.

In countries that has high to hyper inflation, stable coins can be their savior because of how useless their currency and this means about their daily usage and not for investing purposes. As for investment, we all agree that it's about Bitcoin and that's the best asset that someone can have. While many are experiencing some problems regarding on which crypto they should choose. There's no need to look around and be problematic about it because having Bitcoin can be their greatest asset without having to worry about anything.

Stablecoins and Bitcoin serves different purposes, and they're both important in the different ways that they're applied in financial matters. As you noted stablecoins like usdt is best for currencies that are facing high inflations, they can convert to usdt, but when we talk about the best option to secure your money into an asset so that it can increase in value, it'll be none other than Bitcoin. Bitcoin is decentralized and it is not controlled by any central authority, which makes it a very safe place to invest your money.

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Quote from: jrrsparkles on January 20, 2024, 03:31:54 PM

Use stable coins for trading purposes and never trust them for storing your money, it can vanish overnight if the issuer decides to run away.

At this stage you think someone would keep or hold usdt as investment or what, basically people don't hold usdt rather through usdt the fund their wallet then buy bitcoin maybe when they noticed that the market isn't stable as trader they can automatically convert their assets to stablecoin which is usdt but even as that i won't still recommend people to hold usdt rather Dai is more trusted and is decentralized stablecoin unlike the usdt that is backed by the united state dollars. About DAI

"Dai (DAI) is a decentralized stablecoin running on Ethereum (ETH) that attempts to maintain a value of $1.00 USD. Unlike centralized stablecoins, Dai isn't backed by US dollars in a bank account. Instead, it’s backed by collateral on the Maker platform."

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I believe the decision on which option to choose should be entrusted to the people. Both of these options are important, but they come with their own set of risks, or better yet, we can call them pros and cons. At present, stablecoins cannot be disregarded because they play a crucial role in determining the value of Bitcoin.

"It is not enough to swap one master for another, be it a government or a corporation."

You are correct that we cannot simply replace one thing with another like this (Traditional monetary system -> CBDC) because nothing will change. I firmly believe that a currency should not be controlled by anyone, as it symbolizes the blood and sweat (hardwork) of each individual. Unfortunately, this essence is being wasted due to uncontrollable inflation. I know that Bitcoin is the solution to this, but we can only achieve it when everyone wakes up to the TRUTH.

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Quote from: xeqoRameshAxueamExaqana on January 20, 2024, 05:10:09 PM

Financial freedom is not about the currency you use. it's about you sleeping idle doing nothing but still making money. it's called financial freedom. making money and being able to spend it both offline and online.

Really I think you may have a misconceptions about what financial freedom means because saying that you sleeping without doing anything and still have money is what financial freedom means in reality may be wrong.

To me, financial freedom is a state of mind, investment and excess cash flow, where your money will be working for you, this is the best state of financial independence, but this level can't be achieved by a lazy person who is looking for ways to keep himself in bed just being lazy, that is not independent in any form.

Also if you hold a stable coin/currency of any form, it will only become inflatary and deflaterry if the market force are for or against such currency and this is what, results into currency inflation and weakness against each other.

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Financial freedom is not about the currency you use. it's about you sleeping idle doing nothing but still making money. it's called financial freedom. making money and being able to spend it both offline and online.

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Quote from: jrrsparkles on January 20, 2024, 03:31:54 PM

This is for the people who see CBDC as an alternative to the traditional monetary system and it explains why decentralization matters when we talk about financial freedom and staking money with centralized token called CBDC is never really intended for that use.

Use stable coins for trading purposes and never trust them for storing your money, it can vanish overnight if the issuer decides to run away.

In countries that has high to hyper inflation, stable coins can be their savior because of how useless their currency and this means about their daily usage and not for investing purposes. As for investment, we all agree that it's about Bitcoin and that's the best asset that someone can have. While many are experiencing some problems regarding on which crypto they should choose. There's no need to look around and be problematic about it because having Bitcoin can be their greatest asset without having to worry about anything.

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Does Bitcoin give financial freedom? How can it give financial freedom? I know one of the things you think is that stablecoins seem to be taking the place of volatile coins which is not so. There is need for stable coins for us to easily convert our volatile coins to stable to reclaim our profits. When the market is too volatile and we have succeeded making profits, how do you take the profits? You would have to sell? The best way is to convert the volatile coin to stablecoin so that we can claim the profit. That's the need for stable...storage of asset.

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"It is not enough to swap one master for another, be it a government or a corporation," Montclair State University adjunct professor Burak Tamaç writes.

In recent times, we've witnessed real-world scenarios where stablecoins like Tether's USDT and Circle's USDC have become crucial monetary tools. In Turkey, for instance, where high inflation has spurred citizens to embrace these digital assets as a hedge against an unstable national currency.

Bitcoin, however, offers a truly decentralized option, getting us closer to freedom as non-domination. Bitcoin's decentralized nature prevents the type of domination that comes with the centralized structures of stablecoins or traditional finance. Each participant can impact the network's decisions, reducing the risk of arbitrary power, and thus fostering a more republican view of freedom.

In conclusion, stablecoins might seem like a lifeline in unstable financial landscapes. But their intrinsic reliance on centralized issuers compromises freedom as non-domination. It is not enough to swap one master for another, be it a government or a corporation. Real financial independence comes not from trading chains, but from eliminating or controlling them.

In Search of Financial Freedom: The Answer Lies With Bitcoin, Not Stablecoins

This is for the people who see CBDC as an alternative to the traditional monetary system and it explains why decentralization matters when we talk about financial freedom and staking money with centralized token called CBDC is never really intended for that use.

Use stable coins for trading purposes and never trust them for storing your money, it can vanish overnight if the issuer decides to run away.

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