Topic: Is Bitcoin a Safe Haven for Your Money? (Read 1555 times)

Well you can consider bitcoin as a safe haven for your money at some point but also you need to consider the risk. You should know that bitcoin is a volatile currency which means its value changes a lot over time. A hard downfall can cause you huge loss of money so you should first consider monitoring the market value and the movement of bitcoin's price before investing all of your money in it. If you are going to be fortunate enough, you might have your money increasing as its value goes high over time.

Of course it is, if you want to secure your money and a  guaranteed profit  then you should HOLD all your budget into Bitcoin and maybe other crypto like, Bitcoin sv, Ethereum and Bitcoin cash. Remember that the market  is connected or linked to Bitcoin in any development occurs , especially the ones who existed on TOP10 or 20. In addition to that, don't be panic even when a bad incident occurs. Never let your fear kills your dreams otherwise you will fail to achieve any goal.

Could be, depending on the willingness of individual, no matter how volatile btc price is, fluctuating every so often still price never fail to keep rising, although some people still get scared about if btc will continue to be in existence for a very long time, but i think better preserve your money in btc than gold or fiat,
It feels more safer and easier than bank hustle or buying gold in my opinion.

When your "normal" money goes from being able to buy one USD with 4ish in 2010, to require 7500000000 today (the same time bitcoin went from 0 to 10k) You will learn how "good" "normal" money is...

What you lack is experience. You have been pampered by your government, thinking they can never do wrong, same as we did, and probably same as every other single hyperinflation in the history of humanity.

"Normal" money can never do wrong, until it does, but then its too late...

I'm the opposite. Even with fluctuations (a sign of freedom), bitcoin is safer because no government can kill it. No idiot bureaucrat can make the dreaded decision to print a little more than usual, or get the country in hopeless debt because their budget doesn't fit anymore. As long as your "normal" money is in the hand of the few, this can happen to you.

If at all possible, now that i'm too poor to even accumulate savings in the first place, i would put most of them into bitcoin. People here go to the other fiats because they don't know better, but i do. Yes they are nice, for now... this "for now" part is the scariest part of fiat money, its a time bomb, and when it detonates, you cannot escape the blast. You will become poor overnight. Governments never announce devaluation, they do it, and then its too late.

Your trust in fiat money should be directly proportional to your trust in your government and politicians. You don't have to trust anybody with Bitcoin, that's the beauty of it.

lol who told you that?seems like you are just here in Crypto/Bitcointalk to spam and not to trust the crypto currencies right?because if does you will never say this
again who told you that people needs to invest all their money inside crypto?do you really understand what you are saying here?
Invest what you can afford to lose

 this is the proof that you have no understanding in everything you says because in this Part you are contradicting the above words of yours.

It's a safe haven for me if you are going to do a long term investment on it considering that, bitcoin pumps and dumps is unpredictable I could say that it is not going to be a safe haven if you are considering to do a short term investment here. After all, it's not a shortcut way to become a rich person LOL. When you look at the all time chart of the bitcoin you will see that long term investment will be worth it, just think of the law of supply and demand everyday there will be a new user of bitcoin and the bitcoin's supply will be stable at 21M forever, (after all bitcoin has been mined LOL) just thinking of it, I am sure that bitcoin will go to the moon after a year or so, it's started from nothing, so I am sure the in the future it maybe go x5-x1000 again 

Well if you have been in the crypto community for such long time then you would probably think it as safe haven for any fiat the fact what experience you've been through despite of ups and down you have no doubt to store your money from it. I am no expert myself, but in my years spending here in this community I eventually found what are the capabilities of Bitcoin that is why I do believe that it is a safe haven. I know that this will not be enough to convince everyone but I would just say that you should explore it yourself and take the risk yourself.

that is a one view, and other view is that it is not correlated with currencies and safe havens, so that it could be used for diversification of portfolio, there is a correlation chart available, and BTC is uncorrelated with most investment vehicles, which is basically a great thing for diversification

Basic data analysis shows that optically bitcoin has a very low correlation with safe havens like gold, silver and other valueable metals. It does not mean that bitcoin is a good diversifier or a safe haven. It has been highly volatile over the past two years and is subject to trading and liquidity risks which are not normally attributed with safe havens.

I think you misunderstood the OP. Safe Haven investment is something that is expected to go up despite what is happening. Bitcoin as a safe haven is said to give continuous profit in the future. In the video, Campbell Harvey said that there is still not enough proof to say that Bitcoin is a safe haven investment, he even said that Gold itself is not reliable. Though it has the possibility of becoming one, and I also think it has a chance of going there despite the volatility of it.

I'll talk about my case, for me bitcoin for now is a medium term and short term investment. What I do is buy when the price is low and sell when I think the price is high. and I also do day trade. I do not hold for the long term because I can lose money. there was a time I bought it when the price was $9200 and then the price dropped to $7500. I know now the price has returned to more than $9200. but if I hold for a long time I would have had to keep losses for months, my option was to sell at a loss at that time and I went back to buying and selling again and recovering my money.

That's why cold wallet or offline wallet was created, to further secure your crypto asset from being hacked online.
Those who have been hacked was just being too careless of the fact that everything is susceptible to hacking through the internet. Custodial wallets nowadays have added extra layer of security in 2fa and OTP, I don't see any problem about hacking if you're just be careful with phishing websites and unknown downloads.

You can't store your "money" in Bitcoin. You can buy bitcoin with money. I know what you are trying to say, but it sounded totally wrong. There are cases of wallet hacks, but if you read into those cases, most of them occurs due to users own fault. They either use some random wallet, or doesn't keep their wallet on a safe environment. Your wallet can be hacked if you do not take proper steps to secure your wallet.
I could say the same thing - "Imagine pilling up your money on a brief case and then someone else hijacks your money and leaves. How would you feel?". If you are not safe, even your fiat money can be stolen easily.

I totally agree with you. Without proper bits of knowledge, investing in crypto can be fatal. If you learn to understand the market, you can safely store money and make a profit

That depends are you talking about long term or short term? You know that bitcoin is volatile and you can lose your money at any time. But I might consider long term because that has always favoured me. And if you check the Bitcoin price graph you will see that the lowest for every year kept increasing. So that means if you’re able to get the low and invest at that price you will be able to make profit as time goes on.

But, I wont really say that Bitcoin is a safe haven because of its volatile nature, there are other types of investments that are more stable, but that doesn’t make Bitcoin any less good, you just have to be careful and know your level of risk.

I think it's not a safe idea to store one's money in Bitcoin. Apart from the uncertainty and fluctuations in the crypto industry there is also the rampant cases of wallet hacks. Imagine pilling up your money in a Bitcoin wallet and someone else hacking into it from anywhere in the world that you can't trace. It's heart wrecking.

Oh it us a nice article in which bitcoin is really a safe haven for our money? I guess it is just a matter on the use of bitcoin in which it may become a safe haven for those people who are investing and like to wait in order to earn a good profit but I think it is not good for those people who are not in patience when it comes in waiting the right time to earn money. Bitcoin and cryptocurrency can be a safe haven if you know how to manipulate and used it but if it is not the. It is not a safe haven for you.

Here, everyone must make their own decision for themselves. You either go to the Bank and make a Deposit at 3% per annum, or invest in bitcoin yourself, in the hope of earning a larger percentage of profit. But we must remember that bitcoin may not bring you a large income quickly.

I agree with you. Like it or not, ordinary money behaves much more predictably than BTC.

Absolutely for the long term, I would never say short term because if you got caught out in 2018 or even some periods in 2019, you'd be looking at 3000 prices when most people bought then above 10k.

I would still store most of my savings in normal money though. I know my government is shit but they insure my money and yes maybe they can end up like bankrupt but it is a smaller risk than crypto losing it all (to me).