The massive awareness to keep bitcoins for as long as possible promotes people to develop the attitude of saving, just like saving money. Do you agree with this that people who are very good at saving money become very good at keeping bitcoins when they finally start doing cryptocurrency? Or do you feel that there is no similarity between keeping bitcoins and keeping money?
Actually I really don't think they are that much similar, because savings is like keeping your money in a bank or anywhere safe for a long period of time, which in most times have reduced in value due to inflation, and sometimes it serve as an emergency fund if the needs arises, while Bitcoin on the other hand is like storing of an asset that haves the ability to make you rich in a long period of time, because it increase in value overtime compared to savings that are static, and is mostly devalued by inflation.
Topic: Keeping money and keeping bitcoins? are they similar? (Read 2387 times)
The massive awareness to keep bitcoins for as long as possible promotes people to develop the attitude of saving, just like saving money. Do you agree with this that people who are very good at saving money become very good at keeping bitcoins when they finally start doing cryptocurrency? Or do you feel that there is no similarity between keeping bitcoins and keeping money?
absolutely yes!If you're good in keeping money you will obvious do well when it comes to holding your Bitcoin. You know, life is networked in such a way that the know you have at point A is what will help you strive and become better at point B.
In my locality, we do have this small saving box when you would bring out a small opening and whenever you have small money you won't be using or someone gift you money, you just put it in the box amd continue putting money whenever you feel like or you choose that every particular day of the week you're going to be putting money in that savings box and if you're able to do that till the end of the year, you will discover that you've successfully saved up a good amount of money. Some that are impatient will within the year break the box and bring out thoseomey during any small financial constraints and those are obviously bad at their saving habit and even if they decide to Hold Bitcoin, at the slightest financial downtime ever, they will use their investment as though it is a reserved fund.
The massive awareness to keep bitcoins for as long as possible promotes people to develop the attitude of saving, just like saving money. Do you agree with this that people who are very good at saving money become very good at keeping bitcoins when they finally start doing cryptocurrency? Or do you feel that there is no similarity between keeping bitcoins and keeping money?
Actually I really don't think they are that much similar, because savings is like keeping your money in a bank or anywhere safe for a long period of time, which in most times have reduced in value due to inflation, and sometimes it serve as an emergency fund if the needs arises, while Bitcoin on the other hand is like storing of an asset that haves the ability to make you rich in a long period of time, because it increase in value overtime compared to savings that are static, and is mostly devalued by inflation. 
The massive awareness to keep bitcoins for as long as possible promotes people to develop the attitude of saving, just like saving money. Do you agree with this that people who are very good at saving money become very good at keeping bitcoins when they finally start doing cryptocurrency? Or do you feel that there is no similarity between keeping bitcoins and keeping money?
There is a difference for sure because the amount of Bitcoin stays the same but the price of that Bitcoin is different when you hold it for a really long time. Compared to if you just saving money, they value of that money stays the same and the amount that you save in every span of time will determine how much do you have.They bring that "awareness" because it's been proved that if you hold enough the price will be surge really high and most of the people are really regretting their decisions and wish they could reverse the time so they could had bought Bitcoin or waited patient enough to do so. Majority of the newcomers are coming because of these.
The massive awareness to keep bitcoins for as long as possible promotes people to develop the attitude of saving, just like saving money. Do you agree with this that people who are very good at saving money become very good at keeping bitcoins when they finally start doing cryptocurrency? Or do you feel that there is no similarity between keeping bitcoins and keeping money?
I think to a large extent, people that are very good at saving fiat could be as good when saving and holding bitcoin. And perhaps the possibility of holding bitcoins for a long period of time could also have an effect on how people could hold and save fiat as well.
And yes, I think the awareness to hold bitcoin for the long run promotes the idea of savings in fiat as well. There’s a similarity as both bitcoins and fiat currency are both valuable and a form of currency as well. Getting the zeal to hold one could also help extend that zeal to hold the other as well.
Totally agree on this. I think it will be more easier for them to save Bitcoin if they are really good on fiat savings since Bitcoin price is consistently growing for long term while fiat money value depreciate due to inflation. Volatility is just least of concern for them if they will just think in long term goal.
What we can buy in the future using same amount of fiat that invest on Bitcoin will be far more better rather than if we just save fiat in the bank and let the bankers use our money in exchange for a penny interest rates.
Fiat sucks in short when you keep it in long term. Even Billionaires save their wealth in stocks and not in fiat.
The massive awareness to keep bitcoins for as long as possible promotes people to develop the attitude of saving, just like saving money. Do you agree with this that people who are very good at saving money become very good at keeping bitcoins when they finally start doing cryptocurrency? Or do you feel that there is no similarity between keeping bitcoins and keeping money?
I think to a large extent, people that are very good at saving fiat could be as good when saving and holding bitcoin. And perhaps the possibility of holding bitcoins for a long period of time could also have an effect on how people could hold and save fiat as well.
And yes, I think the awareness to hold bitcoin for the long run promotes the idea of savings in fiat as well. There’s a similarity as both bitcoins and fiat currency are both valuable and a form of currency as well. Getting the zeal to hold one could also help extend that zeal to hold the other as well.
Both of the example given is basically just saving, whether it's money or BTC it's the same. BTC is considered currency. if you keep 0.5BTC today, for the next 5 years, it will still be 0.5BTC. It is the value of BTC that is volatile which in 5 years it could be more valuable.
With all do respect @cabron, I think the Op mean hodling your bitcoin in a wallet and keeping your fiat funds in a saving box or in the bank.So I'm on the opinion that if you keep your money on a saving box it would remain the same figure and could reduce in value at inflation and if saved in some sort of savings account that doesn't have the potentials to bring profits it'd still remain the same or reduced in value because the banks must surely have some service charges deducted for banking with them with such accoun type but if you saving your money in a fixed account there it has the potnetial savings to bring you profits.
Meanwhile bitcoin is a digital currency that on whichever way you intends to save it, it'd always have that potentials to either reduce in figures and looses in values or it could have the potentials changes of increments in values and increments in figures based on its fluctuating volatilities.
In a summary, holding and saving your bitcoins and saving your fiats funds doesn't have you equal results. In as much you keep up with a long term savings and hodling of your bitcoin or fiats, bitcoin would always have you interesting profitabilities because in whichever way you stores your bitcoin it'd always serves you for investment.
I have not seen this massive awareness though.
Is that massive awareness that you are saying was the likes calling people to withdraw BTC from exchanges?
If I'm not mistaking I think the Op mean that speculations in bitcoin has brought about a large scales of latitudes and latitudes of bitcoin adoption in a massive rate which the market speculations has also inspired even some short term Investors to hold their assets beyond their initial expectations.Is that massive awareness that you are saying was the likes calling people to withdraw BTC from exchanges?
I've no doubt in that because the fast and high increments of bitcoin in values today has kept many Investors holding and accumulating more to their assets due to the appreciative volume in this current bitcoin bull run season.
Managing finances is indeed the main role for us to be able to manage our daily lives so that they can run smoothly from the start to the end. I agree that it is necessary to prepare savings and investments simultaneously by first sorting out all the income received as best as possible, how much is used for daily needs, saved and invested.
Clear savings to prepare if something is out of control that can be used immediately, and the investment made is to be able to increase income if it goes well. You are right that if everything is done with good planning, then prosperity will naturally accompany you in life.
managing your finances is something you can do not with words but with the heart because one of the most difficult things to do is not being able to manage your finances you should be able to spend reasonably and try and cost your expenses so that it will be much easier for you to manage. do not spend on things you do not need. because a lot of us buy things we do not even need and having that kind of behavior is bad for our finances. instead of buying things you do not need spend the money on an investment and when you get any money in return you can also re invest it. because when you have the intention of saving you might be tempted to always spend money and that way you wont be able to achieve anything. instead of saving invest it since bitcoin started you can invest your funds there and hold till like forever. Clear savings to prepare if something is out of control that can be used immediately, and the investment made is to be able to increase income if it goes well. You are right that if everything is done with good planning, then prosperity will naturally accompany you in life.
I get that people see the potential for Bitcoin to blow up and make them a crapload of money. No doubt about it, cryptocurrency values can explode overnight. But that knife cuts both ways - what goes up can come crashing down just as fast. So while I understand the appeal of trying to hit it big, I don't understand the folks who cash out their entire savings or take out a second mortgage to buy Bitcoin and that just seems beyond risky to me.
My point is, nothing in investing is guaranteed. So going all-in is like betting your whole paycheck on the roulette wheel. Not exactly a sound financial move, right?
My point is, nothing in investing is guaranteed. So going all-in is like betting your whole paycheck on the roulette wheel. Not exactly a sound financial move, right?
The most important thing is not to sacrifice your family's important needs just to lose money after entering the market. Yes. Corrections always come periodically in this market, of course if we have additional income, if we want to invest, turn on mathematical calculations and explain using common sense, then make decisions based on knowledge and don't use your mind because of potential because greed will come very quickly.
This means you can invest as long as the time is right. This market always gives us cheap prices during corrections for all cryptocurrency coins now or in the future and it depends on our decision whether we will take this opportunity to gain profits in the future or not.
Money is anything that has value, used to purchase goods and services and store wealth. There are about 4- 5 types of money, if I'm not mistaken, and they include, quasi, fiat, commodity, fiduciary, and I think the last should be commercial.
I like to think of Bitcoin as a form or type of money just like assets are. It is an alternative to money, and its brothers would be investment options such as land, gold, oil.. etc.
But basically, keeping money and keeping money aren't similar. The reasons are, first of all, when you said money, I believe you were talking about the fiat currency. The thing is fiat loses its value due to inflation but Bitcoin doesn't, Bitcoin loses its value due to how volatile it is, and its popularity index. I.e the more people believe it and invest in it... The more it's value. Meanwhile,e everyone uses money but over time it's value still reduces. So, keeping fiat money is a loss, and keeping Bitcoin isn't. That is how they aren't Similar
I like to think of Bitcoin as a form or type of money just like assets are. It is an alternative to money, and its brothers would be investment options such as land, gold, oil.. etc.
But basically, keeping money and keeping money aren't similar. The reasons are, first of all, when you said money, I believe you were talking about the fiat currency. The thing is fiat loses its value due to inflation but Bitcoin doesn't, Bitcoin loses its value due to how volatile it is, and its popularity index. I.e the more people believe it and invest in it... The more it's value. Meanwhile,e everyone uses money but over time it's value still reduces. So, keeping fiat money is a loss, and keeping Bitcoin isn't. That is how they aren't Similar
Most fiat currency savers are too risk averse to get into Bitcoin in the first place but I guess if a saver finally grasps Bitcoin then they may have the mental fortitude & patience to slowly stack Bitcoin & hodl for a significant period of time.
I also thought the same thing. in management matters, it would probably be the same. So people who are good at saving their money, when they receive bitcoin, they may be able to keep the bitcoin for a long period of time. Although bitcoin and Money have many differences, but management issues, I think it is almost the same. So that people who are experts in managing their money, they are also good at managing their bitcoin investments. Even beyond that, I think those who can save, manage their finances well, then they can manage their business and other investments they have. 
therefore the need for good financial management. we have to prepare savings in the form of fiat money to anticipate unexpected needs, and on the other hand we have to prepare savings for investment so that our money grows and of course the risk has a small impact because we have prepared for unexpected needs, and if our plan is successful in investing, then welfare is increasing. This is done because it is related to inflation, so we have to be smart in managing finances
Managing finances is indeed the main role for us to be able to manage our daily lives so that they can run smoothly from the start to the end. I agree that it is necessary to prepare savings and investments simultaneously by first sorting out all the income received as best as possible, how much is used for daily needs, saved and invested.Clear savings to prepare if something is out of control that can be used immediately, and the investment made is to be able to increase income if it goes well. You are right that if everything is done with good planning, then prosperity will naturally accompany you in life.
Saving money and saving bitcoin both are similar thing but the main thing between them is that saving money will not show increase in value but bitcoin can make you Millionaire with the passage of time.
Yes, both have the similarity. Saving money and investing in Bitcoin will provide the reserved funds in the future. However, investing in Bitcoin may have a chance to multiply the amount of the funds. Not sure if we can be a millionaire or a billionaire, but there should be a hope for bigger money through Bitcoin investment.Those people who don't have patience and wants to live a luxurious life cannot save money as well as bitcoin and those who have experience to save money will also be able to save bitcoin as longer as they can. Also their is a possibility that people having save amount of money will definitely put it into bitcoin if they find bitcoin successful after searching about it.
It depends on the individual. There are rich people who live in luxury but they have a better perception about saving and investment. They must try to keep their money into Bitcoin if they know Bitcoin well. It is because some rich people must have a motivation to get a bigger money. Most people who don't understand about saving and investment are a middle-class people. They tend to live very consumptive, they don't care with reserved money in the future.
The massive awareness to keep bitcoins for as long as possible promotes people to develop the attitude of saving, just like saving money. Do you agree with this that people who are very good at saving money become very good at keeping bitcoins when they finally start doing cryptocurrency? Or do you feel that there is no similarity between keeping bitcoins and keeping money?
I do not agree that if someone is good at saving money, he will be able to invest in bitcoin because the thing is not even going the same way. In my opinion, saving money will not increase or decrease unless you touch your savings or if you add to the money you saved, unlike with bitcoin. If you save bitcoin, do you think it will remain the way you save it? No, man, it won't, so the same thing is that someone may be able to save money, but not bitcoin. The reason is that not everyone who is able to save money can take the risk in bitcoin because not just save bitcoin once you use money and buy bitcoin, you have already invested in it, so just imagine someone who does not know about bitcoin investment did it and later sees that his money is going down when the market is depreciating. The person will start panicking in the name of saving money.
Both of the example given is basically just saving, whether it's money or BTC it's the same. BTC is considered currency. if you keep 0.5BTC today, for the next 5 years, it will still be 0.5BTC. It is the value of BTC that is volatile which in 5 years it could be more valuable.
No, I totally disagree with these because how did you know that if you invest 0.5 BTC now in the next 5 years, the BTC will still remain like that? Remember that the currency is very volatile and local currency cannot change even after the 5 years you are talking about, so the thing is that even after considering all these volatilities of bitcoin, you need to know that not everyone who is able to save money in fiat will be able to take the risk in bitcoin investment. Also, note that saving money in the next 5 years is not an easy thing to do, and saving money does not mean you have a plan for BTC investment because anything that will make you put money into bitcoin is an investment.
Consider it as physical and intangible, both is in demand, both are useable. One needed to purchase something, one is needed for us to trade to make money. So somehow they have similarities.
They have nothing in common even though they both have value in life and are also equally needed by everyone at this time. Bitcoin has been in demand by many people for the reason that it can provide more profits when you hold it and invest in it, while money is needed by everyone to be able to meet their living needs and also to buy Bitcoin so they can get more money when the price starts to increase in the market. So both are needed now for very special reasons but they are not the same as mate. 
The massive awareness to keep bitcoins for as long as possible promotes people to develop the attitude of saving, just like saving money. Do you agree with this that people who are very good at saving money become very good at keeping bitcoins when they finally start doing cryptocurrency? Or do you feel that there is no similarity between keeping bitcoins and keeping money?
Keeping your money just means you're saving your money for funds, saving or keeping your Bitcoin are assets that could possibly generate profit in the future, in the case of Bitcoin it has a volatile market price so possible that asset might be worth more in the future compared to just saving your money in the bank, it might get interested but very low interest, not to mention we have a huge problem when it comes to inflation so its probably not going to be a good idea.
It doesnt necessarily mean that you're good at saving your money then you're going to invest in Bitcoin since we still have a lot of different investments that we could make not just Bitcoin, I mean someone could just start an online sales business if he just doesnt prefer investing in Bitcoin because Bitcoin is still a risky investment, it's still doesnt have enough proof that it is going to sustain its market price in the market. The value of Bitcoin just depends on supply and demand, meaning there was no kind of backup value that supports it, something like GOLD as a tangible asset, so we could easily say that the market price could also be based on the hype in the market. After a few years we dont know if Cryptocurrency is still going to exist at all, but on your business it is going to depend if you successfully handle that business it could be bankrupt if your not careful but you handle the responsibility of it, it might become a bigger business.
Your inflation warning is accurate but misses Bitcoin's sanctuary. Bitcoin is risky, but it offers a unique opportunity to save capital while traditional currencies devalue. This is a smart countermove to inflation's erosion of purchasing power, not speculation
Let's not write Bitcoin out due to its current issues. Now-essential technology have met scepticism throughout history. Diversify, but don't dismiss Bitcoin as a fad. It requires a better understanding and strategic position in a well-rounded financial strategy
I don't understand why people like to put all their money into highly volatile investments like bitcoin and think it's good, while they always say they don't see bitcoin as a get-rich-quick tool.
I get that people see the potential for Bitcoin to blow up and make them a crapload of money. No doubt about it, cryptocurrency values can explode overnight. But that knife cuts both ways - what goes up can come crashing down just as fast. So while I understand the appeal of trying to hit it big, I don't understand the folks who cash out their entire savings or take out a second mortgage to buy Bitcoin and that just seems beyond risky to me.
My point is, nothing in investing is guaranteed. So going all-in is like betting your whole paycheck on the roulette wheel. Not exactly a sound financial move, right?
Most fiat currency savers are too risk averse to get into Bitcoin in the first place but I guess if a saver finally grasps Bitcoin then they may have the mental fortitude & patience to slowly stack Bitcoin & hodl for a significant period of time.
I don't understand why people like to put all their money into highly volatile investments like bitcoin and think it's good, while they always say they don't see bitcoin as a get-rich-quick tool.
I get that people see the potential for Bitcoin to blow up and make them a crapload of money. No doubt about it, cryptocurrency values can explode overnight. But that knife cuts both ways - what goes up can come crashing down just as fast. So while I understand the appeal of trying to hit it big, I don't understand the folks who cash out their entire savings or take out a second mortgage to buy Bitcoin and that just seems beyond risky to me.
My point is, nothing in investing is guaranteed. So going all-in is like betting your whole paycheck on the roulette wheel. Not exactly a sound financial move, right?
is that on the time that they would really be able to encounter such hardship then they are really that basically make those kind of impulsive approach as well.
Its not really that hard to distinguish both things if we do ask about keeping money and keeping Bitcoins.It would really be that common sense that crypto could give out that kind of opportunity
when it comes to making money or profits on just simply holding it on which this is something that cant be done by fiat which we know that making up some choice
is really that normal for you to make on.
I don't understand why people like to put all their money into highly volatile investments like bitcoin and think it's good, while they always say they don't see bitcoin as a get-rich-quick tool.
I get that people see the potential for Bitcoin to blow up and make them a crapload of money. No doubt about it, cryptocurrency values can explode overnight. But that knife cuts both ways - what goes up can come crashing down just as fast. So while I understand the appeal of trying to hit it big, I don't understand the folks who cash out their entire savings or take out a second mortgage to buy Bitcoin and that just seems beyond risky to me.
My point is, nothing in investing is guaranteed. So going all-in is like betting your whole paycheck on the roulette wheel. Not exactly a sound financial move, right?
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