Topic: Keeping money and keeping bitcoins? are they similar? - page 10. (Read 2388 times)

I think peoples tendencies to do things spread across all spectrums of their lives, not just when it comes to one specific thing.  For example if you're good at saving money you're probably good at saving other things as well as being dedicated and disciplined.  Most people that I know from my days of working in finance tend to bring their strong financial behaviors to all "sectors", so those clients I have that I know own bitcoin, and are good at "saving" it, tend to be good with saving money and other investments. 

One of the problems with bitcoin, in my opinion, is that it is becoming less and less anonymous. Cash is more anonymous. The second problem is that bitcoin's yield is decreasing over time (altcoins give much higher yields).

Of course there is a big difference, both in terms of benefits, safety and in terms of benefits. for example someone saves money in a bank, the benefit side is that when they need it they can easily take it, as well as guaranteed security and will also get interest if the amount of money they save.
but if Bitcoin or other crypto that we save is not as easy as taking the saved money, sometimes when we need the price to drop, then of course we have to postpone it to avoid a lack of value. in my opinion very much difference

True. Sometimes even if you save bitcoin but then exit at the very wrong time ... you are in deep negative instead a profitable green one. That's always happened. Once in our life the unfortunate moments always come , be prepare for it ... and minimize it by what so called discipline and knowledge of course.

Once you have acquired it all , you will never worry on picking to save fiat or bitcoin , both are so full of benefit in the right hands.

It's might seem clever trying yo coin simarities in this way but I don't buy it. Saving fiat money and hodling bitcoin aren't the same thing. One of the reasons is the fact that, bitcoin isn't just money or a currency but, an asset. For people we buys assets, invest in real estate, you can't exactly term that as saving. Same way you shouldn't really refer to hodling cryptocurrency in that regard.

You save faith money with the purpose of just making it available for use in a few days, weeks, months or even years but, you hodl bitcoin because you have in mind that, it would appreciate in price/value which makes it some good investment.

We do really need knowledge when we do invest on bitcoin because it does really give out that kind of money making opportunity or making profits which you do need to take some action on the time that it do really make out some significant move specially when it is really that uprising and make out some gains into your entry point which its never been bad to secure profits.When you arent that confident on embracing up the risk
in correlation with crypto investment then it isnt really for you and its better to make your fiat money sit into those banks and wont really be earning something but if you do like to take up some
risk just for the benefit of some potential income then you would be needing to make a step forward.

What defines A might not define B. Keeping Bitcoin requires a lot of Patience which means you will have to hold onto it for a while before it start yielding your desirable profit for you whille in terms of money, I don’t think money can be held onto for a very long time because one would always need money for a lot of financial support at every point in time, which you won’t have any other choice than to tamper with it compared to BTC. For example, it is easier for me to remove from a particular money that I have been holding for a quite a while because I am in an urgent need of a money, whereby I am determined to return it back once I am financially stable again but in terms of BTC, It won’t be as easy to tamper with compared to how easily for me to have deduct from the money I have been holding on to. People see keeping bitcoins as another means/source of investment. In other words, you can keep a particular sum of money for maybe a duration of 2 years or probably 3 years without removing a dime from it, while it is possible to keep a particular amount of BTC for a duration of 5 years or even more. When you are financially down, it is easier to remove form the sum of money you have been keeping for the past 2 years compared to tampering with your BTC.  Lastly, money and BTC are 2 different things and they serve quite different purposes at one point or the other.

If it is for savings, we don't need much knowledge. Just store your money in the banks, and you keep it there as long as you want. Surely, no specific knowledge you need here.

But it is different when you invest your money in Bitcoin. You must have sufficient knowledge about Bitcoin investment. You must know when the right time to buy and when the best time to sell the Bitcoin is. You also need a strategy to ensure that you optimize the potential profits. If you don't have enough knowledge, you may just waste your money in Bitcoin. It is very volatile, it has a high risk!

The attitude of self-discipline to save enough both money and bitcoin is actually a good character. Both can be profitable but in different ways. We can't expect good returns when saving in banks and can't make a good profit if we can't deal with Bitcoin's volatility. The attitude of saving can work successfully if we'll also accompany it with enough knowledge and understanding about how both things work.

They are similar in the sense that both require certain level of financial discipline and long term planning. However, they are also different as saving money in traditional banks is easier because of its  familiarity and stability of the financial system, whereas Bitcoin is highly volatile, decentralized but has seen unparalleled returns over the past decade, surpassing other assets.

Actually, they are really similar and the value depreciates when the forex or crypto market moves. Holding a fiat is really helpful in terms of emergency or personal funds which you can easily pull up when you needed that's why some people are holding them in their bank and also goods if they are offering interest rate per month depending on how much you have deposited.

And other people are also holding fiat to buy BTC when the value drops which I think is a good move if you are buying 25% of your money/salary. 

Discipline and commitment for saving money and bitcoin is a difficult thing, we will be tempted to shop or buy things that we like when we feel we have a lot of money, the temptation is increasingly difficult for us to avoid because it is easy to shop online, of course it takes effort and hard work to be able to Commitment and discipline when we want to save money and bitcoins.

At least people who are used to and disciplined in saving money will have good discipline in collecting bitcoins and holding them. But saving money and saving bitcoins are certainly two different things. Money is prone to be affected by inflation and its value can decrease over time. But bitcoin has high risks and high opportunities if stored for the long term. Money will not grow if you save it. but Bitcoin has the potential to grow in value if stored long term. although of course the risk is also great when holding bitcoin.

People who can afford to save Bitcoin's in my experience already have a fairly stable fiat currency setup and were saving money elsewhere before jumping into cryptocurrency. People that have enough excess money to start spending some of it on speculation or "investing" have reached the point where they are financially stable compared to others who live paycheck to paycheck or fall deep into debt. There are similarities in the behavior, however if you go to sleep one day with a $100 dollars, there is a relatively high likelihood that the things it can buy when you wake up are similar. The same is true with Bitcoin, however it has much higher swings and volatility in comparison.

Yes definitely, saving money in today's world requires some form of personal constraint to not give into all the consumption we are being offered every day. When I open the internet in the morning I am already receiving a lot of special deals which always have a limited time or number of deals to it so that it seems much more exclusive. Every year new gadgets like phones and laptops come out with new features that are a must have. It's really hard to not give into all the consumption madness and stick to older products and instead try to save some money. Any person who has managed to successfully budget their monthly expenses and save money on the side will be doing well in the crypto world. Bitcoin is the great example how well you would be doing if managed to save all your coins from the start.

The only similarity that I see in keeping fiat and keeping bitcoin is that they are both money, in different forms and with different values. And I do agree that someone who is good at saving fiat will be more patient in saving or keeping bitcoins without becoming a victim or FUDs or etc. But, I don't think saving money and saving bitcoin are similar.

I personally would feel more secured and relaxed if I have saved fiat, since I wouldn't need to keep an eye on the market or worry about what might happen if there is a price drop, which is what I'll be facing if I have saved bitcoins for short term targets.

You don't have to keep holding your bitcoin forever. As long as you want, you can sell whenever you want (profit or loss doesn't matter, but if you have to sell, sell it). And it is not the same thing. People that save fiat money doesn't have to worry about any volatility. So they don't have any tendency "to sell" since the value of their money won't fall or rise in short period of time unlike holding crypto currencies. And then there are those FUDs that causes a strong urge in people to sell their coins.
So it's not the same thing to be honest. And I am pretty much sure, most of the people don't "save" their money in crypto. They just invest and holds it. Not the same thing.

If the person knows the risks when it comes to btc market, he should know that gaining profit is not always you will expect.
But sure, a person who knows how to save money would find it easy also how to keep some of his bitcoin.
But with volatile market, he should know to what extent he can hold this kind of currency.
This is why some people still prefer to store their funds in the bank because of the low risk, even if they are earning dust of interest.
At least they know when they wake up, their money is still intact. However, in crypto, you can see a roller coaster ride of prices.

80% of your entire assets on Bitcoin or crypto is a bit risky i should say and leave out 20% on fiat.Im not a fiat defendant but we do know that we could entrust them out.The only thing which is really that we cant

avoid is that inflation rate which is an inevitable and it does really happen along the way.Saving up some fiat in banks for some security isnt really that bad but it wont really be that more bad if you do consider on making out some investment options that we do currently have today and most of us is really that eyeing on crypto or simply with Bitcoin.

Keeping or saving would be similar? Yes, in action but not on the potential profits that it could give.We know the main differences of a volatile and non-volatile thing.

While fiat money depreciates in time, bitcoin value continue to surge high year after year. So keeping both of them has different effects in the future. But when asked if saving money in time develops the attitude of saving bitcoin as a long term investment, yes it is. Because once you started as a good saver in fiat and you have practiced it especially when you’re still a kid, then most likely you will be good enough to save bitcoin without hassles. That is when you also have high faith in bitcoin too that you can save it without being bothered by price drops.