Keeping money and keeping bitcoins? are they similar? - page 11.

Kasabus

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Quote from: FanEagle on January 29, 2023, 02:08:03 PM

They are not, keeping money is something that will cause you to lose, because if you have 100 dollars today, what you can buy with that 100 dollars will not be the same as what you can buy with that 10 years ago, or 10 years later.

However, the hope is that bitcoin is not like that, people hope that if you buy bitcoin today, you could buy more things with it in the future, because it has gone up all the time. Look where it was 10 years ago, barely started to get some attention, and we are seeing it be huge last year and even bigger in the future hopefully. That's why it's so important to have some sort of understanding where it can lead to and I believe it will be great.

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.

Crypt0Gore

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To me one is more valuable than the other, in my local currency it sucks to keep your Fiat in the bank, some may say that Fiat is more safer in the banks but not in my country, unnecessary charges and deduction of your money is very common and also the value of the Fiat decrease in time, holding Bitcoin gives me peace of mind more than holding my Fiat in the bank, 80% of all my money are in crypto and the 20% are in Fiat for survival.

odunybiz

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Quote from: Stepstowealth on January 25, 2023, 02:03:36 PM

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?

They are similar in some aspect i.e both involves savings but saving Bitcoin is more valuable than saving ordinary money. Let's consider this two people:
Man A saves 2 million naira in early 2020 but this money ends up losing value till this moment.
Man B uses 2 million naira to buy Bitcoin in early 2020 and now has made more than ×5 of his/her investment now.
Therefore buying Bitcoin is highly better than saving your money directly in bank for long.

Jody.Drummer

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Quote from: Lubang Bawah on February 01, 2023, 06:30:11 AM

Of course bitcoin and money are different things, fluctuations in bitcoin that use the concept of decentralization make its value difficult to predict, 13 years ago bitcoin was not popular and cost around under $ 1, but now the price of bitcoin has reached $ 23k even in 2021 it has skyrocketed to $ 68k, this is a strong indication that bitcoin is a valuable asset and in my opinion better than money.

The context in this case is saving. when looking at this context it is clear saving bitcoins and saving money are something the same thing.
But the difference that happens is that when we save money, the nominal value will still be the same even in the next few years, it's different from saving in bitcoin because this will change in terms of value considering the fluctuations as you said.
The difference lies only in terms of risk because saving money does not change in terms of nominal value, so it can be said that there is no risk except maybe the value of the money will obviously decrease when there are unwanted conditions such as inflation etc. but for bitcoin there is definitely a significant change either in terms of value or in terms of nominal value in fiat due to the fluctuations themselves so this is a priority risk.

Razmirraz

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The two examples above are still in the context of saving, someone who likes to save will find it easier to save Bitcoin if they already know Cryptocurrency. But saving in Cryptocurrency (Bitcoin) is riskier than saving money in a bank or elsewhere. Price volatility is an unavoidable risk, you must have realized that Cryptocurrency prices can change very quickly.

Saving in Bitcoin is very tempting but has its own risks or in other words, high returns always provide high risks. Although basically the goal is saving, however these two activities have different advantages and risks.

19Nov16

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Of course this depends on us, if we want to see our money have a fixed value in a year then we have to choose money, many people prefer to save bitcoin in the hope of getting a profit from rising prices, this is natural because the growth in the number of bitcoin users is increasing rapidly, especially Currently, many countries have legalized bitcoin.

fadhilz123

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Quote from: Lubang Bawah on February 01, 2023, 06:30:11 AM

Of course bitcoin and money are different things, fluctuations in bitcoin that use the concept of decentralization make its value difficult to predict, 13 years ago bitcoin was not popular and cost around under $ 1, but now the price of bitcoin has reached $ 23k even in 2021 it has skyrocketed to $ 68k, this is a strong indication that bitcoin is a valuable asset and in my opinion better than money.

Even though it's better than regular money or fiat in other words, it doesn't mean that everyone should forget money in favor of Bitcoin. Because as long as money can still be used for payment and also to buy Bitcoin, there's nothing wrong with continuing to use money even though Bitcoin is better than just money. After all, liking lots of things and having multiple payment methods would also be better for everyone because it can also be very helpful in shopping for things that are needed.

Sexylizzy2813

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Bitcoin is slowly becoming trustworthy as any national currency, just that you have to take good care of it and operate your digital wallet. You can be the manger of your own bank without anyone monitoring your cash like how much you've spent, transfer or even how much you have likewise money that someone from the bank that you have your money can tell how much you have.

You can save your funds for a very long period of time and the growth of your account would occur as a result of supply and demand, but with money if they don't trade your money to gain interest, it will be the way you left it, so I prefer keeping Bitcoin to money.

The only thing that's similar in your question is KEEPING.

Lubang Bawah

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Of course bitcoin and money are different things, fluctuations in bitcoin that use the concept of decentralization make its value difficult to predict, 13 years ago bitcoin was not popular and cost around under $ 1, but now the price of bitcoin has reached $ 23k even in 2021 it has skyrocketed to $ 68k, this is a strong indication that bitcoin is a valuable asset and in my opinion better than money.

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Quote from: Stepstowealth on January 25, 2023, 02:03:36 PM

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?

saving is one of the disciplines that is applied by a person (the term of a person's financial control ability) and if that person has good discipline in saving fiat then that person will also easily implement his/her saving abilities if he/she switches to cryptocurrency.

Quote from: Stepstowealth on January 25, 2023, 02:03:36 PM

Or do you feel that there is no similarity between keeping bitcoins and keeping money?

although basically there is no difference, people who are used to fiat will definitely have a difference when they are keeping bitcoin. for example, if you are in a country that uses US dollars then your habit of keeping bitcoin will be affected by the price of US dollars vs Bitcoin, because the price of bitcoin is very volatile then you will definitely determine how much $dollars will you spend every day - week or month to buy bitcoin. cmiiw

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Quote from: Stepstowealth on January 25, 2023, 02:03:36 PM

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 they are both same to people who are aware of Bitcoin's future. But for me, saving money is keeping your money to decrease its value over time. Inflation and all the other stuff gradually decrease the value of money that you hold. On the other hand, when you hold BTC, its price may decrease in bear market or other time, but its future is clear. It will bounce back up for sure.
For me, I will prefer to hold BTC and not money. But those people who are expert in saving money, they are expert on hodling BTC too. So I agree on that.

Joshapat

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If we think smart then saving money in the bank is not profitable, bank interest is only about 12% per year or 1% per month and then subject to other fees and maybe only get 0.5% per month or 6% per year, then inflation is around 5% so that a year it only increased by 1%, but if we save bitcoin then we have the opportunity to profit, in 2022 the price has skyrocketed by more than 100% so it is a good opportunity to save bitcoin.

Moeda

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Quote from: Stepstowealth on January 25, 2023, 02:03:36 PM

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?

Maybe there are similarities between people who are good at saving money and also good at saving Bitcoin. However, people who save money tend to be more relaxed, but they don't realize that over time the value of a currency can also decrease even though the numbers remain the same. Meanwhile, people who save Bitcoin tend to feel anxious, this is caused by fluctuations in the price of Bitcoin. But people don't realize the value of Bitcoin is increasing even though the Bitcoin numbers are fixed. I think money and Bitcoin are polar opposites in terms of the long term. Maybe Bitcoin is almost the same as storing gold.

Casdinyard

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Saving money on piggy banks is not the way if you are shooting for long-term investments, I'll just throw it out. Inflation fucks evrrything over and that includes the value of your money. Thus, when you keep your mkney in a piggy bank you are basically just collecting piles of money that would not mean squat in let's say, 10-20 years in the future (although for coin collectors this is perfect, but I digress). Anyways investing your money is pretty similar to buying bitcoins if you aim to increase wealth with such purchase. You buy an asset, hold it for a set amount of time, and if all goes well you profit. As with keeping money in let's say a trust fund or a bank, the same thing applies.

odunybiz

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Quote from: Stepstowealth on January 25, 2023, 02:03:36 PM

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?

They are similar in some aspect i.e both involves savings but saving Bitcoin is more valuable than saving ordinary money. Let's consider this two people:
Man A saves 2 million naira in early 2020 but this money ends up losing value till this moment.
Man B uses 2 million naira to buy Bitcoin in early 2020 and now has made more than ×5 of his/her investment now.
Therefore buying Bitcoin is highly better than saving your money directly in bank for long.

FanEagle

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They are not, keeping money is something that will cause you to lose, because if you have 100 dollars today, what you can buy with that 100 dollars will not be the same as what you can buy with that 10 years ago, or 10 years later.

However, the hope is that bitcoin is not like that, people hope that if you buy bitcoin today, you could buy more things with it in the future, because it has gone up all the time. Look where it was 10 years ago, barely started to get some attention, and we are seeing it be huge last year and even bigger in the future hopefully. That's why it's so important to have some sort of understanding where it can lead to and I believe it will be great.

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Quote from: Stepstowealth on January 25, 2023, 02:03:36 PM

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?

No, that's definitely different. A small example, if you save money in an automatic tax account, interest will eat away at the balance which will be reduced, including the value of inflation, if your money is in large amounts and you want to withdraw everything directly, it will be difficult and there will be many questions from the bank. It's different if you keep Bitcoin in your wallet. For example, if you save 1 Bitcoin for a long period of time with high volatility and the price is getting more expensive then you have the advantage of not having to do anything. Tax-free, interest-free and you have full control if you really want to convert it to fiat.

Ultegra134

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Quote from: Dickiy on January 29, 2023, 06:58:47 AM

Basically the same but saving in bitcoin is more oriented to investment or to take capital gains just like stocks, in the system but like most people bitcoin has quite extreme volatility even though basically the same bitcoin and fiat are currencies but in my opinion it depends on the person looking at it for that matter.
In my opinion, goals and expectations are definitely different in saving in bitcoin and fiat currency, but if the goal is to finance old age it is better in bitcoin because as we know bitcoin will provide wealth to those who hold it in the long term.

As I've mentioned earlier, I'm saving both money in fiat and bitcoin, but the latter is much more meaningful since it's probable that it'll be worth more in the near future. Both are necessary. On the one hand, fiat currencies are always handy in our daily lives, whether we like it or not, while on the other, investments are a great way to increase your value. Fiat currencies are inevitable, but it's certainly best to diversify and at least attempt to invest some of your savings in Bitcoin or stocks. Personally, acquiring Bitcoin has been one of the best decisions I've ever made, without too much hassle, and despite the bear market, I'm just a little off my DCA.

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Quote from: jrrsparkles on January 29, 2023, 10:40:33 AM

Keeping money and keeping bitcoin isn't the same in this case I assume you are talking about the fiat as money so lets see what happens when you save and keeping the money either in your bank account or piggy bank, if you keep money on bank account the interest provided per annum will be 4% just for example and for piggy bank its 0% well you also need to consider the inflation rate lets assume 3% inflation in general so you are actually making 1% if you keeping in bank and your money loss its value by 3% on your hands.

Whereas keeping bitcoin is different cause it has its own value so the price goes up or down depend on the market supply and demand as far we look the growth the bitcoin grown a lot over long period so in case if you are keeping bitcoin for more than 3 years then it should be atleast 5x times thanyour investment amount.

What you are comparing is like saving and investing. Although keeping money in a bank or piggy bank will not be profitable even if you keep it for a long time, with these savings, you are very safe and can use them anytime you want, even in case of an emergency. While you keep all your money in bitcoins, and if you need money urgently and bitcoin is in a bear season, your assets drop more than 50% in value then you are in bigger trouble than depositing money in the bank.

According to me, fiat and bitcoin are not the same, so they cannot be compared, fiat is for savings, daily consumption, and bitcoin is a long-term investment, the comparison is lame.

jrrsparkles

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Keeping money and keeping bitcoin isn't the same in this case I assume you are talking about the fiat as money so lets see what happens when you save and keeping the money either in your bank account or piggy bank, if you keep money on bank account the interest provided per annum will be 4% just for example and for piggy bank its 0% well you also need to consider the inflation rate lets assume 3% inflation in general so you are actually making 1% if you keeping in bank and your money loss its value by 3% on your hands.

Whereas keeping bitcoin is different cause it has its own value so the price goes up or down depend on the market supply and demand as far we look the growth the bitcoin grown a lot over long period so in case if you are keeping bitcoin for more than 3 years then it should be atleast 5x times thanyour investment amount.

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