Keeping money and keeping bitcoins? are they similar? - page 13.

AicecreaME

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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?

Fiat and cryptocurrency is very different. Storing fiat doesn't have any risk like volatility, but I don't want to store fiat in the first place because it doesn't have volatility unlike Bitcoin. But for a newbie, maybe he will have a hard time at first when he invested in cryptocurrency because it requires basic knowledge to know what you'll do in certain situations. The only thing I want about Bitcoin is I am sure that in the long run, it'll give me high profits that I couldn't find in fiat.

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Quote from: Joshapat on January 27, 2023, 07:11:45 AM

Bitcoin is a very good and promising investment so it's worth our choice, if we have large finances then it's time to put money in bitcoin because the profit potential is very promising, but as investors we must understand that the opportunity for bitcoin loss is also very large so we must always do a deep analysis.

It will be the first choice for people who already know the potential of bitcoin in the future and can provide big profits. But people who don't know bitcoin won't think like us. Even though someone has invited them to join or they see lots of advertisements from the internet or around them about the potential bitcoin they can get, they still won't try it. And it's up to them if they still want to keep their money instead of trying to save their money in bitcoin because by keeping their money in the bank, they feel comfortable and not afraid because they get guaranteed protection from the government.

Joshapat

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Bitcoin is a very good and promising investment so it's worth our choice, if we have large finances then it's time to put money in bitcoin because the profit potential is very promising, but as investors we must understand that the opportunity for bitcoin loss is also very large so we must always do a deep analysis.

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Quote from: blockman on January 26, 2023, 07:22:25 AM

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?

I believe in that because of the principle and practice that has been developed. If you're good at saving money then you should also be good in keeping bitcoin and any other asset because you've been through with it and had an experience on how you should keep it.
It's about the discipline that's been made for which it's going to be applicable to anything that you're seeing of a great value and you'll be keeping it for good.

You’re right, if you have discipline, you’ll be good both in saving fiat and saving bitcoin because it allows you to stay focus on your goal, and that is to save and be profitable in the future. Otherwise, you’ll only save temporarily and then spend it later on because you lack the discipline and you take actions that are already out of your control. And that makes you very ineffective as a saver not only for money/ bitcoin but even to different assets that you want to acquire.

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

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When you save Bitcoin you are actually saving money. But this time it is not the paper money or CBDC the government issues but a digital currency that is decentralized. Remember money is a medium of exchange that can be in the form of notes or coin that can exist both digitally and physically. So if you save Bitcoin it is the same as saving money because your coin can be used as medium of exchange either directly through p2p exchange or swapping through exchanges.

Vaculin

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Quote from: CoinEraser on January 25, 2023, 02:32:54 PM

In my opinion it's very similar. Keeping bitcoins is easier for someone who is already saving money. I've noticed this several times in my own circle of acquaintances. People who fail to save money usually fail to hold onto their bitcoins for long either. I don't think it's random either. Some people are good savers and others have an urge to spend their money as soon as possible. Whether it's fiat money or cryptocurrency. Wink

As long as you practice saving fiat, most likely it will also be effective when it comes to saving bitcoin because both require patience and long term goal. That is why if you find it hard to save money because you end up using it due to unexpected bills or expenses, same case will also happen to saving bitcoin. You will not succeed from it and just like others, you may even buying it a high price and selling it at a lower price, which means you only save at a loss.

DOH!

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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?

Logically I think holding money and holding bitcoin have similarities but technically and practically it has many structural differences, keeping bitcoin deflationary and free, keeping money subject to inflation and the government knows what you keep and what you do with your money. In my opinion, being good at saving money is a virtue to be encouraged. In a time of economic downturn, saving is great but I'm not sure they would be a good holder of bitcoins themselves.

Sebas.tian

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Quote from: Stepstowealth

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?

Yes, if you are good in saving money, it will really help you to improve in the community because it will be easy for you to buy Bitcoin when the price is low in the market and hold for the price to increase higher before you can sell to make a good profits which is a best strategy many potential traders are using to improve their wealth in the country. Many potential traders in the environment started saving money to watch how the cryptocurrency market move so that they will not invest their money in Vail than to understand the movement of the market price very well before using the saving money to purchase Bitcoin for long holding to achieve something big in the future.

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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?

Those people who can save money in fiat and can refrain themselves not to spend it for long period probably have a good financial standing wherein their earnings are consistent and not struggling financially. If your situation is like this and you'll invest in Bitcoin then chances are you can hold for long period without worries since you are doing fine even without the money that you invest. So it depends on your situation, because you can still be good at investing if you are really determine to keep it and has a goal that want to achieve.

Anyway, keeping your money regardless of the form of currency has similarity because you're still saving and not spending. However the difference is, if you save your money in fiat even you let it sleep for long period, you'll not get worried that it might lose its value. While if you keep your money in Bitcoin, the risk is, the price is unstable. The reason why it is not advisable to invest using the money that you can't afford to lose because you'll never know what will happen in the future.

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My assumption is the same as saving Bitcoin and saving money but different in value.

If you are good at saving money, you should also be able to save Bitcoin, but not all of them are sure of the very fluctuating conditions of bitcoin, so they cannot do this except for what is stored in a bank because they will believe in stability compared to bitcoin.

Meanwhile, my assumption is to save bitcoin because its value will increase for the long term, for example 5-10 years, while money, unlike bitcoin, will actually be more inflationary or recession, which means that money will strengthen down and become weak, so I prefer to save bitcoin, even if it's only a little bitcoins in my hands.

Pejoh Asu

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Of course it's different, the movement of bitcoin which is like a roller coaster makes us have to be vigilant and don't use all the money for bitcoin, many people are stressed because selling assets to buy bitcoin and the prediction of profit turns out to be different, the best advice is to save bitcoin with not a large amount so we don't panic if the bear market occurs again.

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the main difference is your money in fiat form will decrease in value take look this image the US Dollar lost its value in the early 1900 till this date

and yes after through many economic disaster Sad

keep the value even lower

bitcoin on the other hand like this it against the inflation too

carlfebz2

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Quote from: Ryu_Ar1 on January 26, 2023, 05:22:06 PM

Regardless, it's the same context, only saving.
But the difference in this case is when you save in the form of money no matter how long you save it, the number count will still not change because the value will still be the same, different from bitcoin because indeed with the existing fluctuations and with conditions where increases and decreases are certain what happens is what makes the difference.
It would be great if we kept it for the next few years because we could get more benefits from the savings we made.

The main difference here is the value which we know that keeping bitcoins could really make your savings even more worth due to the potential of the money you are holding could really increase in value which what

the thing that sparks most peoples interest and there's no surprising.If you are really that good on making up some savings then it wont matter whether it would be sticking into bitcoin or into fiat.

You arent that blind nor dumb enough not to be able to point out those differences which you could eventually take out some advantage if you wanted to.

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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.

It promotes people to develop the idea of investing money in Bitcoin. If Bitcoin was a safe haven investment the financial institution won't have invested in it.

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?

Is about discipline, and fully understanding the benefit of Bitcoin.
There's different between saving and investing in Bitcoin, despite how they look alike. Keeping funds can also be analyzed as storing or stacking cash but when you invested your storage fund into Bitcoin for the long term is when you keep Bitcoin.
"The golden goose is only good if only it lay eggs"

BitcoinPanther

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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?

I agree because people who are good in saving money had already created a good foundation on their character that is needed to be able to withstand the temptation of spending spree.

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?

Holding bitcoin is different from holding fiat currency. Money is a currency issued by the government while holding bitcoin is like holding digital currency that is decentralized and no central authority. The difference between them is that money is more widely use as medium of exchange while Bitcoin is not yet widely accepted. They also have their own set of advantage and disadvantages so keeping money and keeping bitcoin is not the same.

Ryu_Ar1

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Regardless, it's the same context, only saving.
But the difference in this case is when you save in the form of money no matter how long you save it, the number count will still not change because the value will still be the same, different from bitcoin because indeed with the existing fluctuations and with conditions where increases and decreases are certain what happens is what makes the difference.
It would be great if we kept it for the next few years because we could get more benefits from the savings we made.

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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?

There is no similarity or comparison whatsoever in my opinion. This is because they both have different reasons. People who save money in banks do so for the raining days. People who keep bitcoins do it to protect their wealth. They also do it because they know that when the value appreciated they are going to have increased a percentage of their wealth. You see two different reason and they are not in any way similar.

Ultegra134

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I'd say both. Personally, I'm someone who is decent at managing my finances and has always saved money in order to have purchasing power at any moment and because I like having money at hand. I do the exact same thing with Bitcoin: I save every bit I receive. Although I believe that because Bitcoin is perceived as a valuable asset that is likely to be worth more in the future, it may encourage saving for some people who aren't as capable of saving money in fiat currencies.

takuma sato

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If we separate Bitcoin from "money" as it's not a traditional form of currency, then yes, since you cannot clone your money and save these backups all over the place. You have many advantages with BTC compared to classic money. With fiat you either save it on a bank or keep the bills somewhere safe, with BTC you can save your private keys in a million forms whether it be physical or digital.

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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?

Some people may be good at saving money, but I doubt if most of them can be as good at it as they are at saving their local money when it comes to holding bitcoin. Bitcoin has volatility attached, and local money can be inflatable. The saver may not be too concerned with the inflation of money because they know it is not in their hands to stop it, but when there is volatility in the crypto market, they may not possibly have the zeal to hold on, so they sell off due to panic. They may think that selling off helps them reduce what they have already lost or what they should have lost. @OP, please understand that I am not saying that all savers cannot be good at holding bitcoin, but most are only good at saving money because they are more comfortable with it than dealing with bitcoin volatility.

Topic: Keeping money and keeping bitcoins? are they similar? - page 13. (Read 2318 times)