Keeping money and keeping bitcoins? are they similar? - page 14.

TheGreatPython

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Quote from: HajiBagi on January 26, 2023, 04:46:13 AM

Bitcoin is something you save to have more gain in it; however, keeping money is different from keeping bitcoin in that you can come and take it as it is being kept and no matter how there will be a monthly bank fee deducted from your savings; bitcoin price may rise and you got many profits there that you can't imagine; however, we don't save money and think that you are expecting profit from it; as a result, keeping bitcoin and keeping money are not similar.

That is one of the use of Bitcoin, as an investment instrument but it was only optional. It's main use is still a currency, the same with fiat money. Keeping BTC and money are quite similar if we look at them in the outside but from the inside, they aren't different anymore because like you said, BTC value is growing but fiat is stable and sometimes decrease in purchasing power due to the inflations.

We can still keep money in our own possession and not in a bank. That way you will never pay a fee but you only need to make sure that you keep your money properly or store in it in a vault with a passcode that you only know so that it won't be stolen by someone else.

isaac_clarke22

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

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Just similar with minor differences, OP. You're saving something of a value that you might be able to use it for future uses and a plus factor for Bitcoin is that it could grow in value overtime, the usual investment stuff that we are always aware of.
Even though price of Bitcoin might decrease at one point, 1 BTC = 1 BTC.

Oh and another point worth mentioning is that saving Bitcoin won't have any authorities involved.....depending on where you store it.

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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?

Bitcoin is money. Maybe you meant fiat currencies. Then in this case I think it's worthful to save only in Bitcoin currency, while avoiding to hold large sums of money in fiat, due to its accelerated devaluation which happens in a weekly and sometimes daily basis.

If you have a lot of fiat saved, better that you use it to invest in BTC or in properties, as the long term potential of such investments is quite decent, when compared to the alternatives banks offer us, which are usually unprofitable after all.

That should be a lesson taught at schools since we were kids, but unfortunatelly we only learn about it once we reach adult life and see on practice how fiat saving accounts and fixed income offers are a big joke over investors.

Zaguru12

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Quote from: teosanru on January 26, 2023, 02:31:12 PM

Obviously yes, people are very good at saving money will be good in all the aspects related to keeping assets safe throughout their lives. This habit is not specific to just fiat, it's about controlling your habits and maintaining the lifestyle. So yes it's obviously similar to keep your bitcoin and keeping money.

The only relationship between saving fiat and bitcoin is that those that were used to saving fiat will be able to save bitcoin more easier than there counter part because they have already had the experience to endure and be patient. Now the difference is bitcoin requires its knowledge than saving fiat. People believe fiat remains the same when it is saved but the knowledgeable one knows it is loosing value. And in term of bitcoin ones the value fluctuates it also looks to as once is loosing when it is in bear market but the an investor that has bitcoin knowledge knows it is same.
So to me saving bitcoin requires more knowledge about when to leave and enter, but for fiat it requires less or no knowledge at all

teosanru

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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?

Obviously yes, people are very good at saving money will be good in all the aspects related to keeping assets safe throughout their lives. This habit is not specific to just fiat, it's about controlling your habits and maintaining the lifestyle. So yes it's obviously similar to keep your bitcoin and keeping money. But yes investment in bitcoin is easier i have seen some people making some trades in between their holding period of bitcoin and increase their overall holdings.

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Quote from: dothebeats on January 25, 2023, 07:59:32 PM

Saving money is entirely different than saving bitcoins. In saving money, you are not gaining anything and your money will still be worth the same when you first kept it. Whereas in saving bitcoins, you are getting some profits off of what you're keeping that it will somewhat tempt you to take it out when it received some form of appreciation. That's the main difference, and that's what makes saving bitcoins harder than saving money - there is always the possibility of realizing profits in a short span of time.

I don't look at the outcome but the process. The outcome, as you said, is different, but the process is very similar.
When someone is good at saving money he should also be good at saving bitcoin because this attitude is a habit and a part of our personality. I'm good at saving, I'm a saver not a spender and this manifests in being a good holder. I also save up fiat money, I used to do that a lot when I was at school but now I spend more fiat and try to save up as much bitcoin as I can.
I know a few spenders and they just can't keep money at hand. If you hide it from them they will live like normal people, but give them some cash and it's gone.

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owning bitcoins is like owning cash. Self-control and perseverance are needed. Like cash, bitcoins can be held for long-term gain. Like high-interest bank accounts, bitcoins may appreciate over time.

Bitcoin, though, is my preferred currency. Bitcoin's scarcity gives it an advantage over conventional currencies. The maximum supply of Bitcoin is 21 million. Inflation hedge due to limited supply. However, governments produce typical fiat currencies, which may lead to inflation and a progressive loss in purchasing power. Bitcoin's decentralized nature makes it hard to control. Bitcoin's decentralization makes it safer and more convenient.

As technology improves, investing in bitcoin or another prominent cryptocurrency like Ethereum is a wonderful way to diversify our savings. Given the current rate of development, bitcoin, not gold or the US dollar, will likely be the preferred savings asset in the near future

virasisog

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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?

Both are actually good practices. It shows wise handling of our funds since savin is necessary, especially during the inflation crisis that we're facing right now. However, saving Bitcoin will be more beneficial because you can make a good profit from it if you buy at a lower price and hold until it reaches a good value.
Saving money will also be a good idea though you can't expect profit from it unless you save it in banks that also offer a minimal anual profit. Both would be better but it all depends on your purpose of saving.

Yatsan

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The fact that the other choice has a tendency to increse concerning market price, makes the difference obvious. Storing in Bitcoin will give you the opportunity to ern peofit but risk would be present. Keeping your wealth in fuat on the other hand will secure your wealth but won't generate that much of profit. Thus, your preference would be the bottomline. Some would go with investments because of profit tendencies but some people would prefer a safer wealth. Which one would be better then? As I've said, your preference would be the bottomline. If you cannot afford engaging to risks then avoid engaging to this industry in general, volatility is the main factor.

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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?

I do not see that there is a difference between them, as they both represent a form of savings. The only difference is in what each type of savings requires; Saving money does not require more than opening a bank account and depositing money in the bank, which will take care of guarding those savings in return for a commission, while saving bitcoin will not cost anything except that the person has sufficient knowledge of how to install and use the wallet and deal with private keys.
Bitcoin can be saved just as savings are done through banks for a commission, but unfortunately the central platforms that provide such services cannot be trusted and it is never recommended to use a central platform to save bitcoin or any other cryptocurrency.

maydna

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Saving money and saving is very similar but different. The difference is if you save money in the bank, maybe the return will not be big depending on the amount of money you keep in the bank. But most people who save money in the bank only pay fees from the bank instead of getting interest on their savings.

But if they keep their money in bitcoins, chances are they will get a very large return if they can constantly save in bitcoins until before the bitcoin price gets its long rally. But that will depend on the person because most people still prefer to keep their money in the bank.

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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?

I don’t see any difference on saving between Bitcoin and Fiat because Bitcoin has a fiat value too. Only volatility is what makes this two different but they are the same when it comes down to saving.

Bitcoin is a money too which is in form of digital currency/ crypto currency but it has same value with fiat. People that good in savings of fiat will definitely do the same on Bitcoin if he will not look on the price in regular basis.

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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?

People who are financially literate and always research what they invest in will have no problem with any investment, and that includes Bitcoin. On the other hand, for the majority it is not the case since they keep their money in banks, which is a very simple procedure that does not require you to be too intelligent. This is why many make a big mistake by putting banks and crypto exchanges in the same basket and treat fiat and Bitcoins in the same way, which is completely wrong.

Storing Bitcoin is therefore a challenge for everyone, first of all a security challenge, but also a challenge resulting from a lack of understanding of the market and panic that often causes many to sell at a price lower than what they bought. Some research says that less than 5% of world's population has anything to do with Bitcoin, whether it's a simple investment, trading or paying with it, which means that the average person is not ready or interested in Bitcoin at this time.

CoinEraser

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Quote from: Cryptomultiplier on January 25, 2023, 03:36:34 PM

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

-snip-

True, it really doesn't matter the kind of currency one is in possession of. If one doesn't have money discipline, as in, cannot keep fiat money, how will keeping or saving Bitcoin suffice?
Although, while fiat money is easier to save because it more safe from hackers, and ease of which it can be spent, Bitcoin requires strict monitoring of visited sites and security updated regularly.

That's what I think as well. But keeping bitcoins has also become easy. All you need is a hardware wallet and it's easy to saving without constant monitoring. Indeed it can be stolen by a housebreaker, but that can also happen with fiat money. You should definitely protect yourself against such an event.

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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?

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.

Doan9269

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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's no similarities with Bitcoin and fiat money because they were two different things entirely, if you keep money in fiat, it will loose value with time because it may not be able to afford buying the exact rate of what it has been affordable for in the past, inflation is the key factor that affect the value with money, it depreciate and the bank also deduct their own charges from it, Bitcoin has nothing to do with alll these because it's a profitable investments though volatile, it appreciates with time without been influenced by inflation.

Sterbens

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I will try to focus on this question. Yes, they will be able to do that, because it's the same as saving, but maybe in a different form. When they have the habit of saving money well, it will be easy for them to do that to anything. But the question is, how much trust does this person have in bitcoin? if they really believe, then they will because it is tantamount to saving money.
I will not try to explain the difference between bitcoin and money, but in this context they have something in common, yes, in storing it, we must have a special place. Security in storing money and bitcoins will really need more attention.

Taskford

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These move differently also it depends on your need or where you use this since in bitcoin you can either lose your money due to volatility or can able to earn more huge if price pump but this is not easy as other people think since this one need critical thinking and discipline before you can earn profit with this. In fiat you might lost a value due to inflation but the beauty of this is you can use this anywhere you go also for sure you will not encounter any physical issues with this, so in the end of this still depends on where you want to use it since individual investors have different opinion regarding on this two currencies.

misterrtwisterr

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Imagine having a 100 dollars in your pocket, and the next day they turn into a 20 dollar bill, or maybe 200 dollar bill.

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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?

First, we need to establish the reason for the keeping of the money before linking it to the keeping of Bitcoin. No one is keeping Bitcoin because they just want to save it, they are holding it in the belief that it would one day increase in price and they will benefit from it, which is a pure investment. But in savings, many are doing it for some projects and reasons and might rely only on interest accrued which is nothing to celebrate compared to what Bitcoin might give at times. Also, most fiats don't appreciate, and they lose value, notwithstanding, some carefully selected ones like the USD might help but not substantially.

Conclusively, Bitcoin is better for savings if it's targeted towards investment but must be carefully planned with proper speculations.

Topic: Keeping money and keeping bitcoins? are they similar? - page 14. (Read 2318 times)