Keeping money and keeping bitcoins? are they similar? - page 15.

CapGelatik

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Quote from: Hispo on January 25, 2023, 08:41:57 PM

I would say what someone who is used to have savings for the long term will have no problem when comes to buying Bitcoin and holding as well for the long term.
That is one of the usual Bitcoin investment strategies, after all. However, we cannot ignore that the effectiveness of Bitcoin and FIAT as saving vehicles are very different, no one (few people, I assume) keeps money as savings, because the inflation, while Bitcoin is deflationary.

That itself makes it better than FIAT in long term.

Obviously it will be a good capital for those who are used to saving in the long term and then start investing in Bitcoin,
indeed when we invest in Bitcoin of course our goal is to make a profit,
long-term investment in Bitcoin is of course the opportunity to generate much greater profits.

HajiBagi

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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.

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Quote from: Stepstowealth on January 25, 2023, 01:03:36 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?

There is possibility for this because saving of money takes alot of sacrifice that you have to deprive yourself of certain luxury to accumulate your money either in the bank or at your closet. In other words, it is the same thing with bitcoin hodling as it is the same process of deprivation for that time of accumulation and savings. However for bitcoin, you will be more encouraged to do so because of the high expectation of increase in the value of what you are hodling in the future. For example with the last month that bitcoin has been appreciating, it is also reflecting in the portfolio of hodlers certainly which is an added advantage to the culture of hodling of bitcoin.

Quote from: Stepstowealth on January 25, 2023, 01:03:36 PM

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

There is similarity in both and that is the spirit of savings that you still have to retrain yourself from unnecessary spending for fiat and dumping for bitcoin.

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Quote from: Stepstowealth on January 25, 2023, 01:03:36 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?

All depends on the in-flow of cash, those who are able to save more money probably have a job that pays them good money and also maybe have lesser responsibilities, than those who who struggle to save..
Using the scenario above, it is easy to know that being able to earn more money equals to the ability to buy more bitcoin and hold for a longer time, compared to those that are not able to earn as much money to cater for their day to day expenditures, let alone having extra to invest in bitcoin, when this type of persons invest in bitcoin, the chances that they are not going to hold it for a long time is imminent due to obvious reasons.

lovesmayfamilis

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I recently heard a very good expression: "Saved, consider it earned."
People are different, and their needs are also different. Let's take the simplest: it is enough for someone to eat simple oatmeal, and he is content with it, even having the opportunity to eat better, but someone cannot live without delicacies. If you transfer these things to more serious things, you can guess what a difference in money these people make.
Accordingly, we ourselves control our desires and lives. Those who have a goal are usually more solid and very careful about their investments, but those who are impatient can be wasteful and will not be good holders when it comes to cryptocurrency investments.

xSkylarx

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Bitcoin is still money, so a person who wants to save can apply those strategies or techniques on how to save money using bitcoin. There are differences in spending; for example, in the traditional system, if you have a spare coin or money, you will save it or put it in the piggy bank, whereas in bitcoin, you cannot unless you set up another wallet to send those amounts. Though there are terms like "saving bitcoin," the meaning for the holders is to invest in it and hold it for a period of time to gain profit, but in fiat the actual value won't be increasing over time if you hold it in the piggy bank.

robattfield

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I see that they have many similarities but there are also many differences, like what I know about now, btc is increasingly popular and widely known in many different fields. However, they are not really being used in everyday life, when the economy is still operating through money, in which crypto is only seen as a small area for it. Like some people here I keep both crypto and money, but going into the financial investment aspect, it's a long story to discuss, btc or money also needs to be appropriate for each person's life. We adapt to changes that have always existed, nothing will last forever, everything will change in different ways.

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Yes, the same thing, keeping bitcoins or money is similar, whoever succeeds in keeping money succeeds in keeping bitcoins and whoever wastes money will also waste bitcoins.

This is related to the culture or nature of people. Some people tend to spend money without awareness or real need on things that have no value, while others keep money to carry out successful projects that provide them with good income in the future.

After all, Bitcoin is a currency that means money, and people will behave the same way either way.

Vyeon11

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saving money and saving bitcoin are the same thing, but there are only slight differences.
save that money
financial management efforts aimed at preparing funding requirements for the future.

whereas
save bitcoin (Invest bitcoin)
Investment is defined as direct or indirect investment, with the hope that the investment owner can benefit from the capital he has invested or the assets he has purchased.

but the use is the same, both are preparing funds for the future, only the method is slightly different.

Hispo

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I would say what someone who is used to have savings for the long term will have no problem when comes to buying Bitcoin and holding as well for the long term.
That is one of the usual Bitcoin investment strategies, after all. However, we cannot ignore that the effectiveness of Bitcoin and FIAT as saving vehicles are very different, no one (few people, I assume) keeps money as savings, because the inflation, while Bitcoin is deflationary.

That itself makes it better than FIAT in long term.

dothebeats

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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.

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Quote from: Stepstowealth on January 25, 2023, 01:03:36 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 could say that there might be some difference and that would be pertaining about "CONFIDENCE"

when you do save up money then you wont really be bothered about volatility which is something a main issue when you do hold up Bitcoin but due to the earning opportunities that it do gives then you might just ignore it out in the end.The similarities on here is that when it comes to self discipline and control because if you are really that good on saving up in fiat money then same goes when you are saving up bitcoin specially for long term.Just make it sure that you wont really be that too active when it comes to watch the market every now and then which would really be affecting you because of the moving
prices.

Die_empty

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Quote from: Stepstowealth on January 25, 2023, 01:03:36 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?

Saving money either as investment or for future use is a habit. There are some people who are easy spenders, regardless of how much they have or earn, they will always spend all. These set of persons would always identity both relevant and irrelevant means or avenues of spending thier funds. I think people that have develop the habit of saving fiat might have the ability of keeping bitcoin for a long time. This might be the case because both cryptocurrency and fiat are all medium of exchange, therefore what an individual would do with one might be similar to what he might also do with the other.

It is also important to state that saving fiat might not be the best option because it is prone to devaluation and might never appreciate in price (this is the case of my local currency). But there is every possibilty that the price of bitcoin might appreciate in future, which makes is a good hedge against inflation and a viable investment platforms.

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Quote from: Stepstowealth on January 25, 2023, 01:03:36 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 frugal or prudent with their money with do so with bitcoin. It is a skill or behavioural attitude which I firmly believe is transferrable. They simply see it as their fiat changing form. That is from tangible to intangible. In fact, they will even become super prudent when they see that they are actually in control and that they do not have to spend any money on maintenance fee.

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Quote from: Stepstowealth on January 25, 2023, 01:03:36 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?

Holding bitcoin is how i learned saving. I got suddenly more interesting in saving my money as it was so volatile and exciting. My fiat money wouldn't have done anything but maybe losing value slowly. It was so boring. Buying BTC lead me understanding how charts work. How trading works and how things are valuated. I learned to buy stocks too and lots of markets in general.

It's basically same but saving money is more boring and not rewarding or exciting at all. Yet it's good to have some of your saved money as fiat money.

Frankolala

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Someone who can save fiat currency for a long time,can also save bitcoin for a long term,if he knows how to keep his wallet safe from hackers. Saving is a habit which must be practised for it to be part of you. If you are an extravagant spender, you might not be able to save fiat money due to your life style, also if that person has bitcoin he may also not be able to keep it.

I know of a lady that loves saving all her income and wouldn't touch it because she depends on her husband's income to run the house. It is easier for this kind of person to save in bitcoin because they will hold for long,as long has they know the value of their investment.

Cryptomultiplier

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Quote from: CoinEraser on January 25, 2023, 01:32:54 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

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.

Cantsay

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Keeping money and keeping Bitcoin are not not entirely similar in a way. But I believe it's more easier for some people to keep money than to keep Bitcoin mostly especially those that are not patient and those that get excited easily. What I'm saying is that when you're keeping money there's no probability that your money is going to increase or decrease so if you keep $10 in the next 10 months you're still going to meet the same value of money i.e $10 but for Bitcoin there is a probability that the value of your Bitcoin might increase or decrease so some might get excited when they see their Bitcoin increasing in value and then immediately swap to usdt or any other stablecoins ( which in this case mean same thing as money). so for money you don't have to worry about its value while for Bitcoin you have to.

so98nn

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I think its like saying saving gold, saving silver, saving money and bitcoin and bonds etc. Just saving and nothing else really. What you are suggesting here is idea to save but in different formats of "money" or "asset" which carries a proper value to exchange with something equal in value. I don't think we should be confusing this with the bitcoin and fiat. They are both different in terms of utility, values, and may be supply too! Saving in bitcoin can be far more beneficial than money because of obvious reasons. Despite of that the points, its savings, it could be in any form of valuable asset.

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Quote from: Stepstowealth on January 25, 2023, 01:03:36 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?

In terms of saving, at first glance it might look the same for everyone. But in terms of saving Bitcoin and saving money, there is a slight difference that may be very basic for someone to feel, because someone who is good at saving money may not be very good at saving Bitcoin.

Why is that, because one needs to choose a very special and truly secure wallet to store the Bitcoins he/she has. Meanwhile, to save money, one only needs to prepare a safe or the safest bank to place the money. So in terms of saving, of course there is a slight difference, even though at first glance these things look almost the same.

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