Topic: Keeping money and keeping bitcoins? are they similar? - page 2. (Read 2388 times)

Keeping your money just means you're saving your money for funds, saving or keeping your Bitcoin are assets that could possibly generate profit in the future, in the case of Bitcoin it has a volatile market price so possible that asset might be worth more in the future compared to just saving your money in the bank, it might get interested but very low interest, not to mention we have a huge problem when it comes to inflation so its probably not going to be a good idea.

It doesnt necessarily mean that you're good at saving your money then you're going to invest in Bitcoin since we still have a lot of different investments that we could make not just Bitcoin, I mean someone could just start an online sales business if he just doesnt prefer investing in Bitcoin because Bitcoin is still a risky investment, it's still doesnt have enough proof that it is going to sustain its market price in the market. The value of Bitcoin just depends on supply and demand, meaning there was no kind of backup value that supports it, something like GOLD as a tangible asset, so we could easily say that the market price could also be based on the hype in the market. After a few years we dont know if Cryptocurrency is still going to exist at all, but on your business it is going to depend if you successfully handle that business it could be bankrupt if your not careful but you handle the responsibility of it, it might become a bigger business.

Saving money and saving bitcoin both are similar thing but the main thing between them is that saving money will not show increase in value but bitcoin can make you Millionaire with the passage of time.

Those people who don't have patience and wants to live a luxurious life cannot save money as well as bitcoin and those who have experience to save money will also be able to save bitcoin as longer as they can. Also their is a possibility that people having save amount of money will definitely put it into bitcoin if they find bitcoin successful after searching about it.

Banks are business people, when you have money deposited on their vaults is when you start to receive all sort of marketing emails and what's do you gain at the end of the day, all for 3% interest rate when inflation might have dealt with your money. They will send you all sort of messages that will encourage you to keep your money with them because most has been loan out with high interest rate.

Bitcoin is on of the most selfless investment, you can have $100m invested in Bitcoin and no damn soul is going to know that you did, know government is going to suspend your accounts of been a suspect or suspicious of any allegations. Putting money in Bitcoin comes with it's own risk but far better than giving it to the banks to what they like unless you want to be liquid so that you can have access to any other activities that is outside crypto, it's wouldn't be if you use money needed at anytime to buy bitcoin when it's not a long term vision.

That too is a bit different too given that keeping your money in bank can sort of defend against inflation which would lead to depreciation of asset and unlike keeping in safe deposit which is the lowest kind of keeping you should do. Keeping bitcoins is much superior given that bitcoin is a guaranteed growth. For me though, the only similarities of keeping money and keeping bitcoins is that you're keeping a financial tool which is money although in different forms.

Yes, saving is more about saving money with a real level of security, while if we divert money to buy cryptocurrencies it is more about speculation where there will be ups and downs in the capital we deposit. However, in my opinion, both things are good to do as long as we are not careless, meaning we must be required to be able to manage all activities related to personal finances.

Not at all. Bitcoin and saving money are not the same, in my opinion. The two things are not the same; even if we save money for a year, we will still see the exact amount we have saved without any increase. Sometimes, we can even touch the money we save by saying, "It's just a savings; we can make another money to replace it and use it for other problems. However, the price of the assets we hold could rise or fall, but since we can store bitcoin for more than a year, there is more risk involved. If we are holding bitcoins and make profit, we can sell the profits to cover other expenses, but we cannot save money be expecting profit from it, unless we use those savings.

even though they both mean "keeping", the two things are different. keeping bitcoin means that you invest your money in an asset that is quite volatile and at any time the price can drop or increase. and when the market is bearish or bullish, holders may feel like selling to protect their money or want to make a profit.

meanwhile, keeping money means that someone keeps their money either in a bank or a safe deposit box, and it is usually used as savings or emergency funds if at any time they need money. i think no one wants to keep money to make a profit because usually the value of that money will decrease in line with inflation.

It's a terrible idea and it's not an investment, IMO. If someone puts all of their savings into bitcoin, they are just trying to gamble in the hope of changing their life quickly.

You're right, bitcoin is a potential investment but that doesn't mean it's risk-free. Savings may not earn interest over time and lose value over time but at least we can use them anytime when needed. As for investing in bitcoin, what happens if our investment loses 50%?

I don't understand why people like to put all their money into highly volatile investments like bitcoin and think it's good, while they always say they don't see bitcoin as a get-rich-quick tool.

Similar but not the same, if I want both but I aim for one, namely Invest in BTC, save money and savety if the bloody decline comes again without having to cut loss. Certain profits and losses can still occur in the crypto market, even the current price which is close to the all-time high price can change instantly if a big dump occurs, but when the hype and good news comes everything will fly high again.

When these people are very good at saving money, it can be said that the person has good management of their finances. that's because he managed to meet all his needs while saving the money he had.

When they enter the crypto world, I am very confident that they can do the same management. Moreover, if they see this as an investment, they may do well. Apart from that, the people who have survived so far hold the bitcoins they have had for years, I am sure that they are very good at financial management. That's because they keep the bitcoins they have for years or even more, while meeting their needs during this time.

Yes... One is clearly visible in physical form [money] but the other is not physically visible [bitcoin], but the use will be the same if you want to use it, but the storage is clearly safer in money, because it can be put, in the bank and there is support from the central bank If the bank goes bankrupt it can still be paid, not with a wallet to store Bitcoin. If you are careless, then it will be lost without a file and there will be no responsibility for this negligence. But as long as you use it with the right protection, you can be sure that your wallet will be safe and won't be lost easily, because the protection is reliable enough, it just depends on you.

I think someone who is strong with money management will also be good at holding onto Bitcoin for an extended amount of time. Therefore, I failed to find any similarities between someone who can save money and someone who can keep Bitcoin. When it comes to their Bitcoin, people who are the kind to lavish money whenever it comes their way will exhibit the same behavior.so if someone is type that  are good in saving  money can also hold Bitcoin for good periods of time.

Investing our money in assets that have the potential to increase in value over time is a wise decision compared to merely saving it in places where it won't generate any profit or, worse, might lose value due to factors like inflation. By allocating our funds into avenues such as stocks, real estate, or mutual funds, we position ourselves to potentially grow our wealth as these assets appreciate in value.This approach allows us to combat the erosion of purchasing power caused by inflation, ensuring that our money retains its worth and even grows over time. Therefore, prioritizing investments over stagnant savings can pave the way for long-term financial security and prosperity.
 

Consider it as physical and intangible, both is in demand, both are useable. One needed to purchase something, one is needed for us to trade to make money. So somehow they have similarities.

This will varies base on who is the person saving the money be sure lot of them are able to save base on how they see the amount they kept in the bank or their piggy bank remain the same or little profit added to it by the bank but when it comes to crypto currency most of them don’t have that patient and they are always afraid of losing it all to the system.

Especially when they invest like 100$ to 500$ in bitcoin and they have the equivalent amount in bitcoin as of that time sent to their wallet, as time goes on bitcoin price might start dropping down the figure they have in bitcoin won’t drop but the price will reduce which many people who’d don’t understand the market might end up selling off in other for them to lose everything to the market, if you can’t control your fear you can’t save anything in a highly volatile asset.

Im totally not dissing bitcoin and crypto; it can be an adventurous investment if that's your style.  But parking all your cash in an unpredictable digital asset might not be the savviest financial move if you're trying to climb out of poverty.  It's not exactly a surefire path to boundless wealth.  Consider squirreling some money away in a savings account too (I know, I'm a total killjoy) but gotta balance out the risk with some boring stability.

Bitcoin is money but on a digital format also the fiat is also money on a printed format.
So it is literally the same that who can hold onto the fiat currencies can also hold bitcoin cryptocurrencies as much too. The only differences is the economical challenges where the bitcoins encounters fluctuating values which also inflation and deflations can also determine the value of the Fiat but though the fiats figures remains the same while the value is either subtracted or added. And the advantageous aspirations that holding bitcoin for a savings than holding the fiat is that bitcoin despite the volatility of bitcoin, it has the potentials of increasing in figures and also in value which is a source of investment that can multiply your savings over period of time.

I don’t think so. Yes, it might be similar in a sense that you will not be doing anything to your money but the difference is that keeping fiat money you are not increasing the amount of money that you hold. While in bitcoin, the longer you hold the more its value increases. There might be a chance that since the value or the amount of bitcoin goes up, someone might not be able to resist the temptation of taking the money and spending it all even if they were good at saving fiat money.

Saving your money in Bitcoin will make you never to experience poverty from your life, which I have experienced such thing like this from my working place some years ago, when I was saving my salary in Bitcoin investment until the bullish season appear before i released the Bitcoin for sale and it increase my wealth higher. Saving money in Bitcoin is different from keeping money, when you are investing the money in cryptocurrency show that you are saving the money in decentralized currency but when you are keeping the money in the bank or at home, it will not bring income to you like what you will achieve when you save the money in cryptocurrency. I think, you can feel what is happening in the bullish season right now that is making investors to save some income they made from this bullish season against the next bearish season that is coming soon.

One difference between keeping money (in bank in my case) and keeping bitcoin that I have noticed lately, is that when you keep bitcoin, nobody knows about, nor cares about besides you, nobody wants to earn on the fact that you keep it. Banks instead, send me proposals by email, in bank client and by phone call, offering different kind of investments or how to make my money work. Cant say that this is annoying, but they have plans to use my money and make me share profit with them (while all risks are on me), while nobody cares that I hold bitcoin.

Well, you have a point, that's why it's easy for others to invest in bitcoin because their savings are already secured, but if we look at it, it's better to invest money in crypto than to just store it in the bank, so I can't say that they are the same because the value of bitcoin is greater or increases more compared to the fiat value.it's also better that we have savings before we invest because if we need money, we can take it out immediately because when it comes to investment, this is for long term