Keeping money and keeping bitcoins? are they similar? - page 3.

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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?

Keeping or saving fiat as the case may be can't be measured with hodling Bitcoin because despite the fact that the money saved in the bank also adds interest at different intervals but that of Bitcoin is more guaranteed because you can have access to it at any given time but the fiat you are saving possibly in the bank may not always be at your disposal especially if you project or fix a time you can get access to it of which even when you want to liquidate it there would still be some fee that is attached to it and Bitcoin appreciates from time to time whereas fiat is just fixed and can't add in value except if you want to exchange it with other currency

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

I don’t see any difference between the two, and I am sure if you can save money, then you will also be able to hold bitcoin. Saving requires discipline, if you can discipline yourself, then you will be able to save or hold your bitcoin. Just set a target for yourself, and you will do everything possible to achieve your target. So people do set a target for themselves that they want to save a particular amount of money in their account before month end, and if they haven’t achieved that, they will make sure they cut down the way they spend, people like that will be able to hold their bitcoin.

Quote from: snowpega on February 29, 2024, 10:17:53 AM

Amm, I would like to say these both are different from each other let's say you have $1k in your bank account and after 5 years your money will gain no value it will same from the first day you started your savings. So, the best is that if you want to do savings hold them in the form of assets like Bitcoin, Real estate, or gold these assets gain their value over the passage of time.

You don’t really understand what the OP is saying. The OP is not talking about the one that’s more advisable to hold or the one that is going to offer a high return, what the OP is asking is that if a person who can save money in fiat currency can hold bitcoin also. That’s just the simple question the OP asked.

Miles2006

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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?

This is right but let's not forget without money no one can invest or save, I have never seen anyone who lack money talk about saving or holding bitcoin in essence I can save when I have the money to save but when there's no money people will focus on spending only. Having the habit of saving money and the finance should work together cause without both no one can hold bitcoin, people who intend to hold bitcoin without patient will decide to sell early. I can agree with the topic but let's be realistic, due to the volatile nature of bitcoin most people will love to sell because of fear but people like this lack zero knowledge about bitcoin so let's just say saving fiat is easy compared to bitcoin.

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Quote from: 2Pizza410000BTC on March 02, 2024, 03:14:30 PM

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?

From my point of view I would say holding money and holding bitcoins can never be the same. Those who work in bitcoins who are involved in bitcoins must always have the highest bitcoins because they know about bitcoins and know about the return of their money in bitcoins. But to a person who doesn't know about bitcoin, bitcoin has no value, money is everything to him. If I give an example from my side, I will say when I didn't know about bitcoin, money was all I had. When I came to know about bitcoin, I corrected myself a lot and thought of doing everything in bitcoin now. I always think that if all my money I would have been more successful today if I had kept the bitcoins.

With just your own common sense then you would really be able to tell on whats worth to hold on for long term and whats not.
Fiat or stablecoins? There's no point on holding them not unless if you do decide on making some investment to earn more income or profits then this is something a smart move to be done
but if you are someone whose really that making out such stagnant or sitting idle then we would be always having that best choice on which it is something that volatile.
The only thing that you would really be needing to handle up is on the risks involved, if you cant be able to bare up with the risks then it would be
your own choice whether you would be skipping out or would be diving in. Cool

2Pizza410000BTC

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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?

From my point of view I would say holding money and holding bitcoins can never be the same. Those who work in bitcoins who are involved in bitcoins must always have the highest bitcoins because they know about bitcoins and know about the return of their money in bitcoins. But to a person who doesn't know about bitcoin, bitcoin has no value, money is everything to him. If I give an example from my side, I will say when I didn't know about bitcoin, money was all I had. When I came to know about bitcoin, I corrected myself a lot and thought of doing everything in bitcoin now. I always think that if all my money I would have been more successful today if I had kept the bitcoins.

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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 my opinion it is a different thing to save money, we know the nominal amount of money that we save, even though the money is subject to inflation every year, but the nominal value, we know, is different from bitcoin, if we save bitcoin, the price of bitcoin will go up and down depending on whether people are ready or not for this. people down 5% instead sell bitcoin, their mentality is not ready to save, you have to be really consistent and have a different mindset, that's why someone says if you can't hold on to coins you won't be rich

batang_bitcoin

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There is a similarity between the two. You keep or save money because you're patient and the same goes for holding Bitcoin, you are patient when you're holding. The principle of saving is being upgraded into holding bitcoin but nowadays, when you save money in the banks, you're just decreasing your purchasing power because of the inflation that no one is able to skip it. What matters now is how you grow your money and do everything in your capacity to hedge against inflation.

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Quote from: MFahad on March 01, 2024, 01:12:01 PM

Quote from: MissNonFall9 on February 29, 2024, 11:54:28 PM

Keeping money and keeping bitcoins are not the same from my point of view. Because when we store money the value doesn't change but when we store bitcoins the value changes very fast and multifold. So if we review everything including time environment and past statistics and save Bitcoin then from here we will get many times profit which is not possible by saving money. Again, there are many people who don't like to take risks, so saving money will be preferred but there are people like me who like to take risks, they will definitely prefer to save Bitcoin. We know one can never succeed in life without taking risks so let us take risks keep BTC and put ourselves on the pinnacle of success.

There is nothing wrong with taking risks and everyone should do it, but one needs to make sure that they are taking calculated risks and aren't risking all their money and life-savings and then regretting their decisions when they have lost their money because you don't get anything back once that happens. So when you are taking risks with your life, make sure that it isn't a risk that can create problems for you.
In my opinion, a person should be versatile with these things and they should diversify their savings. There should be some savings kept in fiat, and then some of it should be used for investments and stuff so that if there are emergencies and stuff, money saved in fiat can be used.

That's what I've been doing all this time, I save in the form of fiat money and I invest in bitcoin. The reason is that we don't know what kind of emergency will come to us later, so it must be an anticipation for us to prepare everything. When we only invest, it becomes a risk when an emergency comes, we are lucky when we have made a profit from Bitcoin, so when the emergency comes, maybe we will immediately sell it without thinking, but when we haven't made a profit or we are experiencing a loss, of course that's the case. a tough thing because we couldn't possibly sell it at that time.
Everything must be prepared well, it will make things easier for us in the future.

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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?

Fiat and bitcoin are almost the same but they have few differences, Bitcoin is a digital asset while fiat is just for the process of exchange of services rendered or process of purchasing good and services, fiat does not act as an asset, but bitcoin act as an asset and money, the only disparity is that bitcoin is not a physical money in handy nature unless is been converted to fiat if the need arises, fiat is very inflationary but Bitcoin is not because it anonymity and safe custodian nature, no personal entity has a final decision to make in bitcoin, but general Bitcoin was created to solve more money problem and I really sense, bitcoin is more than money because it's characteristics has surpass money functions.

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Quote from: MissNonFall9 on February 29, 2024, 11:54:28 PM

Keeping money and keeping bitcoins are not the same from my point of view. Because when we store money the value doesn't change but when we store bitcoins the value changes very fast and multifold. So if we review everything including time environment and past statistics and save Bitcoin then from here we will get many times profit which is not possible by saving money. Again, there are many people who don't like to take risks, so saving money will be preferred but there are people like me who like to take risks, they will definitely prefer to save Bitcoin. We know one can never succeed in life without taking risks so let us take risks keep BTC and put ourselves on the pinnacle of success.

There is nothing wrong with taking risks and everyone should do it, but one needs to make sure that they are taking calculated risks and aren't risking all their money and life-savings and then regretting their decisions when they have lost their money because you don't get anything back once that happens. So when you are taking risks with your life, make sure that it isn't a risk that can create problems for you.
In my opinion, a person should be versatile with these things and they should diversify their savings. There should be some savings kept in fiat, and then some of it should be used for investments and stuff so that if there are emergencies and stuff, money saved in fiat can be used.

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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?

In storage, for me, there are two different things, Bitcoin and money, if we look at the value, they are certainly different, the value of money does not increase while the value of Bitcoin can increase, depending on the development situation of the crypto market or the price of Bitcoin.

So if we save money we don't make a profit because the value doesn't increase and if we save Bitcoin there is a big possibility that we can make a profit, Likewise, if we store Bitcoin, its value can decrease when the price of Bitcoin falls. The point is: the two have differences in terms of storage and final value.

Sarah_Jannat42

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Storing BTC in one's own wallet tends to be similar to storing money, and to a large extent, storing BTC is much stronger than storing money. The amount of money you save will be the same amount later, and the amount of BTC you save later will have the same amount of BTC. There will be no more or less in the amount of BTC and money. More or less is based on value. That is, as much BTC as you keep today, you will get as much BTC in the future, but the value of BTC is more or less constant. Money goes up and down in value but BTC goes up and down in value at a multiple rate. However, there is a security issue between these two storages, that is, if you save physical money in a bank, it is unlikely to be hacked, but if you keep it in a wallet, the possibility of being hacked is much higher. However storing BTC is much more convenient and profitable than storing physical money.

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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?

What is certain is that the goal of both is to achieve financial freedom in the future. However, personally, the two are different, although there are still people who equate the two. But in reality, the two are different things.

Saving is the most commonly used way to manage finances. However, while saving is important for building emergency funds and achieving short-term goals, saving alone may not be enough to achieve long-term financial goals.

On the other hand, saving btc or investing in btc can provide greater potential profits than saving, but also has higher risks. By saving, the amount of money will not increase and its value will change. However, investment in bitcoin is a fixed amount but the value will increase every time the price rises.

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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 and Bitcoin does have similarities and it's an advantage for someon who value saving whatever they have because the discipline in it will help the consistency and attitude most especially if someone will take part in a volatile investment such as Bitcoin. As we all know that saving needs more patience depending on how long are we trying to hodl.

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Quote from: sekalitas on February 29, 2024, 08:34:20 PM

People who are skilled at saving money might also be adept at holding onto Bitcoin due to their high tolerance for resisting panic selling, fostered by their habit of saving and the historical tendency of Bitcoin's price to rise. However, I'm less confident about other cryptocurrencies, which exhibit high volatility. Owning them requires a strong risk tolerance, as their value could plummet even overnight, especially with altcoins.

Both saving and hodling are alike. One is not discipline in saving money will find it difficult to hodl money, both savings and hodling needs patience, good decisions needs to be make. In savings and hodling money is involved and which the same habit is require to achieve good result from the both, just that in hodling one needs to plan well and to be sure of going into it. In saving you can easily break your decisions at anytime to start up a project with your savings but in hodling it is just difficult to sell out at anytime, when making decisions to sell out one must be sure if that is the best time, and if profit is being gained in hodling.

If you lack discipline it will be hard to keep money and bitcoin because they are both currency and they both need the same characters to make it possible keeping money and 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?

They are two different things. Lets take for example those that normally save money, if they are introduced to Bitcoin holding they might be good in HODling but where the problem comes is volatility. Holding fiat vs holding bitcoin are two different things. HODling bitcoin to some people is a risk expecially when the price has DIP they will feel uncomfortable because they are afraid of losing the value of there money in bitcoin. And may never hold anybody responsible. But they feel safe and secure when they are Holding fiat because even if fiat losst it value, they can still withdraw the fiat at any given time. But some body who knows the important of bitcoin HODLing who was good at saving Fiat may utilise the opportunity than others who don't know how to save or HODL.

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Keeping money and keeping bitcoins are not the same from my point of view. Because when we store money the value doesn't change but when we store bitcoins the value changes very fast and multifold. So if we review everything including time environment and past statistics and save Bitcoin then from here we will get many times profit which is not possible by saving money. Again, there are many people who don't like to take risks, so saving money will be preferred but there are people like me who like to take risks, they will definitely prefer to save Bitcoin. We know one can never succeed in life without taking risks so let us take risks keep BTC and put ourselves on the pinnacle of success.

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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?

When you talk about money, Bitcoin has exhibited the characters of money and that makes it money, but I expect you to go further to elaborate this base on fiat money and Bitcoin, but the difference is that Bitcoin is deflationary whereas fiat currency is inflationary; therefore it means that while you keep fiat currency overtime, it loses its value, meaning that the purchasing power of the money you save today in bank, take you for instance $1000 won't buy exactly what it should buy as of today in the next 1 year, whereas Bitcoin increases in value overtime, you could see this by comparing what the price of Bitcoin were as of 2009 when it was lunch to its current price today of $60k.

The bottomline is that even people that are not good at keeping or saving money will even learn to save money with Bitcoin knowing that it will increase in value overtime.

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Quote from: sekalitas on February 29, 2024, 08:34:20 PM

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 skilled at saving money might also be adept at holding onto Bitcoin due to their high tolerance for resisting panic selling, fostered by their habit of saving and the historical tendency of Bitcoin's price to rise. However, I'm less confident about other cryptocurrencies, which exhibit high volatility. Owning them requires a strong risk tolerance, as their value could plummet even overnight, especially with altcoins.

Those who can save money will of course also be able to save Bitcoin in the long term and they will not give up their Bitcoin when it experiences a decline because they believe that the price of Bitcoin can return to high levels. If we don't understand altcoins well then it would be better for us not to collect them. there are a number of altcoins that we don't believe in because this could wipe out the money we have if we choose the type of altcoin that could lose its price at any time and not be able to come back as if it were getting better.

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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 skilled at saving money might also be adept at holding onto Bitcoin due to their high tolerance for resisting panic selling, fostered by their habit of saving and the historical tendency of Bitcoin's price to rise. However, I'm less confident about other cryptocurrencies, which exhibit high volatility. Owning them requires a strong risk tolerance, as their value could plummet even overnight, especially with altcoins.

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