Keeping money and keeping bitcoins? are they similar? - page 4.

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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.

Besides this when we talk about Bitcoin let's say you have $1k in Bitcoin and you have bought it at very low price and with the passage of time your money will increase and you may see 2x, 3x... in your portfolio so investing in assets worth more rather saving money in fiat. Bitcoin is a volatile currency your amount can be reduce or can be increase so buy accordingly after some research or if the market condition is good and you see profit in the market you can invest in Bitcoin. it will be best/recommended part if you do your own research before taking any action. Many Thanks

.True! Even though saving up money is important, it is also most important to invest or have an investment, because saving up money in a bank is just letting your money sit for nothing. I mean, you could get interest, but it's too small, so you are letting your money die out and not grow. I understand that saving up money is preparation for the future, but don't let that mean you will be only content with saving money; have some investments and make your money grow in the most efficient way possible, especially in this world where the inflation rate is also rising, so you need to keep up.

So holding bitcoin is the most practical way of saving money and at the same time earning, yes theres a risk but what is risk if you will have a good profit of you do it right, dont be contented to what you have now be more a little ambitious in order to become successful in life.

snowpega

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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.

Besides this when we talk about Bitcoin let's say you have $1k in Bitcoin and you have bought it at very low price and with the passage of time your money will increase and you may see 2x, 3x... in your portfolio so investing in assets worth more rather saving money in fiat. Bitcoin is a volatile currency your amount can be reduce or can be increase so buy accordingly after some research or if the market condition is good and you see profit in the market you can invest in Bitcoin. it will be best/recommended part if you do your own research before taking any action. Many Thanks

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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?

Both money and bitcoin have price inflections, but when money is infected, it recovers much less. However, when the price of Bitcoin falls, it recovers again and rises much higher than the previous price. so I don't think fiat money and bitcoin are the same thing. Money is money but Bitcoin is a valuable and powerful asset. So no one can consider these two as one. And I don't think anyone who does has full knowledge of Bitcoin. yes Bitcoin is a form of money but it is very strong

harapan

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Quote from: Frankolala on January 25, 2023, 04:08:47 PM

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.

Like why not??Fait is physical money while cryptocurrency is digital money.Fait and crypto are majorly related,to us that fully understand the crypto forum properly,or the informations and choices pertaining to cryptocurrencies and traditional banking.;Expect you're uneducated.So why would any person that knows the lifetime benefits of saving money not want to save money or even save his or her bitcoin,that's completely outrageous.

So long as you know the outcome/benefits of saving money,at the mention of bitcoin you wouldn't want to hesitate or even miss your chances.Although,they both have their financial disadvantages,and we all know that these choices are not for the faint hearted set of person's.Crypto savings accounts can yield higher returns, but are also subject to market volatility and risk,traditional savings offers stability and covers emergencies,So, yes it is a very good practice to invest wisely and largely and have little amount in your savings account.

Semar Mesem

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Keeping money and bitcoin is of course a different thing, as we know that the best investment trend right now is cryptocurrencies and of course bitcoin is the first choice for most people, but we must always be vigilant when keeping bitcoin because the opportunity for price drops can happen at any time.

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Quote from: xSkylarx on June 21, 2023, 08:41:04 PM

Quote from: Joshapat on June 21, 2023, 08:46:45 AM

Even though it looks the same but we have to understand that saving money in bitcoin is a risky thing, many people are too excited to invest in bitcoin so they sell anything to buy bitcoin, when they face a red market they immediately panic and sell bitcoin at a loss, of course we must always wise when you want to invest bitcoin.

Both are risky because they depreciate in value in fiat because of inflation. You may save right now, but the value in the near future will be less even though the value is the same because stuff becomes more expensive, unlike Bitcoin, which we clearly know will go green or red over time. Though the process of saving both is very different because one is tangible and the other is digital,

That is fiat which will only be affected by inflation if it is stored for too long while the need for an increase in price is what we are experiencing at this time, just use fiat as a tool for our daily shopping or other needs, don't just save on fiat, it is not good.
I said it will be different from keeping bitcoin even though it is between bullish and bear but one day the price will rise even though there is high volatility still bitcoin will increase over a long time, not that I despise fiat but saving fiat will not have any benefit in the future only inflation.

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Quote from: Aanuoluwatofunmi on June 23, 2023, 12:36:55 AM

If you have money to keep then don't ever made the mistake of having it in fiat currency, try as much as possible to invest in bitcoin for so many reasons that will be of an advantage to you than when having them in banks currencies,

You must have financial management to determine the amount of funds for investment and savings, because these are two different things and for different purposes, if you feel confident to invest in bitcoin then increase the funds for investment and leave some funds for saving money in the bank, it is important that do not convert savings for bitcoin investment. The best option if the money savings are also divided into gold investments.

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bitcoin is an asset and also not only do you have it as an asset but as an investment that is profitable, it will also give you the control you need over it, you will be decentralized and free from government regulations, there's privacy and security as well and you don't have to fear about tomorrow uncertainties.

Price uncertainty is part of the risk, so it must be considered wisely to handle bitcoin investments, unless they have used funds for long-term investments by determining funds according to the allocation of financial management, so bitcoin is certainly better than fiat money savings, but because the use of crypto is not full legal from the regulations of each country, so we still need fiat money for daily needs, secondary needs and emergency needs.

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Quote from: Joshapat on June 21, 2023, 08:46:45 AM

Even though it looks the same but we have to understand that saving money in bitcoin is a risky thing

It is risky because it is an investment and all investments has got their level of risk and for Bitcoin, it's highly volatile so the risk is too high.

Quote from: Joshapat on June 21, 2023, 08:46:45 AM

many people are too excited to invest in bitcoin so they sell anything to buy bitcoin, when they face a red market they immediately panic and sell bitcoin at a loss, of course we must always wise when you want to invest bitcoin.

That's a wrong thing if they're selling everything to buy bitcoin. It's fine if they know what they're doing but not understanding what they do is a mistake.

I've seen people did that without understanding bitcoin and when the bear has come, they're all panicking.

RewFrew

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Keeping money and keeping Bitcoin both are very positive think. Saving mentality always good i think. But i know there are many different keeping mony and bitcoin. Money is physical but bitcoin is virtual so both are different. Money regulated by thats countries government and control by government or central bank on the other hand Bitcoin han no regulatory authority. Bitcoin is decentralised anyone cannot control bitcoin. Bitcoin's transaction are very easy, anyone can sent any where in the world with low fees.But money transaction is not too easy and it’s cost high from Bitcoin. So overall considering i will tell there has many different ot many and bitcoin. Some similarities has Betweem money and Bitcoin.

Aanuoluwatofunmi

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Quote from: bayu7adi on June 19, 2023, 01:49:24 PM

Quote from: Kadal Ijo on May 11, 2023, 02:23:16 AM

Keeping money and bitcoins look the same but there are different things because of different concepts, bitcoin with a decentralized concept has the potential to skyrocket or fall so that the value of bitcoins can change depending on market conditions, while keeping money will have a fixed value but usually will decrease because the value of money every year will be reduced due to the effect of inflation.

When it comes to investment versus savings, they are indeed different. But what if a person holds Bitcoin for the purpose of daily transactional needs? They store their money in the form of Bitcoin, but that doesn't classify as an investment. Because in due time, their BTC balance will be exchanged for the goods they desire.

Remember that Bitcoin can also experience significant price fluctuations. This does not guarantee that every accumulation of savings they make will grow into a multiplying asset. It cannot be assured.

Storing BTC with speculative intent is a decision with high risks. One must be aware of their purpose for holding money in the form of BTC.

If you have money to keep then don't ever made the mistake of having it in fiat currency, try as much as possible to invest in bitcoin for so many reasons that will be of an advantage to you than when having them in banks currencies, bitcoin is an asset and also not only do you have it as an asset but as an investment that is profitable, it will also give you the control you need over it, you will be decentralized and free from government regulations, there's privacy and security as well and you don't have to fear about tomorrow uncertainties.

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Quote from: Joshapat on June 21, 2023, 08:46:45 AM

Even though it looks the same but we have to understand that saving money in bitcoin is a risky thing, many people are too excited to invest in bitcoin so they sell anything to buy bitcoin, when they face a red market they immediately panic and sell bitcoin at a loss, of course we must always wise when you want to invest bitcoin.

Both are risky because they depreciate in value in fiat because of inflation. You may save right now, but the value in the near future will be less even though the value is the same because stuff becomes more expensive, unlike Bitcoin, which we clearly know will go green or red over time. Though the process of saving both is very different because one is tangible and the other is digital,

Joshapat

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Even though it looks the same but we have to understand that saving money in bitcoin is a risky thing, many people are too excited to invest in bitcoin so they sell anything to buy bitcoin, when they face a red market they immediately panic and sell bitcoin at a loss, of course we must always wise when you want to invest bitcoin.

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Quote from: JoyMarsha on June 19, 2023, 03:54:26 PM

Saving money is similar to saving bitcoin. Both savings are priorities for the future, but one(bitcoin) has greater volatility that, if saved and protected from hackers, may make you a fortune than the other(fiat).

Anyone who can save will undoubtedly be able to save bitcoin, but that doesn't imply that all individuals who spend their fiat money extravagantly can't also hold onto their bitcoin for a long time. It all comes down to choices and being ready for the future. I've seen someone who lives a lavish lifestyle but will never touch his bitcoin funds, no matter what because his whole target and vision is to save bitcoin for the future. He's been holding onto his Bitcoin savings and accumulating more for at least a year.

This is a novel viewpoint. Contrasting Bitcoin with fiat savings, it's akin to likening a wild horse to a sturdy oxen, right? But let's discard traditional wisdom for a bit. Your pal hoarding Bitcoin with such resolve, it's a unique strategy. He's either a monetary prophet or a thrill-chaser with a crypto wallet.

To those attracted to digital currencies, his plan is brave and intriguing. Fiat savings, they're secure. Bitcoin, though, is the thrill-seeker's cash. Its value swings like a metronome, yet the prospect of immense growth is tantalizing. So, cheers to the audacity of crypto-fans. They're the pioneers of this digital frontier. What will the future bring? We trust in Bitcoin.

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Keeping money and keeping fiat money is not the same. The main difference is Bitcoin is far more volatile than Fiat money. If you can hold your Bitcoin for a long time, there is a chance you can gain massive profit in the long run. Also, if you sell it at a lower price than your buying price, you may lose some money as well. However, even fiat money can decrease in value when inflation hits your country. So, nothing is safest actually. If you have a decent amount of money, you can keep a potion of it in Bitcoin and keep some fiat as well.

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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 similar in the sense that they are both currency, but there is a huge difference in the volatility of them. Most major currencies like the dollar, pound sterling, euro, etc. will move fairly slowly and may stay roughly the same value across a long time period in comparison with other currencies. However cryptocurrency like Bitcoin have changed by vast amounts in fairly short periods of time, so if you went to bed it was possible to wake up being worth 20% more and then by the end of the day you might be worth 10% less on some of the most extreme swings. So yes, you must definitely be aware that volatility makes a huge difference and detracts from it's usefulness as a currency in some respects.

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Quote from: JoyMarsha on June 19, 2023, 03:54:26 PM

Saving money is similar to saving bitcoin. Both savings are priorities for the future, but one(bitcoin) has greater volatility that, if saved and protected from hackers, may make you a fortune than the other(fiat).

Anyone who can save will undoubtedly be able to save bitcoin, but that doesn't imply that all individuals who spend their fiat money extravagantly can't also hold onto their bitcoin for a long time. It all comes down to choices and being ready for the future. I've seen someone who lives a lavish lifestyle but will never touch his bitcoin funds, no matter what because his whole target and vision is to save bitcoin for the future. He's been holding onto his Bitcoin savings and accumulating more for at least a year.

But the thing is when you just save money it will not grow, sometimes we just need to take a risk but before that we should learn that market is very volatile and it will be very hard to control our assets. But for me it is better to invest in crypto rather than keeping it or staying it in banks because I do not trust banks here.

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Quote from: JoyMarsha on June 19, 2023, 03:54:26 PM

Saving money is similar to saving bitcoin. Both savings are priorities for the future, but one(bitcoin) has greater volatility that, if saved and protected from hackers, may make you a fortune than the other(fiat).

Anyone who can save will undoubtedly be able to save bitcoin, but that doesn't imply that all individuals who spend their fiat money extravagantly can't also hold onto their bitcoin for a long time. It all comes down to choices and being ready for the future. I've seen someone who lives a lavish lifestyle but will never touch his bitcoin funds, no matter what because his whole target and vision is to save bitcoin for the future. He's been holding onto his Bitcoin savings and accumulating more for at least a year.

Savings is same, the volatility makes bitcoin savings differ from the fiat savings. Different people have difference of opinion which is the best way of savings. For now limited people were aware of bitcoin and this makes majority of people terming fiat savings as the best way to save money.

There is advantage with bitcoin savings against fiat savings and things have been made easier with the existence of more choices available for buying cryptocurrencies. When we save in fiat we easily take and use it whereas with bitcoin the direct acceptance is limited, atleast for that reason people will try to hold and save more than cashing out to spend.

JoyMarsha

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Saving money is similar to saving bitcoin. Both savings are priorities for the future, but one(bitcoin) has greater volatility that, if saved and protected from hackers, may make you a fortune than the other(fiat).

Anyone who can save will undoubtedly be able to save bitcoin, but that doesn't imply that all individuals who spend their fiat money extravagantly can't also hold onto their bitcoin for a long time. It all comes down to choices and being ready for the future. I've seen someone who lives a lavish lifestyle but will never touch his bitcoin funds, no matter what because his whole target and vision is to save bitcoin for the future. He's been holding onto his Bitcoin savings and accumulating more for at least a year.

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Quote from: AmoreJaz on June 15, 2023, 04:48:37 PM

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Saving money is often considered a more stable and less risky approach, as the value of traditional fiat currencies tends to be relatively stable relative to the volatility of cryptocurrencies like bitcoin. The price movements and uncertainties associated with cryptocurrency investments can lead to feelings of fear, uncertainty, and doubt, or the temptation to make impulsive decisions based on market movements. Short-term. So controlling your emotions and making informed decisions are really important when investing. So for those who are not sure about this form, they need to learn and improve their own experience before using money and saving through investing in bitcoin.

people need to understand the risk they are getting involved with if they decide to explore the crypto market. not all people are lucky to find their way to earn money from this very volatile market. if you are a beginner, don't rush on things, be patient and use small funds to learn the ropes.
if you are not certain with your financial decisions, there's no harm in keeping your money in fiat. at least, you know that no matter what, your money won't disappear from you.

Simply it doesnt really have that assurance and this is why on the time that you do have choice in between things then you should really be considerate about the risks involved on putting up investment on crypto even if we do speak about Bitcoin. There's no assurance into it but somewhat it does really have that potential which we arent that blind on how far it did able to reach out after a decade. So its up into your own choice whether you would really be pushing such decision on focusing on Bitcoin investment when it comes to savings or would really be still loyal to fiat. Its your money then its your choice to make but we arent that dumb
on not to see about their main differences about its value and some potential devaluation or inflation specially with fiat.

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Quote from: Kadal Ijo on May 11, 2023, 02:23:16 AM

Keeping money and bitcoins look the same but there are different things because of different concepts, bitcoin with a decentralized concept has the potential to skyrocket or fall so that the value of bitcoins can change depending on market conditions, while keeping money will have a fixed value but usually will decrease because the value of money every year will be reduced due to the effect of inflation.

When it comes to investment versus savings, they are indeed different. But what if a person holds Bitcoin for the purpose of daily transactional needs? They store their money in the form of Bitcoin, but that doesn't classify as an investment. Because in due time, their BTC balance will be exchanged for the goods they desire.

Remember that Bitcoin can also experience significant price fluctuations. This does not guarantee that every accumulation of savings they make will grow into a multiplying asset. It cannot be assured.

Storing BTC with speculative intent is a decision with high risks. One must be aware of their purpose for holding money in the form of BTC.

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