Keeping money and keeping bitcoins? are they similar? - page 7.

aksplace

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Quote from: Bitstar_coin on May 13, 2023, 01:11:26 PM

Bitcoin increases in value overtime, money decreases in value overtime so they are not similar. Btc is more of an asset than a legal tender which is why it can not be similar to money completely. Although they both hold great importance only that one is more valuable than the other. When it comes to making a real life choice among the two, i will rather go with the 20-80 rule Grin

You should know that the bitcoin price is very volatile if you don't convert all your money to bitcoin investment, don't forget the risk of unpredictable bitcoin price movement patterns so it's better to invest 30% of all the money you have to reduce the risk if the bitcoin price drops significantly , so both are still the best choice but the use of bitcoin is still limited so you have to make bitcoin as a long term investment.

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Bitcoin increases in value overtime, money decreases in value overtime so they are not similar. Btc is more of an asset than a legal tender which is why it can not be similar to money completely. Although they both hold great importance only that one is more valuable than the other. When it comes to making a real life choice among the two, i will rather go with the 20-80 rule Grin

ancafe

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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?

It is not certain that people who are good at saving can also take advantage of the advantages that exist in bitcoin, because maybe their awareness is different from seeing both of them. Ordinary people prefer to save money for various reasons and considerations, while people who have business skills and are good at managing finances will choose bitcoin, because so far only bitcoin is an asset that is able to maintain value and is able to provide large profits at certain times.

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?

Obviously it's different when you save money with bitcoin, when you save money in the next 5 years the price will depreciate whereas if you save bitcoin in the next 5 years it will increase in value, so the two are very different and that's why bitcoin is very suitable for investing in the long term.

Rockstarguy

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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

You are correct on this, to save money and hodl Bitcoin requires discipline and without discipline it will be impossible for one to save or hodl Bitcoin. When it comes to hodling of bitcoin those who are used to the habit of savings find it easy to hodl without any distraction because that discipline is already there. If one finds it difficult to save money I don't think it will be possible for the same person to hodl Bitcoin because the two things needs some exercise of patience.

retreat

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Saving Bitcoin and money is quite different in my opinion, let me explain from my perspective. When saving Bitcoin, your chances of being able to get high profits in the future are very wide open, but the risk that the value of your assets decreases is also quite high. In contrast to saving money, the money you keep in a bank or safe has a fairly stable value, very rarely a currency's value drops significantly, unless the country's economy goes bankrupt, other than that the value of a currency tends to be stable. And for the risk of loss, between money and bitcoin there is a risk, but in my opinion the risk is much higher for money to be lost when you keep it in a bank or safe, the bank could go bankrupt or your safe could be stolen. Storing Bitcoins in a wallet is much safer, if you can store private keys safely, the chances of your Bitcoins being lost are very small, almost impossible. Not to mention when you save money in the bank, they can use your money for their benefit, whereas for Bitcoin you can manage it securely in your wallet. That's the difference.

Dr.Osh

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IMO, holding bitcoins by saving is a different matter. saving is saving money in fiat, over a long period of time, and it continues to add up significantly. while saving money in the form of bitcoin can be called an investment. however, saving money in bitcoin can be categorized as a risky investment, that's because the money you save in bitcoin can increase or decrease. it's just that many people recommend doing both. saving, and investing is a very good thing for the future.

gunhell16

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In terms of keeping they are obviously the same, but when it comes to giving value in the future they are different from one another.
Because of saving money, whatever amount you have saved for several years is still the same amount for sure and nothing has changed.

Whereas with Bitcoin, what is the amount you have saved now, after just a few days, weeks, months, or years, the amount will be different which can increase or decrease due to the volatility that Bitcoin has which is the opposite of money which is not.

panganib999

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I mean for the record bitcoin is money, just in a different form. So it just makes sense for saving habits to translate into proper holding virtues when one finds themselves investing into bitcoin. For the kost part, the manner is the same. You go to a place of deposit, a bank for fiat and a cold wallet for bitcoin, you deposit your money in there through certain manners, and then you keep them there until such a time when you’ll need it. Although arguably, it’s much better holding bitcoin than saving money, all because of the fact that there’s higher profitability in keeping bitcoins than letting somebody else get rich from using your money to invest in other forms of assets. Might as well give the chance to yourself yeah?

livingfree

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Quote from: hannahB4 on May 12, 2023, 02:15:36 PM

I have never thought about this before but looking at it, I think there will be similarities though it may not be 100%. For anyone who is good at keeping money or things that person must have longsuffering to hold and is determined, so when such a person comes to Bitcoin and made a decision to buy and hold this certain amount for years it won't be difficult for such a person to achieve it.

And that's why it's almost the same, the difference only is that we keep Bitcoin and not fiat. But the goal is the same why we're keeping it and first of it is that Bitcoin is an investment and holding it is a good strategy.

While keeping money and most of us do it on the banks, there's no way that it will grow as much as Bitcoin because it has a stable value and also, it's more affected by the inflation that most countries are experiencing.

But at these situations, if you've got cash to save, save or invest it. Either of the two will work while keeping your Bitcoins as well.

hannahB4

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I have never thought about this before but looking at it, I think there will be similarities though it may not be 100%. For anyone who is good at keeping money or things that person must have longsuffering to hold and is determined, so when such a person comes to Bitcoin and made a decision to buy and hold this certain amount for years it won't be difficult for such a person to achieve it.

Bobrox

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Nice question about which one better saving money or Bitcoin? one thing between saving money or bitcoin is the same planning for some one want to save their assets or property at the future as their investment needed but have one difference between saving money or bitcoin. Saving money has inflation values at the future but our money keep safety when saving in the bank but when saving money in bitcoin we are trying with investment. Has two possibilities when saving money in Bitcoin because price not stable and potential up and down we got chance for our saving assets increase up one day later.

Seems interested with keeping bitcoin than keeping money or saving in the bank, but depend how people mindset want to be their saving as investment assets or not.

SOKO-DEKE

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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?

According to me, it is comparable. It will be much easier for you to hold onto Bitcoin for a long time if you have a healthy saving practice with fiat currency.i have reason of saying this because I have friend that sell off is Bitcoin investment because he was not good in saving fiat currency. I and friend were both introduced to Bitcoin at the same time and were told that it was a good investment and that if we had money, we should invest in Bitcoin that if we are able to hold it for a long time, it might be very beneficial for us in the future. This is why I am saying this because I have a friend who spends money lavishly due to his extravagant lifestyle. He doesn't like saving money for any reason and will just use it anyhow once it comes into his hands.

Later, my friend was able to invest in Bitcoin with me and hold it for a while, but after only a few months, he started selling it off for no discernible reason. Assuming he was a person who was adept at saving fiat money, he might not have sold off his Bitcoin investment.

woez

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Interesting obrservation about saving money and saving bitcoins. I think both of these actions preserve the value of a person's assets over time. In either case, individuals can choose to hold onto their funds as a way of accumulating wealth or protecting against inflation. Additionally, both money and bitcoins can be used to purchase goods and services, making them valuable assets for individuals to own.

if we break it down deeper there is also an important difference between saving money and holding bitcoins. Money is a physical currency that is widely accepted and regulated by governments, whereas bitcoin is a decentralized digital currency that operates outside of traditional financial institutions. This means that bitcoins are not subject to the same regulation and scrutiny as traditional currencies, which can make them more volatile and riskier to hold.

AnonBitCoiner

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Saving money and saving bitcoin is not a similar way because in bitcoin a person will always be in thoughts about the ups and downs so sometimes people get afraid of these situations due to wrong concept but in case of saving money there is not such higher risk like that of bitcoin.

Not everyone can control their emotions so instead of lossing money because of your emotions one should avoid keeping their bitcoin and try to find an appropriate way to save money. A person can also save money with themselves but those individuals who don't have need to multiply this amount while putting into some business means that you have to increase this amount by using a Considerable amount of money.

I think people can save their money as well as they can save their bitcoin but the main thing is their controlling ability of that situation which are against you and do not make a sudden decision.

Altryist

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Quote from: xSkylarx on May 11, 2023, 08:04:08 AM

It is still not completely true that it protects you from inflation; it is an investment because you earn profit. No one can skip inflation because that is really in our economy. You can just counter it by having extra income like investing in bitcoin, on which you'll earn profit so that you can buy more foods and stuff. That is why other people right now have multiple jobs and side hustles so that they can still afford to buy those things they need.

It may seem to you that bitcoin is not able to protect against inflation, due to high volatility, but if you look at the bitcoin chart, you will see how it grew and this movement significantly outstripped inflation. The issue of bitcoin is limited and with an ever-increasing amount of fiat money, bitcoin will continue to rise in price, these are the elementary laws of the economy. We are still in a bear market and have good growth ahead of us, so now it is definitely worth hold bitcoin and not fiat money.

irhact

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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?

Bitcoin isn't just money but also an appreciating asset therefore only those who are good at assets management can keep their Bitcoin for future gains. Mind you people don't see Bitcoin as a currency or money but see it as an asset and that's why they're investing in it. Those would store money might find it easier to keep Bitcoin but not for long.

When the market drops they'll panic and sell their Bitcoin, the money they store doesn't lose value to them but it does due to inflation but they won't notice until they want to use the money but when Bitcoin price falls, they'll see it immediately and sell so they don't lose more.

diminizio

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they are of course different. bitcoin is a digital asset that can fluctuate while fiat can only inflate if it is held. if it is used for everyday money it is better to use it for shopping purposes it is easier while bitcoin is suitable for developing your current assets in trading and making profits taking advantage of coin prices that move very quickly.

xSkylarx

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Quote from: Altryist on May 11, 2023, 07:41:53 AM

Quote from: Patrol69 on May 11, 2023, 06:10:54 AM

First of all I want to say that saving money and saving bitcoins are not the same thing. Two different things. People save money to keep their money safe and use that money in the future but people buy bitcoins for profit.

Most people around the world now save money, with a small number of people buying bitcoins. After buying Bitcoin with your own money, when that Bitcoin is left in the wallet, you can gain from that Bitcoin and lose from that Bitcoin, that is, it is a completely risky matter. But there is no such risk in saving money. If you deposit money in your account, that money is safe and there is no possibility of it decreasing even if the amount of money increases, that's why people consider it more safe to deposit money from Bitcoin.

The amount on the account will not change, but inflation will make it so that for the same money, after some time you will be able to buy less than you could do it. Look at the current inflation rate published by the government and you can be sure that real inflation will be even higher.

And bitcoin is able to protect your money from inflation in the long run. Bitcoin will rise in price and it will also bring you profit, and the money that is in the account will not bring you anything, no profit.

It is still not completely true that it protects you from inflation; it is an investment because you earn profit. No one can skip inflation because that is really in our economy. You can just counter it by having extra income like investing in bitcoin, on which you'll earn profit so that you can buy more foods and stuff. That is why other people right now have multiple jobs and side hustles so that they can still afford to buy those things they need.

Altryist

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Quote from: Patrol69 on May 11, 2023, 06:10:54 AM

First of all I want to say that saving money and saving bitcoins are not the same thing. Two different things. People save money to keep their money safe and use that money in the future but people buy bitcoins for profit.

Most people around the world now save money, with a small number of people buying bitcoins. After buying Bitcoin with your own money, when that Bitcoin is left in the wallet, you can gain from that Bitcoin and lose from that Bitcoin, that is, it is a completely risky matter. But there is no such risk in saving money. If you deposit money in your account, that money is safe and there is no possibility of it decreasing even if the amount of money increases, that's why people consider it more safe to deposit money from Bitcoin.

The amount on the account will not change, but inflation will make it so that for the same money, after some time you will be able to buy less than you could do it. Look at the current inflation rate published by the government and you can be sure that real inflation will be even higher.

And bitcoin is able to protect your money from inflation in the long run. Bitcoin will rise in price and it will also bring you profit, and the money that is in the account will not bring you anything, no profit.

Patrol69

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First of all I want to say that saving money and saving bitcoins are not the same thing. Two different things. People save money to keep their money safe and use that money in the future but people buy bitcoins for profit.

Most people around the world now save money, with a small number of people buying bitcoins. After buying Bitcoin with your own money, when that Bitcoin is left in the wallet, you can gain from that Bitcoin and lose from that Bitcoin, that is, it is a completely risky matter. But there is no such risk in saving money. If you deposit money in your account, that money is safe and there is no possibility of it decreasing even if the amount of money increases, that's why people consider it more safe to deposit money from Bitcoin.

Topic: Keeping money and keeping bitcoins? are they similar? - page 7. (Read 2388 times)