Topic: Life is cheaper with Bitcoin and cryptocurrencies in general - page 2. (Read 948 times)

Every person has their own approach when it comes to their investments.
And not all people are into crypto because of varying reasons.
But if you are already into this market, you will appreciate of learning this market and getting the benefits of investing into this.
Being late is just a relative term, but one can still join this market at any time of his convenience.

The baffling part of saving in fiat is that when it looses its values overtime at the conceptions of hard economy or at the hikes of goods and services, the fiats values doesn't increase or multiplies to meet up the expensive nature of the economy but if saves with Bitcoin and the expensive nature of the economy is stroked, the volatility nature of Bitcoin is liable to be appreciated and increases its values to tackle the expensive nature of the economy.
Bitcoin is potentialed to challenging cost of expenditures that is to disagree with the masses demands.

That is to say if for an instance I have $500 with of the local currency and I have $500 worth of Bitcoin, the value of the local affirmed currency is unpleasantly depreciated in Worth-ful value that it maybe seen valueless to afford tangible goods and rendering server offers while Bitcoin has its probabilities to maintain its value even with the potentials to overthrow the value of the $ and still have you surplus Worth-ful and appreciatable offers. That is to say Bitcoin could secure its value while the local currencies values is downgraded with the inability to fetch meaningful offers.

The truth is that saving your funds with the fiats is a stagnant decree that is to offer devalueness at an exchange of goods and services in matter of time while having your funds saved in Bitcoin is a chance to enhancing the probabilities to increasing of your savings (Bitcoin) values as much matter of time is observed.

Basically, it aims to protect your wealth from pretty crazy inflation.
But for some people, starting an investment in Bitcoin requires quite mature thinking because they think Bitcoin is a fairly weak investment with high risk.
Though, crypto investment is an investment that will not experience any weaknesses except with high enough volatility.

Being late or not to invest is certainly a common question.
This will continue to be asked when someone is new to the platform.
Seeing how Bitcoin has performed to date, there will be no delay.
Bitcoin is still not all mind and the price is still not optimal, so long-term buying and holding is still a good option.

It should use the best storage that has full control, so that anyone will not lose their assets.

People need to really forget about this idea that it is too late to invest in bitcoin, since even if they had heard about bitcoin during its early days it is unlikely they would have invested in it, and even if they did, it would have been even more unlikely they kept those coins in cold storage, what they need to do is to start saving as much money as they can and then invest a part of that money in bitcoin, that way even if there was an economic crisis they will still have some of their wealth protected thanks to bitcoin.

It is not too late for you to start saving in bitcoin,  this is even the best time to even save in bitcoin because right now the fiat has no good value,  the value this time is even worse than before.  So I think it will be a big waste to even even have savings in fiat. It feel so good we have bitcoin that will help to sustain the value of the money that we worked for.

Since we are entering into the bull season it will be profitable if people invest their saving in bitcoin instead leaving it in fiat which values always depreciate.

And it is because of this that we cannot become complacent in the way we manage our money, everyone knows that in order to earn any money we need to work long and hard hours, and it is incredibly unfair that by the decisions taken by politicians, people can lose years or even decades of savings when they did everything right, however since we cannot really affect the decisions those at the top take, we need to change the way we think about our money and take decisions that could protect it in the case a high inflation rate happened in our country.

That’s exactly what it is, the depreciation of money always happens when you don’t expect it, but we spend our time in order to earn this money, which then depreciates. For example, back in 2012, when I learned about Bitcoin, I could have at least invested some of my savings in Bitcoin, I wouldn’t be writing this message now)))

In the end what we see is also about security and convenience. Indeed, there are some altcoins that sometimes have an increase that we cannot even predict because it is so big but on the other hand when talking about long-term investment altcoins are clearly not an option. We must be aware that risk management is important and bitcoin is much better than altcoin when talking about risk so in this case when talking about investing for the long term then the answer is only one bitcoin because by looking at the progress that is happening and the risk that is not too high when compared to altcoin then bitcoin is still very superior.
Not that I forbid to be in altcoin because in the end this is the freedom of those of us who have money and of course research as you talk about but vigilance is also important. altcoin can at any time die especially for the shitcoin project so the risk is very large when talking about long-term investment with altcoin.

Mostly people didn't hold their money in only one currency because some need them in their daily needs. Same in the case with those persons who wants to hold their tokens because they have some expectation on these tokens and they didn't hold them due to their monthly needs. And also they use this money in some other expenditure for which they used then. Mostly traders have good knowledge about the trading and they work hard even but they didn't have resources.

As resources also includes the money, in trading the most important and the main resource is having a good money. If a person has a good portfolio then it is too easy for him to make money through that.

I don't know how to make you feel better. The only thing that comes to my mind is that your country isn't the worst. Venezuela experienced a much larger inflation growth, you have the worst inflation in total, but since there are countries that experienced a larger increase, maybe you're topping out? Oh, and you also don't have a war going on in there, which is starting to become an important positive factor

Yes, a normal fiat currency inflating at 5% can feel like a good and working payment vehicle, but once you get above 50% a year you're done, the currency is going towards a reset and the only question is how big the damage will be. That's why countries like Sri Lanka are barely holding the 50% level, but they won't be able to maintain it because people always wake up too late, when the inflation is already above 20%. Before that they believe the government will fix it all.

In countries where there is high inflation there is the tendency that savings in fiat would depreciate in value, Imagine savings in the bank losing value overtime then what is the usefulness of that savings? However it has been proven times without number the positive side of converting almost all our fiat to Bitcoin and hodl personally I indeed prefer all my assets to be in Bitcoin such that whenever I needed some fiat I utilize Binance P2P for a quick transaction, I have more trust and confidence in hodling Bitcoin irrespective of it present state of market sentiment whether bullish or bearish Bitcoin would always recover whenever the price dump

It is obvious that we need money for our daily needs, and we cannot convert dollars into our Pakistani rupees on a daily basis, but we try to convert the savings into dollars. I can't convert all my earnings into dollars, so daily needs but monthly needs are met first, then convert the money I have into dollars. If I ever have to spend more money than I need, I borrow it from someone and pay it back the next month.

Rightly said crypto currency is banned in our country and it is illegal in our country so some exchanges are working here, but they are not legally registered with the government. That is why we often worry about the statements made by the government when they talk about banning crypto exchanges in Pakistan. So we don't understand where to put our capital. Which can serve us in the last part of our age.

Dollar isn't an investment, it's just a regular fiat like your Naira. The reason why it's having more value than Naira lies in the purchasing power. We are simply dealing with inflation everyday and the government has just kill switch subsidy to gasoline, the FX Market is now float by demand and supply, the central bank doesn't control it any more, that's why we are having economy set back. We are literally now in a new default mode of the economy is the reason why naira is fighting hard to stay strong.

The mistake many of us are doing is buying US dollar to keep thinking its an investment. In a real sense, it's has been far ahead of the Naira but doesn't mean it should be used as an investment because the dollar you are holding is nothing great if you take to US to spend, you might he surprised that inflation has eaten your 5 years dollar savings wouldn't be able to buy much.

The devaluation of the naira has indeed led to a significant increase in prices for essential goods and services. This makes things more difficult by the fact that inflation is also on the rise, further eroding the purchasing power of the naira. I believe this is also faced by many countries around the world are facing similar issues, driven by factors such as the global pandemic, geopolitical tensions, and supply chain disruptions.

Governments of developing countries need to reduce reliance on oil exports and developing other sectors, such as agriculture, manufacturing, and technology, can help stabilize the economy and reduce vulnerability to external shocks. all these can lead to open job opportunities and purchasing power of the populace.

I would agree with you and also say that holding fiat currency means slowly depleting your assets. If we look at what your money was worth five years ago, it must have depreciated today. You don't have to go far to see this, just calculate the price of 1 gram of gold five years ago and the current price of 1 gram of gold. So in this case, in my opinion it is much better to invest in something rather than holding fiat currency, in that case we have to ensure the security of those things. In this aspect, Bitcoin is capable of bringing a big profit for the long term in addition to security. So I think life can be made cheaper with a little money management as well as bitcoin investing.

Why won’t things get more expensive when the government are just find of printing new money? Let’s say you buy something for x’ amount, when you come back to buy it, you’ll definitely have to pay more than x’ because there’s more money in circulation and the x’ amount you came with isn’t worth it anymore. This is exactly what happens as constant printing of money goes on. Bitcoin is a better choice for you because not only can you make some profits off hoarding it, you can also see that max supply is 21M and afterwards no new BTC (there are even more advantages of using Bitcoin over fiat, however…). Is there a country whose money is just 21M? Just save your money in BTC so your money can retain its value.

Savings in fiat currency can actually be subject to inflation, which can reduce its purchasing power over time. On the other hand, investing in cryptocurrencies like Bitcoin can offer significant profit potential if their value rises. Fiat currency is at the mercy of governments and central banks, which can print more money and devalue the currency. This leads to inflation and reduces the purchasing power of the money you have. With Bitcoin, the limited supply and decentralized nature make it a more attractive option for those looking to store their wealth. The limited supply of 21 million bitcoins means it is not subject to inflationary pressures like traditional fiat currencies. Bitcoin allows direct ownership and control of your funds without the need for a third party which fiat currencies cannot offer.

Life is cheaper if you care about your finances, control expenses to income, save and at least part of the savings you invest, which can be in Bitcoin as the OP says and also in other assets. If you add to that not relying on a single source of income (having several), you've got it made.

Saving fiat currency have face risk with losses values in the future exactly many product and service values up drastically difference with how much with our fiat currency holding. I can't imagine with some countries have dropped drastically with their fiat values exactly when long term holding as their investment fund, in my country  Indonesia have few percent of dropped "Rupiah" as fiat currency values but not drastically such as your Naira local currency fiat. Comparison when saving fiat currency around $1500 maybe we can buy one motor bike but when saving it for three years later I doubt with the same fiat have chance to buy it.

I think right when move saving fund from fiat currency to bitcoin due in three years later will get highest values and not inflation yet, we adopt with some product and service in our live price increasing up but when saving fund in bitcoin will make balance it how the values of bitcoin keep increasing.

Inflation really is the killer. This is the reason why I'm not holding fiat money anymore except for the ones that I allotted for emergency funds. I hope that more, and more people will learn how inflation works so that they will do something in order for them to not get affected that much by it. I mean I only hear complaints from average people regarding prices of commodities, and goods that are increasing, but they don't know the reason why it's happening.

I don't know much about what happened with your country, but your country is just one of the countries that experienced a significant loss in the value of their fiat. Argentina, and Venezuela, and there might be some as well. I hope that you're still ok.

Not for all.
What about those who bought at the wrong time? What about those investors who bought Bitcoin when it's price is at its peak? What about those people who made wrong decisions in their investing journey? For you, maybe it changed your life, but not all have experienced that, and there might be some who experienced way worse when they invested into cryptocurrency.

Who are those people who are putting millions of dollars in banks? I'm not.
I'd rather invest it than store it in my bank account. Being wiser means more knowledge, so before investing, try to be wise and know how to invest our money.

These are all speculations on your part because of how Bitcoin's price moved in the past 10 years.
Of course, I'm optimistic about Bitcoin, but its past performance doesn't mean that it will be the same in the future. You keep a million dollars now, by the end of 2033, you might have even more than 5 million dollars, but you might have less than a million dollar as well. What I'm trying to say is that we can't predict the future.