It is true that the increase in the value of Bitcoin in recent years can provide high profits that no bank can offer. When someone invests their money in Bitcoin over the long term, they will be able to reap profits which will allow them to avoid inflation. However, the risk of Bitcoin volatility is real and someone who holds Bitcoin must understand when they should enter or exit the market and ensure that they still have money in reserve just in case something happens.
We need to accept the good with the bad, and without a doubt there are many investors out there that come to this market thinking about the money they can make and it never even crosses their mind the possibility of losing money, and this is a huge mistake, because it does not really matters how good you could be as an investor or as a trader, at some point you will lose money on the markets and you need to have a way to deal with those losses, otherwise when it happens you will not be prepared and massive losses most likely will follow. 
Topic: Life is cheaper with Bitcoin and cryptocurrencies in general - page 3. (Read 953 times)
I don't know about you guys, but for me, I have discovered that the longer one save in fiat, that is, hold fiat, the more life gets expensive, this is because fiat is known to lose value overtime for several reasons, when fiat loses value, they lose purchasing power, goods and services become more expensive, which in turn makes life more expensive.
This experience I coined from the current economic hardship my country is going through.
The naira lost significant value against some other major fiat currencies, most especially the dollar, this has made things in the country very expensive, which has also made life very expensive to live here in Nigeria.
But for those who have been saving investing, saving in bitcoin, and maybe some other major cryptocurrencies, life is cheaper as we all have seen that overtime, the price of bitcoin increases, and when this happens, major altcoins too experience the boom, thereby making good profit for those who spent fiat accumulating when the prices are low.
This is why I personally implore us all to be wise in how we choose to save our money,
Keep one million dollars in the bank for 10 years, by the time the 10 years is over, you pull out your one million and discover it can't buy much because things are no longer at the same price as they were 10 years ago.
But keep one million dollars in bitcoin for 10 years, by the end of the 10 years, one million dollars must have turned into 5 million dollars or more, and even if things have become more expensive in the market, this money will pay for it all and you will still have a lot of money left to do other things.
Yes,I think the loss of value of money is related to inflation. Of course, not only does holding fiat currency cause expensive living and devaluation of fiat value, but there are other major causes. For example, governments increase printing of money to exchange value with other fiat currencies (reserves in a better sense), debt ceilings cause deficits in budget reserves, corruption results in printing orders extra money. It's clear that as fiat currency downsides become increasingly risky, it's much better to hold onto bitcoin. I am not referring to the investment status but only analyzing the corresponding better valueThis experience I coined from the current economic hardship my country is going through.
The naira lost significant value against some other major fiat currencies, most especially the dollar, this has made things in the country very expensive, which has also made life very expensive to live here in Nigeria.
But for those who have been saving investing, saving in bitcoin, and maybe some other major cryptocurrencies, life is cheaper as we all have seen that overtime, the price of bitcoin increases, and when this happens, major altcoins too experience the boom, thereby making good profit for those who spent fiat accumulating when the prices are low.
This is why I personally implore us all to be wise in how we choose to save our money,
Keep one million dollars in the bank for 10 years, by the time the 10 years is over, you pull out your one million and discover it can't buy much because things are no longer at the same price as they were 10 years ago.
But keep one million dollars in bitcoin for 10 years, by the end of the 10 years, one million dollars must have turned into 5 million dollars or more, and even if things have become more expensive in the market, this money will pay for it all and you will still have a lot of money left to do other things.
it's been like that for a long time, those are the rich people who realized this a long time ago and taught their descendants to do this over and over again.
Meanwhile, for people who were not born from rich background, they have to make extra effort to find out.
I think rich people teaching their next generation how to make money with good morals will be able to grow their empire even more if the chances of spoiling the next few generations is kept low and under control.Meanwhile, for people who were not born from rich background, they have to make extra effort to find out.
However, bitcoin can be saved and passed along generations in the similar manner, only if you wish to keep it safe, not play around with MLM/HYIPs/Shitcoins or gamble with it. Life does not become easy for those who have to work and make money, neither is it easier for the rich. Both have their own share of troubles and if performed properly is indeed fruitful.
Bitcoin will not solve all these problems, it is only an asset that can have a good return and is for the future of economy. How you are spending it or planning to get more of it matters.
In my opinion, fiat money and bitcoin are not alternatives to each other. Instead, they can complement each other to create a more comprehensive savings portfolio. Fiat money remains an important asset to use in everyday life. It is widely accepted and can be used to pay for goods and services. Bitcoin is a new asset class that can be used to hedge against inflation and preserve purchasing power over the long term.
For example, you can use fiat money to save for short-term goals, such as buying a house or car. You can use bitcoin to save for long-term goals, such as retirement.
Or, you can use fiat to save part of your income, and use bitcoin to save the rest.
For example, you can use fiat money to save for short-term goals, such as buying a house or car. You can use bitcoin to save for long-term goals, such as retirement.
Or, you can use fiat to save part of your income, and use bitcoin to save the rest.
It is true that the increase in the value of Bitcoin in recent years can provide high profits that no bank can offer. When someone invests their money in Bitcoin over the long term, they will be able to reap profits which will allow them to avoid inflation. However, the risk of Bitcoin volatility is real and someone who holds Bitcoin must understand when they should enter or exit the market and ensure that they still have money in reserve just in case something happens.
This experience I coined from the current economic hardship my country is going through.
The naira lost significant value against some other major fiat currencies, most especially the dollar, this has made things in the country very expensive, which has also made life very expensive to live here in Nigeria.
The naira lost significant value against some other major fiat currencies, most especially the dollar, this has made things in the country very expensive, which has also made life very expensive to live here in Nigeria.
Indeed, we are now so confused by the current conditions whare all basic needs are rising and expensive and currency devaluation can occur at any time and can cause inflation and this cannot be avoided.
This is why I personally implore us all to be wise in how we choose to save our money,
Keep one million dollars in the bank for 10 years, by the time the 10 years is over, you pull out your one million and discover it can't buy much because things are no longer at the same price as they were 10 years ago.
But keep one million dollars in bitcoin for 10 years, by the end of the 10 years, one million dollars must have turned into 5 million dollars or more, and even if things have become more expensive in the market, this money will pay for it all and you will still have a lot of money left to do other things.
Keep one million dollars in the bank for 10 years, by the time the 10 years is over, you pull out your one million and discover it can't buy much because things are no longer at the same price as they were 10 years ago.
But keep one million dollars in bitcoin for 10 years, by the end of the 10 years, one million dollars must have turned into 5 million dollars or more, and even if things have become more expensive in the market, this money will pay for it all and you will still have a lot of money left to do other things.
Next yes. That's interesting advice from you, but not everyone shares the same feelings and sentiments as you. but, it's wise. Everyone wants their wealth to increase if they have funds and don't want to misplace it and not grow.
You have to choose investment options that beats inflation and you have to be disciplined enough not to use the portion of the proceeds that cover the rise in inflation. An investment into a fixed deposit into a Bank might be perceived as a "safe bet" ...but you will go backwards if you take say 10% interest that you get monthly and the real inflation is also 10%... 
A lot of times, the "real" inflation is much higher than the manipulated inflation that the government calculate, because they tend to exclude the products that has a negative impact on the inflation calculation.
Yes, you are right, real inflation is always higher than what governments show us. It’s enough to take familiar goods that we often buy and see how the price has changed over a certain time, but people simply don’t have time to calculate it, there’s no point in doing it because they think that everything was calculated for them. A lot of times, the "real" inflation is much higher than the manipulated inflation that the government calculate, because they tend to exclude the products that has a negative impact on the inflation calculation.
And with bank deposits it’s even worse, since it often turns out that the profit we receive will be less than the inflation rate. deposits can be used during periods of stable economic growth, but I am sure that even in good times you can find a better use for your money than simply giving it to the bank and receiving a few interest per year.
You have to choose investment options that beats inflation and you have to be disciplined enough not to use the portion of the proceeds that cover the rise in inflation. An investment into a fixed deposit into a Bank might be perceived as a "safe bet" ...but you will go backwards if you take say 10% interest that you get monthly and the real inflation is also 10%...
A lot of times, the "real" inflation is much higher than the manipulated inflation that the government calculate, because they tend to exclude the products that has a negative impact on the inflation calculation.
A lot of times, the "real" inflation is much higher than the manipulated inflation that the government calculate, because they tend to exclude the products that has a negative impact on the inflation calculation.
it's been like that for a long time, those are the rich people who realized this a long time ago and taught their descendants to do this over and over again.
Meanwhile, for people who were not born from rich background, they have to make extra effort to find out.
Meanwhile, for people who were not born from rich background, they have to make extra effort to find out.
Of course, holding onto paper money means reducing your net worth. The value of the dollar is constantly increasing in our country, due to the increase in the value of the dollar, the value of the local currency of our country is gradually decreasing. Before we used to spend 5 dollars in local currency to do the same work, now we need about 8 dollars in local currency to do the same, we are certainly affected by this aspect. If the dollar could have been purchased and held at a time when the value of the dollar was at a normal level, we would still have benefited financially. The value of the dollar in our country is increasing steadily and I am sure it will continue to increase in the future so it would be wiser for me to invest or buy dollars now rather than save the local currency. But instead of buying dollars I think it would be a good decision if I invest in Bitcoin right now because the price of Bitcoin is going up a lot and the price of Bitcoin is expected to go up even though I already have some Bitcoin investments.
If you can make interest and profit in a bank for storing your money for ten years, how about holding Bitcoin for ten years? How much will our capital grow? that will be used here when the ten years are up?
Most likely, you are already wealthy because each time Bitcoin's halving occurs, it increases by x10 more than the earned capital that we can employ here. And I've never seen the market price of bitcoin decline with each halving rather than constantly increasing.
We can only speculate or make predictions for the future based on what has happened in the past but our predictions don't need to be correct all the time. I know that the price of Bitcoin has gone up 10x or more after each halving so far, but it might not be the case in the future. If Bitcoin manages to reach $100k during this bull run then we will be expecting it to hit $1m after the next halving based on your calculations but bear markets don't always let that happen.Most likely, you are already wealthy because each time Bitcoin's halving occurs, it increases by x10 more than the earned capital that we can employ here. And I've never seen the market price of bitcoin decline with each halving rather than constantly increasing.
So, even though it's much better than holding your money in a bank than holding in Bitcoin, one should know the correct times to exit the market and then the correct time to take a re-entry so that they don't miss on the profits of each cycle and be able to buy even more when the bear market comes.
No one has earned a million dollars while the other keeps it in the bank, especially if there is high inflation in his local currency or opportunities to invest it. Even banks contact you to offer you safe and low-risk investment opportunities, but the return from investing a million dollars varies according to your investment. It is true that investing in Bitcoin is profitable, but not Put your eggs in one basket and diversify your investments according to the options available to you while investing in unrelated asset classes.
I will gladly put all my eggs in one basket if it's Bitcoin, this is how I raise up from poverty to a millionaire today, not in dollars but in my local currency, my local currency is so far behind compare to the value of dollars, it makes no sense to put my money in Fiat. Bitcoin isn't the only thing I got going in my life, offline I have my business and when i make money from my business I also use part of the money to invest in Bitcoin, I don't see Bitcoin going away any time sooner, the problem only begin if you invest money you will need soon.
There is nothing that can change my mind from storing my money in Bitcoin, not even a massive dump, the state of the economy in my country spells bigger trouble in the future, I won't be surprised if the Fiat keeps losing value.
No one has earned a million dollars while the other keeps it in the bank, especially if there is high inflation in his local currency or opportunities to invest it. Even banks contact you to offer you safe and low-risk investment opportunities, but the return from investing a million dollars varies according to your investment. It is true that investing in Bitcoin is profitable, but not Put your eggs in one basket and diversify your investments according to the options available to you while investing in unrelated asset classes.
I will gladly put all my eggs in one basket if it's Bitcoin, this is how I raise up from poverty to a millionaire today, not in dollars but in my local currency, my local currency is so far behind compare to the value of dollars, it makes no sense to put my money in Fiat. Bitcoin isn't the only thing I got going in my life, offline I have my business and when i make money from my business I also use part of the money to invest in Bitcoin, I don't see Bitcoin going away any time sooner, the problem only begin if you invest money you will need soon.
There is nothing that can change my mind from storing my money in Bitcoin, not even a massive dump, the state of the economy in my country spells bigger trouble in the future, I won't be surprised if the Fiat keeps losing value.
The fact that fiat money is losing value is a hard truth. The value of paper money goes down, prices go up, and savings are lost. Bitcoin stands out as a sign of hope in this situation. Because it lowers prices, it balances out the problems with currency. Bitcoin doesn't have a central authority like cash does; instead, it works best with decentralization, which makes it less affected by individual countries' economic downturns
The value of a currency depends a lot on how stable the economy is in a certain area. On the other hand, Bitcoin works on a global level and is not affected by the ups and downs of any one country. This ability to reach people all over the world protects against changes in local economies. Not only is it smart of you to support Bitcoin, it's also important in today's economy. Making smart decisions that fit with how the economy is changing is what it means to "future-proof" your funds
The value of a currency depends a lot on how stable the economy is in a certain area. On the other hand, Bitcoin works on a global level and is not affected by the ups and downs of any one country. This ability to reach people all over the world protects against changes in local economies. Not only is it smart of you to support Bitcoin, it's also important in today's economy. Making smart decisions that fit with how the economy is changing is what it means to "future-proof" your funds
Quote
But for those who have been saving investing, saving in bitcoin, and maybe some other major cryptocurrencies, life is cheaper as we all have seen that overtime, the price of bitcoin increases, and when this happens, major altcoins too experience the boom, thereby making good profit for those who spent fiat accumulating when the prices are low.
Not to those people who invested when Bitcoin was at $69k. They will only agree with your statement if the time comes that Bitcoin breaks its ATH.
Quote
But keep one million dollars in bitcoin for 10 years, by the end of the 10 years, one million dollars must have turned into 5 million dollars or more, and even if things have become more expensive in the market, this money will pay for it all and you will still have a lot of money left to do other things.
This is if Bitcoin continues to appreciate. We cannot conclude that Bitcoin price after 10 years will continue to appreciate since we all know that the future is uncertain. Bitcoin price may stagnate, crash, or surge in the future and we are not certain which of these will happen. This all depends on different factors that happens along the way. What happened in the past 10 years of Bitcoin may have the possibility to repeat but more or less it is also possible that it will not do the same performance as it did prior to the first 10 years of Bitcoin.
We should always give reservations to the what-ifs and know that Bitcoin is not totally risk-free.
Before, I used to save money in banks and I'm not aware that I only get lower interest from the money that I've deposited in a long run that's why I decided to invest my money in other ways, not just letting it sleeping in my bank account. I realized that if you want to be financially stable, you need to go out of your comfort zone and don't be afraid to try new and risky things like investing in stocks, Real estate, golds and buying coins here in crypto that I know for sure that the value will increase with much higher value than saving it in a bank in the future.
If you keep your money in the bank you are sure that you will not lose. Even if the bank goes bankrupt you can always get back your savings because many banks are insured by deposit banks. Therefore it is not wrong to state that keeping money in banks is less risky because you will also get the same amount you invested. But as OP has rightly stated keeping money in the bank in a country that experiences inflation is not worth it. This money will gradually become worthless, especially in nations that are experiencing double-digit inflation. Keeping money in Bitcoin is more riskier compared to fiat saving but it could be a good hedge against inflation. It is risky because you cannot predict the price at a given time. This is why it will be a good option for long-term investors. The summary is that if you are not a good risk taker, it is better to diversify to other sectors like keeping fiat money in fixed deposits or investing in real estate but we all know that the returns from Bitcoin investment outshines these lesser risk investments.
So I have invested most of my money in the cryptocurrency market, but one thing should b :)e remembered that you should always invest at the right time, because I too, due to inexperience, invested when the market was on the rise, and then the market started to fall. However, it is not necessary to invest only in cryptocurrency. Real estate, gold and many other places can be invested, and one should never invest in one place, because the cryptocurrency market is still alive, it could end tomorrow.
Most people invest in the crypto space when the market is pumping. They are moved to invest by the FOMO but this is not the best time to buy any coin. The best approach should be the application of DCA in buying and keeping. We have the same situation as your country, our currency Pakistan Rupee is getting devalued against the dollar and it has depreciated a lot in the last few years. It has also taken a toll on our economy, and with it the prices of all the things that we need in the market have gone up manifold. People who kept money in banks or kept it in pkr, it got devalued. Now this money cannot buy things that could be bought easily a few years ago.
Its a tough situation to counter back there. Valuation being pegged to USD and most articles having a USD reference makes things costlier than before. Quote
So I have invested most of my money in the cryptocurrency market, but one thing should be remembered that you should always invest at the right time, because I too, due to inexperience, invested when the market was on the rise, and then the market started to fall. However, it is not necessary to invest only in cryptocurrency. Real estate, gold and many other places can be invested, and one should never invest in one place, because the cryptocurrency market is still alive, it could end tomorrow.
Most of the money? I hope you still have liquid cash at hand because that will be needed in times of emergencies and you need it for daily spending. How are you keeping up the daily necessities like groceries, bills and all? The crypto market will not end, but your country's legal approach to crypto may become strict and then things will go underground just like it has happened in Bangladesh. Hopefully as bigger names accept crypto, less developed countries will also follow suit.
That happens in many countries. That is why we are advised to have investments in the form of crypto or gold. This is to anticipate the worst possibility that could happen in our country. By having investments, at least we can prepare ourselves and our families.
Was curious about how bitcoin will be in the future if we all realize what is happening today with fiat. Anticipating the worst is a nice idea to prepare for the future, but then relying on bitcoin might be a 50/50 chance of beating inflation. Investing in Bitcoin has provided clear evidence that Bitcoin is the best choice we have today. Even though there are still many people who still choose gold, we can also still choose Bitcoin as our main investment. A million dollars that we save in the bank won't be able to buy many things in the future. But a million dollars in bitcoin could have a higher price in the future.
Not so sure about bitcoin, we know how several institutions are accumulating more and more of bitcoins which could be the worst possible way of having a currency that depends on decentralization. For this reason, we have to prepare ourselves from now on before everything changes and we start too late.
Preparation is better than cure. If we start saving today, I guess, in any way, from fiat to gold or bitcoin this will be better than nothing at all. 
-snip-
The dollar itself and other local currencies can be said as a contender to BTC because both offers different functions. But for now, BTC has a lesser user than them because it is newer and also a little bit complicated. I still believe that this number can improve later on, especially when many countries have joined the movement and then made BTC a legal tender.
The dollar or local currency is already legal tender and if it is said to be a competitor to Bitcoin in my opinion it is not appropriate.The dollar itself and other local currencies can be said as a contender to BTC because both offers different functions. But for now, BTC has a lesser user than them because it is newer and also a little bit complicated. I still believe that this number can improve later on, especially when many countries have joined the movement and then made BTC a legal tender.
Bitcoin is an Optional Digital Asset that can be chosen or not and still payments using traditional currencies are an option.
Adopting and making Bitcoin legal tender requires some consideration and research so as not to have a negative impact on traditional currencies as the primary payment.
Bitcoin is complicated for beginners who don't know what Bitcoin and crypto are, and also its fluctuating price makes this more risky.
Even in my country Bitcoin is still used as a commodity asset and should not exceed these regulations.
It's not cheaper for me if I bring into account some considerations. It only presents better opportunities or rather I say, alternatives to earning and financial freedom.
The dollar rise in exchange rates has also been in close contention with the price of BTC currently and with the high charges, other cryptos have been on arms to do better and offer better service upgrades to the customers that have embraced the idea of cryptocurrencies.
Yes. We should also consider some things or their disadvantages, and not only pure advantages. We shouldn't forget that BTC is a highly volatile coin. Which means, its value can also go down and most of the times stay in a dump position. BTC is an opportunity if you know how to utilize it well.The dollar rise in exchange rates has also been in close contention with the price of BTC currently and with the high charges, other cryptos have been on arms to do better and offer better service upgrades to the customers that have embraced the idea of cryptocurrencies.
The dollar itself and other local currencies can be said as a contender to BTC because both offers different functions. But for now, BTC has a lesser user than them because it is newer and also a little bit complicated. I still believe that this number can improve later on, especially when many countries have joined the movement and then made BTC a legal tender.
Jump to: