Life is cheaper with Bitcoin and cryptocurrencies in general - page 4.

HONDACD125

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Quote from: Fivestar4everMVP on November 18, 2023, 05:02:03 AM

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.

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.

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.

DVlog

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Quote from: Fivestar4everMVP on November 18, 2023, 05:02:03 AM

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.

Fiat loses its value due to inflation and crypto loses its value for market correction. Why are you comparing these two in this way? Bitcoin is one of the assets that can save your wealth from losing its value so it is a perfect example of a asset that can overcome inflation but it also has risks associated with it. Your daily life needs assets that you can burn to fulfill your needs so in this case, fiat is perfect as it can not lose 25% of its value over night which can happen if you are holding bitcoin. For everyday transactions, fiat is good but if you are planning to save your wealth for the long term then saving your fiat currencies in the bank is a very poor choice as bank interest can be lower than inflation sometimes. Your fiat will lose its value over a long period of time if you keep it in your savings account in a bank. In this case buying bitcoin and keeping it in your custody can help you save your wealth from losing its value.

davis196

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No, life isn't cheaper with crypto. Crypto just preserves it's value better than fiat money(in the long term).
That doesn't mean that everything(goods, services, food, gas, etc.) is getting cheaper. The global resources and commodities are limited, while the global population is growing. The demand of that population for better goods and services is also growing. This means that the value/price of all resources is determined to only go up in the long term. Money printing and currency devaluation only makes things worse.
If something costs 100 USD, you can't buy it for 80 USD by using crypto.

AicecreaME

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I definitely agree with this.

Investing your fiat in Bitcoin rather than keeping it in a bank is more profitable in the long run. Saving in the bank is the traditional way of "saving" money, the majority didn't know that doing such thing is a way of making someone take advantage of your money to earn money by making a loan, etc. For me, cryptocurrency is safe from inflation unlike fiat, the only thing that's risky about it is its volatility.

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Quote from: dimonstration on November 18, 2023, 09:15:06 AM

Totally agree to this. I’m not this kind of financially independent before I start on Bitcoin investments and just relying to my salary. Everything changes when I invest on Bitcoin 2015 using my major savings on bank but the amount is not that huge at that time. I put my future in Bitcoin that and I’m so glad that my gamble works a lot.

Right now I still have some of my early Bitcoin investments while I barely touch my salary since I earn a lot now on trading and my investment. This will not happened if I just stay working and never venture to Bitcoin. So yeah, Life is indeed cheaper if you invest in Bitcoin in long term.

Investments that will yield significant returns in the long term also require not a small investment. And unfortunately for many people this is an unacceptable solution, because their standard of living does not even allow them to save a couple of hundred dollars a month. Secondly, even those who can save a couple hundred dollars, can not keep them untouched for 3-5 years, because this is the period that now allows you to earn on the volatility of cryptocurrency, if we talk about "passive investments". Therefore, your approach, unfortunately, cannot suit the "mass consumer".
Systemic poverty of the population in many countries is a big problem, and it "ties hands and feet" and actually leaves no chance to correct the situation.

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Quote from: kingvirtus09 on November 20, 2023, 08:17:41 AM

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?

Your money has the potential to grow 100 times from the initial amount. but no guarantee

Quote from: kingvirtus09 on November 20, 2023, 08:17:41 AM

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.

Every timeframe yields different results. After the all-time high, prices may drop, but on an annual basis, they generally keep rising. It all depends on when you enter and exit Bitcoin... your buying and selling points should be profitable if your goal is investment. Just stash away your money until you really need it. Bitcoin liquidity is solid, so even if you're in a tight spot and have to sell BTC in the future, it should still be profitable.

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Quote from: AnonBitCoiner on November 20, 2023, 12:18:31 PM

Investment is really worthy and especially in bitcoin so whenever someone decides to save money then investment in Bitcoin will enhance their chances of gaining greater revenue. Major altcoins also process to becoming valuable during Bull run but believing all altcoins is not much easy because the main reason of large number of people to loss money is only due to their misunderstanding and collapsing of altcoins.

People are choosing altcoins because they get the knowledge about altcoins that they gives maximum return through boosting value but I think if someone share about altcoins then they should also mention that altcoins are not all trusted. The only trusted currency is bitcoin so if someone wants to put millions of dollars in bitcoin then it is not a matters of worries but if someone use this million dollars for altcoins investment then he is risking his money.

I just thought about this now: if, with bitcoin, it is possible that our money will be x5 or more of our capital after 10 years, what about Ethereum, Litecoins, and BCH? Do you think you can only get x5 and x10 profit from the capital we used?

Guaranteed more than 20x the earnings that we will earn in the market, that means we will get higher earnings in ETH, LTC, BCH, and other cryptocurrencies that are in the top 30 at least, especially when the bull run comes. What about what do you think?

AnonBitCoiner

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Investment is really worthy and especially in bitcoin so whenever someone decides to save money then investment in Bitcoin will enhance their chances of gaining greater revenue. Major altcoins also process to becoming valuable during Bull run but believing all altcoins is not much easy because the main reason of large number of people to loss money is only due to their misunderstanding and collapsing of altcoins.

People are choosing altcoins because they get the knowledge about altcoins that they gives maximum return through boosting value but I think if someone share about altcoins then they should also mention that altcoins are not all trusted. The only trusted currency is bitcoin so if someone wants to put millions of dollars in bitcoin then it is not a matters of worries but if someone use this million dollars for altcoins investment then he is risking his money.

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Quote from: Fivestar4everMVP on November 18, 2023, 05:02:03 AM

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.

It is not life that becomes more expensive, but money that becomes cheaper. This is how the world economy works with the endless emission of money.

Quote from: Fivestar4everMVP on November 18, 2023, 05:02:03 AM

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..

This happens in every country in the world, even in the birthplace of the dollar. The only difference is that in some places it is pronounced, and in others it is barely noticeable.

Quote from: Fivestar4everMVP on November 18, 2023, 05:02:03 AM

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.

I would not say that the opportunity to overtake inflation and increase money should be called cheaper living.

Quote from: Fivestar4everMVP on November 18, 2023, 05:02:03 AM

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.

Storing wealth in money, or even in a bank, is utter stupidity. Even accrued interest on deposits will not help avoid the depreciation of money.

Quote from: Fivestar4everMVP on November 18, 2023, 05:02:03 AM

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.

You'll have those 10 years to do other things while you wait for your 1 million to turn into 5 million.

But no one knows what will happen in 10 years - whether your 1 million will turn into 5 million or 1 million into $100. The probability of the 2nd outcome of events also exists, doesn’t it (although the probability is about zero).

Casdinyard

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It's cause bitcoin's deflationary, and well fiat is inflationary in nature. The longer you hold your money on the bank, the more it's going to be worthless, and the fact that you're getting paid in peanuts is even more disrespectful lol, they're literally getting rich from all the investments and stuff that they made from your money, and when they fall short the government can bail them out as if nothing had happened. Isn't that amazing??
Bitcoin at the very least brings the power of currency back to the people, and that's what makes it feel like life gets cheaper (or easier for that matter). You wait for bitcoin to increase in value, and it often does cause it's cyclical in nature, and you get to reap benefits when the timing is right.

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Quote from: angrybirdy on November 20, 2023, 06:00:39 AM

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.

Of course if you invest your fiat in real estate, you will be better in the future because it will appreciate more rather than keeping your money in bank. If you keep money in bank you are only giving the bank the opportunity to loan it out to someone at a higher interest rate that won't be accrued to you and moreover at the end when you get the money back, you will get same amount but the value to purchasing power would have depreciated because of inflation. It is better keeping your money in real estate or crypto especially bitcoin.

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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.

Promocodeudo

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OP, your message is clear and it is been appreciated because some people fail to think towards this direction, naira at this point is valueless and this because Nigerian Government has continue to fail in doing the needful, how will a construction company make decision for you to pay them in the currency of their choice, indirectly rendering your currency useless, when your currency cannot longer be used to pay national and foreign debt, what do you expect, my take on this is, making your savings and investment in naira as a Nigerian is the best option, a country that had multiple exchange rate will continue to experience lapses in terms of currency value, I believe soon banks will look for customers but they won't see.

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Quote from: hafiztalha on November 20, 2023, 05:31:53 AM

Yes , I liked your point of view. Bitcoin is best to save your money from inflation . Otherwise your money will be spend by government. If you deposit your money in bank ,bank will get interest by giving loan to needy people. So , anyone can't be financially strong by deposit your money in bank . Bitcoin will give 600 percent returns in 5 to 10 years. If someone want to deposit your money for short period of time ,then banks are good for that person.Because cryptocurrency give returns over time , short term investment can't give high returns and money will be waste.

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.

hafiztalha

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Yes , I liked your point of view. Bitcoin is best to save your money from inflation . Otherwise your money will be spend by government. If you deposit your money in bank ,bank will get interest by giving loan to needy people. So , anyone can't be financially strong by deposit your money in bank . Bitcoin will give 600 percent returns in 5 to 10 years. If someone want to deposit your money for short period of time ,then banks are good for that person.Because cryptocurrency give returns over time , short term investment can't give high returns and money will be waste.

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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.

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Quote from: Fivestar4everMVP on November 18, 2023, 05:02:03 AM

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 comparison is simply because dollar is globally accepted as a trading fiat currency and seen as reserve by almost all other countries in their central banks. The more dollar is used for trading transactions and exchange it increase in demand and the value keep raising, its purchasing power is also valuable. This is unlike other fiat that are not used for global transactions, their value decrease by the year and it is worst hit by inflation. Dollar is also hit by inflation but it foreign protective advantages shields it from devaluation. So it is obvious that bitcoin is an assets good for hodling far more than fiat.

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Well, I agree with your ideology that fiat currencies tend to lose purchasing power over time since their value doesn't increase while the prices of good and services do. I also agree that keeping your money in Bitcoin instead of a bank should provide you much better returns in the same period of even before it because it is a volatile asset and the value can go up significantly within a short period and vice versa and someone buying and selling at the right time should get high gains.

However, as I said, someone who is keeping their money in Bitcoin will have to keep an eye on the market because it's pretty unpredictable and we never know, if Bitcoin is worth $100k right now, it might be worth $30k next year because that how it works, it has a cyclical movement pattern and investors should know when they need to enter and exit the market to make sure that they are not losing value over time.

tjtonmoy

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This only happens because bitcoin is immune to inflation. It has a limited supply which makes it an asset that cannot face inflation. The value of your asset in Fiat decreases only when you hold them. But investing is a different story which you can also compare to Bitcoin. Life will get cheaper with Bitcoin when you are able to use it for day-to-day use. You cannot wait for 5 to 10 years to grow your asset and call it a cheap life.

Which one is not the perfect solution but I do agree that it is few steps ahead of everything. While it is good to have investments in Bitcoin I think it will be wise to invest into other things too. That also increases the value of your profit and gives you the advantage in times of inflation.

Sim_card

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If you tend to have a savings, it will be wise to keep your savings in bitcoin and not fiat. That is why you need to have a job or a means of income that will enable you have both fiat and bitcoin. The reason is because if you want to hold all your money in bitcoin, it will be a risky idea, since bitcoin is volatile in nature and you will need to take care of your daily spendings. If you bought bitcoin with all your funds because of depreciation on fiat due to inflation, you might end up selling at loss, if bitcoin price dips below the amount that you bought. This is why saving in bitcoin is cool since you are only accumulating in a long period of time. The economy situation in Nigeria is getting worse everyday due to the fact the Nigeria is only a consuming country.

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