Saving don't make wealth - page 16. | Bitcointalksearch.org

GideonGono

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Quote from: jrrsparkles on March 02, 2024, 06:26:19 PM

Quote from: Bravut on March 02, 2024, 06:14:19 PM

No matter how many bitcoin you hold you can still misuse the money, so we should understand the concept of Richness and Wealth.

So you consider holding Bitcoin as saving and want to invest the profits from Bitcoin into something else?

Saving is what you save in the fiat like you save $100 a month in your bank account and not utilizing the money on something else will make you poor because the value of fiat depreciates due to inflation and the actual purchasing power of $100 may worth $90 in the one-year time frame if the inflation rate hits 10%.

Bitcoin also comes under investment cause its value is volatile and I don't deny that you could invest the profits into something else because 'don't put all your eggs in one basket' rule can be applied to minimize the loss.

If you would just let your money sleep by saving it, why not let it grow by investing it?
Most of us see Bitcoin or crypto as an investment so if you are saving your money in Bitcoin, it would basically be seen as an investment for most of us.
And I do agree that no matter how many Bitcoin, crypto or assets you have if you misuse it, it would all just be drained.
We've seen so many successful person or wealthy person in the past who are now broke due to their lack of fund management.
Misuse of their wealth by spending too much on luxury items, drugs or vices, gambling and other forms of addiction.

SamReomo

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Investment is really important in order to get wealthy but it's not right to say that saving makes people poor. In fact saving is the first stage of investing, if you don't save money then how could you invest it? I believe saving and investing work simultaneously.

If someone who's good at saving then that person can invest some money in Bitcoin and a few other assets in order to earn revenue when the Bitcoin or those other assets gain value. By following a DCA strategy, and holding your Bitcoin, you can gain profits and that's similar to saving, I guess DCAing and holding is similar to saving.

jrrsparkles

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Quote from: Bravut on March 02, 2024, 06:14:19 PM

No matter how many bitcoin you hold you can still misuse the money, so we should understand the concept of Richness and Wealth.

So you consider holding Bitcoin as saving and want to invest the profits from Bitcoin into something else?

Saving is what you save in the fiat like you save $100 a month in your bank account and not utilizing the money on something else will make you poor because the value of fiat depreciates due to inflation and the actual purchasing power of $100 may worth $90 in the one-year time frame if the inflation rate hits 10%.

Bitcoin also comes under investment cause its value is volatile and I don't deny that you could invest the profits into something else because 'don't put all your eggs in one basket' rule can be applied to minimize the loss.

Bravut

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Sincerely the concept of savings has made some persons poor,but many won't realize the fact that saving don't make the difference but investing does.
Am not saying saving isn't good, but my point is saving doesn't make one wealthy, the worst advice we recieve is 'save for tomorrow' but only few lay emphasis on the need to 'invest for tomorrow'.
So I would greatly say we invest some of our profits from bitcoin in to other stuff, than just holding it or using it for pleasure. The rare truth is how we believe bitcoin can change the game, so other systems are developing so we shouldn't be blindfolded.
Invest because savings doesn't increase or builds, investing is what gives you the life you want.
Let discuss this guys..
No matter how many bitcoin you hold you can still misuse the money, so we should understand the concept of Richness and Wealth.

Topic: Saving don't make wealth - page 16. (Read 2420 times)