Topic: Saving: If not Bitcoin Wallet then House for Fiat. (Read 401 times)

OP, you are doing the right thing by specifying that everything depends on the country. In the last post, you agreed with this. But not everything is the same everywhere; if you have problems with banks, this is the country's problem. Fix the country, but urging everyone to keep their fiat at home is entirely wrong. You recently told me that you graduated from high school, which means you are still young. Take the advice: money should not be left lying around as dead weight, causing it to depreciate. Today's prices will be different tomorrow; today's amount of your money, which, for example, is enough to buy a good car, will depreciate every day, and someday you will realize that your "dead" money is only enough today to buy tires.
As a result, investing or storing in a bank with interest rates will be the best option.
But I do not know your country, and you are always free to get your own experience for further conclusions.

That is a very risky proposal and I would not recommend any friends or family to keep their money at home. Just last night did they break in the apartment above my parents and stole a lot of valuables it seems. The neighbors are on vacation over Christmas and came back home only to find their apartment being cleaned out. In my opinion the risk of breakins is too big to have large sums of money at home. Most homes are not designed to safeguard money, you would need to buy a safe where you could store money. But a good safe is expensive and needs to be installed properly, otherwise can criminals just steal the whole safe. That is why I would keep my fiat money at the bank, even if you don't trust the bank. There are a few steps that can help to protect our money at the bank. First of all, make sure it's a big bank with a lot of cusomters and there is no negative news about the bank. The second step would be to spread out your money across multiple banks. Depending on the amount of money you have, I would rather have 2-3 different banks than leaving all your money with one bank. In my country the government guarantees savings accounts from the banks up until 100,000 Euros. So whenever you would get close to that barrier I would recommend to open a new account with a different bank to avoid having uninsured money.

For those who are saying that it is wrong to keep your Fiat currency at home, please can you tell me how much do you have in your home for the Christmas spending. Or you create a thread on that, or you can even go to your local radio station or TV station to announce it, and if you know that you can't do it then to save your money in the house is also safe. Because if you keep $500,000 in your house and you didn't tell anyone your money is very much safe. In nowadays, saving money in the bank and keeping it in the house are all the same, in fact the home is even preferable. Because at home no weekly or monthly levy.

Although all depends on the country you are representing. In my country bank cutting rate becomes unbelievable and unbearable, so 95% of the citizens were forced to keep their money at, so the Apex of bank in country forced everyone to deposit their money in the bank and when they did, there was a man kept his Fiat currency in his house for more than 10 years and the money were gumming each other so the bank rejected the money to be deposited and he was asked to meet the Apex bank to deposit the money.

If you really understand or know what Fiat banks are doing to customers in their various banks in my country you would prefer to keep your money in the home. Fiat money has no value in the bank instead the bank deduct the money from the customer every week and month. Though Countries are differ.

Keeping money in the home will never and ever attract arm robbers, fire out break, and lost of funds. My landlord kept $50,000 in his house for more than 6 years and none of the above mentioned happened,  So to what extent will you keep your money in the bank and still struggle to get it back. There is no value in the bank anymore.

If you are using it for investment then it is a nice one but if not for investment then at home. With that the Fiat banks will also restructure their  charges.

OP what you are saying is wrong in fact it is absolutely not recommended to keep your Fiat at home because there are multiple risks including robbery, fire, flooding, in some states you can be investigated for tax fraud.  It should be borne in mind that in many countries of the non-industrialized world, above all, the majority of the population is unbanked and this can be solved by bitcoins, but those who decide to keep Fiat are not advised to do so at home, in this case a bank offers much more security.

This topic isn't about inflation or volatility, but it's important to take that into consideration as well. We all love bitcoin and the possibilities it creates, but it's a long-term investment. It's also digital cash to those who want to accept and use it as such. This isn't the year to talk about what a great inflation hedge bitcoin is. You are worried about how your fiat losses purchasing power over time? That's a valid concern because it does. Has Bitcoin helped you this year to combat that? No, it hasn't.

We live now and today. I have to eat every day and pay my bills on time. Those bills need to be paid at the end of this month, not in 5 years when Bitcoin's price will recover hopefully recover.
The chart shows you that 2022 will end with a loss of about 60%. The economy is bad, traditional investment options are bad, and bitcoin ends the year with even worse results.

Suppose you invested a little bit of cash in BTC every month to help against the inflation and to take your family to a ski resort during Christmas and New Years. The purchasing power of those coins doesn't look so good now considering that your BTC purchases came at $45k, $40k, $30k, 20k, and below.   

I also don't have the habit of keeping money at home. I don't have a safe at home....I don't think it is necessary to keep it at home. Although it is possible for the bank to fail if it is placed in the bank, the probability is very small, isn't it?

Now it is a bear market, investing a lot of money also needs to be well planned, otherwise you will sell your coins because of funding problems before the price rises. Investing now is risky, if you can hold on to it for two years, then you can invest in Bitcoin and wait until the price goes up.

Wouldn't it be better to put it to other investments? Not just in Bitcoin, there's safe investments out there afaik that don't fluctuate that much if you don't want to risk it. There's also buying land if you can, they don't really depreciate  in value and would relatively stay in demand even in the long term. I'd only ever keep funds in my home for daily usage and possibly a bit for emergencies, though it still wouldn't amount to being that big in my case.

Stealing cash at home or at hand is easier than stealing cash electronically, a thief would prefer to take money off you in your house, with their mask on, making it difficult for the police to trace them with very little details the victim will have about them, describing their body physique and all, or if there is a CCTV camera to show them what the body of the assailant looks like, but it still is very difficult to trace.

Sending money electronically on the other hand leaves traces that the police can follow, if it is sent from one bank account to another, or to any other centralized service, the receiver must have registered such account with their personal information, and that gives the police a lead to follow and apprehend the thief. How can one suggest people to withdraw their money, maybe running into millions or billions and keep it at home, this should not even be a discussion, people should invest in BTC and what remains should be left in their bank for their daily needs.

Keeping your money in your house, literally, is a worse idea than keeping your money in the banks, where it is safeguard and is insured. So, no matter what happens with your money in the banks, at least they are refundable. 
Well, if you don't like banks, then buy assets that could make you good profit in the long term (real estate) and does not decrease it's value over time like cars.
Do not prefer to things where your money is not safe.

I thought that you're about to advise people to buy real estate and lands but it's totally far from the suggestion of what you're trying to say. I know that there are rich folks that are keeping their fiat at home and is kept on a safe vault. But if you just keep it at your home then what's the sense of it? It's not different from keeping it at the banks and it'll still be affected by inflation. So, no matter how hard you try to keep it at home and you've got cash to spend with eventually, still, there's no difference of putting that in the banks and keeping it at home. Much better to buy some assets and let it grow there.

not many people are blessed with investment strategies. some are just happy holding their fiat and doing nothing. but of course, if you have the chance of investing it to the other assets, why not? but for some, who don't want to work on their money, they will simply put it in their banks even if the interest is almost nothing. they feel they are secured by this move. though there is somehow a security as banks have their insurance. but expecting that it will grow by time, it is not. unless, you put into time deposit or other bank investment options.

Totally risky i would say on keeping your huge pile of fiat on your own home.Yes, there are things which we cant really avoid on using up Banks but when it comes to security then you cant just deny that Banks arent

that safe but rather its the opposite.I dont know on what you do mean about getting decrease or making out those deductions on your balance. Maybe you do have some loan and just have that auto-debit?
Banks could really get some issue if ever they would really be gradually getting some funds without knowing on where those funds even on small amounts do go.
If that happens totally or generally then lots of people would be pulling off their funds on the bank but we are actually seeing the opposite atm.

I agree with some points of your POV, but I would rather invest the money if it is enough for investment than keep it at home idling and depreciating due to inflation.  If a person does not want to keep their fund in form of BTC they can look for ways to build their finance up by investing in different ventures, this way the money can produce more money.

It is true that banks can be convenient at times, but the amount of money stored with them should be minimized as much as you can, anyone that has a large amount of savings needs to begin to think about where to invest that money, and they have lots of options like bitcoin, precious metals or real estate, they can pick whatever option they want but they need to invest that money at once, then they can keep some cash around plus whatever money they have in the bank in case they need it.

It's realistic to saee a certain amount of fiat at home to cover day-to-day needs, but I've never kept more than $500. A large amount I think keeping it in a bank makes sense too but if it was me then some of it I would invest in bitcoin. It is the right decision to make money work for ourselves instead of keeping money under the mattress or safe.

After all, not everyone is brave and responsible enough to buy and invest in bitcoin in the long term. I'm not talking about people in this community, but there are still a lot of people out there who avoid price shocks just to maintain their financial stability. Bank deposits are their choice even at low interest rates, and that's what people who dislike bitcoin do even though gold and other investment assets I didn't mention.

If you deposit money in bank in my country, the banks will be using your money for business and also be charging you unnecessarily, their are charges every month which your money will keep on reducing. I don't really keep money in my bank account, the only money I keep in my bank is the amount I will be needing at that particular moment, I always leave my money in bitcoin.
The center bank of my country is trying to implement limit in withdrawal but I don't really think that will be possible for now, but their is nothing like limit in bitcoin transaction.
Their is no way you can do without banks, you are not giving people good advice by asking them to keep their money at home, the level of robbery is going to increase, since they know everyone is keeping their money at home.
If you don't want to buy and store bitcoin in your wallet, then you should just leave your money in your bank account, it's better than leaving money at home.

Why? Because you might have unexpected visitors? You seriously believe burglars who'll reach to the point to kidnap your family will even care to just threaten you to send them money electronically? You think they'll just stop and say: "Oh. He left his cash in the bank, we can't rob him". Lol.

On the contrary, if you keep cash in the bed, the walls, the garden etc., nobody knows it but you. There's no third party an attacker can compromise to know everybody's belongings. Privacy insurance means you're safe in such scenario.

It is better not to give out advice when you are not too sure how good your advice is. In my humble opinion, advising people to keep fiat in their home is calling trouble for them, no matter how much hate you may have for the bank, we must use it to save the part of our money that isn't invested. Almost all of us receive our salaries through our bank account, and after distributing it as we wish, what remains is kept in the bank account, withdrawing it to keep it at home is nonsense. Invest in BTC and other things you wish, and what remains of it should be left in your bank account.

This is madness. What kind of shit your are talking about? Banks give interest rate for the money you are letting them to borrow through your bank savings account. It's safer to put your money in the bank rather than at your house since you are just risking your life by putting money on your house.

Banks has a minimum amount for insured money so it's ok to deposit money on it as long as it doesn't exceeds the insurance amount. Put other fiat money on stocks or pther non tangible things and never ever store a lot of fiat because you are just attracting thiefs to ruin your life.

They might not have the time to think about that, but do they seem concerned when you talk about it? No, I can presume. Most people just don't care about privacy, because it's very easier to simply accept there is no Internet privacy, and live with this saying, than trying to protect something you've been rarely told to.