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.

A good recommendation, especially now there is also a big inflation that simply devalues ​​fiat money. Of course, keeping money in banks is very dangerous now, as the financial system in the world is experiencing problems, which means that something bad can happen at any moment. As for me, if you have money, then you need to properly distribute it, and in this case, keeping part of the money at home and in BTC is a very good choice for this.

I believe it does.  The typical day for most of my friends is like this.  Wake up, get ready for work, work, go home and cook, wipe off the dust or vacuum the carpet, entertain yourself for 30 min to an hour and sleep.  Their mind is so busy with all of this they have no more time left to think about stuff like whether the Bank ever maliciously or abusively requests their customers privacy invading procedures or not.

I have more time than them.  So I get to think about even the smaller details and find solutions to problems they can not even see out of stress.

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Regards,
PrivacyG

The best way to enjoy or been comfortable at saving in bitcoin is to able to hold till the right time and this can be easily done with some funds in fiat for emergencies.
Although banks are frustrating but it is a bad idea to stach one's money at home. Aside its Vulnerability to theft and damages, in some countries it is a very bad idea to keep lots of money at home you will end having government on your tail. Also cashes at home or at hand are easy to spend than in banks.

That is simply not true for the merchant's side. A regular credit or debit card transaction takes months to confirm. You can just call the credit card firm and have it reversed. A PayPal transaction is even worse; it can be reversed within the next 6 months after it's made.

Then take care of it. It's your responsibility in the end.

I doubt the 9 to 5 job has anything to do with this. Average bank account owners just don't care about their financial privacy, that's all.

They do. But in my country only in the last few months the commission has became meaningful. Until then the fees were bigger than the earned commission (of course, that's for normal people keeping there amounts of max 4-5 figures).
However, the currently bigger commission is caused by the rise of inflation and the percent of that commission is smaller than the real inflation. So Bitcoin should be a better choice, since I expect that sooner or later a bull run will start.

Doubt it.  Average Bank account owner works a 9 to 5 job and has about zero time to even contemplate caring about their Privacy.

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I hate Banks.  I despise them.  I would store a million bucks at home with no second thoughts if I had to pick between my home and a Bank.  Because if I had a million bucks, spending a small portion of it to secure it makes more sense to me than keeping my money in some body else's pocket.

But then of course if I had a million bucks I would not store it in Fiat anyway.  I rather choose Bitcoin instead.  And if I do, I would still store it all in my own home too.  I like being entirely independent.  To trust nobody other than me.  After all, we are on a forum about a trust less Cryptocurrency.  That is what I like!

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Regards,
PrivacyG

Though we absolutely despise the fiat banking system, we love Bitcoin and are forced to use it. I despise putting money in a bank because it is lazy money that will not provide you with anything. If you want to take a risk, buy Bitcoin; otherwise, find a safe fiat investment option. Holding fiat is pointless; you must take risks if you want your money to work for you. As a crypto enthusiast, I believe you should take a risk by purchasing Bitcoin during a dip.

For sure there are various types of investments. So if you have the money to do so, you are free ro choose qhich one would work on your end. Putting your money at home would also put it to risk of not being able to use its maximum value. For instance is inflation. The things you could buy in a $100 bill was more before than to what it could at the present. Putting it into this industry will open a new risk concerning volatile market price. So I guess it is a matter of choosing your own poison or medicine.I'd agree with physical risks with regards of just storing it at home. It could be prone to attacks from mouse, cockroaches and such which could cause a downside to those people who managed to be patient deslte of the negative market situation

I don’t have cash at my home and neither I will keep any of it handy. The thing is since the day they have integrated UPI method in our country even the smallest digit fiat can be transacted over it which means there no need of bearing cash on us. You can simply transact digitally without any delay.

All the real time gross settlements are done within seconds so whose gonna have cash on them anyways?

Moreover, investing into bitcoin is entirely different thing. A person can choose to hodl or not is up to them.

and with the way things are now you can't possibly tell when that's going to be. For everything that has advantages there surely will also be disadvantages as well. it's a great idea to buy some bitcoin most especially in the bear market but if you advice people to just throw all their money into bitcoin isn't that wise if you ask me and also not everyone has what it takes to survive the bear  market after investing  a ton of money in bitcoin.

Keeping fiat at home will cause many troubles. If the house burns along with the house the money is also lost. Cockroaches like cash, if fiat is locked for a long time cockroaches will feed on them. And holding a lot of cash in a house can also be a reason for robbery.

I don't know about Europe but some countries banks give a small amount of commission every month to keep fiat in their bank.

No offense. But I am really doubtful someone will listen to a newbie's advice unless it is something very convincing. I agree that keeping bitcoin in a non-custodial wallet is the safest way to keep it. But with regard to other types of investments, it's not bad after all to diversify your assets. Why keep your fiat at home when obviously it will be eaten by inflation? And it is the worst way to keep a high amount of money at home. Possible fires, robberies, and all the other possible risks. At least in the banks, fiat is insured up to a certain amount and there's very little interest at least. It is very common if we listen to financial advisors and those rich people on top that we need to invest our money in order to grow or at least fight inflation.

Absolutely looser idea! We all love bitcoin here but that doesn't mean we will become negative toward the banking system! There's no need of doing that! Fiat money will anywhichways lose its value over time. But if we keep that in bank, at least some values will be filled in through the interest. The loss will be less if we keep the fiat in the banking system. It's a bad proposal to keep fiat at home.

If you don't like banking system, invest that money into stocks, mutual funds, businesses, and whatnot! Why to keep idle money at home? What's the use of it? We will get zero return and the value will decrease over time. With the banking system, you will get whatever return which will help you to cut down the losses. That's an acceptable situation.

Then we must also ask ourselves of which type of wallet to we choose as a means to keeping our financial assets, some choose the centralized means while others decentralized, but any wallet that does not give you full access to your asset is not good enough because they have the keys in their custody and not you, thereby been vulnerable as well for an attack by hackers or other illicit fraudulent activities, making it not your keys not your coins.


There's huge similarities in using a centralized exchange for your bitcoin and that of fiat banks and it's currency, they are under central authority and are subjected to law enforcement by the governing bodies over your finances, your asset will not yield profit by any chance than loosing value over time while exchange charge and can take away all your asset if under attack without any means to recovery.

ROI stands for Return on Investment.
ROI is expressed as a percentage usually and is calculated by dividing an investment's net profit (or loss) by its initial cost or outlay.
Additionally, it is a popular profitability metric used to evaluate how well an investment has performed.

Hey folk!!
Boss man if I understand what you are saying that will be a lie. I don't understand the point you're trying to portray here to me. What is the meaning of ROI and S&P? Please use a simple analogy to make me understand. I know that bitcoin is Investment and Fiat is not a business but I was trying to differentiate the different ways which fund can be save. Yo, it is not a controversial discussion but you have make one.

Saving money in the bank is not always bad. Precisely it will help us to be able to store our funds more safely than keeping them at home, because they are more prone to theft, unless you have a secure underground bunker. Moreover, most digital banks nowadays do not charge monthly fees for their users and they even provide interest for their customers and protection directly from the government. This can provide relief to customers. The point is using a bank is not entirely bad, but you shouldn't keep all your money in the bank, save some where you feel safe or you can invest in Bitcoin and watch it grow in the next 5 - 10 years or in stablecoins if you want more stability.

S&P500 is an index which tracks top 500 U.S. companies. Generally, you can't really invest in S&P500, but you can in an index fund or ETF.

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Depends on the timing too, if someone invested at the 2017 top, they are still in loss today in 2022. When bitcoin was newly introduced, it was moving up fast but as time is passing by we are slowing down on the volatility.

Fiat is not investment.
Bitcoin is investment as well as gold, S&P500. It is not a controversial discussion. It's a fact from history.

The table for Bitcoin & Traditional Assets ROI (vs USD) shows Bitcoin is a best investment if you invest in it a few years.

Are you work in banks?

Well I don't think most people who avoid to use banks are due to monthly fee, but it mostly because they're very curious and ruin everyone privacy especially when they're ask "where the funds came from?". If your answer doesn't make them satisfy, they will freeze your money and ask for more verification.

Another thing people also don't want to hold fiat for long time due to inflation.

This is an awfully bad idea. Keeping fiat money at home makes it easy to be stolen by thieves. Keeping fiat money at home means that if the home burns down the money is also gone. Even more, at least in Europe, fiat kept in banks is "insured by the state/government" until a limit of 100k/person/bank.

What I expect bitcoiners do is to keep in bitcoin the money they afford to hold for more than 4 years and maybe keep in fiat the rest. But everybody should make his own decision whether / how much to invest.

The rest, if they have big bucks, they either afford those peanuts the banks are taking, either diversify in gold, art, real estate, stocks, bonds and maybe other things too.

Keeping your money in the bitcoin wallet is the best way to safe guard your money in this contemporary capitalists technological (digital) economic  system because if you keep your money in the Fiat e-banking system, the total capital which you have deposited to the bank account will not be in the same amount when going to withdraw in again. In some countries the withdrawal is limited to specific amount which you can't exceed to that amount. But in BTC wallet, any amount can be moved out. And the money in the BTC wallet is very accurately safe without missing any figure or decimals points.

Fiat banks are frustrating people in their various countries. But BTC in the wallet safe even in the bear market and the bull market. The only disadvantage of keeping money in the Bitcoin Wallet is the time of purchase and the time of sale. If you buy in the bull and sell in the bear. But if you can endure the bear and enter the bull market again. Then you sell.

If you have enough Fiat currency I will advise you to keep it at home, if you don't want to invest in BTC because Banks will frustrate you by cutting your money every week, every month without even doing any transactions. The bank customers complains every day. We are tired of the complains.

Keep your Fiat at Home if not BTC