Selling All Cryptocurrency for Fiat and Earning Interest?

oktana

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Quote from: taufik123 on December 25, 2023, 06:31:58 PM

Quote from: oktana on December 25, 2023, 06:18:45 PM

Excuse me, how can someone who has so much money be barely surviving? That’s hilarious to hear. Also, what on earth will someone NEED all that money for at a short time? Unless the person wants to squander the money on their wants and unnecessary things, that’s a lot of money my friend. You can’t even be in-depth of all that money unless you’re a wealthy person. Yes, you may put some money for needs and wants but if you do not want the money to finish, you have to starve yourself of certain things and invest the money somewhere.

Very Funny, you must not have thought that there is such a person, having a lot of money but living hard more precisely a simple life.
Is there really such a person?

This is like the SBF story that was documented by NAS Daily and tells that millions of dollars he did not take and only used for charity, LOL.
But in fact SBF is a villain and a con artist LOL.

https://www.youtube.com/watch?v=H5-AEGz2PJ0

People with a lot of money and seemingly limitless, of course, always have a goal for what the money is spent.
Although they squandered it, they still have investment.
But we also don't know what's really going on.

People who have unlimited money like YouTuber Mr. Beast,
he spends money uniquely of sharing in unusual ways, and of course behind all that there are investments made to grow his wealth.

I think you may have missed my point. Of course I’ve seen rich people who have a lowlife. I even once saw a video about how simple Mark Zuckerberg lives his life and some other rich people too. There’s that, but in this context, we’re talking about someone who is BARELY SURVIVING. For someone to be barely surviving, the person is struggling to maintain balance. Unless Natsuu meant it another way, I do not think that a rich person who is living a low life is barely surviving.

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Quote from: oktana on December 25, 2023, 06:18:45 PM

Excuse me, how can someone who has so much money be barely surviving? That’s hilarious to hear. Also, what on earth will someone NEED all that money for at a short time? Unless the person wants to squander the money on their wants and unnecessary things, that’s a lot of money my friend. You can’t even be in-depth of all that money unless you’re a wealthy person. Yes, you may put some money for needs and wants but if you do not want the money to finish, you have to starve yourself of certain things and invest the money somewhere.

Very Funny, you must not have thought that there is such a person, having a lot of money but living hard more precisely a simple life.
Is there really such a person?

This is like the SBF story that was documented by NAS Daily and tells that millions of dollars he did not take and only used for charity, LOL.
But in fact SBF is a villain and a con artist LOL.

https://www.youtube.com/watch?v=H5-AEGz2PJ0

People with a lot of money and seemingly limitless, of course, always have a goal for what the money is spent.
Although they squandered it, they still have investment.
But we also don't know what's really going on.

People who have unlimited money like YouTuber Mr. Beast,
he spends money uniquely of sharing in unusual ways, and of course behind all that there are investments made to grow his wealth.

oktana

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Quote from: Natsuu on December 24, 2023, 01:11:48 PM

Quote from: oktana on December 23, 2023, 06:15:52 PM

$650,000 will actually do a whole lot if the person were assuming isn’t a luxurious person.

It actually takes a rare personality to have a whooping 1 or 2 million dollars and put it in the bank then live off the interest you get. Everyone wants to live life to the fullest so they get to do something with their money… buy a house, car, travel, etc. But wait, why do you have to put such amount of money in the bank when you can invest that money in businesses? Real estate is a good business, and many other options out there that can give you more than just 7% of your money. Also, some people may want to rather still invest in Bitcoin than take it all out.

It depends. Someone barely surviving would rather spend the money in necessities to survive rather than invest and risk the money. Choosing the right investment strategy aligns with individual goals and risk tolerance and we should balance it between enjoying the present and securing the future. Whether it's real estate, businesses, or digital assets, a thoughtful approach can yield financial success and fulfillment.

Excuse me, how can someone who has so much money be barely surviving? That’s hilarious to hear. Also, what on earth will someone NEED all that money for at a short time? Unless the person wants to squander the money on their wants and unnecessary things, that’s a lot of money my friend. You can’t even be in-depth of all that money unless you’re a wealthy person. Yes, you may put some money for needs and wants but if you do not want the money to finish, you have to starve yourself of certain things and invest the money somewhere.

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Quote from: oktana on December 23, 2023, 06:15:52 PM

$650,000 will actually do a whole lot if the person were assuming isn’t a luxurious person.

It actually takes a rare personality to have a whooping 1 or 2 million dollars and put it in the bank then live off the interest you get. Everyone wants to live life to the fullest so they get to do something with their money… buy a house, car, travel, etc. But wait, why do you have to put such amount of money in the bank when you can invest that money in businesses? Real estate is a good business, and many other options out there that can give you more than just 7% of your money. Also, some people may want to rather still invest in Bitcoin than take it all out.

It depends. Someone barely surviving would rather spend the money in necessities to survive rather than invest and risk the money. Choosing the right investment strategy aligns with individual goals and risk tolerance and we should balance it between enjoying the present and securing the future. Whether it's real estate, businesses, or digital assets, a thoughtful approach can yield financial success and fulfillment.

BIT-BENDER

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Well it depends on what you goals are, we all don't have similar interests or desires, as a Crypto-currency investor that's interested in gains from selling your crypto-currency you don't necessarily have to sell your cryptos to Fiat you can actually make use of stable coins a Good example is USDT (it's pegged to the value of the US dollar).
Where is the sense in selling your crypto-currency into Fiat because you have reached your gain goals only to buy back crypto when you see another opportunity, learn to explore the opportunities Crypto-currency already offer

majeed

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That's playing it too safe, too small! Big picture: Bitcoin is future, fiat is past. The past? Similar to a sinking ship. The economy? Inflation? It eats your money for breakfast. Now consider Bitcoin. This is more than money; it's a movement. Let me clarify: I'm not advocating recklessness. Diversification matters. Do not put all your eggs in one basket.

About $650,000 post-tax. It seems like a lot, but in these economy? A drop in the ocean. Interest-based living? That's fantasy living. Inflation devours interest like a shark. Bitcoin alone wins this game. It's a statement and an investment. "I'm ahead of the curve." Avoid adhering to outdate safe investment ideas. The world is changing, and Bitcoin leads.

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Quote from: Rampagoe004 on December 24, 2023, 04:37:30 AM

I agree with what you said. Storing all your assets in Bitcoin is very risky because if the price can rise to hundreds of thousands of dollars then one day BTC can also fall to several thousand dollars. But I believe that will not happen in the near future and may even be impossible to happen. But it's a good idea to be careful by investing your money in safe assets such as gold, shares or property.

The problem I see is we don't really understand how valuable Bitcoin should be. It has a good utility as a store of value, but how much exactly that utility should cost. Is $1,000 per coin enough or $50,000 is a fair price or maybe $1M? That's why it's both possible that it will be worth a lot more or a lot less or even will stabilize not farm from the current range. That's why putting majority of your wealth into Bitcoin is not a good idea (if you have a lot of wealth) - it's too unpredictable.

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Not sure why people always choose the extremes! Some say sell all and choose only Bitcoin, and some says choose fiat and never invest in cryptos. These are two different poles and doesn't really go well with the basics of investment.

The basics of investment says - never put all your eggs in one basket. That's very true and it is always expected to have a mixed portfolio which will include Cryptocurrency, precious metals, bank deposits, stocks, bonds and mutual funds. That's an ideal investment portfolio. Anything else is riskier.

People who had survived 2008 meltdown and 2020 COVID meltdown, will know why I am not supporting to move everything under one bucket.

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Quote from: hatshepsut93 on December 18, 2023, 06:43:41 PM

Well, the other option is hodling Bitcoin and hoping that it will grow more and more and you can not only retire but live luxurious life off it. But I think the risk/reward ratio suggests that it's better to retire asap by taking Bitcoin profits and reinvesting them in safe assets. Because just as Bitcoin can go to millions, it could also crash to the ground, and that would be catastrophic for someone who planned to retire with Bitcoin gains - now they would have to start from scratch.

I agree with what you said. Storing all your assets in Bitcoin is very risky because if the price can rise to hundreds of thousands of dollars then one day BTC can also fall to several thousand dollars. But I believe that will not happen in the near future and may even be impossible to happen. But it's a good idea to be careful by investing your money in safe assets such as gold, shares or property.

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Are the numbers presented real numbers and that you OP do have that amount or this is just hypothetical? If they're the hypothetical kind then it's useless to debate on what to do with it because there's not going to be any kind of manifestation of the investment that's going to happen so you're better off holding that bitcoin rather than invest in real estate. Another thing is that real estate is on the verge of collapse for many countries so it's better off if you just wait for that to happen then buy yourself some properties and also, compare the growth of bitcoin to buying a property, the numbers there would probably make you decide to stay with bitcoin investment.

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Quote from: jerry0 on December 18, 2023, 06:22:55 PM

So I created a thread about people who say they sell all their fiat, whether it's money in the bank and their house and stocks for btc and many people say very few people do that. And people agree it's an exaggeration as it doesn't even make sense since when someone says they sold everything for btc, well obviously they need fiat in the bank to pay for expenses like food and rent. Most people do say it would be ridiculous to sell your house and stocks for btc as that is risky. Now what about the opposite?

If you sell a house to buy a Bitcoin but at the same time you don't work and aren't financially stable, you'll be in trouble. You have to be sure that you won't become homeless. If you have two houses or something like that, then you are on the safer side but you have to be mentally ready and prepared that you'll see lows during the bear market that will motivate you to sell your coins asap and withdraw cash to not lose everything but you have to realize that it's temporary and shouldn't start panic selling.

If you do the opposite, e.g. sell your Bitcoin to get cash, what are your financial plans? I would only do that if I was going to start a business. If you plan to deposit cash in a bank and get an annual 4% profit while inflation is 5%, you are on the wrong path.

Quote from: jerry0 on December 18, 2023, 06:22:55 PM

Shouldn't the goal at the end be have cash in the bank so you could invest it? Whether it's putting all the money in a CD and earn interest or put it in some safe stocks that average 7% a year?

We all need cash in our everyday life but it's not necessary to keep every asset in cash. Imagine you invested 1000$ in Bitcoin and bought 0.023BTC. Today it costs 1000$ but if it costs $1500 in one year, that means you made 50% profit. Now you can sell 10% of 50% profit and get some cash in your pocket.

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Quote from: bettercrypto on December 24, 2023, 02:22:19 AM

You know, if you have money in the bank, it's better to just convert it to Bitcoin and then hold it long-term for sure. After 1 year, it will be a big profit because, for sure, Bitcoin's price value will be high in the future that year.

Instead of what you said after talking about interest for a long time, it's better to dedicate it to holding Bitcoin; at least in this way, at this age, you will get something for sure.

Indeed, Bitcoin is way better than fiat on long term but we need to be prepared and make the investment at the right time else you need to hodl for longer period of time like more tha two or three years. We can consider that to bull run and bear run to understand if w invest at the peak of Bull run we may have to wait for longer period due to expected dump. Better to invest during bear run and wait.

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Quote from: jerry0 on December 18, 2023, 06:22:55 PM

Shouldn't the goal at the end be have cash in the bank so you could invest it?

I don't think that's generally true for most people, their goal to have cash on the bank is so that when they need money they can use saving. For most people using their life saving for something that is as risky as investment is just nonsense. Some people could have another goal like growing their networth, but it's not always investment, or crypto investment. Just need to understand that everyone think differently.

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You know, if you have money in the bank, it's better to just convert it to Bitcoin and then hold it long-term for sure. After 1 year, it will be a big profit because, for sure, Bitcoin's price value will be high in the future that year.

Instead of what you said after talking about interest for a long time, it's better to dedicate it to holding Bitcoin; at least in this way, at this age, you will get something for sure.

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Yes, liquidating cryptocurrency at a high price to ensure a stable future makes sense, but this is a huge misunderstanding. Consider this: fiat, especially in savings or CDs, consistently loses to inflation. Its a slow loss of buying power. Diverse approaches are what I support. Keep some of your money in crypto, knowing that it has the potential for high returns (and high risk), and balance it out with investments that are more safe.

Your idea of living off of interest is interesting, but its not a good plan. Even if you have $1.3 million, you cant live off of interest from a CD alone in the long run, especially when you think about inflation. My perspective? Crypto should not be seen as the end goal, but as a part of a bigger financial plan. There should be a balance between high-risk, high-reward investments like crypto and safer bets. Diversification is not only a good idea, its necessary in today's economy.

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Quote from: jerry0 on December 18, 2023, 06:27:00 PM

And with anyone with 5 million or more, well that would be enough to retire and do things you would never be able to. If you have 5 million in the bank, you could put 2 million in the bank and earn 100k and that is more than enough to live off and do pretty much most things you want right?

Do you know how long we live? Of course the answer is that no one knows. Quoting your statement above, if we have 5 million in the bank then put it in 2 million and then take the interest, that guarantees everything will be finished, of course not. To help, yes, to guarantee overall safety, I don't think so because in the future there will be many points that can change our decisions someday.

Maybe this step looks good but in my opinion a smart person is someone who knows how to read the situation. And, because of the nature of Bitcoin, you can take control of your retirement accounts and move them overseas easily if something urgent needs to be done.

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Quote from: hatshepsut93 on December 18, 2023, 06:43:41 PM

Well, the other option is hodling Bitcoin and hoping that it will grow more and more and you can not only retire but live luxurious life off it. But I think the risk/reward ratio suggests that it's better to retire asap by taking Bitcoin profits and reinvesting them in safe assets. Because just as Bitcoin can go to millions, it could also crash to the ground, and that would be catastrophic for someone who planned to retire with Bitcoin gains - now they would have to start from scratch.

You got to sell that bitcoin at some point because you can still get back into bitcoin, imagine the scenario where you've got an emergency and the amount of bitcoin that you're hodling is enough to help you get through that emergency but it's not yet at your target price, I know I would sell that bitcoin just so I can get out of that emergency as quickly as possible.

I don't know about reinvestment but that seems a good idea but it's going to depend on your situation and the amount you're hodling at that moment that you're seriously pondering this question, if you've got enough bitcoin stored that you can retire if you sell it then go for it but if you're not then reinvestment might be a good idea but choose the next investment wisely.

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OP why would you sell an exponentially increasing asset like Bitcoin just to put that money in a bank and maybe get a few percent a year? That doesn't make any sense. Keeping it in Bitcoin would grow your wealth soooo much faster.

I mean it makes sense to eventually diversify into income generating assets, so you have high growth bitcoin combined with income generating assets. But like...a CD would be a pretty bad thing to do. And certainly selling all one's Bitcoin to put into much slower growth assets just to get some income wouldn't work out better than just holding Bitcoin.

Ultimately holding hard money fast growing Bitcoin along with something like dividend paying stocks or rental paying real estate would be the best combo. But it wouldn't make sense to sell ALL one's Bitcoin to go completely over to the other investments.

I put all my money into Bitcoin, retired a few years ago, and probably during the 2030s I'll diversify a bit of my bitcoin into income generating investments, while keeping Bitcoin the core of my wealth. What I would never dream of doing is selling ALL my bitcoin for slower growing more risky investments just for the income.

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$650,000 will actually do a whole lot if the person were assuming isn’t a luxurious person.

It actually takes a rare personality to have a whooping 1 or 2 million dollars and put it in the bank then live off the interest you get. Everyone wants to live life to the fullest so they get to do something with their money… buy a house, car, travel, etc. But wait, why do you have to put such amount of money in the bank when you can invest that money in businesses? Real estate is a good business, and many other options out there that can give you more than just 7% of your money. Also, some people may want to rather still invest in Bitcoin than take it all out.

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Quote from: joniboini on December 18, 2023, 08:31:14 PM

Is it really as simple as that though? What about taxes? Can you report all of them easily? What about the inflation/deflation rate? While it is unlikely, the risk that the USD someday go bust is still there, isn't it? How would you protect your wealth then if all of them are just fiat, that has no underlying value at all? Might as well buy gold & Bitcoin imo. At the end of the day, risk management is your answer. Diversify your assets carefully. It sure sounds good when you can just live your life from bank interest, but you can also lose all of your wealth easily if you trust them (there are many examples related to how people get screwed up because they trust them too much).

This is not the better option for the trader to convert to the fiat,because their was unstable economy for the usd.If the inflation occurs the demand of the USD will be reduced,So the value of the USD for your fiat will be reduced.If you keep your money in the crypto currency means,the market pump will give you more money as compared to the interest earned from the fiat.If you had wisely invested in the cryptocurrency,it will gives you ten times of the invested money in the trading.

Quote from: jerry0 on December 23, 2023, 01:27:08 AM

So it wouldn't make sense for someone to just put everything into a CD and invest and get 5% interest? If someone has 2 million doillars, that would be 100k which is more than enough for almost any location.

If the steady 5-10% percentage of the interest you get for the one year period,you can make the double of the investment.But the crypto currency had the potential to give the profit of x10 times by just holding for the period of 3-4 months in the cryptocurrency.So holding money in crypto currency will be the better option.

Topic: Selling All Cryptocurrency for Fiat and Earning Interest? (Read 257 times)