Topic: Selling All Fiat In Bank For BTC? (Read 458 times)

I am in this category my friend and it makes more sense to me, not otherwise as you make it look. It will not make sense only if the person is a fool and didn't plan the investment correctly in relation to his regular way of life and possessions. For me, there was a time when you would hardly see up to $100 in all my bank accounts. I still practice a similar style till now but I made sure I still reduce it very much as you may not find as much as $100 equivalent in my bank accounts in local currency, but you would still find more in my USD-domiciled bank accounts.

My plan of not keeping the majority of my money in the bank is that banks are only cheating me and not giving me adequate interest for my money, and when I can get it elsewhere, why not? Bitcoin and cryptocurrency have opened the eyes of people to how the centralized systems are cheating us, and at times, if I put my money in crypto, I could still be earning as much as 25% of my earnings on a monthly basis. This is a regular time and not like this time we are experiencing a bull run. So tell me, would it be wise to put the money in the bank that will be using it and still give me a peanut for the whole year? Some banks might give about 8% per annum whereas crypto could give me way more in just a month if carefully planned.

But people should be smart about this, you don't sell all your precious assets to keep in crypto, anything bad could happen. This is why I diversify my portfolios all the time. People can buy lands and properties, invest in crypto, stocks/shares and others, and still have their work and businesses running. I only make sure that I do not have much in my bank account instead of wasting it there for the use of the banks themselves. I see this as a smart plan.

When the market is sluggish, there are a lot of temptations to take advantage of this moment to buy as much bitcoin as possible, in fact it is not uncommon for people to sell cars, houses and even other property to buy bitcoin, some are more extreme in going into debt to take advantage of the sluggish market moment.

Many people make wrong decisions at times like this, or maybe they are too panicked so they are afraid of missing the train, so they do everything they can to buy bitcoin. As a wise person, regardless of market conditions, we must be wise in making decisions, buy as much bitcoin as you can, don't force it because a hasty decision will have fatal consequences in the future. It's true that saving fiat is not a smart choice, but like it or not, we have to use fiat for daily income. So when investing in BTC, don't go all in, leave fiat to meet your living needs.

If they have $100K in total then I would advise them to invest more than 20% of it in Bitcoin even though it is going to be the future of the monetary system simply because I don't want to get trapped in something goes south and that is why investors used to say don't put all your eggs in one basket. Invest in bitcoin too but don't invest only in bitcoin that simply doesn't make any sense.

I don't think it's wrong if most of your assets are in Bitcoin, as long as you believe in decentralization, unfortunately Bitcoin is the only one and the most safest asset in terms of decentralization.

But, does it possible to sell all of your fiat in bank for Bitcoin? possible, but you need to face a drama with the bankers since they wouldn't allow you to withdraw all of your funds at once.

Always respect someone's decision and I am not quick to judge the steps someone takes, whatever it is, because behind it all there are many lessons and experiences that underlie their decision making, including when they sell their car, house and other assets to buy bitcoin, of course the decision they have taken has already been made. thought carefully. Because for me, sometimes investing in Bitcoin requires courage to be able to gain profits in the future.

Of course, those who have that kind of courage have prepared funds for daily needs, and they have also prepared two separate funds for investment and for needs funds. In essence, with every Bitcoin investment, don't put all your eggs in one basket, put your eggs in several baskets, so that one day when one basket of eggs disappears, there will still be another basket of eggs to eat.

It's common sense, people need fiat to live. All in on bitcoin means all crypto budget or all investment budget into bitcoin.

Since last year I have been tempted to sell my house while the market is still down. But of course, it doesn't mean that I have to use all the proceeds to buy bitcoin. But the big percentage will be into bitcoin pretty sure. My investment value would've been 50% to 100% by now. I would've traveled from different places in my country since the plan is to rent for a few months and then transfer to another place and so on.

Definitely they need to have some amount in cash in order to fulfil their daily necessities. Investing in Bitcoins is like investing in any asset. So if you spend all money you have in Bitcoins, then how you will survive? It’s just people say like that. You should always use the 30:30:40 ratio while investing anywhere. Save 30% of your total income, invest 30% of your total income and use 40% of your total income to pay bills etc.

i don't know if you misunderstood their point, or if you were discussing another issue. but when someone thinks that they want to sell their car or house to buy bitcoin, they must already have considerations for that decision. it would be very stupid if someone sold all their assets just to invest in bitcoin because that would be like gambling, not investing.

and i'm sure that no one will want to sell all their assets just to invest in bitcoin. unless their goal is to gamble and he's a pretty crazy person, that's a different story, but i'm sure there are no stupid people investing in bitcoin like your story.

The people can say whatever they want. I can see that you have surrounded yourself with lots of Bitcoin supporters.
I can't find any people in my social circle, that are actively pro-Bitcoin and pro-crypto. I've heard more people saying that Bitcoin/crypto is a scam and it will collapse like a house of cards anytime soon. I couldn't care less about their opinions, to be honest.
Going all in on BTC is extremely risky because BTC is volatile and because the merchants, who accept BTC payments are a very small amount.
Personal finance is all about diversification and not keeping "all your eggs in one basket". Relying on one currency/financial asset is poor risk management, if you ask me.

When someone says he will sell all or invest all in bitcoin, that is an overstatement for sure. Even the rich men will never do that because they follow certain plan investments like sticking to its budget as every investment should have it's own sufficient budget, not very small nor very high, just enough. But when someone says that he will invest all his investment budget, the statement is very clear itself.

Besides, selling all fiat in bank for btc means that your greed is too high that creates danger when investing. We don't hold the future outcome of any investment even with bitcoin, so it's always safer not to risk all our assets just to maximize the profits with bitcoin.

It's never a bright idea to sell the house or car you actively use to buy Bitcoin or make any other investment. But for example if you have 2 cars or 2 house, that may be a good move depending on the timing. All in Bitcoin don't mean you have no fiat money, of course you have to keep some fiat money to your daily expenses. People usually hold their majority of investment in crypto and sell some to pay credit cards and bills monthly. My understanding from "all in Bitcoin" is that, hold fiat money as little as you can.

If people really love to invest in bitcoin and they have this mindset of getting rich quickly or making profit 10× what they sold, of course no normal human will sell his car or house to invest in bitcoin that person is expecting a profit, have never heard of this selling property or using all fiat to to invest it doesn't make any sense, have only seen things like this in gambling board and they end up regretting.
Buying bitcoin doesn't require all this and things like this doesn't exist people just love bragging, it's best to invest what you can afford.

If selling fiat to buy bitcoin in a country that doesn't value bitcoin and marketers doesn't want to accept bitcoin how can that person survive? We need fiat in buying food stuffs etc, why some investors fail to earn profit they lack zero planing and budget before investing.

To every action there is a purpose, my purpose of investing in bitcoin is not necessarily the purpose of Mr Bob or that of miss Alice. Some persons invest in bitcoin in order to have profits that will enable them sustain themselves and their families. Some others invest in bitcoin because they want to be super rich and these are the set of people that invest a huge amount of money over a long period of time. Some others might be investing in bitcoin because they do not want to miss future opportunities as no one knows what the future holds for bitcoin. Those persons that want to be super rich with Bitcoin are the people that tend to sell all their properties to invest in bitcoin or use all their retirement funds to invest in bitcoin. Funny enough, it works for them if they have great timing of the market. Also in rear cases it goes bad and if they are not strong enough, they sell at lose (the worst scenario).


During the bull run, short term investment is profitable in bitcoin.

Anyone who is investing in Bitcoin for a short term is not yet ready the investment. The real Bitcoin investment is always on long term so those who are investing on Bitcoin and harvesting it in a short time are not investing for to see the bull but taking Bitcoin for a saving ground. Many politicians are using Bitcoin to hide their stolen money and they are not investing. And that is where money laundering comes to play. So they can withdraw their funds at any time of their choice.

I prefer investing in Bitcoin than investing in DCA. Even though DCA is more stable and cheap, I prefer Bitcoin direct. And if anyone doing short term investment then I advise the person to involve in trading than investing. In trading you can withdraw at anytime of your choice.

There can be Bitcoin bear seasons which can last for months and for that period we need to have alternate plan. To me Bitcoin is a long term investment plan and we need to invest here wisely. I have read posts here that people selling there belongings to buy Bitcoin but for me best is to invest in DCA manner. Like its better to invest 100$ per week or month then to sell a watch and invest all at one price. For daily living we still need fiat and invest in Bitcoin what you can afford to lock for long duration.

Selling off all fiat to acquire BTC is many times heard of. Although, I doubt it would make sense to anyone living in country where cryptocurrencies is banned or restricted. Also, it could mean eveyother necessity can be paid for with BTC in this instance.
Unless it's for a steady future plan, because BTC is yet to reach an ATH expected for this cycle and with the ETF approval, we see better opportunities and more value added to the decentralized coin that is making a rave as number one.

It's more profitable to still HoDL and sell at the right time when the price has gotten to an expected ATH that feels convenient.
When it comes to selling off all my fiat in the bank to buy BTC and make myself and family suffer for the future, it doesn't show I planned well, that's why the DCA strategy is way better and a more preferred option of investment for many of us here.

Your OP message is a huge wall of text, so I'll try.

First understand what is a bank, and what happens if you "deposit" money there.
You have loaned your money to an institution. That's right, the bank is not "keeping" your money "safe", and they can default on you.
Banks are required by the State to keep at least a minuscule portion of the money people loans deposit to them. This is basically a legalized ponzi scheme, should the clients start withdrawing at the same time, it doesn't have enough money to pay all their debt, thus they can default.

To mitigate this, the Central Bank was created. A bank that can loan to banks so they can (hopefully) survive some crisis.

It doesn't end there. If you "deposit" 1000, with the magic of fractional reserve (lets pretend its 10%, its actually even less in some countries) how much money is added in the system? 10000 (your 1000 is the 10%, 9000 90% from nothing).

Aaaand, the bank can loan from that 10000 to, lets say 10 more people, 1000 each and they as well "deposit" to the bank again.

How much money was added to the system? 100000, this goes on and on. When we say its a legal Ponzi, we mean it.


It all started back in the day, when banks were banks and not a single coin of gold could leave the coffers without permission, lets say 18th century or earlier. This "safe storage" service had a cost, naturally, you have to pay the bank to keep your money safe (not the other way around).

A banker one day saw all that money lying there and though, what he if borrowed a bit in secret, invest it, and then return it before the owner learns about it? Well that was a crime back then, but they still did it and got rich. And used their money to influence politicians so that the scheme would actually be legal, and that's modern banks.

Its not just the "State" that can "print" more banknotes, when banks receive money, they too can create "money" out of nothing. Sooner or later a crisis comes that brings at least one or more banks down, because like any pyramidal scheme, it can't survive if everyone stops injecting money to it.


Do you still trust fiat? There is no way you as an individual to verify how much "money" is in the system, but real bitcoins are only the ones in the blockchain (sidechains and "custodial" wallets is reinventing virtually what banks do, oh and nfts and other blockchain spam are the modern tulips) every "coin" is accounted for, and its finite. You don't have to trust someone giving you a paper that says "valid for N bitcoins cash at this Lightning Node / Exchange, whatever".


The way you do it without fiat in the bank is simple: Only keep a small amount you need in there for daily / monthly use. You don't need 50k in the bank for daily/monthly needs, do you? Just keep a small amount and if fiat collapses you still have your still valuable bitcoins which you can still sell in small amount to keep doing things in your country that still won't recognize Bitcoin as legal tender (or move to El Salvador and be done with it).


Can the USD collapse the same as the Zimbawean dollar, Venezuelan bolivar or Argentine peso did? Of course, the problem lies in all fiats, the only difference is better countries have better economies (and a bit less idiotic politicians) which gives them some extra leverage, but again, the problem is inherent in the system, it can fail. Both Trump and Biden had their administration print money to acomodate aids for the pandemic, which is called devaluation elsewhere. Politicians always think it is a "necessary evil", that they can take it "with moderation", and then do it again and again, because they can...

At the same time, banks and other financial institutions often go even more aggressive and crazy doing "investments" that would normally not be done, and/or under a false pretense product of State direct intervention of the economy (like manipulating interest rates) which is the direct cause of the economic cycle of bubbles and bursts (read about the "Austrian" school of economy at mises.org).


And these constant cycles often cause panic having people withdraw their money, and if you learned the above, you know more than 90% of the money in the system doesn't exist, so only the first ones will have their cash, politicians panic and set the volume of the money printing to 11. This is essentially the story of all Hyperinflation cases in history. They have the power to destroy your wealth as long as you hold their money. Inflation is the most tyrannic of taxes.


All that being said, don't get in debt with the system to get more bitcoin, no mortgaging or other nonsense. Quite the opposite, slowly get rid of all debts if you still have some and never again get in debt (this permanent debt is what the monetarists / "Chicago" school of economy desperately wants you to do, or their system collapses).

Instead save your own money in your own bitcoin wallet. If you have a fiat income, leave in the bank whats needed for your needs and exchange the rest. You can diversify with other things you could sell later, like property, art, etc. Just don't keep everything in fiat. Rich people don't buy luxury stuff just to show off, that stuff can be sold later for a decent value unlike a fiat that would be worthless.

I've not heard of any country in the world that you can comfortably live in without fiat. And if somehow you can live without fiat which isn't possible right now, I doubt you'll live on just Bitcoin.

When people say they're all in on Bitcoin it means they are hopping on the Bitcoin train fully. Not living solely on Bitcoin. As for those who sell their assets to buy Bitcoin, that is not an alien thing to do.
People have been selling off a particular asset to acquire another asset or start a business for a long time.

On this forum, they always advise people who want to sell off a certain asset or property to buy Bitcoin to do so with the right understanding.
You can't sell the only house you own to buy Bitcoin or withdraw all your money to buy Bitcoin.

You cant be sure about that because bitcoin price is very volatile, for now the momentum is really strong but dont be too confident that you need to immediately exchange all you fiat to btc, what if btc decline in the coming days? You need to always have a plan and strategy like dca you dont need to buy all of your money just maybe just a portion of it like 25% then wait for another dip to enter, remember bull market is tricky always expect the unexpected. 

I've never heard of so many people who own multiple homes, sell their homes and use all their savings to buy bitcoins! To my knowledge, real estate has historically been a stable and reliable investment medium, providing a tangible asset that you can live in or rent out for income. Bitcoin, on the other hand, is a speculative and volatile investment, with the potential for huge gains but also the risk of losing everything. Deciding to sell a house to go all-in on Bitcoin is reckless and irresponsible. One should adopt proper strategy without taking rash decisions when it comes to Bitcoin investment. Either way stick to the investment strategy and build wealth steadily over time.