Topic: Selling All Fiat In Bank For BTC? - page 2. (Read 458 times)

I have never heard anyone I would swap all of their fiat into BTC even when they believe in Bitcoin so much, they would still have some cash in Bank. If you truly heard that a lot, and you hear it from your friendship circle I suggest you to just stay away and get another friends, they are either liar or crazy both are bad things.

I didn't meant that Bitcoin is not a good investment, it's very good, but even, people would put all of their money into one investment asset.

So I have heard a lot of people say this.  Such that they are going to withdraw all of their money from the bank and buy BTC.  And things like will sell their car and house and possessions and all that to buy btc.  Many say they will do this and be all in with BTC so to speak.

So I have heard a lot of people say this.  Such that they are going to withdraw all of their money from the bank and buy BTC.  And things like will sell their car and house and possessions and all that to buy btc.  Many say they will do this and be all in with BTC so to speak.



First off, this doesn't make any sense.  You have to have fiat so you can spend it on food and fiat in the bank to pay for bills and property taxes if you own a house etc.  So when people say they are all in on BTC, they obviously still mean enough cash in the bank for your basic bills things?  Like they still have at least 2k usd or 5k usd or 10k usd in the bank?  Or for people with lot of money, well still at least 500k usd in the bank right etc?  


Now say someone has 50k in the bank.  Say their house is worth 500k and they sell that.  Well if they do, let say they have around 525k in the bank after taxes for selling their house.  That person owns nothing else.  Well you going to have to rent an apartment since you need a place to stay.  So how can this person even be all in with BTC then?  I mean they surely will still have at least 50k in the bank still like previously right?  But now that 475k or so from the proceeds of selling the house will be sent to an exchange to buy like 10 btc?  So this person's net worth now in terms of btc to their cash would literally be like almost 90%.  Isn't this very risky for someone who converts cash to crypto in terms of risk?  

As for me selling landed properties, and personal possessions and all because of Bitcoin is not a wise decision and that can break relationship if the person is married. Just as the op said, you you must meer up you daily living demands and if you fall to meet up your responsibilities as a family man then you have a problem in the family. Bitcoin is not a get quick rich scheme whereby you can invest in it and reap it with a week or a Month but for years. And when you investing in it you have to start it when the price is low so that you can have some profits when the price is high.

And now if you invest with all the money and Bitcoin price drastically come down and with that fear of losing the funds, you sell them off at a lower rate. Then you becomes a losers of the investment.

I am pretty sure that when people say sell "all" they do not mean the money they are going to buy milk with next day, that's not the point. Most people have two separate accounts, one where they invest, and one where they spend. You may have 800 dollars in your spending account, while also have 8k dollars in your savings, two separate places and not at the same place, could be even different banks and in this case could be bitcoin too. When they say they want to sell it all, they mean the savings, the investment, could be interest account, could be stocks, could be gold, doesn't really matter, just have money in your account for living, and rest all goes to bitcoin, and I have been like that for 7 years now.

So I have heard a lot of people say this.  Such that they are going to withdraw all of their money from the bank and buy BTC.  And things like will sell their car and house and possessions and all that to buy btc.  Many say they will do this and be all in with BTC so to speak.

First off, this doesn't make any sense.  You have to have fiat so you can spend it on food and fiat in the bank to pay for bills and property taxes if you own a house etc.  So when people say they are all in on BTC, they obviously still mean enough cash in the bank for your basic bills things?  Like they still have at least 2k usd or 5k usd or 10k usd in the bank?  Or for people with lot of money, well still at least 500k usd in the bank right etc?  

So I have heard a lot of people say this.  Such that they are going to withdraw all of their money from the bank and buy BTC.  And things like will sell their car and house and possessions and all that to buy btc.  Many say they will do this and be all in with BTC so to speak.



First off, this doesn't make any sense.  You have to have fiat so you can spend it on food and fiat in the bank to pay for bills and property taxes if you own a house etc.  So when people say they are all in on BTC, they obviously still mean enough cash in the bank for your basic bills things?  Like they still have at least 2k usd or 5k usd or 10k usd in the bank?  Or for people with lot of money, well still at least 500k usd in the bank right etc?  


Now say someone has 50k in the bank.  Say their house is worth 500k and they sell that.  Well if they do, let say they have around 525k in the bank after taxes for selling their house.  That person owns nothing else.  Well you going to have to rent an apartment since you need a place to stay.  So how can this person even be all in with BTC then?  I mean they surely will still have at least 50k in the bank still like previously right?  But now that 475k or so from the proceeds of selling the house will be sent to an exchange to buy like 10 btc?  So this person's net worth now in terms of btc to their cash would literally be like almost 90%.  Isn't this very risky for someone who converts cash to crypto in terms of risk?  

So I have heard a lot of people say this.  Such that they are going to withdraw all of their money from the bank and buy BTC.  And things like will sell their car and house and possessions and all that to buy btc.  Many say they will do this and be all in with BTC so to speak.

First off, this doesn't make any sense.  You have to have fiat so you can spend it on food and fiat in the bank to pay for bills and property taxes if you own a house etc.  So when people say they are all in on BTC, they obviously still mean enough cash in the bank for your basic bills things?  Like they still have at least 2k usd or 5k usd or 10k usd in the bank?  Or for people with lot of money, well still at least 500k usd in the bank right etc?  

Now say someone has 50k in the bank.  Say their house is worth 500k and they sell that.  Well if they do, let say they have around 525k in the bank after taxes for selling their house.  That person owns nothing else.  Well you going to have to rent an apartment since you need a place to stay.  So how can this person even be all in with BTC then?  I mean they surely will still have at least 50k in the bank still like previously right?  But now that 475k or so from the proceeds of selling the house will be sent to an exchange to buy like 10 btc?  So this person's net worth now in terms of btc to their cash would literally be like almost 90%.  Isn't this very risky for someone who converts cash to crypto in terms of risk?  

I am pretty sure that when people say sell "all" they do not mean the money they are going to buy milk with next day, that's not the point. Most people have two separate accounts, one where they invest, and one where they spend. You may have 800 dollars in your spending account, while also have 8k dollars in your savings, two separate places and not at the same place, could be even different banks and in this case could be bitcoin too. When they say they want to sell it all, they mean the savings, the investment, could be interest account, could be stocks, could be gold, doesn't really matter, just have money in your account for living, and rest all goes to bitcoin, and I have been like that for 7 years now.