Topic: Selling All Fiat In Bank For BTC? - page 3. (Read 484 times)

Are we missing something important? We support Bitcoin for its privacy and financial system disruption. Are we not overlooking life's practicalities? Food, rent, and taxes require fiat. This duality is about navigating a changing environment while staying present, not only financial preparation.

Imagine someone investing a lot of money in Bitcoin to get privacy and freedom from government inspection. However, they must maintain a fiat reserve for everyday expenses. We want Bitcoin to rule, yet we're still in the fiat web.

Instead of how much fiat to hold, the key is balancing a revolutionary digital asset with today's financial ecosystem. Shouldnt this duality reflect our path toward a future that's still shaping up?

My money is all in BTC since 2022, leave feed and needs as there are ways to go about that, remember that not everyone has the same condition, some people have businesses that brings income every day and they use that to take good of their home, if I have not put all my money into BTC since last year and I let them sit in the bank account the value would have greatly reduced, but instead I am up more than a 100% of my money, the choice is yours and no one should say that it's a wrong choice.

I choose BTC to escape massive inflation affecting my local currency and I believe that I did very well, yea some sold their cars and properties, the question you should be asking now is if it's favouring them, those who bought BTC even if it's their cars money @17k can afford more than one car today, everyone has their own level of risks, if they can risk their properties it doesn't mean that they can't afford to lose it, this is something that only concern you, asking yourself if you can afford to take such risks, if it's a no then it's good, but others can be able to afford it.

Yes, I may encourage people to invest in BTC but the idea of withdrawing all your fiat or selling your other assets to invest in only BTC is not ideal for a rational human being, investment is fantastic, and so is fiat too, the fiat has its function and we shy away from that, BTC is an investment that requires one to be calculative and resolute so that you can enjoy the investment itself, you don't just keep all you have in a particular cycle, no financial advisor will tell such, I know people will say you can still purchase with the BTC yes it is true but you should also know that it is not every organisation or institution that accepts the use of BTC for payment, so in this case, what will be the option for such person, I think we should not make it look like fiat is irrelevant, fiat will always be useful unless bitcoin becomes a current of the whole world and been made handy that's when we can rely on it totally as for now, fiat must be mentioned and it's functions must not be overlooked.

People just say this to boast their support for Bitcoin and thus deceiving others. No-one would really do that unless they live in a country where Bitcoin is accepted as a payment for everything right form food, grocery, EMIs and all the other necessity where Fiat is accepted. When people say they will sell their house and convert it into bitcoin where will they stay if they sell off? unless they own more than one property and selling one out of it to invest into Bitcoin. At the moment we can hodl Bitcoin as an asset just like house or piece of land but Fiat is necessary for survival.

Using all the money you have in your bank and selling most of your physical asset such as your house, car or any necessity you need just to buy bitcoin is a dumb idea which I think extremist do. Always remember that bitcoin is a volatile asset and it can crash anytime, and it is absolute that you won't want to get bankrupt all of a sudden. Learn to allocate funds depending on your priority, you can cut on your entertainment, hobbies or other fund allocations for the sake of investment funds , just don't cut the funds for necessities. I don't like the idea of doing YOLO on a very volatile asset. If you want to buy bitcoin as much as you can, being smart is the best thing to do. Accumulate on lower prices, find other source of income and lower your expenses. There are so much things you can do to accumulate bitcoin, just don't sacrifice the basic necessities you need.

I’m pretty sure people like this are still earning something on the side or at least i hope so not everyone keeps all their money in the bank sometimes they just have it in cash

i know bitcoin is something that no one should miss out on especially if the reason is lack of funds but people still need to understand that profit gaining in bitcoin does not happen overnight and they will not be helping themselves if they risk being homeless just to hop on to btc

Withdrawing all of your money from the bank account and buying Bitcoin is not a wise option, as you should have some amount of fiat in your bank for your day-to-day activities and emergencies.
Selling cars and houses to invest in Bitcoin is some next-level idiocy. It is not recommended. Investors usually invest in Bitcoin, and from profit, they buy property and mobile assets. Putting everything you have in BTC is not an investment; it is a gamble, as there are risks associated with Bitcoin/ Cryptocurrency investment. If the market dumped and went into correction, things will get difficult for you.

Do you have sources that you have heard about those who have filled out their savings in the bank, or maybe it is just a story that came to mind? Yes, I know many investors are now thinking of saving Bitcoin. But I haven't heard of anyone so far who sold their property just because they bought Bitcoin, which is now available in the market.

Actually, I also believe that there will be more people buying Bitcoin when it reaches $100,000 each. That's why when they buy at that price, they are too late. And the ship has already talked to the water; it will be difficult for them to keep up with my opinion, and it's just a guess.

again going to extremes in both scenarios is stupid if it leaves you scraping the fridge shelf looking for crumbs to eat

you dont need to live like a caveman and buy every asset..
you dont need to live like a caveman and never sell any asset..

you should plan. calculate and budget.
work out a safe and enjoyable risk tolerance. and simply buy low sell high within your planned tolerances. and not go extremes

there are certain times when its stupid to sell.. like mid cycles low..
but if you planned your life to understand and accept your risk tolerances and living costs and have planned when to enter and exit. you can both invest and live comfortably

its the same as pensions.. just putting 7.5% of income aside for next 40 years starting at 25 will turn into a large lump sum at 65
you dont need to put 80% of your income in when your 25 and live like a caveman every year for 40 years knowing you cant touch your pension

..
those that dont plan and just emotion YOLO extreme buy and caveman it. will fail if their dream of xmultiple in only #months.
you need to plan how long you want to invest for and adjust budgets and investment amounts to account for the length of investment and expectations

there is context to any statement
did you know that when people only put in their 7.5% pay into a pension..
when they reach 65yo and see their bank account is only $10k.. be on minimum wage but their pension pot is after 40 years $900k meaning their salary is 3% of pension.. their savings is 1.1% of pensions.. so technically they are "all in on pensions" because over 95% of wealth is in their pension
however it only represents a small percentage of actual spending towards that pension over time

so in bitcoin terms some may have invested small amounts in previous years but has not multiplied to be alot more then X years salary/savings though it did not cost them that much to invest initially
..
some say they are "all in" if majority of invest amount is in bitcoin. again it does not mean everything but a tin of baked beans went into bitcoin. it just means they have not diversified their investments into multiple assets
..

Yea in this example, it would be like having money and assets already where you would then sell all of it and have little cash and live like a caveman. 


But in the other example in the other thing I mentioned, that is much different right?  Like if someone invested small but the btc went up a lot and they still living like a caveman, that would be stupid right?  Or it still makes sense.  Assuming again that person makes low income to cover living expenses and crap apartment and been doing that for years and also 5k in the bank.  And not even selling any btc they could possibly be in the mid 6 figures even because they don't want to cash any btc out.  That would be dumb or not?  Obviously if you have an emergency, you have to sell btc.  But like imagine the caveman person not wanting to spend anything and just living in their crap apartment etc. 

In short, don't believe people who are saying they're all-in on Bitcoin. While there have been news of a certain family or persons who are living life fully in Bitcoin, I doubt it's easy. Or perhaps they're not really completely living with Bitcoin alone. For all we know, even lots of shops and stores that are accepting Bitcoin are actually accounting and reporting sales in fiat.

It's common to hear about living on bare minimum after going all-in on Bitcoin on social media. I guess that's more of a meme than reality. Those are obviously exaggerations and even misplaced. And you can't make a commitment or a risky life decision based on those.

Selling your house to buy BTC is not just risky, it's pure idiocy. Having one house is a basic need, if your basic need is not covered you will have very difficult and stressful life, you will need to spend money on rent or live with other people. If BTC crashes then this state will be locked in. The potential gains of owning an equivalent of 3 houses is not worth the risk of ruining your life. It's better to build the wealth slowly and steadily and only take the risks that will not destroy your life - that's what "investing what you can afford to lose".

Never say never. Some people strongly believe in the potential of Bitcoin and also know what the interest of BlackRock will impact on the BTC market. If someone like CZ could quit his job, sell his house, and into BTC 10 years ago and Theymos once said he had most of his fund in BTC.
We still have some people who can take the risk especially now that most giant investment organizations are interested in BTC.

That's what people most anticipated, to gain profit from Bitcoin, to store value.
There's no need to put in risk your daily life at risk by investing in Bitcoin selling all your property hoping to double in Bitcoin because there's no promising time on it when you will have to make a profit.  If you've enough funds that be willing to wait for a certain time, that's a good decision to invest in Bitcoin.

The real reason why Bitcoin was created was slowly forgotten.
Instead of the purpose of peer-to-peer transactions, they store value and make a profit.

the question should never be "sell all" or "hold all"
those extremes can both go wrong
the answer is to calculate a reasonable middle ground of selling some holding some

money in a bank is only this year became 4-5% yet many many fiat share investments average 7-12%
and deflationary assets can be more

you do not need to become a caveman  eating only beans for many years. so dont think you have to go to extreme poverty to invest large

if your lifestyle is of a $50k a year income life. if you did have a mortgage.. then that house is too much house for your income. you would downsize
how much you would then invest into one asset is then a math question of risk tolerance

for instance, lets use bitcoin market history of last few years

$70k ATH
$60k
$50k
$40k
$30k
$20k
$10k

dont buy
buy some you can afford to not need access to soon, nor afraid to lose
buy as much as you can afford to not need access to soon, nor afraid to lose

remember to buy low sell high

as for selling. its again not a question of sell all ASAP or hold all forever. its again a math question
calculate a conservative multiplier for the next 2 years leading to the ATH

lets say todays calculation expectation ATH is a conservative $150k max in 2 years

$150k
$140k
$130k
$120k
$110k
$100k
$90k
$80k

sell as much as you want
sell some
dont sell

In this modern generation, I don't believe that anyone will be crazy enough to sell off all their property to invest in Bitcoin, or perhaps. Making references to selling houses, I don't think anyone will be so foolish as to sell off their house, invest in Bitcoin, and rest in a different apartment, which will still require them to pay rent. Meanwhile,  if it were their own house, they would not have to pay for house rent. After taking such a decision, how does the person think he or she can be able to hold their investment successful without having any financial need, and they will still sell some Bitcoin in order to solve the need.

Cryptocurrency investments are always risky investments. If you put all your assets in Bitcoin, you are a gambler, not a professional investor at all. No matter if you are a billionaire, you should always have fiat to survive. Its because cryptocurrency would dump anytime and you would suffer. It's always advisable to invest in something you can afford to lose. Otherwise, you'll have to live with the consequences of a hard dump. Don't think crypto or bitcoin investment is a quick-rich method.

The assumption here is this person's 500k house is already paid off.  Now they want to sell it someone so whoever they sell it to, well the seller is going to get at least $475,000 total at least after selling fees right?


I mean if this person sells their 500k house and wants to put that into btc.  So since they have no house now, well they can rent an apartment whether a cheap one or average one or what not.  But if they buy btc with it, they could buy like 10 btc or so, so now their net worth in btc would be a lot.  So imagine someone sells everything they have, such as house, stocks etc... well let say they have 50k in the bank.  This person could literlaly have 1 mllion dollars or more in btc and now their net worth in btc compared to their money in the bank could be 95% or more.  So people who say they are all in with btc... obviously they don't mean like all in where they don't have cash to pay for their bills and food.  But wouldn't that mean they are like at least 90% net worth in btc at least assuming they sold all their houses if they have more than 1 and any stocks or bonds etc and just renting?


The thing is I thought the end goal was to have cash in the bank.  I don't really understand people who say I won't sell any btc no matter what.  I mean if btc goes to 1 million dollars, and a person has 10 btc, but has 50k in the bank, that wouldn't make any sense correct?  You need cash or fiat in the end to buy things since you cannot buy most things with btc. 

I’d warn that no one shouldn’t entirely convert all their funds and assets to Bitcoin. In as much as I pay the idea of Bitcoin, I wouldn’t want to watch people shoot theirselves in the leg. Bitcoin has not gotten to that level where every store accepts it. If it had, you can convert everything you own to Bitcoin and still make your payments like nothing happened.