Topic: Selling All Fiat In Bank For BTC? - page 4. (Read 458 times)

Fiat is still the accepted currency for Many transactions, to only want to have btc without fiat is not a good plan because.it will not work. Invest in bitcoins but also keep money in fiat for expenses. if you decide you want to only have bitcoins without fiat, you will not be able to hold just bitcoins comfortably without being tempted to change some occasionally back to fiat.The wise choice is to keep more money in BTC than fiat.

sell the house to buy bitcoin - borrow from the bank to buy bitcoin, well at least think about everything carefully first, because investing in bitcoin requires a good strategy, especially those that apply the DCA method. Be wise when investing in Bitcoin, the sentence must be emphasized, investing in Bitcoin cannot be dangerous, you must not make excessive sacrifices and you must prioritize important things first. Also think about how you get money to meet your daily living needs, because if you can fulfill this then you will be able to continue investing in Bitcoin safely and peacefully.

That is true, you can't use all your money to buy btc as you also have other basic needs to address in order to survive.
So selling all your fiat is not really true at all. How can you survive if you have no other means of paying even for your food.
That is why I can agree that when you say you are selling your fiat, it is your extra or spare money that you feel you don't have immediate need.

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.

This is the statement of an illiterate, if someone makes this statement, he obviously knows less or nothing about bitcoin. He need to learn more about it. Bitcoin can never replace fiat and for now, fiat is more widely accepted than bitcoin, so its very important to have fiat alongside bitcoin to be able to cover properly for your daily expenses.
If you plunge ask your money into bitcoin, when you have needs, you'll still liquidate the bitcoin to fiat in order to meet up your needs. That's your loss because you will pay transaction fees which is unnecessary expenses on your part. Possibly, sure to the volatile nature of bitcoin, the value may have dropped as compared to when you bought, making your loss more significant.
Finally, bitcoin is a long term investment and if you can't invest for a long term, the aim of the investment is defeated and you shouldn't have invested in the first place

Do you ever make any post that’s not difficult to understand? All your post I’ve replied to are just simple question that were made complicated due to the wall of text that you usually use when writing them.


When they say “withdraw all their money” they don’t mean to the last penny that’s in their account.

Okay let’s use this as an example, before I got into bitcoin I use to keep all my money in my account and at the end of each year their their actually no difference between when I deposited that money meanwhile banks are constantly using it for their own benefit like giving it has a loan to investors who in turn make more money and return the amount borrowed and use the rest to invest meanwhile you that have millions sitting in your account is not profiting off of it. So that’s why most people have decided to remove their money from bank (the ones they won’t be needing anytime soon) and invested in bitcoin, at least they’ll be able to see profit if the price should increase rather than just let the money sit in their account and lose its value due to inflation.

It won’t be wise for one to just withdraw all their money from the bank or converts all their money to bitcoin, if they should do that, what then will they use for payment in their day to day life?

your posts belong in the economics category.

by the way a $500k house(10% deposit) on a 15yr mortgage is ~$4k a month = $48k a year
if you are earning $50k a year. your mortgage is literally your income... 99%
it should be 30%

also a $500k home is not $500k total paid.. after 15 years you would have paid $140k in interest. meaning the house break even would be (if inflation was ZERO for 15 years) $640k sell price just to break even
however inflation changes how many loaves of bread you can buy.
so after factoring how much money (without repairs) you put into the house you better hope house is able to sell for $780k in 15 years just to break even to monetary value of spending power

however
selling house. and using the cash in an investment which will appreciate faster in next 2 years is better then holding onto debt for 15 years paying 99% of your income on debt payments

moving into a low cost rental for $1200 a month also free's up alot of spare cash per month. your literally paying yourself $3000 extra to yourself that you are not pushing into some bankers debt balance

Also can someone explain to me why people say the dollar will collapse and what that means?  I know the dollar is worth less every single year because it buys less than it did back then.  I understand that.  But I don't understand what they mean when the dollar will collapse.  That obviously doesn't mean anyone that has dollars whether physical cash or money in the bank... that money will be worth nothing right?  They way it's phrased, it would sound like the US dollar would be collapse where it isn't worth anything but that's not what it means right?  I recall a youtube video mentioned how the currency of many dollars collapsed where nobody wants to hold that currency because it lost a lot of it's value and people want USD there.  I forgot what that country was but I think one of them was Lebanon and another is Argentina?  There is another country but I forgot the name of it.  It had someone saying like $10 USD would get you 10 million of that currency and that currency is like bricks of money but it was worth $10 USD.  Anyone know that country I'm talking about?


Also what do those rich investors on TV mean when they say they don't own any cash and recommend you the same?  They seem to recommend buying gold and property and stocks and bonds.  Then you have some that say crypto as well.  But are these people right or wrong?  This is what has me confused.  If a regular person could have 2 million dollars in the bank after taxes from selling their crypto, stocks and house and whatnot, isn't that more than enough to retire and live a frugal live even in the US as long as it isn't an expensive state?  Like if someone had a lot of crypto and sell it all and still ahve 2 million dollars after taxes.  They could literally buy a house for 500k.  It could be 2 families and they rent half of it to someone.  So that person's rent they collect would easily pay the person's property taxes and a good portion of it would be on their own electricty and utilities as well.  They now have 1.5 million dollars in the bank.  This person could put 1 million dollars in the bank and earn 5% interest and earn $50,000 a year.  Assuming they are frugal and buy just 1 vehicle... couldn't this person just retire as long as they aren't buying many expensive things and don't go on lavish vacations?


I am very confused why people hate fiat.  I mean if I had 2 million dollars in the bank after tax, I would feel set for life.  Sure I can't buy multiple cars, or go on lavish vacations, but I surely can go on a few vacations and not work if I'm earning $50,000 in interest a year right where any property taxes are paid off by the person renting half of my house where the house would already be paid for?  Yes I used 500k for a 2 bedroom house which is lower than the average amount in the US.  Say you make the number 800k for the house... well you could still have $700,000 in the bank for CD and still earn $35,000 a year from interest alone.  Is my logic wrong here with fiat?  I never understood why people hate cash.  I mean... isn't cash the ultimate endgoal?  And cash I mean cash in the bank.  With btc... yes you have btc, but if you can't convert it to cash, well how you going to pay your bills and food.  Or is my logic here wrong?  I don't get how you have rich people with 100 million dollars say I don't want cash.  I want gold and property and stocks.  Can someone explain what I"m missing here?

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?