Topic: Selling All Fiat In Bank For BTC? (Read 484 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.

Why are you saying that? I get why some folks wanna ditch traditional banks.  You gotta admit they seem shady sometimes.  Like, what's really going on behind the scenes, ya know? And it bugs people they ain't fully in control of their dough.  Plus you got worries about the government messing stuff up or everyone making a run on the bank and cleaning it out.  I can see why Bitcoin sounds good to people and  more transparency potentially, right? You control your own money. What's wrong with that?


Many people still consider bitcoin not only as an investment asset, but as money as well.

For now, selling all FIAT assets and exchanging them for BTC is a pretty good step because next year Bitcoin will be halving, which will make the price rise, so take advantage of a moment like this to buy Bitcoin when the price is still cheap, because if you buy when the price is high, then that is a fatal mistake because you can get trapped at high prices. The bull run will come soon, so prepare yourself. If you only save the money you have in FIAT, it will not produce results, and the assets you own will not grow. Meanwhile, if you invest in Bitcoin, the possibility of assets growing is very high.

It's true that having bitcoin is better than fiat, but that doesn't mean we have to sell everything to buy bitcoin. Fiat is still needed for you to spend on daily needs and for emergency money if you need it at any time. So, be wise in investing in bitcoin. Bitcoin is indeed the asset of the future, but that doesn't mean we are too blind so we forget our needs, even if our place of residence is for sale. This is not a wise decision in investing in bitcoin.

Don't be too forced to invest in bitcoin because bitcoin is very volatile so maybe if you sell everything to invest in bitcoin it won't necessarily be in accordance with your target and if your target is not achieved your finances will be in disarray. Investing in bitcoin must have separate funds between needs funds and cold funds to invest in bitcoin, that way you will feel comfortable when investing in bitcoin without excessive worry.

I have never heard anyone 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.

Firstly, when people say they're going all in, they meant they have no reservations when it comes to that particular investment decision.

Although the statement "going all in" might vary with people, it doesn't advise people to sell off all properties and be left with zero account balance for their daily needs and life generally.

No matter what happens, fiat is still needed and no matter how much p2p has circulated in cities, you still have that one need for fiat before an entire day burns out

If you have savings in a bank, let's say 1 million dollars, would you take them all out of the bank and sell them all in Bitcoin? Do you have nothing left for the necessities of your life? like expenses and prime commodities?

Remember, when you do that, you can't just do long-term holdings there; you must also know something about trading so that you have a source of income that is also a source because you have daily expenses as well. And Bitcoin is a volatile asset, which means its price value is also upside down in the market.

Unless that person have his/her own property then I don't think it isn't a wise decision. If I have more than one property that is mine alone let's just say I am married and I have other properties that if I sell it I need my wife's permission and such so I would only sell the ones that is/are mine alone where I don't need someone else's permission to sell it which will be used to buy Bitcoin to invest or trading. I understand your point which is true that a relationship may be broken because of selling a property which belongs to the husband and wife but my point is that the husband have his own property that isn't shared with the wifie then that would be okay e.g. man and woman = land 1,2 and then man = land 3,4 which is what he will sell to buy Bitcoin which means there's no relationship that will be destroyed.

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.

Doesn't it make sense to sell all your assets to buy bitcoin and even withdraw your savings from the bank just for bitcoin? Is it not going to be complicated, now that not all countries accept bitcoin, fiat is still needed because this will still be your daily use for other purposes.

So I say it is really stupid if someone does this, although I have heard a story in the article where someone sold his house just to buy bitcoin, but I did not pay attention to that story further.

Bitcoin is very fluctuating, volatile, any time the price can go down so this is clearly very risky if all the money you have is at stake in bitcoin, then I think this is very difficult to happen because someone already understands how fiat is important for usability in paying for anything, now fiat can be used for reserve funds, emergencies or savings, but you also have to be able to have bitcoin as an investment and fiat is still needed.

BTC all-in makes sense only if you don't plan to get a bank loan anytime soon, also you have enough savings to drive through the hard times (aka bear market downswings).
 
Have a house, great, you can borrow against it. Have bitcoin, tradfi is gonna look at you like to an alien, you'll gonna have way less options

So having a house on your name, borrowing $$ against it, and putting the dollars into bitcoin at the right time makes more sense to me.

Of course, most people who say this have already separated their budget for investment and for the family basic needs and necessities. No one will decide to risk all his fiat in an investment where profitability is still not highly 100% guaranteed, as some may still end up losing most especially those who are new in the field. So given this fact, an investor knows already and has seen it coming that he might also lose in the end, that's why investing on the amount that is manageable to lose is very important.

The safe strategy is only invest when you have extra money. All investments are still unsafe, so invest and just don't expect that everything will go according to your plan. Expect the unexpected in any of your investment.

Most likely, when we heard going all in for bitcoin, it does not necessarily mean that all his fiat will go definitely for bitcoin. No one is at the right thinking that he will invest all his money in bitcoin without reserving some fiat to his other needs and for his emergency funds. If you are a responsible investor, you know already what to prioritize and that investing should never be on top but saving for emergency funds first and saving for the needs of the family, and then if there are spare money left, that will go to the planned investment.

Selling all fiat for bitcoin may rare to happen or may never happen at all. Bitcoin is a risky investment, so one should plan it with caution to avoid regretting in the end.

People say a lot when they say it but when they do they don't cross the line. Many say sell house to invest bitcoin, sell grandfather's property to invest bitcoin, sell car to invest bitcoin, sell laptop to invest bitcoin, take loan from bank to sell bitcoin, etc. In reality, people never do this. In fact investing in bitcoins does not require selling these things if people are a little bit aware of investing. It is impossible to move without these things which are very necessary for people in the way of life. I would never do all these things to invest in bitcoin with my own thinking and keep 50% to 40% of weekly income for bitcoin future plans. But this investment of mine must be long-term.

Bro, why are you making things difficult with your idea by putting these unreasonable scenarios, do you really think a person will sell his/her house to buy Bitcoins, be realistic you all accumulate according to our capacity. Going out of the way in any market to gain financial freedom can be a non-recoverable disaster.

TBH, I have some Bitcoin figures, I want to have 1M Bitcoins but I cant have them, obviously, so I know to which limit I can accumulate and prepare myself. While investing there should be an investment approach even in Bitcoin it should not be gambling.

Well, I would not recommend that you buy cryptocurrency with all your blood, it would be wise to invest part of the money but not everything from the account, this will no longer be an investment but some kind of casino, and you need to invest very thoroughly, carry out analysis and so on.

There is no right and wrong in this one. It all depends on how the investor manages it. If I am going to buy Bitcoin  then that would be some share of my salary or any extra income that I might be earning. It is never full share of my salary or the other income. That way I am keeping it simple as well as easy to manage. This doesnt compromise my Bitcoin and Fiat but it balances out both.

If you think putting everything into Bitcoin can make it simple then personally I feel it risky one. Bitcoin is highly volatile. It may preserve the number of Bitcoin but it wont preserve its fiat value all the time. Now its upto the perspective of investors whether they are counting their money in fiat or crypto while doing the purchases.

Withdrawing all the money from the bank and invest them into bitcoin does not mean they don’t have anything left in their account. They will definitely keep some of them for personal use. Bitcoin investment does not necessitate you to put yourself in an uncomfortable situation that you will be living a regretting life. Those that sell their belongings and investments in other places are just doing that because they feel bitcoin will give them more profit overtime than what they’ve invested their money into.

I am not in support of people selling their home to buy bitcoin, but other things that are not necessarily needed now can be sold to invest in bitcoin. Having a roof under your head is the best thing for anyone, unless you live in a very big house that you can sell and get a smaller one of comfort, but not settling for a rented apartment.  Everyone thinks differently and have different views on how they want their investment to be, whatever works for amyone is what they will go for but that shouldn’t make your life miserable after the investment.

Of course it is just figurative speech, there is only few country that you could live with only crypto or Bitcoin.
You would still need to have money for your necessities, and the risk that they are taking are all for the long term profit, their net worth could go down a few when they convert their assets into crypto, but they are doing it for a long term investment.

People who can think of something like that have realized that instead of keeping all their money in a bank that earns interest annually up to 2%, it would be better to invest somewhere like in Bitcoin. Some Bitcoin supporters, those who fully believe in Bitcoin can risk everything including their car and house that's why people can say something like this.

People know that. Investing everything they have in Bitcoin doesn't mean they don't leave enough money to spend in a month. Have you thought of it that way wherein no one in this world can live without eating?

It is risky, however, if you truly believe in the technology, you can risk everything for the sake of your future. Bitcoin is a long-term investment that is the goal of those people who are willing to risk everything they have.

"Sell all" does not actually mean that you also have to compromise the funds intended for your basic needs. The money intended for investment is separate from the money that will be used for paying bills, insurance, medication and the basic necessities of the family. Otherwise, your life will be a mess if it turns out that your chosen investment never works and your capital has been wasted.

We should always stick to the basic rule to only invest what we can afford to lose. We don't actually hold the future of our investments so always invest at its own risk.

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.

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?