Topic: Would you put all your savings money into BTC? - page 3. (Read 5787 times)
putting all of your money into btc is just reckless.. you're gonna have a lot of people willing to commit suicide when/if they lose all their money. do you really want the fate of your life to be at the whim of a volatile currency? my goal is not to become rich, own a bunch of jet skis and go broke 50.. i just want to live my life and do the things i want without having to worry about income.
This is insane. I wouldn't recommend putting any money into Bitcoin that could be needed within the next 12 month. The price is rising, yes. But it could also drop to zero, so you have to be able to write the money off the moment you invest.
Even if you have just some small money, I would recommend to keep at least 30-50% in fiat at your bank. What happens if your car brakes need to be renewed? If your oven fails or your refrigerator? Ah, the damn yearly car insurance is due all out of a sudden. And there, damn, I completely forgot about my legal protection insurance, has it always been charged in March? There can always arise more or less "unforseen" problems where you need to access your savings.
With this background you will definetly panic if the exchange value drops below a certain level, and you will panic-sell at a way too low point - giving you a nice loss in BTC and even in FIAT if the timing is bad.
Keep a buffer in FIAT in case something happens, keep some FIAT as savings for the things you will need in the next timespan. Better cut some of your unnecessary expenses and take this money to gamble with BTC. And always keep in mind that BTC is still a virtual toything without guarantee to success.
Even if you have just some small money, I would recommend to keep at least 30-50% in fiat at your bank. What happens if your car brakes need to be renewed? If your oven fails or your refrigerator? Ah, the damn yearly car insurance is due all out of a sudden. And there, damn, I completely forgot about my legal protection insurance, has it always been charged in March? There can always arise more or less "unforseen" problems where you need to access your savings.
With this background you will definetly panic if the exchange value drops below a certain level, and you will panic-sell at a way too low point - giving you a nice loss in BTC and even in FIAT if the timing is bad.
Keep a buffer in FIAT in case something happens, keep some FIAT as savings for the things you will need in the next timespan. Better cut some of your unnecessary expenses and take this money to gamble with BTC. And always keep in mind that BTC is still a virtual toything without guarantee to success.
I agree that people should be prepared for unplanned expenses, but your examples are terrible. They mostly involve forgetting something that happens on a regular basis. Besides, even if I forget about my brakes until they chew through the rotor, I can get new rotors and pads for both sides for less than $100. If i'm reasonable and replace my brakes when they should be replaces, the pads alone are like $20.
But for the real emergencies, you either need some fiat or to just have so many BTC that it dropping to $100 still leaves you with enough for any reasonable contingency.
well, renewal of my brakes was around 450€ (and you renew all 4 of them). and yes, annual payments are usually underestimated. you sometimes just now roughly the time - something around spring. and then one morning you look at your bank account and see your insurence just took 600€ for your car and 500€ for legal protection - leaving you in the red for the rest of the month.
don't know about your "real emergencies". if your car is completely gone you will need a new one, yes. but it may be ok to get a loan in this case to buy it. and if your house burns down you're pretty pissed anyway, no way to prevent drastic losses here.
If you pay someone to do your brakes you are an idiot or you make a shitload of money and can afford to throw some away.
Since I am not a qualified car mecanich and lack the suppliers of approved car parts, the proper tools like lifting platform etc., lacking the knowledge about car repairing and most importantly: working full time so i don't have the time to spend the next few days repairing my car.... yes, I have to pay an approved car repair shop as 90% of the population have to.
BTC is on the rise, sure. But surely you need to have fiat to pay for your everyday needs right?
Like you need fiat for hospitals, fiat for insurance, fiat for rent, fiat for utilities.....
If you are a teenager who doesn't pay for any of the above, then yes, all in for BTC!
If not, why would you put all your savings money into BTC?
Like you need fiat for hospitals, fiat for insurance, fiat for rent, fiat for utilities.....
If you are a teenager who doesn't pay for any of the above, then yes, all in for BTC!
If not, why would you put all your savings money into BTC?
Because you don't pay everyday expenses with savings. You pay them with income unless you are super wealthy and retired.
This is insane. I wouldn't recommend putting any money into Bitcoin that could be needed within the next 12 month. The price is rising, yes. But it could also drop to zero, so you have to be able to write the money off the moment you invest.
Even if you have just some small money, I would recommend to keep at least 30-50% in fiat at your bank. What happens if your car brakes need to be renewed? If your oven fails or your refrigerator? Ah, the damn yearly car insurance is due all out of a sudden. And there, damn, I completely forgot about my legal protection insurance, has it always been charged in March? There can always arise more or less "unforseen" problems where you need to access your savings.
With this background you will definetly panic if the exchange value drops below a certain level, and you will panic-sell at a way too low point - giving you a nice loss in BTC and even in FIAT if the timing is bad.
Keep a buffer in FIAT in case something happens, keep some FIAT as savings for the things you will need in the next timespan. Better cut some of your unnecessary expenses and take this money to gamble with BTC. And always keep in mind that BTC is still a virtual toything without guarantee to success.
Even if you have just some small money, I would recommend to keep at least 30-50% in fiat at your bank. What happens if your car brakes need to be renewed? If your oven fails or your refrigerator? Ah, the damn yearly car insurance is due all out of a sudden. And there, damn, I completely forgot about my legal protection insurance, has it always been charged in March? There can always arise more or less "unforseen" problems where you need to access your savings.
With this background you will definetly panic if the exchange value drops below a certain level, and you will panic-sell at a way too low point - giving you a nice loss in BTC and even in FIAT if the timing is bad.
Keep a buffer in FIAT in case something happens, keep some FIAT as savings for the things you will need in the next timespan. Better cut some of your unnecessary expenses and take this money to gamble with BTC. And always keep in mind that BTC is still a virtual toything without guarantee to success.
I agree that people should be prepared for unplanned expenses, but your examples are terrible. They mostly involve forgetting something that happens on a regular basis. Besides, even if I forget about my brakes until they chew through the rotor, I can get new rotors and pads for both sides for less than $100. If i'm reasonable and replace my brakes when they should be replaces, the pads alone are like $20.
But for the real emergencies, you either need some fiat or to just have so many BTC that it dropping to $100 still leaves you with enough for any reasonable contingency.
well, renewal of my brakes was around 450€ (and you renew all 4 of them). and yes, annual payments are usually underestimated. you sometimes just now roughly the time - something around spring. and then one morning you look at your bank account and see your insurence just took 600€ for your car and 500€ for legal protection - leaving you in the red for the rest of the month.
don't know about your "real emergencies". if your car is completely gone you will need a new one, yes. but it may be ok to get a loan in this case to buy it. and if your house burns down you're pretty pissed anyway, no way to prevent drastic losses here.
If you pay someone to do your brakes you are an idiot or you make a shitload of money and can afford to throw some away.
This is insane. I wouldn't recommend putting any money into Bitcoin that could be needed within the next 12 month. The price is rising, yes. But it could also drop to zero, so you have to be able to write the money off the moment you invest.
Even if you have just some small money, I would recommend to keep at least 30-50% in fiat at your bank. What happens if your car brakes need to be renewed? If your oven fails or your refrigerator? Ah, the damn yearly car insurance is due all out of a sudden. And there, damn, I completely forgot about my legal protection insurance, has it always been charged in March? There can always arise more or less "unforseen" problems where you need to access your savings.
With this background you will definetly panic if the exchange value drops below a certain level, and you will panic-sell at a way too low point - giving you a nice loss in BTC and even in FIAT if the timing is bad.
Keep a buffer in FIAT in case something happens, keep some FIAT as savings for the things you will need in the next timespan. Better cut some of your unnecessary expenses and take this money to gamble with BTC. And always keep in mind that BTC is still a virtual toything without guarantee to success.
Even if you have just some small money, I would recommend to keep at least 30-50% in fiat at your bank. What happens if your car brakes need to be renewed? If your oven fails or your refrigerator? Ah, the damn yearly car insurance is due all out of a sudden. And there, damn, I completely forgot about my legal protection insurance, has it always been charged in March? There can always arise more or less "unforseen" problems where you need to access your savings.
With this background you will definetly panic if the exchange value drops below a certain level, and you will panic-sell at a way too low point - giving you a nice loss in BTC and even in FIAT if the timing is bad.
Keep a buffer in FIAT in case something happens, keep some FIAT as savings for the things you will need in the next timespan. Better cut some of your unnecessary expenses and take this money to gamble with BTC. And always keep in mind that BTC is still a virtual toything without guarantee to success.
I agree that people should be prepared for unplanned expenses, but your examples are terrible. They mostly involve forgetting something that happens on a regular basis. Besides, even if I forget about my brakes until they chew through the rotor, I can get new rotors and pads for both sides for less than $100. If i'm reasonable and replace my brakes when they should be replaces, the pads alone are like $20.
But for the real emergencies, you either need some fiat or to just have so many BTC that it dropping to $100 still leaves you with enough for any reasonable contingency.
well, renewal of my brakes was around 450€ (and you renew all 4 of them). and yes, annual payments are usually underestimated. you sometimes just now roughly the time - something around spring. and then one morning you look at your bank account and see your insurence just took 600€ for your car and 500€ for legal protection - leaving you in the red for the rest of the month.
don't know about your "real emergencies". if your car is completely gone you will need a new one, yes. but it may be ok to get a loan in this case to buy it. and if your house burns down you're pretty pissed anyway, no way to prevent drastic losses here.
BTC is on the rise, sure. But surely you need to have fiat to pay for your everyday needs right?
Like you need fiat for hospitals, fiat for insurance, fiat for rent, fiat for utilities.....
If you are a teenager who doesn't pay for any of the above, then yes, all in for BTC!
If not, why would you put all your savings money into BTC?
Like you need fiat for hospitals, fiat for insurance, fiat for rent, fiat for utilities.....
If you are a teenager who doesn't pay for any of the above, then yes, all in for BTC!
If not, why would you put all your savings money into BTC?
This is insane. I wouldn't recommend putting any money into Bitcoin that could be needed within the next 12 month. The price is rising, yes. But it could also drop to zero, so you have to be able to write the money off the moment you invest.
Even if you have just some small money, I would recommend to keep at least 30-50% in fiat at your bank. What happens if your car brakes need to be renewed? If your oven fails or your refrigerator? Ah, the damn yearly car insurance is due all out of a sudden. And there, damn, I completely forgot about my legal protection insurance, has it always been charged in March? There can always arise more or less "unforseen" problems where you need to access your savings.
With this background you will definetly panic if the exchange value drops below a certain level, and you will panic-sell at a way too low point - giving you a nice loss in BTC and even in FIAT if the timing is bad.
Keep a buffer in FIAT in case something happens, keep some FIAT as savings for the things you will need in the next timespan. Better cut some of your unnecessary expenses and take this money to gamble with BTC. And always keep in mind that BTC is still a virtual toything without guarantee to success.
Even if you have just some small money, I would recommend to keep at least 30-50% in fiat at your bank. What happens if your car brakes need to be renewed? If your oven fails or your refrigerator? Ah, the damn yearly car insurance is due all out of a sudden. And there, damn, I completely forgot about my legal protection insurance, has it always been charged in March? There can always arise more or less "unforseen" problems where you need to access your savings.
With this background you will definetly panic if the exchange value drops below a certain level, and you will panic-sell at a way too low point - giving you a nice loss in BTC and even in FIAT if the timing is bad.
Keep a buffer in FIAT in case something happens, keep some FIAT as savings for the things you will need in the next timespan. Better cut some of your unnecessary expenses and take this money to gamble with BTC. And always keep in mind that BTC is still a virtual toything without guarantee to success.
I agree that people should be prepared for unplanned expenses, but your examples are terrible. They mostly involve forgetting something that happens on a regular basis. Besides, even if I forget about my brakes until they chew through the rotor, I can get new rotors and pads for both sides for less than $100. If i'm reasonable and replace my brakes when they should be replaces, the pads alone are like $20.
But for the real emergencies, you either need some fiat or to just have so many BTC that it dropping to $100 still leaves you with enough for any reasonable contingency.
This is ridiculously insane. Any rational person would put 60% in bitcoin, 20% in LTC and 19% in other alt-coins like FTC and NMC.
Keep 1% in fiat for food purchases.
Keep 1% in fiat for food purchases.
This is insane. I wouldn't recommend putting any money into Bitcoin that could be needed within the next 12 month. The price is rising, yes. But it could also drop to zero, so you have to be able to write the money off the moment you invest.
Even if you have just some small money, I would recommend to keep at least 30-50% in fiat at your bank. What happens if your car brakes need to be renewed? If your oven fails or your refrigerator? Ah, the damn yearly car insurance is due all out of a sudden. And there, damn, I completely forgot about my legal protection insurance, has it always been charged in March? There can always arise more or less "unforseen" problems where you need to access your savings.
With this background you will definetly panic if the exchange value drops below a certain level, and you will panic-sell at a way too low point - giving you a nice loss in BTC and even in FIAT if the timing is bad.
Keep a buffer in FIAT in case something happens, keep some FIAT as savings for the things you will need in the next timespan. Better cut some of your unnecessary expenses and take this money to gamble with BTC. And always keep in mind that BTC is still a virtual toything without guarantee to success.
Even if you have just some small money, I would recommend to keep at least 30-50% in fiat at your bank. What happens if your car brakes need to be renewed? If your oven fails or your refrigerator? Ah, the damn yearly car insurance is due all out of a sudden. And there, damn, I completely forgot about my legal protection insurance, has it always been charged in March? There can always arise more or less "unforseen" problems where you need to access your savings.
With this background you will definetly panic if the exchange value drops below a certain level, and you will panic-sell at a way too low point - giving you a nice loss in BTC and even in FIAT if the timing is bad.
Keep a buffer in FIAT in case something happens, keep some FIAT as savings for the things you will need in the next timespan. Better cut some of your unnecessary expenses and take this money to gamble with BTC. And always keep in mind that BTC is still a virtual toything without guarantee to success.
What price hype? It's still undervalued.
Easy to say that but putting your wealth and future on a bet is to much.
Didn't put much of my savings into it, but bitcoin has become 99% of my savings over the past few years.
I would put approximately half of my savings into Bitcoin.
In response to the OP, you should never put all your eggs in one basket.
Diversify. Just avoid fiat currencies.
Diversify. Just avoid fiat currencies.
Why not? There's no cost to having it in the bank as long as you meet the minimum monthly required balance
Cost?Saving money shouldn't cost anything. They should be paying you.
If banks are paying you less than prime, you're getting ripped off
What price hype? It's still undervalued.
Putting all your saving money on BTC or taking loans on BTC or risking anything that you can't afford to lose is just overreaction to the price hype.
this totally depends on how much money you have.
if i only had like 5k to my name, sure why not.. through it all in btc
if i only had like 5k to my name, sure why not.. through it all in btc
Would I or did I?
USD is crap, becomes a bit more worthless every single day. My bank gives me a whole 0.01% on savings, but only upto 25,000$
What the crap is this. What bank do you even use? That's nuts man, terrible rate.
I have some cash on the bank (like 5% of my money)
and currenlty I have 66% in crypto. The remaining part is gold and silver
I must admit I started with 10% in crypto
and currenlty I have 66% in crypto. The remaining part is gold and silver
I must admit I started with 10% in crypto
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