Topic: Would you store all your wealth in BTC? - page 3. (Read 4854 times)
No, because putting all the wealth in just one pot increases the danger of a total loss.
Nope.
Only few will be in BTC for the time being.
Only few will be in BTC for the time being.
Cash under my bed
Bitcoin in my head
Nah, actually I'm not that paranoid, yet. I buy a small amount of BTC (around 1) every couple of months, but to me it's still more of a hobby than a serious investment. I'm currently saving for a house, and I'm using fiat for that.
I am a true believer though. I think BTC definitely has a real future, which is why I'm keeping my BTC as BTC and won't be cashing out in the forseable future.
Bitcoin in my head
Nah, actually I'm not that paranoid, yet. I buy a small amount of BTC (around 1) every couple of months, but to me it's still more of a hobby than a serious investment. I'm currently saving for a house, and I'm using fiat for that.
I am a true believer though. I think BTC definitely has a real future, which is why I'm keeping my BTC as BTC and won't be cashing out in the forseable future.
Even if you did decide to do it - it would be a really bad idea to put it all in at once. If you use a principle called pound/dollar cost averaging - and move your money into bitcoins in chunks over time - you can reduce the effects of volatility - on days when bitcoin is up and you can buy less with your fiat currency - you are benefiting from the capital growth you have made on your existing holdings. On days when it is down - you can benefit from buying bitcoins at a reduced price.
If I did decide to put all my eggs into the bitcoin basket - I would do it this way - over maybe 5 years. If over time I noticed the general trend in bitcoin prices was downward - I would abandon my investment strategy and look for something that worked better.
If I did decide to put all my eggs into the bitcoin basket - I would do it this way - over maybe 5 years. If over time I noticed the general trend in bitcoin prices was downward - I would abandon my investment strategy and look for something that worked better.
Oh! Come on! Who will risk all his money on Bitcoin? If you are a hard core BTC enthusiast, then 20% should be the maximum limit. That doesn't man that I don't have faith in Bitcoin. But rather, I have quite a bit of bad experience with various HYIPs.
Not only no, but hell no. I have a diversified portfolio and bitcoin is part of that diversification.
when the solar flare hits your fiat atms are not going to be working either
if it takes out the internet and power on your continent it will take out the regular banking as well
(atms and debit cards wont be much use without their network to connect to so no benefits over btc )
you think high street banks are going to let people withdraw if they cant turn on their computers to see how much ?
any natural disaster that could wipe out the bitcoins coud wipe out fiat currency equally well since all money
its pretty much digitally controlled anyway
unless you have a bedroom full of cash youre going to be screwed either way
if it takes out the internet and power on your continent it will take out the regular banking as well
(atms and debit cards wont be much use without their network to connect to so no benefits over btc )
you think high street banks are going to let people withdraw if they cant turn on their computers to see how much ?
any natural disaster that could wipe out the bitcoins coud wipe out fiat currency equally well since all money
its pretty much digitally controlled anyway
unless you have a bedroom full of cash youre going to be screwed either way
All your wealth means 100% and no I woudn't store 100% of it in there.
I'm not rich, but I have physical silver in about 4 locations, some gold, I purchased a very small amount of palladium and platinum,saved 100% copper pennies, I save all nickles I get as change, I have some BTC,LTC,PPC,QRK,DVC, I try to keep some cash on hand, a tiny amount in checking, I've got well off relatives, and my signifigant other ownes her house outright, has a lot in stocks, has lots of cash and credit and a wealthy, elderly dad. Also, I have almost zero debt.
Something terrible could happen to the internet like an solar flare knocking out half of the worlds computer systems - there is still a place for traditional commodities. A wise man would have a mix of investments - a balanced portfolio as it were.
It was the same thing that I suggested in the original post though! Please read it as well as the title, also if there was a solar flare you could wipe your ass with dollar bills and only fools would accept them in exchange for real world goods, however I would use the opportunity to hoard some BTC as soon as the interwebz is up if that ever happens.
Something terrible could happen to the internet like an solar flare knocking out half of the worlds computer systems - there is still a place for traditional commodities. A wise man would have a mix of investments - a balanced portfolio as it were.
I save about 10-15% of my income every month. It used to be in UK investment trusts, but it's now all going to bitcoin. I have played with the idea of maybe investing some in gold coins, but I don't trust the government to not confiscate it when the economy implodes because of the massive national debt burden and a time when treasury prices go no-bid. Having said that, predatory governments could say "Give me your bitcoin or go to jail", but I think that's unlikely.
I am now wondering if I should cash out a good portion of my investment trusts and convert to bitcoin. Not sure yet.
I am now wondering if I should cash out a good portion of my investment trusts and convert to bitcoin. Not sure yet.
its harder for them to prove you have any BTC " or go to jail "
even if they can prove you bought some ,you could have accidently deleted your wallet.dat or had a hdd crash
a lot safer than silver /gold in that respect
I have thought about gold and silver too, but it is much harder to prove they are what they are when you buy or sell, than crypto. This is reflected in the overhead involved.
1)It is harder to convince a buyer a random lump of gold or silver is real and as pure as you claim, than a gold or silver bar/coin engraved with company names and serial numbers, in a sealed case, so there goes the fungibility. Even different make fetches different prices.
2)There are horror stories of people finding tungsten bars in their gold, even in gold from reputable companies like pamp suisse, serial numbered. So you have to do things like ultra sound scanning to check it. If you melt it down, see 1).
3)There is no way to verify whether physical pm backing paper pm instruments are really really there. So for all we know paper could be dragging physical price down. (paper gold inflation)
With a bitcoin, you know what you have is 100% pure and its all bitcoin inside.
I am sticking to crypto for now.
there was a flood of those gold plated tungsten bars in NYC and they looked so professionally made people rumoured
that a government might be behind it rather than a gang of criminals (to put people off the idea of hoarding gold etc )
at least my encrypted bitcoins can go on a micro sd card,laptop ,usb stick ,on a piece of paper ,cd or dvd ,cloud storage , etc etc ,if i changed them to gold id have to have a bulletproof truck to follow me around or pay for space in a bank vault to store it all which kinda defeats the purpose of "easier money " and whats to say the bank will never deny me access to my gold if something terrible happens the economy as many analysts predict
i agree with you and i also with be sticking with my bitcoins
I'd balance it out, even with some in Peercoins as a backup. That said, would rather pay off my fiat debts first before converting larger sums of money into BTC and others, though I might also grab a few gold coins for good measure in case I need something tangible if something like a disaster strikes and I need to trade them if fiat money is not enough.
I save about 10-15% of my income every month. It used to be in UK investment trusts, but it's now all going to bitcoin. I have played with the idea of maybe investing some in gold coins, but I don't trust the government to not confiscate it when the economy implodes because of the massive national debt burden and a time when treasury prices go no-bid. Having said that, predatory governments could say "Give me your bitcoin or go to jail", but I think that's unlikely.
I am now wondering if I should cash out a good portion of my investment trusts and convert to bitcoin. Not sure yet.
I am now wondering if I should cash out a good portion of my investment trusts and convert to bitcoin. Not sure yet.
its harder for them to prove you have any BTC " or go to jail "
even if they can prove you bought some ,you could have accidently deleted your wallet.dat or had a hdd crash
a lot safer than silver /gold in that respect
I have thought about gold and silver too, but it is much harder to prove they are what they are when you buy or sell, than crypto. This is reflected in the overhead involved.
1)It is harder to convince a buyer a random lump of gold or silver is real and as pure as you claim, than a gold or silver bar/coin engraved with company names and serial numbers, in a sealed case, so there goes the fungibility. Even different make fetches different prices.
2)There are horror stories of people finding tungsten bars in their gold, even in gold from reputable companies like pamp suisse, serial numbered. So you have to do things like ultra sound scanning to check it. If you melt it down, see 1).
3)There is no way to verify whether physical pm backing paper pm instruments are really really there. So for all we know paper could be dragging physical price down. (paper gold inflation)
With a bitcoin, you know what you have is 100% pure and its all bitcoin inside.
I am sticking to crypto for now.
will bitcoin hold up when fiat currency fails?
that's so reckless to put all your wealth into BTC. as far as we know, there is a 50/50 chance that BTC will even make it. no one really knows what's going to happen. it's fine to be for the bitcoin movement, but you could easily end up losing almost everything.
There is a 50/50 chance that BTC will make it but there is a 0% chance that USD would make it, if BTC crushes you would still have your farm land, real estate, businesses, investments etc since you only keep "change" in BTC, I am amazed at how many people didn't ready the original post.
the future will tell. if bitcoin or any other coin will be widely accepted and I can buy my loaf of bread with it in a supermarket, then I won't mind putting a bigger portion of my wealth in it.
I wouldn't because:
1) I need fiat to pay my bills and buy food
2) BTC may never become mainstream
3) you don't put all egs in one basket
1) I need fiat to pay my bills and buy food
2) BTC may never become mainstream
3) you don't put all egs in one basket
Couldn't really formulate it properly in the title, I guess storing wealth in intangible goods is stupid to begin with be it USD, BTC or Euros, it is much better to invest into real estate, businesses etc and only keep "change".
But would you make the switch to completely close off all your bank accounts and store all that "change" in BTC?
I have just closed my bank account and made the switch, pretty worried but would prefer to cut my nuts off rather than go back and open one.
I believe bitcoin is NWO's coin and it will succeed.But would you make the switch to completely close off all your bank accounts and store all that "change" in BTC?
I have just closed my bank account and made the switch, pretty worried but would prefer to cut my nuts off rather than go back and open one.
So, it could be a smooth move.
47% of all bitcoin trades were being done in Yuan - that has almost disappeared overnight and bitcoins value has halved. If the USA were to attempt a similar move it would remove 45% of the remaining market - leaving only European currencies and a few others to trade with. That would really be a death knell for Bitcoins mass adoption. You would be foolish to put anything more than a speculative amount that you could afford to lose into bitcoins. A balanced portfolio including property, stocks, shares, commodities and cash would be a much more sensible idea and give you room for manoeuvre should circumstances change.
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