Bitcoin Forum

Due to the covid 19 pandemic, I lost my job and my bank account was closed because I withdrew all my remaining balance to buy our necessities, at that time I was looking for another alternative to lost job in order to support my family's needs . Until I start trading bitcoin with small capital and thanks God because with the help of cryptocurrency we can continue to survive from the difficult time of pandemic.

Now I have accumulated a small amount to be able to reopen a bank account but I think that instead of opening a new bank account, it is be better to just buy and invest in bitcoin so that I can expect more profit than the traditional bank.

I know that investing in bitcoin is risky but I also believe that bitcoin has a good future.

I just hope I made the right decision.

Investing in bitcoin is really good and your money will grow but you will need to secure also your future and banks will help you by saving money so instead of having bitcoin only it's better to have both banks and investing to the bitcoin. Once you earn in investing to the bitcoin will you put the profit to the bank. Because bitcoin is risky investment but will give you a good profit but it can cause also your money to lose.

On the contrary, there are people in 2017, who quit their day job to focus solely on bitcoin and crypto trading. Unfortunately, we entered a bearish market in 2018-2019 so I really don't know what happen to those individual if they were able to survived the bear market and make money to bring food to the today.

Perhaps you and the rest of newbies you enter the market wherein we are in the bullish trend and you make some decent money even after you lost your job. But let me remind you that there could be worst cases, like I mentioned so you have to take that into consideration. You might want to save for the future if you can.

As the saying goes though, "Be your own Bank" (BYOB) and that's what you are getting into right now. Best of luck in your journey.

What I can possibly say for someone like you is extraordinary, you are ready to accept any risk that will happen to your life and your family, hopefully what you want to achieve can be realized with the path you have chosen.

Feel it for your self. As you said you started trading and you are generating good profits from it you now have the momentum to keep on going on trading why not just go at it. Opening a bank is wise, but investing it in bitcoin specially when you are feeling good about it is way better. Opening a bank cost a couple hundreds(may vary in each country and bank) which you can use as capital for more trades and generate more profit.

Your story is sweet and all that but dude you still need a bank account to get by, except in your location you can get all what you need through btc otherwise I will advise you to go open your bank account, just so you know it doesn't stop you from further trading btc,
Having a bank account is still very important to me and I know to many people here as well.

here you have to think rationally. indeed a very good decision you invest your money in bitcoin. but that doesn't mean you have to forget about your money which will later go into a conventional bank account. You have to be realistic in considering what if one day you get sick and no one can withdraw your bitcoins except transferring them through conventional banks.
I think both of them are very important for your future. You live in a country that uses fiat money to transact.

I wish I could go completely bankless, but for now some of my bills can only be paid via a bank, or at a post office with cash, which may be troublesome at times since it's 5km from my house. Despite that, I have at least 200x more money in Bitcoin than I have in the bank. The bank is there only as a backup for things I cannot buy with Bitcoin.

Investing in bitcoin is profitable given the latest market trend, but given your situation, I would not recommend keeping all your funds in one asset, as there is always a risk that the asset may disappear and you will lose everything, which is why I advise you to keep part of your funds in fiat currency

I think you need both. First, a bank account for your transactions to save, shop, meet your needs, because the recognition that fiat money can be used throughout the world, transactions are now recognized as being different from Bitcoin. Both your bitcoin wallet / bitcoin account, because you believe in the future of bitcoin, use it as a store for your digital currency. I suggest both because I think we need it.

Bitcoin is a path to freedom, but investing in bitcoin means you are ready to take risk. Also I think you made a good choice because there is enough space for bitcoin grow and double your investment in no time.

It is risky to put all money in Bitcoin and probably stressful when we lose or didn't able to monitored it properly. OP's dedication in doing so can help others to try it too provided they have knowledge in Bitcoin at all. If there are already many stores that accepts btc as payment or crypto mobile app that use in department stores many will probably do it but will still doubt if there is still few who uses it.

I am glad Bitcoin has helped you to get your life back on track as you are one of numerous people whose life has been transformed by Bitcoin and crypto currency. But I would suggest you to have a bank account because it's basic requirement to save money because you need fiat in order to survive and you will require bank account at some or the other point of life as we cannot be completely dependent of digital money.

Also, make sure you covert your profit or capital to USDT or any other stable coin in order to secure it from fluctuations. (Subjective)

unbelievable with your decision to tackle the covid 19 pandemic. Did you invite your family or neighbors to invest in bitcoin too?
if so you have helped others out of the current crisis because it is appropriate for you as a bitcoin user to advise those closest to you to get to know bitcoin and its benefits.

But the problem is if you have let go of conventional banks, does that sound too much? there is nothing wrong with saving money in a conventional bank account. because one day you will keep your funds there for the wholeness to come.

You have depending your living now in Bitcoin and trading is what you mentioned to be feeding your family in which the riskiest place in crypto space.

Now mind telling us how will you cover the daily living and also same time investing?

Better decide these things when you are already stablished again and can feed your family even when the price of Bitcoin crashed again and go back to 4k$ level.

it is not because the market now is bullying and you seems to be gaining all day long meaning your survival must depend on this.

Remember that the daily needs are constant while the value of crypto doesn't assure us of constantly .

It's hard to predict if you'll lose money or get some profit. Bitcoin is very risky and volatile, so I don't recommend you to invest all money in the first crypto.

its a really good example how a decentralized currency can help us in hard moments.


So my brother, a advice, is not put all money in btc. look for 50% in other investiment, i dont know what type of normal investment can be good for you, but depending your country maybe have some good investments to you put others 50%.

The problem , with btc, in your situation,  is the price. If price goes down you probably will be on trouble. Maybe split 50% btc in USDT(25%) and BTC(25%), and the rest normal investment.

The moment of btc now is good, but in some down you can get some problems (depending of price).

well.. Commercial Banks are not your friends.

Your banking relationship will be adjusted in accordance to amount of BTC you own (own  = your have control over it.  Not on some BTC exchange.  More on this see https://notyourkeys.org/).  Above an certain amount anonymity becomes crucial, if you wish to continue with your goal of accumulating ever more BTC

1) between 0.00000001 - 0.99999999BTC:
- normal banking relationship, perhaps working on getting an separate account to move money in and out of BTC
- 3rd party deposit activities are not related to your normal account.
- slowly working on having around 50% of this in liquid assets (cash, gold, gift cards)

2) between 1 - 19.9999999BTC
- plan on having at least 25% of investment available in various fiat currency for trade
- in order to replace commercial bank, you now should move away from major payment platform like LINE pay, UNION pay, VISA, American Express, Master Card, ETc, and
- increasingly on your daily face to face transactions with people you exchange trade with, be that BTC to cash, cash to gold, gold to BTC, or BTC to daily needs like grocery and services you need (house keeping, tutoring, and dozens and dozens of other uses)
- Begin to invest on separate IT infrastructure with tail, pine phone, tor dead drops to make capturing of your physical location difficult, and implement opsec (privacy screen, mask, gradual trade amount increase) to safe guard your face-to-face daily transactions.

3) between 20 - 199.99999999BTC
- isolating all fiat and electric activities relating to BTC away from commercial bank.
- Help local shops (small convenience stores, ice cream, breakfast and phone or scooter repair shops ) to setup lightening payment wallet like electrum .  Provide them with free "Bitcoin Accepted Here" sticker. This will help you to increase your BTC anonymity and helps out your community with BTC circulation:
    + Provide them with tail enabled laptop with loaded electrum wallet.
    + Have shop owner write down and laminate their 12 word recovery seeds in two places.  Have their spouse or other trusted person hold the 2nd copy.
    + Show them how to open a channel (hit the channel tab), and receive Lightening payments.
    + Provide download QR Code sticker for Android Electrum / Phoenix (https://phoenix.acinq.co) so retail customer can switch to lightening platform.
    + Provide 2:1 match when store cash out, up to 0.1 BTC/month, and gradually fade out to 1:1 at 1BTC/month.  Word will spread.
- live on credit received base on UNION Pay, Taobao, gift cards (VISA/Master) for everyday convenience (gas, shopping, etc)
- Invest on cold wallets like cryptosteel (https://cryptosteel.com/) and do a 2-4 multisig backup for amount in exceeds of 20 BTC
- identify disciples that can help out with BTC circulation to work with local store BTC adoptions.

4) between 200 - 1999.99999999 BTC
+ Cash and valuable logistics: Means to diversify your physical storage locations of your assets, and
+ Advanced location anonymity: Your locations are air_gapped when you trade or exchange BTC
+ Open your own essential business (fresh grocery store, seafood store, electric and computer game gear specialty, local pharmacy) to now hold commercial bank accounts to assist with moving larger funds.  Hiring and pay and reward employee with BTC bonuses.

5) 2000 BTC +

Won't comment on it for safety reasons. /msg me using PGP pubkey and will go from there.

This is not black and white, my fellow Bitcoin'er. You can have a savings account and invest in Bitcoin at the same time. It is all about your personal portfolio allocation.

If you have a family and you rely on your savings to support your dear ones in case you lose your job, I suggest you keep a big chunk of it close by as an emergency fund. If you invest money you need, you will find yourself stressed out all the time by the market fluctuations.

This is just my humble opinion. Please don't take it as a financial advice.

Uhh... My advice:
- show your husband / daughter how to walk up to an local BTC atm and cash out.  BTCer iare classified as dangerous occupation. You can go missing or be interrogated by evil doer, so be prepared.

- for larger amount, on quarterly basis train them and bring them out with you to cash out with the store / business / reputable BTC to what-ever-valuable exchanger.  Do not leave them with large sum of cash, it will lead to disaster.

It's such a rapid decision by the bank to close the account which doesn't have money. In my country banks keep the accounts, waiting for people to deposit money there after some time. And there's no amount needed to reopen a bank account in Ukraine... I'm glad that trading got you through the tough times, even though it was a risky choice. Please invest with caution because cryptos are volatile and while they may bring money one time, they can easily take it another time. I use both Bitcoin and banking because the latter is where I get my salary and something I can use to pay for food in the supermarket. Unfortunately, Bitcoin is not that adopted as money yet.

Just remember that investing in bitcoin is not going to give you a constant profit like a job or something it is just an investment where you buy and sell for profit.

Still, I would recommend just invest in bitcoin or making your bitcoin your own bank account other than using saving in a bank where your money is not sleeping and could easily get caught up by inflation.

Also, make sure to make a lot of research before investing as it is not a good time to invest in bitcoin because the market price is just so high but still a good investment for the long term.

it is very good for this covid 19 pandemic, using savings to invest and trade is a very big risk, before you invest in bitcoin or crypto always use free money that is not made for any purpose

you just have to be careful not to go all in and fully depend on bitcoin. although i believe in the future of bitcoin and have been investing in bitcoin for some years now but i still can see the volatility and the risk that is involved in this approach.
and when you are trading bitcoin to make profit, you are putting yourself in even bigger risk because of the way this market is and the exchanges that are the much riskier factor. you can easily lose a lot of money overnight if the exchange scams you or gets hacked.

It seems good to hear that you had invested in Bitcoin in this pandemic. I had also lost my job this year because of no activity of the office room for pandemic too. That's the reality which happened with many people surroundings us.

On the other hand, you already withdrew your money from the banks. One thing I can say that bank will give you a security for your money and you can also save your money by deposit in bank for future uses. If you want to grab this, you can use your bank account again because you have already an account in bank and just need to deposit money in that wallet.

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Even we don't like banks to put our money, still it is necessary to do online or I mean through bank transactions to pay bills, foods, delivery, and online shopping. Some shops implement to accept only the payment thought bank. No cash on delivery anymore to avoid the possibly to get covid through fiat payment. Also using banks transaction is convenient way and you can save time.

First of all, you shouldn't expect any profits from opening a bank account, all your interest that you gain on your deposits are merely ephemeral misleading numbers. All the "income" that you receive from banks will be eaten by inflation, government counterfeiting, and debasing. You shouldn't expect any profits when investing in bitcoin either, especially in dollar terms. When you think of bitcoin as an investment scheme to make more dollars, what you may end up with is lose your money in terms of bitcoin, which is, unlike fiat money, not ephemeral numbers. You don't want to lose your bitcoin because it is scarce and valuable. Bitcoin, as you have correctly noted, is a better alternative to your bank account. The reason it is better is that it cannot be closed, it cannot be stopped, it is always with you in your pocket.

You did a great job mate, cryptocurrency is also a good way of earning money but a risky thing, a lot of people got suffered due to the pandemic, many people lost their job and one way that may help them is working online and cryptocurrency could help you with that as well, just like what happened to me as well, I never think that I could earn even a little amount of money in this pandemic with the help of cryptocurrency. Crypto wallet is better than the traditional bank for me so you did a great job.

I do agree with you, like any financial advisor would say, "Do not put all of your eggs in one basket." To OP, the risk are there not to warn you about the possibility of losing your hard earned cash, that is there to help you consider your options on what should go to that part and what not to go, banks are helpful too if you know what cogs to operate, it might be archaic but it can still be function as intended, try asking your bank about Index Funds, they have the biggest ROI in banks or you can use your account to buy some stocks of some blue chip stocks so you can earn dividends and invest in long term, if we always look at what is in front of us, finding small diamonds, we might miss the one at the other side.

I also Hope that you made a right decision,and it is not because Bitcoin is not worth being invested because i also have my own holding.
But about yours it seems the struggle is still there and Holding a coin wont give you a speed benefits in case you again lose funds and what you will do is withdraw the holding.

I think better continue your trading if you find success on this so if you already gather more than enough for your needs,thats the time to start investing and holding Bitcoin.

This is only a piece of advice since i can see the trouble this may cause if failure comes to you soon.

You are not wrong in making a decision, because investing in Bitcoin is the right decision to fix your economic difficulties in the future, I believe investing in Bitcoin will bring success and give you a big return from what you have invested in Bitcoin. Indeed, this is very risky, but if you always pay attention to the price of Bitcoin all the time you will not get a big risk with your investment.

What you need to do here is diversify your assets so that nothing will go wrong if the bitcoins price in the market will suddenly fall to the bottom and with that strategy, you will have an alternative to getting back what you've lost or you will not panic if you see the price has become all red in the market. with that strategy, you won't need to worry about your bitcoins and you just need to simply wait for the price to rise again and if you have more money, you can buy more from the deep.

Idea of saving all your earnings in bitcoin is quite a big risk to be very honest because you have to be ready to bear the market as many factors can influence bitcoin price. Bitcoin is a decentralized currency and it’s func a different game totally from the bank functions.


Bitcoin have way of creating financial freedom. But nevertheless investing in bitcoin means you are ready to take risk. You have to be very careful it’s not totally a bad choice  because there is potentials for bitcoin growth and Investment.

When you have just decided to go into cryptocurrency, or decided to buy cryptocurrency, decided to associate your activity with investments, you need to evaluate your type of investor.
First, it includes risk tolerance. You need to understand how risky you are, how calm you are about losing less or more of your capital.
Some people lack patience, which means that even if you lose a small part of your investment, you will start to feel uncomfortable and, as a result, start making mistakes that turn into financial losses.
On the contrary, some have a high tolerance for risk. They calmly watch various drops of coins, simply because of the blind confidence that sooner or later this asset will grow.
Persistence and discipline play an important role. Investments are somehow related to time, that is, you must determine a certain period for which investments should bring results, and it is desirable to postpone this period, usually this period covers three years.
Therefore, you need to understand that you, as an investor, are ready for such perseverance, and you need the necessary level of discipline in order to sit through and ultimately make a profit.

You need to continue trading to increase your bitcoin, but don't forget to learn more about trading because the crypto market will always change, and many coins can help you gain the benefits of trading.
Maybe you can reopen your bank account because we still need money to receive the conversion from bitcoin to fiat.
But if bitcoin can be used to pay for something you buy in your country, you don't have to reopen the bank account.
Just trying to earn more bitcoin, save it in your separate wallet, and only sell when the price is high.

Pandemic taught how important to have a sole access to your fund which bitcoin and other cryptocurrency provided this year when there was restriction on  movement, at that time even the banks were restricted.  Dollar looks to be the trusted currency to hold when economies were failing but Bitcoin this year has shown a better profitable value, it could cope with the pandemic and falling economy around the world. I hope bitcoin would produce new ATH in the coming year even with the bad economic prediction for 2021

As long as you are not afraid on Bitcoin price  volatility yes you can use it to stored your money it's almost the same thing as having a bank if you have many options to convert it in Fiat in your country . I also do the same thing I don't have a bank account I only stored my money in crypto currency . The only risk is the value might not be the same the way you buy it and the day you need your money, but as long as you don't care about the price you are good to go .

You already made a right decision as you were able to survive thanks to your trading skills as not anyone can easily profit in trading especially while starting with a small capital.

You have proven already your skills in trading so it is not that hard for you to excel also in investing especially if you have chosen the top currencies that you think has the future if you are going to hold them for a long term one.

People who know to take advantage of bitcoin opportunities make more profit compared to traditional banks. However, bitcoin doesn't always hit a high price in the same way as this time, the volatility is a problem that cannot be resolved so far because of the large number of bitcoin whales that can sway the price of bitcoin. You have to be very cautious to pay attention to the movements and activities of the bitcoin market to make the right decisions, moreover diversification is a good thing just in case something undesired occurs, after all, not everything can be paid for using bitcoin, sometimes it requires cash and withdrawing from exchanges also requires a bank account.

Truly this is another inspiring fact. Many people have changed their Luck with the help of Bitcoin. Although online trading requires some skills, But many unemployed people have become self-sufficient by just holding bitcoin without any skills. If you don't have any skills, still you can make profit only by holding bitcoin for long term.

Contributing in bitcoin is truly great and your cash will develop but you may have to be secure also your future and banks will assist you by sparing cash so rather than having bitcoin as it were its superior to have both banks and contributing to the bitcoin. Once you win in contributing to the bitcoin will you put the benefit to the bank. Since bitcoin is hazardous venture but will deliver you a great benefit but also risk of lose money, It is clear that more risk more profit so risk is involved everywhere but professional investors invest wisely to minimize the risk.

The freedom Bitcoin can give Banks can't offer such to their esteem customers. Bitcoin has be one of the best investment in this century becasue of it powers to holders. Basically, your story looks good because you where able to move from little capital to were you're now, which mean, you have added more feathers to yourself compared to your beginning. Though, trading need skills to make money with it; and learning more skills in this industry will give more opportunities everyday.

Investing is a good idea but keep in mind how the market  behaves in an uncertain way. Profit is not always assured if you won't make a good analysis to when will be the good times to invest or sell. Holding for a long period of time won't guarantee huge profit simply because the market price is not totally increasing in a manner which is continuous. Volatility is in nature and many of us are aware of it. What's my point? whether to keep All of your money in Bitcoin or Bank, that will depend on your preferences and circumstances. Doing so will definitely put you at risk because it is investment in the first place. It is not a traditional asset wherein there is a bigger chance for its market value to continuously increase every year. So, I suggest having a concrete plan. In my case, I allocate an amount for investment, and amount in banks for future and emergency purposes to put things on balance.

Being my own bank without the hassle to have to open my branch, offering coffee and tea to my customers, having to vacuum the floor and bringing the rubbish out has its own advantages.
 ;D
I don't know if I can consider bitcoin=bank still the ability to control my own wealth kind of gives the idea of what a powerful thing the bitcoin protocol is.

If I could give you my small piece of advice, don't go full bananas. Invest what you will not be used for sustaining yourself and your family. Don't go all-in. Rome wasn't built in a day, humbly stack your sats and be content with it.
I wish you all the best.

You are a man of youth and technology, very supportive of you in the thinking you have given. So you need to have a clear investment strategy. Wish you success with your chosen goal.

This isn't a new thing, long back itself people have learnt to have bitcoin as their own Bank. People who are into cryptocurrency usage are once part of the banking community, and the technology evolution has made a big change in the financial system. This has paved way for large scale adoption of bitcoin. It is always good to have control over our funds, and the same is possible with bitcoin. We're into the very early days of bitcoin being our own Bank.

OP made the right choice, though he should be ready to handle Bitcoin volatility becasue this has be one of the most hindrance for those who love Bitcoin, a believe in this technology will surely help in overcoming tough time and decisions with the technology(Bitcoin). I can still remembered the first time i bought some little Bitcoin, few weeks later the price dropped and i was afraid but unfortunately sold my portfolio, with this experienced i was unable to hold Bitcoin until 2018 when i understand the ways of Bitcoin as a technology and as an investment package.

As long as you know what you are doing and you think you made the right decision I'll go on with your decision it's nice that you have a positive perspective to Bitcoin I admire your courage although we all know the risk of the volatility of the price of Bitcoin.

As a "financial professional" I would advise you greatly to not keep all of your money in bitcoin.  It is irresponsible for someone with a family to keep all of their money in bitcoin or any other highly risky investment for that matter.  If you lived alone and didn't have anyone else to support, that's one thing.  What happens when bitcoin falls back down to $10,000, or $8,000?!

I have written about this before and would highly suggest you read it- https://bitcointalk.org/index.php?topic=5288768.msg55577767#msg55577767

edit: All of you telling him he made the right decision or that he should do this, you all are clueless and have no idea what you're talking about.

I hold all my funds on Bitcoin but I have my bank account in case I need a money. I just convert my bitcoin then transfer it to my bank account. Its wiser to put funds on bitcoin than banks, money on bank doesn't grow and also very much affected by the inflation. So it would be better to just hold, knowing that the price is ever increasing and more and more demand is obtained by bitcoin becaise of big companies adapting. Im sure that bitcoin will continue to grow and money will transfer from bank to being decentralised.

Putting resources into bitcoin is great and your cash will develop yet you should make sure about additionally your future and banks will help you by setting aside cash so as opposed to having bitcoin-simply it's smarter to have the two banks and putting resources into bitcoin. When you procure in putting resources into the bitcoin will you put the benefit to the bank? Since bitcoin is an unsafe venture yet will give you a decent benefit yet it can make additionally your cash loss.

It is a good decision but you should also be prepared for the crash or correction.
I also agree that it is better to save in crypto than hold it on banks since we could gain profit more in crypto than the bank but the risk of losing money is always there.
As long as you could stay ahead and have a good decision with your holdings then there wouldn't be a problem.

Choosing to invest in Bitcoins in the midst of Pandemic is really a difficult and much risky decision you had ever made. However, I really commend you for being so brave to take the risk, and glad to know that the outcome is great on you and your family. Indeed, it is really inspiring and gives me more courage as well to do the same. Wishing you more profitable days as time goes on.

Many people treat bitcoin like a bitcoin and yes it is gives you a lot of money if you investing to the bitcoin compared if they their money to the bank so people are choosing investing to this because the bank will help you only to save it not to grow it and the only getting profit from your own money is the bank not you while if you trust the bitcoim it will gives you an opportunity to earn money but it the end we are still banks because what ever happens they will help us to save our money to secure our future they have different purposes the money that you earn from bitcoin must be save in the bank because also bitcoin is risky too that makes your money to lose.

Many investors who already started before but look at bitcoin right now, it is really profitable for them.

That's a good choice because seizing the opportunity to invest in bitcoin is the best decision in your life.

If you trust bitcoin with your whole heart and you studied how it works in the market then you just need to wait for you turn. This time, many people are celebrating because bitcoin made another history and it has a new milestone which is to reach $25000. There are a lot of things that can happen here in cryptocurrency world.

You have provided a great suggestion.I really like it .You can earn a lot from bitcoin as the market is high volatile you can put your profit the to the bank .You have two option then and become so secured better than bank .On the hand you always have a chance to lose a huge amount on crypto like you can get a good profit though .So do your plan wisely .

Bitcoin has indeed a bright future however, you don't need to rely upon it too much it is still better for you to have a job. Take Bitcoin investment as an alternative way of earning because Bitcoin does not always work on our side. I mean there are times that Bitcoin could be profitable like now but what if the bear trend takes over what will be your income now? I'm glad that Bitcoin helps you with your financial problems, in fact, it does also the same for me. In terms of holding your funds, I think bitcoin could be a great place due to the fact that it will grow over time drastically unlike what banks can provide however, bear in mind that the risk would be higher.

Wow, good idea there buddy. In my opinion bitcoin could really be a bank and you have full control over your funds. The only thing that make it going to be at disadvantage if you are saving is the volatility of the bitcoin market. If you have to save money while bitcoin at low price that would be good but if you to save now then at the current price which is more than 21K$ then you will going to experience loses first especially when bitcoin market falls down.

Its true his too brave to accept the risk that possibility that bitcoin drops, even in this kind of situation when we needed money the most investing your money into bitcoin is really a big sacrifice since you don't have any assurance whether bitcoin price suddenly drop nor stable. I can't even think that his going to made a big profit by doing holding bitcoin maybe yes when the price of bitcoin price increases. But when his not going to trade it maybe his going to regret it soon.

What is the need of opening an account without fund to keep inside. Take your time to investing more time will come when naturally you will not ask anybody before you open the account you talked about

Its a smart decision. If you are able to take right decision in the right time then you must get success. But now the question is how can i know which time is right or wrong. Now this is the best point for us.

 You have to remember right time dosen't comes to us we all time stay in trouble for some time that means this is the time to use your smartness. We don't get right time to take right decision we Just get time and we have to take a time to make it right. Yes, we have make our time right by taking decision.

What you have done in your life. You make the time right you didn't wait for right time.

That is just great to hear. Piece of advice, don't entirely depend or rely on the profits that you are getting from trading or investing. Bitcoin will not always go up as it will also go down at certain times. You should really adapt to what is happening and start finding a new job that would give you a stable salary to support your family. You could still put your money into crypto currencies as long as you can afford to lose it.

you expect that yout going to profit in a bank and that was your reason of opening an account ?

 banks are for saving and if we want to earn,  bitcoin is the way to go .

 im already here in btc but if im earning huge chunks of btc i think i will still prefer to open up a bank acount and store some of my money in it for future use because that is more secure and stable but thats my plans for now and im not encouraging you guys to do the same and im not promoting banks , disclaimer .

Trading and investing are both two different things, since you've find your way around crypto trading why can't you focus more on that for now? And invest some money on bitcoin later? As you can see bitcoin price is surging, jumping in right now isn't as safe as when it was way down under 10,000$, it's better to keep trading

I wish I could go totally bankless, yet for the time being, a portion of my bills must be paid through a bank, or at a mailing station with money, which might be inconvenient now and again since it's 5km from my home. In spite of that, I have in any event 200x more cash in Bitcoin than I have in the bank. The bank is there just as a reinforcement for things I can't accept with Bitcoin.

Security wise I would still prefer going and opening an account on bank since you're talking about the risk it may befall. I would not want my earning go to naught just for gambling it on high risk with possible high ROI. Unless you are determined that you can have a future with bitcoins then it would be wise for you to take bitcoin as an alternative bank in the future.

As much as bitcoin have quite a lot of advantages over the traditional banks, I believe it is still necessary, in this case, to open an account with a bank and keep some of your profits there.
Just like you said, investing in bitcoin is risky and all speculations or predictions of the future are not 100% accurate so it is advisable you keep some in the bank. At least, that's some security against risk of losing all

I have heard an old famous quote that don't invest something more than you can afford especially when the security is so risky. Everyone knows bitcoin has a great future but the volatility that Bitcoin has is also something you should consider. It can get back to $5000 in a month or two and return back to $25000 in 6 months again. If you are so heavily dependent on bitcoin to support you family needs it might make you look a clown when you have to withdraw some money at $5000 for supporting your family. It's always better to keep atleast some amount of money as a buffer in your account. may be a couple of months expenses or may be a 3 month expenses. But surely going all crypto isn't really a good idea if you have a family to feed.

I'm surprised that people aren't telling you the truth about holding bitcoin, you are supposed to invest with some amount of money you can afford to lose, it's still a big risk investing in Bitcoin, another good reason is if you need some money in future and it's a must to sell part of Bitcoin you may sell for loss because bitcoin might be down in value at that time, it's price will not always be up

Thinking and doing some alternative way in order to survive in this time of pandemic is a wise choice to continue living. It is better to remain productive than being stagnant and just waiting for a help to anyone. Investing all your money in bitcoin is too risky since this cryptocurrency is also too volatile. This is not the same as gold and fiat money which are already has a strong foundation of not going down. I suggest to use trading in bircoin in earning money but do not use bitcoin as your bank because you might lose it all at some point without knowing.

Always remember that, second lock-down is coming so banks will lock too and bank may fail you. kindly use trading in bitcoin so that it will yield more than you saving in bank. Bank may apply different charges so be wise.

It is good story to see that your savings are being spent on good investment. Like those who invest in gold, or those who invest in stocks, and also those who are putting their money on a profitable business. Be careful with your investments and do everything to get good mentors who can guide you to become a good investor and be able to earn more. Always get all your information from best users here and best wishes to your endeavors.

The development of CBDC does not imply the existence of commercial banks.  Central banks will issue money. 

Also CBDC does not imply payments on deposit accounts and issuance of loans.  In essence, this is the liquidation of the existing banking system.  The total debt in the world is so great that it is inevitable.  Bitcoin is truly your bank.  I think that in the future, you will need bitcoin to issue your money. 

We are used to the fact that fiat money is reliable money.  However, at the present time, unfortunately, this is not the case.

Savings is one of the best way to promote or to manage finance especially to avoid spending too much. Instead of spending it, it would be good to save it for future use. Once you are into saving your spending activity will be minimize due to the mindset that you need to save and to achieve your goals. Using bitcoin as bank is one of the great idea. Just do not lose the important details of the wallet that you will going to have.

investing in bitcoin is less risky than investing in other coins, but you must really know the techniques used. because if the technique you use is correct I think you will not fail and you will get a big profit

I really appreciate your idea of using cryptocurrency as a means of saving than using your traditional bank method, but there is something you need to understand, funds in the exchange is different from funds in the wallet. What you are literally doing is more risky because all of your funds are in the exchange where you trade and store right? But this isn't appropriate as funds in exchange is vulnerable to hack or something similar, meanwhile of it happens mean your funds are gone.
It would be better if you had had a wallet (with private key) for storing the little funds you gained from trading as this is the surest way whereby your funds will be saved so you can easily feed your family and yourself, it this right at some point?

For those who earn crypto amidst of this pandemic is really a great help but dont remove into your mind when it comes to risk where it isnt really that much
prefer on putting all of your money into crypto or even with Bitcoin.You wouldnt know on what would happen.
Always consider on putting only the money that you can afford to lose.

But if you do insist because youre that optimistic then its your choice.As long you do gain then that what matter most.
Always take precautionary measures.

Certainly "Bitcoin is my Bank"
Thanks OP for sharing your experience. I feel identified with you in some way. What I could advise you is that you try to open a new bank account. Just for you to manage certain funds and keep your portfolio in bitcoin and crypto. When you need cash, use P2P platforms to exchange crypto for cash. So you will save your money invested in bitcoin.

That is what I normally do to protect my money from inflation. Also in the crypto space there are several ways to save: crypto staking, run, validate, certify node and more.
Good luck in our crypto space.

I really hope you don't pick offense in this as it could be what it really is to you but, if I am to be frank with you and fair to myself @OP, this post looks very much like a merit hunting. this is a regular post i should be expecting from any regular beginner but it appears your obviously not of that category. mare looking at your activity count reading up to 700+ and I got curious how you aren't a hero or sr. member just yet. For a fact, you've been active and as such a little trip through your profile to see what's your post quality like and i can say its relatively low and very much on the average and coupled with the fact that, this account has been in existence since 2017 and yet, your only just beginning to start your journey in bitcoin investments, your journey in crypto must have been really rough. Naturally I would have thought its been all about bounty hunting for you @OP but that doesn't seem to be the case, but only seem to pick it up just more recently and i'm not sure it would do you a thing of good to go down that road.

In light of the thread, bitcoin isn't a bank and cant be a bank. currencies aren't banks, wallets are.
It pays to be a bitcoin investor and depending on the path you choose to approach it, either trade or hoard or investing it in some other gainful activity, you've just got to develop the right attitude towards it and your almost good to go.

When the bitcoin price goes up, sell half of your cryptocurrency capital and put the fiat currency in the bank. Use the other half of your savings to trade cryptocurrencies.

Currently I keep it around 25% of my savings which is probably more exposure than the average.

No (because I didn't risk more than I can afford to lose)

Yes. I keep long term savings in offline wallets and use spending wallets.

Depends on location. Spending btc is the most convenient. Exchanging p2p, and exchanges are the next.

No, I have a significant amount of bitcoins, but it would not change my life significantly if it disappeared. This is mostly because I choose to live under instead of over my means.

Yes. This lowers risk because you only have to handle all your funds at the same time when you create the cold wallets - if at all.

What ever is the best balance between convenience and safety at the time. What particular service is best will change because cold storage is long term.

Any suggestions on holding in the US. Bitcoin.com app doesn’t allow us residents to withdraw or cash out. Want something to where I can cash out quick with low fees.

Great job dude. Can you please elaborate a little more on your trade- like when did you put this straddle? Also, I am still confused on how did your make money with Puts.

Dont worry dude, jaise ke yeh saalo ke baap inko maa ke pet mein the tabse futures or options ki kahaniya suna rahe ho. Dont hesitate to ask questions. As the comment said above read up on it on the sub's wiki or Zerodha Varsity.

I don't agree with that.

Bitcoin is not a bank. For some people, bitcoin is just an advanced way to manage money.

For some supporters of bitcoin, they are not just financing, they intend to hold it for a long time.

But it's not recommended to put all your assets into bitcoin. You should keep what you need in your life.

It is true that you can make much more profit compared to depositing your money into a deposit account in a bank. But like you said, investing into Bitcoin brings about high risks also. But as long as you invest for a long term, I think it is a good choice to do.

Hopefully OP made a really big profit since he/she bought bitcoin around December and hopefully the price that he sold his bitcoin was around the 50k mark to at the least so OP can enjoy the profits because that was a really big risk.

That's the right choice, man. Right now we are really going to lose my job due to the COVID19 pandemic, I myself have long only used cryptocurrency for needs, and always fulfilled, I also trade despite sometimes losses, but still grateful because I can still profit and meet the needs.

Bitcoin is risky, the value goes up and down But if you have your Main goal to success , Then Big profit is coming.

 In Every Investments You Need an Extensive research,you need clear mindset of what you are doing and what do you want to do. Because in every goals There Are Obstacles Or Struggles That You Will Face, Long Term Holding Is Not Easy, You need to be patience, wiser, smart and knowledgeable as you invest your assets.

I have the same case, I lost my job because of pandemic. Now, I only possible to earn money from trading in Crypto  and stocks market. Thanks to Bitcoin and altcoin season that help me to gain huge profit, so I can withdraw it to my bank account. I know the high fluctuation of crypto is will not help me anytime because the crypto market can be changing to bearish trend, that why I also trade on stocks market for diversification of risk.

I do assume that OP did get a lot of profit and I like to keep it that way. Plus there were no big dips back when bitcoin was rallying to 50k, there were some limbo but it's still the same overall. To everyone who will read this though, I have a different advice for you, don't do what OP did because the prices movement is uncertain and you might not have the same result as OP.

To avoid volatility of bitcoin, you can convert your cash into stablecoins like USDT, USDC, or BUSD which has the same value as the US dollar then store it in a non-custodial wallet or hardware wallet. Just keep the private key in a safe place that you only know, with that you already have your own bank. Just prepare a small amount of altcoin using those altcoins, I'm using trustwallet as my savings account for every transaction you make iit needs a small amount of Tron(TRX) when using USDT while BUSD uses BNB in smart chain wallet. As for USDC, I never tried having that stablecoin because only few wallets support it so I don't know what coin does it uses for fees.

Thread created December 2020 where btc at that time just starting to make a parabolic move good decision OP Im sure you have a lot of profit and got huge returns just take profit and reinvest again when the market seems too volatile and hard to speculate.   

Well I really like to hear from the OP what happened to his investments into Bitcoin. Maybe he was able to sell some of his investments and then hold the rest. He should not panic this time of the bear season as we all know that this is a normal occurrence. What goes up must come down at some point. We all need to secure our assets and be able to prepare for the next all time high. If the OP is still following this thread, maybe you can share an story or two what happened this past 5 months. 

Hello Sir, my post is true and based on what happened to me during the start of pandemic. If there is someone who will give merit, then, I will be thankful, if nothing, it's okay because I know my capability is very low. Yes, my account was created November 2017 and I didn't receive much merit unlike you but I was thankful for this forum because this member account help me a lot to provide the needs of my five children. Maybe I am not smart and genius like you and I can't post like you but I also think that you should not judge others because we are in different situation and you are knowledgeable enough than me that can post a very high quality post. You know, sometime we just eat two times a day and I always tried to join bounty campaign to earn even a little (I think there is no problem about this) , so, how can I invest even a little if we always lack financially even for our daily needs. I was thankful because of my work, I start saving in a bank for the future of my children's but unfortunately I lost my job because of pandemic and we all spent the little I had accumulated. Now I was thinking that instead of depositing in a bank why not I invest it in bitcoin and hoping that it will grow in the future. Who knows, it might be the answer to our poverty. Also I was thankful that I was able to earn profit during the bitcoin bullrun.

This was your best decision to keep investing in bitcoin and do not move your funds into fiat currency in the bank. I hope due to the bull run you saved bitcoins have increased in value. Just remember to take some profits near the end of bull run.

we still live in fiat currency to transact, so we must be wise in making decisions, I salute you, because you have the courage to take the decision to save all your money in bitcoin, but it would be nice if you also have to save some of your money in bank, because if you need an urgent need, you can immediately pick it up at the bank, but if your bitcoins need time to withdraw all your bitcoins ...

Thank you guys, to all your comments and suggestions. I will keep it on my mind and always remember what you've said for the better result of my investment. I will save some of my profit and convert it into fiat. I also wish for all of us here in the crypto space to have a successful and profitable trade and investment.

I think this is very good but of course you have to be careful because trading here is your risk that determines, but your decision I think is very appropriate because when we invest here our money can grow very quickly but with great risk as well, but this comparable because the risks are great and the benefits are huge as well.
keep our friends on the best path for the future

Really good decision. Not only you i saw lots of people comes in bitcoin because of they lost their job in covid pandemic. And they finding an alternative and got bitcoin. Then they got a huge success here and share their feedback with us. How bitcoin help them to live a better life in covid pandemic. Well your story is also same with others. And this is a good site that bitcoin getting people’s trust. This thing gives bitcoin a little push. Very soon on every person's phone have bitcoin wallet. Which is a vision of bitcoin. Lets hope for the best.

You are not alone OP there are also people who lost their job and came into crypto for alternative earnings and using it as a bank,
But it is better than Banks as you said it could bring more profit than banks and we could earn by trading it.

Bitcoin can indeed be used as a means of storage. Its storage is even better than the US dollar. It has its own unique characteristics and is very worthy of the people's trust and use.

The cryto market is such that cannot be predicted and  once can't tell when it would rise and fall like wise one can't tell how long it would be in the dip. The only benefactors are cryto traders who make profit either from Bullish or bearish trends. As a trader I feel making it your bank is more safer but still remember the market is highly volatile and losses also occurs during trading

yes indeed investing in bitcoin is very profitable because by investing here indirectly your future can be calculated, but don't forget this is not instant and takes time because here it cannot be done in one or two days because this takes time.
and never use all the money you have here because this is very risky and the risk is very big. use the money that you don't use for necessities.
because there are so many examples of people who invest all their money here will be stressed when the price drops :)

It's a good storage until the prices has gone down and all the people with the weak hands start panicking and panic sells their bitcoin. I say that take some sort of precaution before investing in bitcoin because blindly following will not be the best course of action.

Bitcoin is my bank.

bank holds assets. Assets includes tangible things that are other than properties. Example would be Central bank
bank also makes investment. Example of this would be JP Morgan.

When prices are high, you can purchase things with bitcoin. Example includes gold, silver, education, training, and hosting services.

When prices are low, you can buy back with bitcoin.

as an user of Bitcoin you need to realize Bitcoin is your bank, but it is not an bank that someone manages it for you so you just get money when you like.  The bank you were think of are the North Korean bank where Royal-Court system economy are in practice.  This is, however different than what Bitcoin can offer to individual and entities. 

with that said, Hopefully you understand there is an distinction between royal court economy banking and banking (which includes investments and management of custodianship to various types of liquid assets)

If you had come to the point where you have to liquidate an entire bank account to pay for your necessities then you shouldn't be investing. Instead you should be saving first at least to have I'd say 1 year worth of living without working put aside be it under your mattress or in a bank account. Bitcoin is indeed becoming a "safer" asset as time passes and the adoption rate raises, but if I were in your financial situation I'd look to diversify more. Maybe stocks, land or rental properties, Idk what are the prices where you live though. However in my opinion is too early to use Bitcoin as a "bank" for all your money.

Bitcoin also have low transactions fees. Operates on an decentralized system, can't be controlled by anyone. And can be transferred to any country in the world, it has no border, what you said here is the purpose why bitcoin was created as to kill the dormant and stable state of fiat in the economy, holding fiat for a very long time adds nothing to your portfolio and so the new decentralized payment system beats out the older and that's bitcoin.

yes, hopefully your decision is right. if I myself choose both, because in my opinion both have advantages and disadvantages. when you prefer to store bitcoin over fiat currency in a bank, I think that is also the right thought. bitcoins are limited in number, and that will keep the value of bitcoins going and may have a good future. but you also have to think about the extreme volatility of bitcoin which is very risky, whereas fiat money tends to be more stable. not a few people who experience losses with bitcoin, and maybe you are one of the many people who are lucky with bitcoin. I use bitcoin for profit, and I will save the income in the bank. if one day I experience a loss because the price of bitcoin falls, I still have money in the bank.

is there no help from government? i think they do it, although not as much as we need. and public will outsmart some events that happening, to make their lives easier.
crypto be the one easiest way to multiple your money (for people who understand it). not only risky, but also need time to process what people want. real job needed if you can find and do it, as long as it can help economy.

We do love bitcoin but doesnt mean we would go full on 100% trust on it on where we do put all of our cash without thinking off on diversifying it on other possible things like stocks and properties because we dont know on what comes next with Bitcoin and theres no assurance on what the future holds with it even though it is good looking as of this moment but there no guarantee on that. When it comes to its usage then nothing beats out to be your own bank and making out transactions without 3rd party intervention plus having cheap fees and irreversible transactions and thats what makes it cool.

have a vision with Bitcoin, buy and hold it for about 10 years it will give you a huge profit, currently I am also buy some BTC and hold it for the next 10 years, and I think it will be profitable.

During the covid-19, I also tried to invest in cryptocurrency, because there was no source of wages when I was at home, and the price of goods was still rising, and the currency was depreciating. At this time, I think that cryptocurrency is more worthwhile than fiat currency, and it is indeed through encryption. Currency has accumulated a little wealth, and Bitcoin as a long-term store of value is still more reliable than other methods.

Making bitcoin as your bank is a risky decision. You need to learn and understand how volatile bitcoin is so there's a high chance that the money you put in will either go up or go low. Investments will always be risky, it will depend on you on how you can handle the hardships that you may face. Bitcoin is a complex investment, there are a lot of things you need to consider before you can become successful with your investments. Your decisions will be considered right if you will hustle your way in into proper investment in it. Any investment, even if it is not in bitcoin, commit and you will surely benefit.

Investing in bitcoin is only complicated when trading or trying to maximize yields beyond just holding. On the contrary, dollar cost averaging into bitcoin with money that you don't need to live on and simply holding is very easy and simple and certain to pay off in the long run.

it's seem relatable incident happen with me in the last year pandemic, even what i have earned in the last few years by worked in bounty campaign, i hold btc and altcoins in my wallet for the future saving, i spent all crypto because had no other source of income in my family.
so when crypto was my bank, i can sell it anytime.

It's a good thing you found hope in bitcoin after loosing everything including your job and also exhausted all the money u got, that's really a good news but I will advice you to still create a bank account and save your profit because in time to come the money you saved will surely save you someday, am actually talking from experience soon the bearish season will come in future so you need to invest and trade with caution so as not to become stranded when a serious market crash comes or better still save your profit in USDT.

Bitcoin itself serves as an investment, currency, bank and goes on and on. This multiple ways of usability depends on different thinks that are interconnected. As of now Bitcoin to serve as a bank requires the usage of a traditional bank. This means right now we haven't got direct usage access in large scale same as the traditional fiat, so to make use of bitcoin the possible solution is to cashout and use it. This is possible with the support of bank. This will change with massive adoption and direct usage.

You have a point of view of all those that exist, that is a very simple one called hodl, it is only one way of understanding it of the many variants that exist, but the great detail is that as well as doing trading or any other type of investment, it is not It is for everyone, the hodl is equally not for everyone, knowing where you can be comfortably with bitcoin may take a while and the best way to find out is to simply go testing.

So recommending what works for you is only a guide, but not necessarily the norm.

This thread is created last December 2020, if the OP continuously saving his money from his "bank" bitcoin cryptocurrency since December. He must have a huge profit already.

Not sure about making bitcoin your bank... However BANKING ON BITCOIN, yes, I am and you should too! ;-)

I'm quite amazed that you think bitcoin is safe and controlled, this is really a story that is completely opposite to my feelings, its value has never made me feel at peace every day and i admit i cant manage it, sometimes he will be a good boy but sometimes, he will be a stubborn boy. Bitcoin has privacy and safety standards but it doesn't add to the monthly interest and it is asking us to operate more independently without support from it, this bank is probably a spontaneous product and may pose a high risk to the user

Well said, not only you but bitcoin changed life many people. I also do not have any source of income except bitcoin at the difficult time of the pandemic. because due to lockdown and shutter down traditional businesses were closed. I myself spend that difficult time depending on this business. Bitcoin and cryptocurrency are my fellows of a difficult time. It worked for me like a flash of hope at that time. I am still in this business and trade and will continue it in the future.

Who knows if this may be the best decision you ever made but in my opinion it is.
You still need bank accounts though just for a different purpose because you might need it someday. Then, save some cash instead of putting it all in one basket in BTC or in bank.
Diversify. I think wise people scatter all their assets at some point to have an option where they would pull their money whenever they are outside or inside the house. Just be careful with the volatility especially if you are in the trading business.

His choice was rather excellent that despite in times of pandemic last year, with a right mindset, he actually made the right choice to invest his remaining saving in his bank other than buying essential needs. Now the OP must've had enough savings and profits already than in the time of his writing.
It's totally fine to open a bank to put some savings but don't put too much to avoid unneccesary questions, because in times that you might want to go to another countries you can't really carry huge cash so in that way banks really helps a lot.

Well if you are not at peace with the price then why you invest? And being a Bitcoin investors, it takes a lot of mental toughness and again, if you don't have that kind of attitude, it will be very difficult for you here. And I think majority here has learn it the hard way, and just like what the OP describe, he keeps everything on Bitcoin and today has make a lot of money for him.

I may have a Bank account but I also use Bitcoin and some altcoins as my depositing place in which I am holding more than half of my assets now.
not counting the  Gold and Silver i accumulate but now I am holding Bitcoin and altcoins and also my Bank has enough to sustain my Sons education in case something happen along the way.

Bitcoin is way better than a bank.

I am looking forward to the day when we can all use Bitcoin instead of banks.

Currently I use almost all bitcoin related services as my banks. I am US based so I understand that not all of this is available to everyone in the world but I use the Cash App for almost all of my banking needs since I can receive direct deposits, spend in the real world and online with the debit card, I can send digital USD to friends and family within the cash app, and of course I can buy and withdraw bitcoin on-chain.

I also use the Fold Card to stack sats whenever I spend fiat.

Both services use Sutton bank but I am looking into both Choice Bank and LVL bank as a means of integrating Bitcoin further into my legacy banking options.

I am not a fan of banks but Bitcoin isn't going to make them obsolete all at once. We will slowly need to integrate bitcoin into banking and then bitcoin will eventually make banking obsolete for savings.

Glad to hear that others are making ends meet with Bitcoin. I hope that the OP is able to continue to get ahead and achieve prosperity along with the rest of us.

What you need to do here is diversify your assets so that nothing will go wrong if the bitcoins price in the market will suddenly fall to the bottom and with that strategy, you will have an alternative to getting back what you've lost or you will not panic if you see the price has become all red in the market. with that strategy, you won't need to worry about your bitcoins and you just need to simply wait for the price to rise again and if you have more money, you can buy more from the deep.

Aso if you believe Bukele, Bitcoin will replace the dollar. That is an extreme view of him in his position, but great for Bitcoin. I can't imagine it and who knows if the dollar will live another 30 years. Would Bitcoin then be a bank for everyone?

El Salvador President Nayib Bukele says, ‘It’s game over for dollar, Bitcoin is future’
Source: https://indianexpress.com/article/technology/crypto/for-el-salvador-president-nayib-bukele-dollar-is-dead-bitcoin-is-future-7689774/

I entered the Bitcoin scene back in 2013-14 at most, I was a simple teenager back then, who didn't have access to bank accounts and credit cards. Thus, if I wanted to purchase something online, I couldn't, since my parents were old fashioned and didn't trust internet purchases.

That's were Bitcoin came to fill this gap by acquiring small fractions through faucets and PTC sites. It was enough for me to complete small purchases of mostly digital goods, such as Minecraft accounts etc.

Now, I'm trying to accumulate as much Bitcoin I can, setting them aside as a savings account.