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jacee
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January 16, 2017, 05:07:40 PM
 #1

Is anyone in here familiar with the 52 weeks money challenge?
Since it is new year I've decided to take that challenge as a refresher and to try if I can save money using that pattern.
Question now is do you think saving with bitcoin will work? I you are familiar with the 52 week challenge it is where your daily deposit in your saving will have an increament of which amount you started in week one. Since bitcoin is so volatile do you think i'll save more if it is in fiat or in bitcoin?

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January 16, 2017, 05:13:36 PM
 #2

Is anyone in here familiar with the 52 weeks money challenge?
Since it is new year I've decided to take that challenge as a refresher and to try if I can save money using that pattern.
Question now is do you think saving with bitcoin will work? I you are familiar with the 52 week challenge it is where your daily deposit in your saving will have an increament of which amount you started in week one. Since bitcoin is so volatile do you think i'll save more if it is in fiat or in bitcoin?

I am familiar with the challenge, but never took it, so I'll comment only on your last sentence.

You're either saving in Bitcoin or saving to risk the opportunity of selling Bitcoins at a good price for fiat (which isn't really saving Bitcoin...). So if you're saving Bitcoin, volatility is irrelevant. Why isn't volatility a concern when saving fiat? After all, your fiat will be worth less in the future... Cheesy

What I'm trying to say is that you should save Bitcoin for the sake of saving Bitcoin and having more Bitcoins, nothing else.

BTW, you'll probably find this thread interesting. Not sure if there are more threads on the subject.
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January 16, 2017, 05:21:22 PM
 #3

Never try this challenge but I can say this, bitcoin will drop down not for much, and after that will raise up. So you can save some bitcoin and fiat money now and when the time is right you will buy in a low price, you will see the price and then you will sell high Wink
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January 16, 2017, 05:31:52 PM
 #4

Not heard of this challenge but I am just about to google it.  I would say yes go ahead and use bitcoin, it will prove a lot more fun to see your savings fluctuate and you could be looking at a large some at the end.
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January 16, 2017, 05:33:49 PM
 #5

I don't think the biggest issue is the currency you hold it in. Both fiat and BTC are (in my opinion) equally good options for saving but I personally don't see saving as the best option. I'd rather consider investing. Of course bitcoin can be considered as one even if you save them so that's probably a good option.

If you're simply looking for something that holds value, gold could be a considerable option aswell.

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jacaf01
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January 16, 2017, 05:36:43 PM
 #6

I've never heard about the challenge, but about the saving, what I do is to save 20% of all my BTC earnings through ICO investment and signature campaign, it is growing and I'm happy about the result so far

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January 16, 2017, 05:44:58 PM
 #7

Is anyone in here familiar with the 52 weeks money challenge?
Since it is new year I've decided to take that challenge as a refresher and to try if I can save money using that pattern.
Question now is do you think saving with bitcoin will work? I you are familiar with the 52 week challenge it is where your daily deposit in your saving will have an increament of which amount you started in week one. Since bitcoin is so volatile do you think i'll save more if it is in fiat or in bitcoin?
Im familiar with the 52 week challenge since i do use it on my binary and forex trading on which i follow and list the amount i have started and computing the profits on a particular week and should make compounding until it increases as the weeks passed.Its somehow difficult but you would really be challenge since you would not spend the money that you are earning.


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January 16, 2017, 05:46:22 PM
 #8

Is anyone in here familiar with the 52 weeks money challenge?
Since it is new year I've decided to take that challenge as a refresher and to try if I can save money using that pattern.
Question now is do you think saving with bitcoin will work? I you are familiar with the 52 week challenge it is where your daily deposit in your saving will have an increament of which amount you started in week one. Since bitcoin is so volatile do you think i'll save more if it is in fiat or in bitcoin?

Well you are practically asking if the bitcoin price will go up, down or will remainstable. We can't know, but it's definitely worth the risk. Just keep on buying bitcoin every month at whatever cost. This dollar cost averaging technique works really good with bitcoin. Everytime bitconi has crashed hard, sooner or later the price has recovered at an higher price than the previous pre-bubble price, so it's always growing.

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January 16, 2017, 06:01:47 PM
 #9

Bitcoin has a better chance of going up than any other currency or commodity.  Halving, ETF's, more atms......
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January 16, 2017, 06:08:33 PM
 #10

I think is a nice way to start saving for your future or for the project on your own. I think you can set your saving in bitcoin on autopilot, and not touch it during your challenge.

Good luck Smiley

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January 16, 2017, 06:24:34 PM
 #11

I do not know this challenge at all, and your description does not show very much about it. Could you please explain me further about it Smiley ? Anyway, from what I understoof, this seem to be something intersting, and maybe I will dive in it too !

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January 16, 2017, 06:36:41 PM
 #12

Is anyone in here familiar with the 52 weeks money challenge?
Since it is new year I've decided to take that challenge as a refresher and to try if I can save money using that pattern.
Question now is do you think saving with bitcoin will work? I you are familiar with the 52 week challenge it is where your daily deposit in your saving will have an increament of which amount you started in week one. Since bitcoin is so volatile do you think i'll save more if it is in fiat or in bitcoin?
Bitcoin is very volatile and the price fluctuates a lot. Since it's impossible to predict the exact price, when it's going to go up or when it's going to fall, you are better off saving in fiat where you will be risking nothing. But if you truly believe in bitcoin, you should go for saving in bitcoins.  Smiley


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January 16, 2017, 09:47:36 PM
 #13

i have never heard of the 52 week saving challenge, but it sounds (without doing the math) that by the 52nd week there would be one big deposit. Smiley
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January 16, 2017, 10:42:00 PM
 #14

I don't know this challenge, but I can say you with sure you will have more money if you store it in bitcoins. Fiat is losing price all the time, especially if you live in a third world country, the best option of savings is to let it growing in bitcoins.
If you can sell and buy bitcoins in the right time, the profit after the challenge you are saying can be higher. Money in fiat become worthless even more.

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January 16, 2017, 10:55:07 PM
 #15

Is anyone in here familiar with the 52 weeks money challenge?
Since it is new year I've decided to take that challenge as a refresher and to try if I can save money using that pattern.
Question now is do you think saving with bitcoin will work? I you are familiar with the 52 week challenge it is where your daily deposit in your saving will have an increament of which amount you started in week one. Since bitcoin is so volatile do you think i'll save more if it is in fiat or in bitcoin?

I am familiar with the challenge, but never took it, so I'll comment only on your last sentence.

You're either saving in Bitcoin or saving to risk the opportunity of selling Bitcoins at a good price for fiat (which isn't really saving Bitcoin...). So if you're saving Bitcoin, volatility is irrelevant. Why isn't volatility a concern when saving fiat? After all, your fiat will be worth less in the future... Cheesy

What I'm trying to say is that you should save Bitcoin for the sake of saving Bitcoin and having more Bitcoins, nothing else.

BTW, you'll probably find this thread interesting. Not sure if there are more threads on the subject.

The thing is you have to find a way to justify buying at a certain price point.  Usually it is better to buy at with small amounts more frequently to avoid missing huge price spikes or huge dumps, but I find that steadily buying and accumulating an asset works best. 

You also have to consider the importance of setting a future date where you will begin to consider to use your coins.  So I personally believe it would be better to get a paper wallet to keep sending your coins too over time and tell your self that you will not be able to open that wallet until 'X' amount of time has passed.

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January 16, 2017, 11:55:06 PM
 #16

Is anyone in here familiar with the 52 weeks money challenge?
Since it is new year I've decided to take that challenge as a refresher and to try if I can save money using that pattern.
Question now is do you think saving with bitcoin will work? I you are familiar with the 52 week challenge it is where your daily deposit in your saving will have an increament of which amount you started in week one. Since bitcoin is so volatile do you think i'll save more if it is in fiat or in bitcoin?
I will just want to say that go for it earn from signature campaign If your earning in campaign is like in yobit then you can finisg that challenge. Don't trade and don't sell your bitcoin because in december or January 2018 the butcoin will pump again so I think you can finish that challenge by doing signature campaign only. I wish the best for you mate.

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January 17, 2017, 03:28:37 AM
 #17

What 1$ in fiat was worth exactly one year before is now just 1$ worth.
What 1$ worth of bitcoin one year before now worth 2$+ so better to save in bitcoin. Price trend is upward for bitcoin if you look at trading chart with monthly candles so you can be quite sure that in 52 weeks+ your bitcoin will worth more.
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January 17, 2017, 03:58:15 AM
 #18

52 week challenge? It is what we are already doing right? 99% of the people in this forum are only buying, holding and waiting for Bitcoin to reach $1m so we can all be rich. Why not start a Bitcoin price to $1m challenge. You save all the Bitcoins you get and you will not touch them until the price reaches $1m. 


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January 17, 2017, 04:03:57 AM
 #19

52 week challenge? It is what we are already doing right? 99% of the people in this forum are only buying, holding and waiting for Bitcoin to reach $1m so we can all be rich. Why not start a Bitcoin price to $1m challenge. You save all the Bitcoins you get and you will not touch them until the price reaches $1m. 

If the challenge is similar to that mentioned by above mate, not to touch the bitcoin till the price reaches $1m none would select this challenge. Bitcoin has the potential to grow but $1m is something like a dream, so everyone needs to hold on. None gets the access to use it forever.

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January 17, 2017, 04:30:03 AM
 #20

I'm surprised to see so many posts from people saying "i've never heard of this thing before"...then I scroll down and see their signature and I'm no longer surprised.

Here's my advice for you - GREAT IDEA TO SAVE MONEY! I mean, if it takes a gimmick like this, go for it! Since the price of bitcoin can be so volatile I'd try to even out your savings payments a bit, so you're not buying in low during the early weeks (when the gimmick says to only put in $1 or $5 in a week) and high in the later weeks.

If you save $25 a week you'll save roughly the same amount of money and you'll be able to get a more even distribution of your investment in bitcoin across another year which I'm sure will have many ups and downs in price.

As for the payments, you can do the fiat equivalent in bitcoin or up the amount to something that suits your budget.

Good luck to you!

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