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Author Topic: Bitcoin as a savings account  (Read 5651 times)
JimCGSavings
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May 14, 2013, 11:17:37 PM
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My wife has dementia and I've had to quit work to take care of her full-time. We get by, just barely, on our fixed income. The most frustrating thing about our situation is the "requirement" that we NOT exceed the maximum allowed income for her to remain qualified for Medicaid. This would include any money in a savings account. Bitcoin seems to be an ideal way to build a savings account without the worry of saving cash in our house. Would a laminated paper wallet be the best way to secure it?

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ocmoho
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May 14, 2013, 11:26:31 PM
 #2

do you mean an actual wallet?
ironcross360
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May 14, 2013, 11:30:44 PM
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The problem is that the price may go up or down, Do you have any kids? Or trusted family members, Or even Trusted friends?
My wife has dementia and I've had to quit work to take care of her full-time. We get by, just barely, on our fixed income. The most frustrating thing about our situation is the "requirement" that we NOT exceed the maximum allowed income for her to remain qualified for Medicaid. This would include any money in a savings account. Bitcoin seems to be an ideal way to build a savings account without the worry of saving cash in our house. Would a laminated paper wallet be the best way to secure it?

Why are you just staring at this? Just send it! 1MHZjADM41ttjbPUiTPYWGYGm45XLf8ZeS
Abacinate
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May 14, 2013, 11:31:54 PM
 #4

I will refrain from commenting on your personal situation, as you're not likely going to be happy with what I have to say.

At any rate, yes paper wallets are quite secure. There's also Armory, but I'm not as familiar with how that works.
JimCGSavings
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May 14, 2013, 11:33:35 PM
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do you mean an actual wallet?

A printed out Bitcoin wallet. Laminated so I don't have to worry about fading, water damage, etc.

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JimCGSavings
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May 14, 2013, 11:52:51 PM
 #6

I will refrain from commenting on your personal situation, as you're not likely going to be happy with what I have to say.

At any rate, yes paper wallets are quite secure. There's also Armory, but I'm not as familiar with how that works.

I doubt there's anything you can say that I wouldn't agree with. Unfortunately, early onset dementia caught us off guard, drained our savings paying off medical debt, and left us in a situation where we have to participate or lose the ability to pay our mortgage, bills, etc. And the rules are strict. ANY "extra income" in the checking or savings account will disqualify her. We are expected to live government check to government check.

I'm hoping cold storage will be a safe way to save up for the inevitable appliance repairs, car payments when the one we paid off finally dies, house deductibles for the bi-annual hail storm roof replacements we get here in Oklahoma. (grin)

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jamesgarfield
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May 15, 2013, 12:00:42 AM
 #7

Yes Bitcoins are a very good saving method.

Obama's alt account Smiley
QuinnHarris
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May 15, 2013, 12:03:59 AM
 #8

Is it possible to setup a special needs trust where assets are placed in a trust possibly managed by you that can be used for specific medical reasons but won't be considered for Medicaid.
http://en.wikipedia.org/wiki/Supplemental_needs_trust

A printed wallet can work.  I personally wouldn't find it to be significantly more secure or reliable than a flash drive.  Personally if I was paranoid I would use both.

Bitcoins at this point is a risky investment and I wouldn't suggest buying more bitcoins than you can afford to loose.  I expect it will either be a very good savings method or go to zero with little in between.
JimCGSavings
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May 15, 2013, 12:19:16 AM
 #9

The problem is that the price may go up or down, Do you have any kids? Or trusted family members, Or even Trusted friends?

The most ironic thing I've had to do is ask them to stop sending us money because it caused us to exceed the allowed income limit. As for holding money for us, that becomes it's own issue. Everybody is supposed to report income, savings, gifts, etc. I'd rather take the risks myself.

This could actually meet the needs of quite a few people we know in the Early Onset and Care Giver communities. If we can get past the moral irony of the whole situation.

BTC: 18T11wZ4hV8M11yfsCbYytD9xBwxvTNVX9
JimCGSavings
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May 15, 2013, 12:23:42 AM
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Is it possible to setup a special needs trust where assets are placed in a trust possibly managed by you that can be used for specific medical reasons but won't be considered for Medicaid.
http://en.wikipedia.org/wiki/Supplemental_needs_trust

A printed wallet can work.  I personally wouldn't find it to be significantly more secure or reliable than a flash drive.  Personally if I was paranoid I would use both.

Bitcoins at this point is a risky investment and I wouldn't suggest buying more bitcoins than you can afford to loose.  I expect it will either be a very good savings method or go to zero with little in between.

Thanks for the link! I understand the risk, but as long as it's not considered income or asset, and I can store in a secure manner, I don't see it as any riskier than any other investment we're not allowed to make.

BTC: 18T11wZ4hV8M11yfsCbYytD9xBwxvTNVX9
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May 15, 2013, 01:12:17 AM
 #11

My wife has dementia and I've had to quit work to take care of her full-time. We get by, just barely, on our fixed income. The most frustrating thing about our situation is the "requirement" that we NOT exceed the maximum allowed income for her to remain qualified for Medicaid. This would include any money in a savings account. Bitcoin seems to be an ideal way to build a savings account without the worry of saving cash in our house. Would a laminated paper wallet be the best way to secure it?

Sorry to hear about your wife.

BITCOIN IS MY SHIT!
jamesgarfield
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May 15, 2013, 01:21:51 AM
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The problem is that the price may go up or down, Do you have any kids? Or trusted family members, Or even Trusted friends?
My wife has dementia and I've had to quit work to take care of her full-time. We get by, just barely, on our fixed income. The most frustrating thing about our situation is the "requirement" that we NOT exceed the maximum allowed income for her to remain qualified for Medicaid. This would include any money in a savings account. Bitcoin seems to be an ideal way to build a savings account without the worry of saving cash in our house. Would a laminated paper wallet be the best way to secure it?

yep this was exactly what I was thinking.

Obama's alt account Smiley
JimCGSavings
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May 15, 2013, 02:10:23 AM
 #13


Sorry to hear about your wife.

Thanks. I'm wondering if I can help other Caregivers in the same situation invest in Bitcoin as well, if they are willing to take the risk. Personally, I believe Bitcoin is an excellent investment. Maybe Asic Miner's BTC-TC currency stock exchange would be a safer investment. I'll keep researching here. Not easy. You all speak way over my head most of the time. Steep learning curve at my age, but worth it.

BTC: 18T11wZ4hV8M11yfsCbYytD9xBwxvTNVX9
acne
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May 15, 2013, 02:48:20 AM
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Interesting thread.

BITCOIN IS MY SHIT!
evilscoop
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May 15, 2013, 02:54:51 AM
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armory will give you paper wallets to print, and has a good walk through to make a cold storage wallet...


i wish you luck

JimCGSavings
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May 15, 2013, 03:01:44 AM
 #16

armory will give you paper wallets to print, and has a good walk through to make a cold storage wallet...
i wish you luck

Abacinate mention Armory as well. Sounds like what I'm looking for. I'll check it out.

BTC: 18T11wZ4hV8M11yfsCbYytD9xBwxvTNVX9
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May 15, 2013, 03:31:18 AM
 #17

I'm sorry to hear about your situation. As many have already stated, while a physical paper (laminated) wallet is a good way to keep your bitcoins secure, "betting the farm" on a savings of strictly bitcoin is probably not the smartest move right now. If you have a coinbase account, two-factor authentication is another good way to get that "warm fuzzy". All you need is an app called "Authy" - research it at www.coinbase.com if you've never heard of this before.

I wish you the best my friend.
evilscoop
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May 15, 2013, 03:33:52 AM
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also worth a read :-
https://bitcointalk.org/index.php?topic=17240.0

Exoskeleton
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May 15, 2013, 03:40:59 AM
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While the info about your wife (if true) is sad, you are not doing the right thing here. The reason the gov does not give out free money to people with large bank accounts is because those people can pay for expenses themselves. You should pay what you can, as unfair as it may seem to you, and then if what you have left is not enough you can then apply for gov handouts.

If you want to be greedy and take/keep every penny you earn then get a saftey deposit box and keep your cash in it.

This is simple people. Bitcoin is not needed to hide wealth. This has been happening since before there were computers. You don't need a big mattress to hide your money. Bitcoin is not the answer to your "problem". Your problem is that you won't pay what society has said you should pay for your wifes care from your own pocket first. You want to take my/our money first.

Im not trying to start a debate about the law that says you being broke because of medical expenses is fair.

I personally think this is often totaly unfair. I am a "socialist" who thinks that medical care is a basic right. I am willing to pay my share for your wifes care. But we "socialists" are becoming a small minority in a greed driven world. I am willing to bet you are like 80%+ of other humans today and you would be calling foul on your situation if you were not in it. You complain about high taxes, but the fact is if you want your free money, someone else is paying 2x what they should be to fund your lifestyle. We buy your bitcoins. People like you who hide money from being taxed fairly are the reason why taxes are so damned high.

Stop polluting our forum with this pseudo-illegal bs. You don't need bitcoins to illegally hide wealth.
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May 15, 2013, 03:56:43 AM
 #20

sorry but stfu exo your talking crap...

while its tru this could be exploited by someone with wealth, sadly its joe soap just scraping by that gets caught out by this crap...


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