Bitcoin as a savings account

[alani123]

What if bitcoin experience a crash again?
It would maybe safer than keeping your money in your house in terms that they can't be stolen.
BUT bitcoin is decentralized and therefore not stable.

[1713572431]

1713572431

[JimCGSavings]

Oh no, I've completely changed. I'm on the side of the good now. Old dog new tricks. And so there. Bad bitcoin! Bad! Sit!

[JimCGSavings]

What if bitcoin experience a crash again?
It would maybe safer than keeping your money in your house in terms that they can't be stolen.
BUT bitcoin is decentralized and therefore not stable.

Well I certainly hope so. Where's the fun without the pump and dump? In the long run I think bitcoin will go up quite a bit more than it has so far. I'm on that side of the fence.

[pwi]

I'd expect 'hero' members to exercise virtuous silence if not offering words of support. It just makes for a better community environment. 

So you want me to not have freedom of speech? I guess silencing member's opinions is the best community environment it works for china LOL

Nope. Only my opinion matters. 😉

In all seriousness, l would just like to witness a little empathy from time to time. A world without it kinda sucks.

Freedom of everything is good. Something tells me you don't have the character qualities to support that environment. I don't either.

No one is silenced here. Certainly not you and I.

Hugs gweedo

[wachtwoord]

I'll put my opinion in the form of a question:

If a system allows for exploitation, is something wrong with the exploiter or with the system itself?

[Mike Christ]

I'll put my opinion in the form of a question:

If a system allows for exploitation, is something wrong with the exploiter or with the system itself?

Depends: is the exploiter forced to participate in the system?

Just kidding.  The system is at fault either way you look at it

[vivilloin]

A printed out Bitcoin wallet.

[JimCGSavings]

A printed out Bitcoin wallet.

Is a  good way to safely "cold store" bitcoin as a possible long term investment(with high risk), but not as a savings account, seems to be the general consensus. I've got an offline linux box & printer all set up for this if the PTB's come back with what I expect them to say, which is pretty much the same rule about everything: "As long as it doesn't turn into taxable income that raises your monthly income above the "acceptable limit", we don't care." This thread went from a discussion about paper bitcoin wallet as a possible "savings account" to a morality play because I included TMI in the OP. So, here's some more:
Before my wife and I went through the "25billion 'easy' lessons" on how to survive early onset dementia on a state and federally regulated fixed income, our family and friends were trying to help us financially. It was nice of them, but until you've really experienced America's Health Industry costs without health insurance, you haven't lived. (grin)
So now they help us by being forced to use what the government agencies refer to as "grey income". They can send us gift cards, and we don't have to report them as income. But we can't sell them or give them away, only use them. Since Wal-Mart already gets most of our money, those are the most popular. They can pay our utility bills directly, they just can't send us the money for them. Oh, and since I don't work for a living, but have "chosen" to stay home and be my wife's full time caregiver, I'm an entitled bum living off the system. And this entire system that keeps my wife alive is balanced on the idea that she'll die before the government changes any of the entitlement programs we depend on.
Personally, I think Bitcoin is a little less risky than that.

[JimCGSavings]

I'll put my opinion in the form of a question:
If a system allows for exploitation, is something wrong with the exploiter or with the system itself?

Perception is an interesting factor. Over the years I've found consistency in this: Reality is subjective and survival is objective. The fact that most people believe the exact opposite allows one to bias one's personal survival in a positive direction.

[plonk420]

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.

you don't even need an app. you can use an SMS for two-factor.

[JayKEy00]

MOD EDIT:
See https://bitcointalk.org/index.php?topic=218040.0 as this site is probably a scam

Make a PaperWallet at www.bitcoin-address.org, print it and put it in your safe. Thats the best method to secure bitcoins.

[werauchimmer]

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.

+1

Do not know the situation where you live, but here there would be -legal!- ways around your problem.


Wish you the best.

[enquirer]

I mention paying fair taxes is a part of that system. The taxes pay the doctor. Obviously, nothing is 100% free in absolute terms. I meant little to no out of pocket expenses on each visit. Obviously a doctor has to be paid. Obviously.

In the US, most of what you pay for health care is not going to doctors. Most of that money goes to insurance against greedy lawyers, to paying off loans for ridiculously overpriced education, to administration needed to comply with endless regulations and perverted insurance system.

Only in the US, honest people that worked hard and paid taxes all their life, end up without any help from society in case hard luck strikes them. That same society that so hypocritically trumpets "christian" and "community" values.

Don't feel guilty if you need to trick the system a little bit at this point. Don't use bitcoin for savings, it could easily lose value, why do you need another thing to worry about. Just put your cash into safe deposit box, nobody will inspect it. If you think that hiding money in bitcoins is more "legal" or more "moral" than hiding it in deposit box, that's not the case. At some point you will have to convert btc to cash, so you going to 'break the law" anyway.

[enquirer]

And to Mr. Exoskeleton, let's decide that my tax money goes to compensate for the poster's deficiency, and your tax money goes to support a Guantanamo prisoner at $3000/day, now you feel better?

[phoxpup]

BTC is a high risk volatile investment with a potential of high gain.  It is an excellent choiceto include in one's portfolio along with more conservative investments.  You've got to love it for what it is. If you want stability, buy Gold, or Ammunition, or Real Estate.  Wait a minute... those aren't stable either.  Its probably better to invest in beer and pizza and throw a lot of parties and make a lot of friends helping them out with their projects.  Having a long list of friends may be the best investment.  You could make a lot of friends by showing them how to use bitcoin. :-)

[xRUFUSx]

Using your mobile phone's SD card as wallet cold storage (backup only).  Be careful, and take some of the best data-backup advice i've ever gotten:

"If it doesn't exist in at least 2 places, it doesn't exist."

[phoxpup]

Using your mobile phone's SD card as wallet cold storage (backup only).  Be careful, and take some of the best data-backup advice i've ever gotten:

"If it doesn't exist in at least 2 places, it doesn't exist."

Few things are more true.  :-)  With bitcoin multiple backups are necessary and they MUST be kept safe from unauthorized access.  Its kind of a natural conflict, you want lots of backup copies but you also want perfect control over all of them.  Winning strategies require some planning. :-)

[giligon]

will give you paper wallets to print, and has a good walk through to make a cold storage wallet

[Exoskeleton]

And to Mr. Exoskeleton, let's decide that my tax money goes to compensate for the poster's deficiency, and your tax money goes to support a Guantanamo prisoner at $3000/day, now you feel better?

I already posted in this thread that I would like a free health care system in this country and I am willing to pay more taxes to support it. I also said that I think poverty due to health care costs is unfair. Do you think Im the kind of person who wants to support Guantanamo? Of course not man. Well, I guess its time for me to pay the troll toll now. Because posting on this forum your bound to get trolled. Big time.

[rtt]

I already posted in this thread that I would like a free health care system in this country and I am willing to pay more taxes to support it.

Inserting unlimited layers of bureaucrats between yourself and your doctor somehow makes sense to you??