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Author Topic: Would you put all your savings money into BTC?  (Read 5514 times)
CoinGeneral
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November 27, 2013, 10:56:35 PM
 #1

Would you put all your savings money into BTC rather than at the bank?

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pera
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November 27, 2013, 10:58:32 PM
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no, but I wouldn't put all my savings in a bank neither  Wink

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CoinGeneral
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November 27, 2013, 11:03:18 PM
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no, but I wouldn't put all my savings in a bank neither  Wink

Why not? There's no cost to having it in the bank as long as you meet the minimum monthly required balance

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November 27, 2013, 11:06:20 PM
 #4

no, but I wouldn't put all my savings in a bank neither  Wink

Why not? There's no cost to having it in the bank as long as you meet the minimum monthly required balance

There may not be cost, but there is certainly risk.

Ask Cyprus.
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November 27, 2013, 11:07:48 PM
 #5

I didn't plan it this way, but at the moment, I do have more savings in BTC than in USD in a bank, but that's only because I've been holding a few coins since early 2011.
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November 27, 2013, 11:08:15 PM
 #6

no. However as it happens,  bitcoin has pretty much ended up *being* all my savings. lol.

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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November 27, 2013, 11:16:31 PM
 #7

I hate banks. So it immediately angered me a lot when my balance got greater than 2k euros in a bank. Therefore all the money that I didn't need to spend any time soon ended up accumulated in crypto coins. Smartest financial choice of my life so far.

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November 27, 2013, 11:20:39 PM
 #8

no, but I wouldn't put all my savings in a bank neither  Wink

Why not? There's no cost to having it in the bank as long as you meet the minimum monthly required balance

Any money loose value over time. Bank might give you percent or more interest yearly, but the inflation of money is always higher  Wink
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November 27, 2013, 11:21:14 PM
 #9

Some month ago, I was 90%€ 10%BTC

And after crazy november, I'm now 50-50

And I bought no coins in meantime.

I hope in 2 years i'll be 1-99  Smiley
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November 27, 2013, 11:27:52 PM
 #10

no. However as it happens,  bitcoin has pretty much ended up *being* all my savings. lol.

Banks and paper money in general seems to be extremely difficult to earn, partly because the fees and costs for setting up anything is ridiculous, meanwhile even I'm making small chunks of cash in Bitcoin and I'm close to being able to make a steady stream because of how easy it is to conduct international trade. I like to diversify so this question is a bit irrelevant to me but if I had a bank like the old ones that were run by Austrian economists and backed by Gold/Silver I wouldn't mind so much keeping money there.

Banks have dug their own graves by making lives extremely difficult for people to conduct business when that is the only way they make money, the same goes for any person I've seen attack Bitcoin, they're just forcing people to come up with an alternative.
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November 27, 2013, 11:29:06 PM
 #11

Would you put all your savings money into BTC rather than at the bank?

That's what I did @136. All of it. Been holding since.

I am an evangelical missionary heading to China. Donations are welcome here (dedicated wallet): 1H8iswayfTaRb6oe2WjMCRmchBJHYyfx9z
You can find more information about my plans here: http://btcmission.com
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November 27, 2013, 11:50:09 PM
 #12

I'm less than 1% fiat fwiw, and living without much change from life before crypto.

It's nice. Big impulse purchases I'm prone to have to stand the test of 2-3 days' mulling before coinbase releases my dollars.

Bitcoin is a real savings account if I say so myself.

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Kreigyr
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November 27, 2013, 11:57:27 PM
 #13

no. However as it happens,  bitcoin has pretty much ended up *being* all my savings. lol.

I put in about 400$ of GPUs and it gave me far more than I imagined it could have. Makes the ~300$ I have sitting in my bank account seem borderline non-existant...

...Until Walmart takes these things :\

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November 28, 2013, 12:00:59 AM
 #14

At this point, my bitcoin wealth is greater than all my checking, saving, and investment accounts combined.

But, no, I wouldn't put all of my savings in bitcoin. Maybe like 50%.
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November 28, 2013, 12:06:36 AM
 #15

No, but I wouldn't put it in the USD either.

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November 28, 2013, 12:16:57 AM
 #16

at this moment bitcoin attenuates my other savings.  big time(s)


edit: typo
Kreigyr
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November 28, 2013, 12:19:35 AM
 #17

Honestly speaking, I'm getting a gut feeling that anyone who happens to have most of their savings in Bitcoin at the moment either doesn't have much saved or may want to consider a more stable system.

I then realize that the other options aren't truely any more stable, just less volatile. I then carry on.

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November 28, 2013, 12:33:54 AM
 #18

YES
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November 28, 2013, 12:53:38 AM
 #19

Would you put all your savings money into BTC rather than at the bank?

No. Put only little into BTC, more to Gold and keep some money for your expences. This is how I doing it
im3w1l
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November 28, 2013, 12:59:23 AM
 #20

NO.
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