Would you store all your wealth in BTC?

[madmadmax]

Couldn't really formulate it properly in the title, I guess storing wealth in intangible goods is stupid to begin with be it USD, BTC or Euros, it is much better to invest into real estate, businesses etc and only keep "change".

But would you make the switch to completely close off all your bank accounts and store all that "change" in BTC?

I have just closed my bank account and made the switch, pretty worried but would prefer to cut my nuts off rather than go back and open one.

[fendlestick]

I still use my bank account for all the crap like bill's, council tax and all that.  But I have closed my savings and ISA and store in coins.  Gets a little bumpy with the ups and downs but I feel that I will get more from BTC than base 1% savings rate before tax.

[jook]

I have just closed my bank account and made the switch

How do you pay taxes?

[t1000]

I wouldn't close my bank accounts just yet. I still need them for paying bills and getting my wages.

Besides... my bank pays me for moving money fiat currency around the few accounts I have with them, as long as I don't overdraw. My credit card pays me interest on the amount I owe them as long as I pay on time.

It's like Homer Simpson and the devil's donut, as long as you don't take the last bite.... 

Of course, none of the above is effective against the level of inflation we are experiencing. Who am I fooling....

At the moment, I hold 50% of my purchasing power in crypto. 40% BTC 58% LTC ~2% other alts.

[Kryptox]

All my wealth is in Bitcoin, though all of it has come from mining and trading.  For the past two years I have been living in a dirt cheap apartment, eating noodles, and barely going out.  I'm extremely fiat poor but have resisted any temptation to sell my coins.

I'm now trying to decide how I'd like to retire.

[madmadmax]

All my wealth is in Bitcoin, though all of it has come from mining and trading.  For the past two years I have been living in a dirt cheap apartment, eating noodles, and barely going out.  I'm extremely fiat poor but have resisted any temptation to sell my coins.

I'm now trying to decide how I'd like to retire.

God bless, sound like me.

[marcus_of_augustus]

It's the "all-in club thread" .... i luv it.

It has come up before but i imagine the membership is growing.

Swing for the fences!

All-in.

[LiteCoinGuy]

i would not.

[mindfulmojo]

Hell no... As soon as I get a significant amount of bitcoin, I cash out to precious metals...

But that's just me..lol I respect bitcoin, I just don't trust myself not losing it somehow.

I do like to gamble.... 

[jonanon]

Everything I get in crypto stays in crypto and everything I get in fiat stays in fiat - tend not to convert between the 2 - but that's just me.

[TonyOliver]

Its never a good idea to keep all your eggs in one basket.

[titulng]

Its never a good idea to keep all your eggs in one basket.

yes..

but high risk, high profit.   

[TonyOliver]

Its never a good idea to keep all your eggs in one basket.

yes..

but high risk, high profit.   

Sometimes. Hence the risk.

[BrandonQ1995]

Keeping all your wealth in anything is a bad idea really. .

[QuestionAuthority]

Its never a good idea to keep all your eggs in one basket.

Exactly, I would never trust all assets in any one investment vehicle. Especially one as young as Bitcoin. At this stage Bitcoin is like investing in a junk bond.

[BTCisthefuture]

No

[luv2drnkbr]

I'm also in the all-in-bitcoin, living cheaply, planning retirement camp.

[Frost000]

I live cheaply (or as I'd like to call it: cost efficiently) but I wouldn't make a full switch anytime soon. There are still many advantages for me to use fiat. My bank accounts help me stay above inflation and my "bonuses" (credit cards with points, etc.) have permitted me to go on multiple trips these past couple of years.

Once more businesses accept Bitcoin, I may make more of a switch but right now I can't see myself being "all in". It's too early for that, in my opinion.

[nowise]

wow... the delusion is astounding.  You fools should be taking 20% of profits every year to improve your life.  You move forward and have less regret if it fails.  Life is not a binary game of all or nothing.  Learn to balance and move forward in steps.

The value system of a dirty neck beard in his parents basement doesn't go well with instant wealth.  People binge, and they they end up where they started.

Take some profits now, and improve yourself:

buy some nice fucking clothes so you don't look like a dirty slob
buy a usd 7000 car (not one fucking cent more), you don't need a Porsche or a BMW, but you shouldn't be driving your 1998 pontiac anymore either
buy a nice shaving kit

life is never an all or nothing game.  move forward in increments.

[twistedtrick]

Of course not...I also wouldn't store all my money in USD in a savings account.

Diversification is imperative.