Would you store all your wealth in BTC?

[Dabs]

Everything I have in crypto now is "extra". So, ... um, because I don't exactly have any fiat wealth anyway.

[CoinCidental]

i think btc is  safer than the hyper-inflation thats coming so i keep a lot of my wealth in coins
i still use fiat notes to spend becaise i live in thailand and AFAIK there are no stores accepting
btc yet even though most people have a smartphone by now including schoolchildren

[mindfulmojo]

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.

This ^^^^

and buy some precious metals... people compare to bitcoin to gold. Don't you think you ought to have both?

[beetcoin]

that's so reckless to put all your wealth into BTC. as far as we know,  there is a 50/50 chance that BTC will even make it. no one really knows what's going to happen. it's fine to be for the bitcoin movement, but you could easily end up losing almost everything.

[Elwar]

I use my bank accounts to receive my paycheck and pay my mortgage. The rest I send to the exchange to convert to real money.

[nSuper]

I wouldn't store all in BTC but definitely some and some more in other coins and some in banks. Just for security.

[prezbo]

I have a ridiculous amount stored in bitcoin (about 70%) but would *never* have it all, nor anyone with half a brain should, at least not until it somewhat stabilizes.

[Skoupi]

I don't think that this is the time to ask about all our wealth...
These days the question is if you are going to store even a single dollar in  BTC

[CoinCidental]

I don't think that this is the time to ask about all our wealth...
These days the question is if you are going to store even a single dollar in  BTC

YES!

[yenom]

I save about 10-15% of my income every month. It used to be in UK investment trusts, but it's now all going to bitcoin. I have played with the idea of maybe investing some in gold coins, but I don't trust the government to not confiscate it when the economy implodes because of the massive national debt burden and a time when treasury prices go no-bid. Having said that, predatory governments could say "Give me your bitcoin or go to jail", but I think that's unlikely.

I am now wondering if I should cash out a good portion of my investment trusts and convert to bitcoin. Not sure yet.

[CoinCidental]

I save about 10-15% of my income every month. It used to be in UK investment trusts, but it's now all going to bitcoin. I have played with the idea of maybe investing some in gold coins, but I don't trust the government to not confiscate it when the economy implodes because of the massive national debt burden and a time when treasury prices go no-bid. Having said that, predatory governments could say "Give me your bitcoin or go to jail", but I think that's unlikely.

I am now wondering if I should cash out a good portion of my investment trusts and convert to bitcoin. Not sure yet.

its harder for them to prove you have any BTC   " or go to jail "
even if they can prove you bought some ,you could have accidently deleted your wallet.dat or had a hdd crash
a lot safer than silver /gold in that respect

[TonyOliver]

47% of all bitcoin trades were being done in Yuan - that has almost disappeared overnight and bitcoins value has halved. If the USA were to attempt a similar move it would remove 45% of the remaining market - leaving only European currencies and a few others to trade with. That would really be a death knell for Bitcoins mass adoption. You would be foolish to put anything more than a speculative amount that you could afford to lose into bitcoins. A balanced portfolio including property, stocks, shares, commodities and cash would be a much more sensible idea and give you room for manoeuvre should circumstances change.

[KeyserSozeMC]

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.

I believe bitcoin is NWO's coin and it will succeed.
So, it could be a smooth move.

[EvilPanda]

I wouldn't because:
1) I need fiat to pay my bills and buy food
2) BTC may never become mainstream
3) you don't put all egs in one basket

[eyjgvfdhbshm]

the future will tell. if bitcoin or any other coin will be widely accepted and I can buy my loaf of bread with it in a supermarket, then I won't mind putting a bigger portion of my wealth in it.

[madmadmax]

that's so reckless to put all your wealth into BTC. as far as we know,  there is a 50/50 chance that BTC will even make it. no one really knows what's going to happen. it's fine to be for the bitcoin movement, but you could easily end up losing almost everything.

There is a 50/50 chance that BTC will make it but there is a 0% chance that USD would make it, if BTC crushes you would still have your farm land, real estate, businesses, investments etc since you only keep "change" in BTC, I am amazed at how many people didn't ready the original post.

[eyjgvfdhbshm]

will bitcoin hold up when fiat currency fails?

[t1000]

I save about 10-15% of my income every month. It used to be in UK investment trusts, but it's now all going to bitcoin. I have played with the idea of maybe investing some in gold coins, but I don't trust the government to not confiscate it when the economy implodes because of the massive national debt burden and a time when treasury prices go no-bid. Having said that, predatory governments could say "Give me your bitcoin or go to jail", but I think that's unlikely.

I am now wondering if I should cash out a good portion of my investment trusts and convert to bitcoin. Not sure yet.

its harder for them to prove you have any BTC   " or go to jail "
even if they can prove you bought some ,you could have accidently deleted your wallet.dat or had a hdd crash
a lot safer than silver /gold in that respect

I have thought about gold and silver too, but it is much harder to prove they are what they are when you buy or sell, than crypto. This is reflected in the overhead involved.

1)It is harder to convince a buyer a random lump of gold or silver is real and as pure as you claim, than a gold or silver bar/coin engraved with company names and serial numbers, in a sealed case, so there goes the fungibility. Even different make fetches different prices.
2)There are horror stories of people finding tungsten bars in their gold, even in gold from reputable companies like pamp suisse, serial numbered. So you have to do things like ultra sound scanning to check it. If you melt it down, see 1).
3)There is no way to verify whether physical pm backing paper pm instruments are really really there. So for all we know paper could be dragging physical price down. (paper gold inflation)

With a bitcoin, you know what you have is 100% pure and its all bitcoin inside.
I am sticking to crypto for now.

[Notanon]

I'd balance it out, even with some in Peercoins as a backup. That said, would rather pay off my fiat debts first before converting larger sums of money into BTC and others, though I might also grab a few gold coins for good measure in case I need something tangible if something like a disaster strikes and I need to trade them if fiat money is not enough.

[CoinCidental]

I save about 10-15% of my income every month. It used to be in UK investment trusts, but it's now all going to bitcoin. I have played with the idea of maybe investing some in gold coins, but I don't trust the government to not confiscate it when the economy implodes because of the massive national debt burden and a time when treasury prices go no-bid. Having said that, predatory governments could say "Give me your bitcoin or go to jail", but I think that's unlikely.

I am now wondering if I should cash out a good portion of my investment trusts and convert to bitcoin. Not sure yet.

its harder for them to prove you have any BTC   " or go to jail "
even if they can prove you bought some ,you could have accidently deleted your wallet.dat or had a hdd crash
a lot safer than silver /gold in that respect

I have thought about gold and silver too, but it is much harder to prove they are what they are when you buy or sell, than crypto. This is reflected in the overhead involved.

1)It is harder to convince a buyer a random lump of gold or silver is real and as pure as you claim, than a gold or silver bar/coin engraved with company names and serial numbers, in a sealed case, so there goes the fungibility. Even different make fetches different prices.
2)There are horror stories of people finding tungsten bars in their gold, even in gold from reputable companies like pamp suisse, serial numbered. So you have to do things like ultra sound scanning to check it. If you melt it down, see 1).
3)There is no way to verify whether physical pm backing paper pm instruments are really really there. So for all we know paper could be dragging physical price down. (paper gold inflation)

With a bitcoin, you know what you have is 100% pure and its all bitcoin inside.
I am sticking to crypto for now.

there was a flood of those gold plated tungsten bars in NYC  and they looked so professionally made people rumoured
that a government might be behind it rather than a gang of criminals (to put people off the idea of hoarding gold etc )

at least my encrypted bitcoins can go on a micro sd card,laptop ,usb stick ,on a piece of paper ,cd or dvd ,cloud storage , etc etc  ,if i changed them to gold id have to have  a bulletproof truck to follow me around or pay for space in a bank vault to store it all which kinda defeats the purpose of "easier money " and whats to say the bank will never deny me access to  my gold if something terrible happens the economy as many analysts predict

i agree with you and i also  with be sticking with my bitcoins