Bitcoin is my Bank

[Alert31]

Due to the covid 19 pandemic, I lost my job and my bank account was closed because I withdrew all my remaining balance to buy our necessities, at that time I was looking for another alternative to lost job in order to support my family's needs . Until I start trading bitcoin with small capital and thanks God because with the help of cryptocurrency we can continue to survive from the difficult time of pandemic.

Now I have accumulated a small amount to be able to reopen a bank account but I think that instead of opening a new bank account, it is be better to just buy and invest in bitcoin so that I can expect more profit than the traditional bank.

I know that investing in bitcoin is risky but I also believe that bitcoin has a good future.

I just hope I made the right decision.

[Question123]

Investing in bitcoin is really good and your money will grow but you will need to secure also your future and banks will help you by saving money so instead of having bitcoin only it's better to have both banks and investing to the bitcoin. Once you earn in investing to the bitcoin will you put the profit to the bank. Because bitcoin is risky investment but will give you a good profit but it can cause also your money to lose.

[Jating]

On the contrary, there are people in 2017, who quit their day job to focus solely on bitcoin and crypto trading. Unfortunately, we entered a bearish market in 2018-2019 so I really don't know what happen to those individual if they were able to survived the bear market and make money to bring food to the today.

Perhaps you and the rest of newbies you enter the market wherein we are in the bullish trend and you make some decent money even after you lost your job. But let me remind you that there could be worst cases, like I mentioned so you have to take that into consideration. You might want to save for the future if you can.

As the saying goes though, "Be your own Bank" (BYOB) and that's what you are getting into right now. Best of luck in your journey.

[inanilujimi]

What I can possibly say for someone like you is extraordinary, you are ready to accept any risk that will happen to your life and your family, hopefully what you want to achieve can be realized with the path you have chosen.

[Astvile]

Now I have accumulated a small amount to be able to reopen a bank account but I think that instead of opening a new bank account, it is be better to just buy and invest in bitcoin so that I can expect more profit than the traditional bank.

Feel it for your self. As you said you started trading and you are generating good profits from it you now have the momentum to keep on going on trading why not just go at it. Opening a bank is wise, but investing it in bitcoin specially when you are feeling good about it is way better. Opening a bank cost a couple hundreds(may vary in each country and bank) which you can use as capital for more trades and generate more profit.

[nicecrypto]

Due to the covid 19 pandemic, I lost my job and my bank account was closed because I withdrew all my remaining balance to buy our necessities, at that time I was looking for another alternative to lost job in order to support my family's needs . Until I start trading bitcoin with small capital and thanks God because with the help of cryptocurrency we can continue to survive from the difficult time of pandemic.

Now I have accumulated a small amount to be able to reopen a bank account but I think that instead of opening a new bank account, it is be better to just buy and invest in bitcoin so that I can expect more profit than the traditional bank.

I know that investing in bitcoin is risky but I also believe that bitcoin has a good future.

I just hope I made the right decision.

Your story is sweet and all that but dude you still need a bank account to get by, except in your location you can get all what you need through btc otherwise I will advise you to go open your bank account, just so you know it doesn't stop you from further trading btc,
Having a bank account is still very important to me and I know to many people here as well.

[Fesatmas]

here you have to think rationally. indeed a very good decision you invest your money in bitcoin. but that doesn't mean you have to forget about your money which will later go into a conventional bank account. You have to be realistic in considering what if one day you get sick and no one can withdraw your bitcoins except transferring them through conventional banks.
I think both of them are very important for your future. You live in a country that uses fiat money to transact.

[coolcoinz]

I wish I could go completely bankless, but for now some of my bills can only be paid via a bank, or at a post office with cash, which may be troublesome at times since it's 5km from my house. Despite that, I have at least 200x more money in Bitcoin than I have in the bank. The bank is there only as a backup for things I cannot buy with Bitcoin.

[dizzy1996]

Investing in bitcoin is profitable given the latest market trend, but given your situation, I would not recommend keeping all your funds in one asset, as there is always a risk that the asset may disappear and you will lose everything, which is why I advise you to keep part of your funds in fiat currency

[Luzin]

I think you need both. First, a bank account for your transactions to save, shop, meet your needs, because the recognition that fiat money can be used throughout the world, transactions are now recognized as being different from Bitcoin. Both your bitcoin wallet / bitcoin account, because you believe in the future of bitcoin, use it as a store for your digital currency. I suggest both because I think we need it.

[Dsdaq]

Bitcoin is a path to freedom, but investing in bitcoin means you are ready to take risk. Also I think you made a good choice because there is enough space for bitcoin grow and double your investment in no time.

[dimonstration]

It is risky to put all money in Bitcoin and probably stressful when we lose or didn't able to monitored it properly. OP's dedication in doing so can help others to try it too provided they have knowledge in Bitcoin at all. If there are already many stores that accepts btc as payment or crypto mobile app that use in department stores many will probably do it but will still doubt if there is still few who uses it.

[Wysi]

I am glad Bitcoin has helped you to get your life back on track as you are one of numerous people whose life has been transformed by Bitcoin and crypto currency. But I would suggest you to have a bank account because it's basic requirement to save money because you need fiat in order to survive and you will require bank account at some or the other point of life as we cannot be completely dependent of digital money.

Also, make sure you covert your profit or capital to USDT or any other stable coin in order to secure it from fluctuations. (Subjective)

[bassbity]

unbelievable with your decision to tackle the covid 19 pandemic. Did you invite your family or neighbors to invest in bitcoin too?
if so you have helped others out of the current crisis because it is appropriate for you as a bitcoin user to advise those closest to you to get to know bitcoin and its benefits.

But the problem is if you have let go of conventional banks, does that sound too much? there is nothing wrong with saving money in a conventional bank account. because one day you will keep your funds there for the wholeness to come.

[carlisle1]

Due to the covid 19 pandemic, I lost my job and my bank account was closed because I withdrew all my remaining balance to buy our necessities, at that time I was looking for another alternative to lost job in order to support my family's needs . Until I start trading bitcoin with small capital and thanks God because with the help of cryptocurrency we can continue to survive from the difficult time of pandemic.

Now I have accumulated a small amount to be able to reopen a bank account but I think that instead of opening a new bank account, it is be better to just buy and invest in bitcoin so that I can expect more profit than the traditional bank.

I know that investing in bitcoin is risky but I also believe that bitcoin has a good future.

I just hope I made the right decision.

You have depending your living now in Bitcoin and trading is what you mentioned to be feeding your family in which the riskiest place in crypto space.

Now mind telling us how will you cover the daily living and also same time investing?

Better decide these things when you are already stablished again and can feed your family even when the price of Bitcoin crashed again and go back to 4k$ level.

it is not because the market now is bullying and you seems to be gaining all day long meaning your survival must depend on this.

Remember that the daily needs are constant while the value of crypto doesn't assure us of constantly .

[PonZZ]

It's hard to predict if you'll lose money or get some profit. Bitcoin is very risky and volatile, so I don't recommend you to invest all money in the first crypto.

[texgeek]

its a really good example how a decentralized currency can help us in hard moments.


So my brother, a advice, is not put all money in btc. look for 50% in other investiment, i dont know what type of normal investment can be good for you, but depending your country maybe have some good investments to you put others 50%.

The problem , with btc, in your situation,  is the price. If price goes down you probably will be on trouble. Maybe split 50% btc in USDT(25%) and BTC(25%), and the rest normal investment.

The moment of btc now is good, but in some down you can get some problems (depending of price).

[btctaipei]

well.. Commercial Banks are not your friends.

Your banking relationship will be adjusted in accordance to amount of BTC you own (own  = your have control over it.  Not on some BTC exchange.  More on this see https://notyourkeys.org/).  Above an certain amount anonymity becomes crucial, if you wish to continue with your goal of accumulating ever more BTC

1) between 0.00000001 - 0.99999999BTC:
- normal banking relationship, perhaps working on getting an separate account to move money in and out of BTC
- 3rd party deposit activities are not related to your normal account.
- slowly working on having around 50% of this in liquid assets (cash, gold, gift cards)

2) between 1 - 19.9999999BTC
- plan on having at least 25% of investment available in various fiat currency for trade
- in order to replace commercial bank, you now should move away from major payment platform like LINE pay, UNION pay, VISA, American Express, Master Card, ETc, and
- increasingly on your daily face to face transactions with people you exchange trade with, be that BTC to cash, cash to gold, gold to BTC, or BTC to daily needs like grocery and services you need (house keeping, tutoring, and dozens and dozens of other uses)
- Begin to invest on separate IT infrastructure with tail, pine phone, tor dead drops to make capturing of your physical location difficult, and implement opsec (privacy screen, mask, gradual trade amount increase) to safe guard your face-to-face daily transactions.

3) between 20 - 199.99999999BTC
- isolating all fiat and electric activities relating to BTC away from commercial bank.
- Help local shops (small convenience stores, ice cream, breakfast and phone or scooter repair shops ) to setup lightening payment wallet like electrum .  Provide them with free "Bitcoin Accepted Here" sticker. This will help you to increase your BTC anonymity and helps out your community with BTC circulation:
    + Provide them with tail enabled laptop with loaded electrum wallet.
    + Have shop owner write down and laminate their 12 word recovery seeds in two places.  Have their spouse or other trusted person hold the 2nd copy.
    + Show them how to open a channel (hit the channel tab), and receive Lightening payments.
    + Provide download QR Code sticker for Android Electrum / Phoenix (https://phoenix.acinq.co) so retail customer can switch to lightening platform.
    + Provide 2:1 match when store cash out, up to 0.1 BTC/month, and gradually fade out to 1:1 at 1BTC/month.  Word will spread.
- live on credit received base on UNION Pay, Taobao, gift cards (VISA/Master) for everyday convenience (gas, shopping, etc)
- Invest on cold wallets like cryptosteel (https://cryptosteel.com/) and do a 2-4 multisig backup for amount in exceeds of 20 BTC
- identify disciples that can help out with BTC circulation to work with local store BTC adoptions.

4) between 200 - 1999.99999999 BTC
+ Cash and valuable logistics: Means to diversify your physical storage locations of your assets, and
+ Advanced location anonymity: Your locations are air_gapped when you trade or exchange BTC
+ Open your own essential business (fresh grocery store, seafood store, electric and computer game gear specialty, local pharmacy) to now hold commercial bank accounts to assist with moving larger funds.  Hiring and pay and reward employee with BTC bonuses.

5) 2000 BTC +

Won't comment on it for safety reasons. /msg me using PGP pubkey and will go from there.

[ChrisPop]

This is not black and white, my fellow Bitcoin'er. You can have a savings account and invest in Bitcoin at the same time. It is all about your personal portfolio allocation.

If you have a family and you rely on your savings to support your dear ones in case you lose your job, I suggest you keep a big chunk of it close by as an emergency fund. If you invest money you need, you will find yourself stressed out all the time by the market fluctuations.

This is just my humble opinion. Please don't take it as a financial advice.

[btctaipei]

<SNIP>
If you have a family and you rely on your savings to support your dear ones in case you lose your job, I suggest you keep a big chunk of it close by as an emergency fund. If you invest money you need, you will find yourself stressed out all the time by the market fluctuations.
This is just my humble opinion. Please don't take it as a financial advice.
<SNIP>

Uhh... My advice:
- show your husband / daughter how to walk up to an local BTC atm and cash out.  BTCer iare classified as dangerous occupation. You can go missing or be interrogated by evil doer, so be prepared.

- for larger amount, on quarterly basis train them and bring them out with you to cash out with the store / business / reputable BTC to what-ever-valuable exchanger.  Do not leave them with large sum of cash, it will lead to disaster.