Bitcoin is my Bank

[kryptqnick]

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.

It's such a rapid decision by the bank to close the account which doesn't have money. In my country banks keep the accounts, waiting for people to deposit money there after some time. And there's no amount needed to reopen a bank account in Ukraine... I'm glad that trading got you through the tough times, even though it was a risky choice. Please invest with caution because cryptos are volatile and while they may bring money one time, they can easily take it another time. I use both Bitcoin and banking because the latter is where I get my salary and something I can use to pay for food in the supermarket. Unfortunately, Bitcoin is not that adopted as money yet.

[Asuspawer09]

Just remember that investing in bitcoin is not going to give you a constant profit like a job or something it is just an investment where you buy and sell for profit.

Still, I would recommend just invest in bitcoin or making your bitcoin your own bank account other than using saving in a bank where your money is not sleeping and could easily get caught up by inflation.

Also, make sure to make a lot of research before investing as it is not a good time to invest in bitcoin because the market price is just so high but still a good investment for the long term.

[aysha9853]

it is very good for this covid 19 pandemic, using savings to invest and trade is a very big risk, before you invest in bitcoin or crypto always use free money that is not made for any purpose

[BrewMaster]

you just have to be careful not to go all in and fully depend on bitcoin. although i believe in the future of bitcoin and have been investing in bitcoin for some years now but i still can see the volatility and the risk that is involved in this approach.
and when you are trading bitcoin to make profit, you are putting yourself in even bigger risk because of the way this market is and the exchanges that are the much riskier factor. you can easily lose a lot of money overnight if the exchange scams you or gets hacked.

[Swopon]

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.

It seems good to hear that you had invested in Bitcoin in this pandemic. I had also lost my job this year because of no activity of the office room for pandemic too. That's the reality which happened with many people surroundings us.

On the other hand, you already withdrew your money from the banks. One thing I can say that bank will give you a security for your money and you can also save your money by deposit in bank for future uses. If you want to grab this, you can use your bank account again because you have already an account in bank and just need to deposit money in that wallet.

[fcytuyttyhy]

I Want a Membership of Bitcointalk

[fileo]

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.

Even we don't like banks to put our money, still it is necessary to do online or I mean through bank transactions to pay bills, foods, delivery, and online shopping. Some shops implement to accept only the payment thought bank. No cash on delivery anymore to avoid the possibly to get covid through fiat payment. Also using banks transaction is convenient way and you can save time.

[witcher_sense]

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.

First of all, you shouldn't expect any profits from opening a bank account, all your interest that you gain on your deposits are merely ephemeral misleading numbers. All the "income" that you receive from banks will be eaten by inflation, government counterfeiting, and debasing. You shouldn't expect any profits when investing in bitcoin either, especially in dollar terms. When you think of bitcoin as an investment scheme to make more dollars, what you may end up with is lose your money in terms of bitcoin, which is, unlike fiat money, not ephemeral numbers. You don't want to lose your bitcoin because it is scarce and valuable. Bitcoin, as you have correctly noted, is a better alternative to your bank account. The reason it is better is that it cannot be closed, it cannot be stopped, it is always with you in your pocket.

[Alucard1]

You did a great job mate, cryptocurrency is also a good way of earning money but a risky thing, a lot of people got suffered due to the pandemic, many people lost their job and one way that may help them is working online and cryptocurrency could help you with that as well, just like what happened to me as well, I never think that I could earn even a little amount of money in this pandemic with the help of cryptocurrency. Crypto wallet is better than the traditional bank for me so you did a great job.

[Lorence.xD]

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.

I do agree with you, like any financial advisor would say, "Do not put all of your eggs in one basket." To OP, the risk are there not to warn you about the possibility of losing your hard earned cash, that is there to help you consider your options on what should go to that part and what not to go, banks are helpful too if you know what cogs to operate, it might be archaic but it can still be function as intended, try asking your bank about Index Funds, they have the biggest ROI in banks or you can use your account to buy some stocks of some blue chip stocks so you can earn dividends and invest in long term, if we always look at what is in front of us, finding small diamonds, we might miss the one at the other side.

[kotajikikox]

I also Hope that you made a right decision,and it is not because Bitcoin is not worth being invested because i also have my own holding.
But about yours it seems the struggle is still there and Holding a coin wont give you a speed benefits in case you again lose funds and what you will do is withdraw the holding.

I think better continue your trading if you find success on this so if you already gather more than enough for your needs,thats the time to start investing and holding Bitcoin.

This is only a piece of advice since i can see the trouble this may cause if failure comes to you soon.

[Warkop]

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 are not wrong in making a decision, because investing in Bitcoin is the right decision to fix your economic difficulties in the future, I believe investing in Bitcoin will bring success and give you a big return from what you have invested in Bitcoin. Indeed, this is very risky, but if you always pay attention to the price of Bitcoin all the time you will not get a big risk with your investment.

[yazher]

What you need to do here is diversify your assets so that nothing will go wrong if the bitcoins price in the market will suddenly fall to the bottom and with that strategy, you will have an alternative to getting back what you've lost or you will not panic if you see the price has become all red in the market. with that strategy, you won't need to worry about your bitcoins and you just need to simply wait for the price to rise again and if you have more money, you can buy more from the deep.

[Crptomagma]

Idea of saving all your earnings in bitcoin is quite a big risk to be very honest because you have to be ready to bear the market as many factors can influence bitcoin price. Bitcoin is a decentralized currency and it’s func a different game totally from the bank functions.


Bitcoin have way of creating financial freedom. But nevertheless investing in bitcoin means you are ready to take risk. You have to be very careful it’s not totally a bad choice  because there is potentials for bitcoin growth and Investment.

[lovesmayfamilis]

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.

When you have just decided to go into cryptocurrency, or decided to buy cryptocurrency, decided to associate your activity with investments, you need to evaluate your type of investor.
First, it includes risk tolerance. You need to understand how risky you are, how calm you are about losing less or more of your capital.
Some people lack patience, which means that even if you lose a small part of your investment, you will start to feel uncomfortable and, as a result, start making mistakes that turn into financial losses.
On the contrary, some have a high tolerance for risk. They calmly watch various drops of coins, simply because of the blind confidence that sooner or later this asset will grow.
Persistence and discipline play an important role. Investments are somehow related to time, that is, you must determine a certain period for which investments should bring results, and it is desirable to postpone this period, usually this period covers three years.
Therefore, you need to understand that you, as an investor, are ready for such perseverance, and you need the necessary level of discipline in order to sit through and ultimately make a profit.

[traderethereum]

You need to continue trading to increase your bitcoin, but don't forget to learn more about trading because the crypto market will always change, and many coins can help you gain the benefits of trading.
Maybe you can reopen your bank account because we still need money to receive the conversion from bitcoin to fiat.
But if bitcoin can be used to pay for something you buy in your country, you don't have to reopen the bank account.
Just trying to earn more bitcoin, save it in your separate wallet, and only sell when the price is high.

[royalfestus]

Pandemic taught how important to have a sole access to your fund which bitcoin and other cryptocurrency provided this year when there was restriction on  movement, at that time even the banks were restricted.  Dollar looks to be the trusted currency to hold when economies were failing but Bitcoin this year has shown a better profitable value, it could cope with the pandemic and falling economy around the world. I hope bitcoin would produce new ATH in the coming year even with the bad economic prediction for 2021

[Lhaine]

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.

As long as you are not afraid on Bitcoin price  volatility yes you can use it to stored your money it's almost the same thing as having a bank if you have many options to convert it in Fiat in your country . I also do the same thing I don't have a bank account I only stored my money in crypto currency . The only risk is the value might not be the same the way you buy it and the day you need your money, but as long as you don't care about the price you are good to go .

[bonjouros]

You already made a right decision as you were able to survive thanks to your trading skills as not anyone can easily profit in trading especially while starting with a small capital.

You have proven already your skills in trading so it is not that hard for you to excel also in investing especially if you have chosen the top currencies that you think has the future if you are going to hold them for a long term one.

[error08]

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.

People who know to take advantage of bitcoin opportunities make more profit compared to traditional banks. However, bitcoin doesn't always hit a high price in the same way as this time, the volatility is a problem that cannot be resolved so far because of the large number of bitcoin whales that can sway the price of bitcoin. You have to be very cautious to pay attention to the movements and activities of the bitcoin market to make the right decisions, moreover diversification is a good thing just in case something undesired occurs, after all, not everything can be paid for using bitcoin, sometimes it requires cash and withdrawing from exchanges also requires a bank account.