Bitcoin is my Bank

[sportclub2010]

Now I have accumulated a small amount

When the bitcoin price goes up, sell half of your cryptocurrency capital and put the fiat currency in the bank. Use the other half of your savings to trade cryptocurrencies.

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[ROSE B]

Currently I keep it around 25% of my savings which is probably more exposure than the average.

No (because I didn't risk more than I can afford to lose)

Yes. I keep long term savings in offline wallets and use spending wallets.

Depends on location. Spending btc is the most convenient. Exchanging p2p, and exchanges are the next.

[Prettyjing34]

No, I have a significant amount of bitcoins, but it would not change my life significantly if it disappeared. This is mostly because I choose to live under instead of over my means.

Yes. This lowers risk because you only have to handle all your funds at the same time when you create the cold wallets - if at all.

What ever is the best balance between convenience and safety at the time. What particular service is best will change because cold storage is long term.

[ROSEDF]

Any suggestions on holding in the US. Bitcoin.com app doesn’t allow us residents to withdraw or cash out. Want something to where I can cash out quick with low fees.

[ROSERTY]

Great job dude. Can you please elaborate a little more on your trade- like when did you put this straddle? Also, I am still confused on how did your make money with Puts.

[BETTYUI]

Dont worry dude, jaise ke yeh saalo ke baap inko maa ke pet mein the tabse futures or options ki kahaniya suna rahe ho. Dont hesitate to ask questions. As the comment said above read up on it on the sub's wiki or Zerodha Varsity.

[lunaBTC 12]

I don't agree with that.

Bitcoin is not a bank. For some people, bitcoin is just an advanced way to manage money.

For some supporters of bitcoin, they are not just financing, they intend to hold it for a long time.

But it's not recommended to put all your assets into bitcoin. You should keep what you need in your life.

[DatKing]

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 is true that you can make much more profit compared to depositing your money into a deposit account in a bank. But like you said, investing into Bitcoin brings about high risks also. But as long as you invest for a long term, I think it is a good choice to do.

[Kong Hey Pakboy]

Hopefully OP made a really big profit since he/she bought bitcoin around December and hopefully the price that he sold his bitcoin was around the 50k mark to at the least so OP can enjoy the profits because that was a really big risk.

[Blowon]

That's the right choice, man. Right now we are really going to lose my job due to the COVID19 pandemic, I myself have long only used cryptocurrency for needs, and always fulfilled, I also trade despite sometimes losses, but still grateful because I can still profit and meet the needs.

[JaeJae1730]

Bitcoin is risky, the value goes up and down But if you have your Main goal to success , Then Big profit is coming.

 In Every Investments You Need an Extensive research,you need clear mindset of what you are doing and what do you want to do. Because in every goals There Are Obstacles Or Struggles That You Will Face, Long Term Holding Is Not Easy, You need to be patience, wiser, smart and knowledgeable as you invest your assets.

[karungbitcoin]

I have the same case, I lost my job because of pandemic. Now, I only possible to earn money from trading in Crypto  and stocks market. Thanks to Bitcoin and altcoin season that help me to gain huge profit, so I can withdraw it to my bank account. I know the high fluctuation of crypto is will not help me anytime because the crypto market can be changing to bearish trend, that why I also trade on stocks market for diversification of risk.

[Obito]

Hopefully OP made a really big profit since he/she bought bitcoin around December and hopefully the price that he sold his bitcoin was around the 50k mark to at the least so OP can enjoy the profits because that was a really big risk.

I do assume that OP did get a lot of profit and I like to keep it that way. Plus there were no big dips back when bitcoin was rallying to 50k, there were some limbo but it's still the same overall. To everyone who will read this though, I have a different advice for you, don't do what OP did because the prices movement is uncertain and you might not have the same result as OP.

[xSkylarx]

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.

To avoid volatility of bitcoin, you can convert your cash into stablecoins like USDT, USDC, or BUSD which has the same value as the US dollar then store it in a non-custodial wallet or hardware wallet. Just keep the private key in a safe place that you only know, with that you already have your own bank. Just prepare a small amount of altcoin using those altcoins, I'm using trustwallet as my savings account for every transaction you make iit needs a small amount of Tron(TRX) when using USDT while BUSD uses BNB in smart chain wallet. As for USDC, I never tried having that stablecoin because only few wallets support it so I don't know what coin does it uses for fees.

[ice18]

Thread created December 2020 where btc at that time just starting to make a parabolic move good decision OP Im sure you have a lot of profit and got huge returns just take profit and reinvest again when the market seems too volatile and hard to speculate.   

[iTradeChips]

Thread created December 2020 where btc at that time just starting to make a parabolic move good decision OP Im sure you have a lot of profit and got huge returns just take profit and reinvest again when the market seems too volatile and hard to speculate.   

Well I really like to hear from the OP what happened to his investments into Bitcoin. Maybe he was able to sell some of his investments and then hold the rest. He should not panic this time of the bear season as we all know that this is a normal occurrence. What goes up must come down at some point. We all need to secure our assets and be able to prepare for the next all time high. If the OP is still following this thread, maybe you can share an story or two what happened this past 5 months. 

[Alert31]

I really hope you don't pick offense in this as it could be what it really is to you but, if I am to be frank with you and fair to myself @OP, this post looks very much like a merit hunting. this is a regular post i should be expecting from any regular beginner but it appears your obviously not of that category. mare looking at your activity count reading up to 700+ and I got curious how you aren't a hero or sr. member just yet. For a fact, you've been active and as such a little trip through your profile to see what's your post quality like and i can say its relatively low and very much on the average and coupled with the fact that, this account has been in existence since 2017 and yet, your only just beginning to start your journey in bitcoin investments, your journey in crypto must have been really rough. Naturally I would have thought its been all about bounty hunting for you @OP but that doesn't seem to be the case, but only seem to pick it up just more recently and i'm not sure it would do you a thing of good to go down that road.

In light of the thread, bitcoin isn't a bank and cant be a bank. currencies aren't banks, wallets are.
It pays to be a bitcoin investor and depending on the path you choose to approach it, either trade or hoard or investing it in some other gainful activity, you've just got to develop the right attitude towards it and your almost good to go.

Hello Sir, my post is true and based on what happened to me during the start of pandemic. If there is someone who will give merit, then, I will be thankful, if nothing, it's okay because I know my capability is very low. Yes, my account was created November 2017 and I didn't receive much merit unlike you but I was thankful for this forum because this member account help me a lot to provide the needs of my five children. Maybe I am not smart and genius like you and I can't post like you but I also think that you should not judge others because we are in different situation and you are knowledgeable enough than me that can post a very high quality post. You know, sometime we just eat two times a day and I always tried to join bounty campaign to earn even a little (I think there is no problem about this) , so, how can I invest even a little if we always lack financially even for our daily needs. I was thankful because of my work, I start saving in a bank for the future of my children's but unfortunately I lost my job because of pandemic and we all spent the little I had accumulated. Now I was thinking that instead of depositing in a bank why not I invest it in bitcoin and hoping that it will grow in the future. Who knows, it might be the answer to our poverty. Also I was thankful that I was able to earn profit during the bitcoin bullrun.

[JohnBitCo]

I really hope you don't pick offense in this as it could be what it really is to you but, if I am to be frank with you and fair to myself @OP, this post looks very much like a merit hunting. this is a regular post i should be expecting from any regular beginner but it appears your obviously not of that category. mare looking at your activity count reading up to 700+ and I got curious how you aren't a hero or sr. member just yet. For a fact, you've been active and as such a little trip through your profile to see what's your post quality like and i can say its relatively low and very much on the average and coupled with the fact that, this account has been in existence since 2017 and yet, your only just beginning to start your journey in bitcoin investments, your journey in crypto must have been really rough. Naturally I would have thought its been all about bounty hunting for you @OP but that doesn't seem to be the case, but only seem to pick it up just more recently and i'm not sure it would do you a thing of good to go down that road.

In light of the thread, bitcoin isn't a bank and cant be a bank. currencies aren't banks, wallets are.
It pays to be a bitcoin investor and depending on the path you choose to approach it, either trade or hoard or investing it in some other gainful activity, you've just got to develop the right attitude towards it and your almost good to go.

Hello Sir, my post is true and based on what happened to me during the start of pandemic. If there is someone who will give merit, then, I will be thankful, if nothing, it's okay because I know my capability is very low. Yes, my account was created November 2017 and I didn't receive much merit unlike you but I was thankful for this forum because this member account help me a lot to provide the needs of my five children. Maybe I am not smart and genius like you and I can't post like you but I also think that you should not judge others because we are in different situation and you are knowledgeable enough than me that can post a very high quality post. You know, sometime we just eat two times a day and I always tried to join bounty campaign to earn even a little (I think there is no problem about this) , so, how can I invest even a little if we always lack financially even for our daily needs. I was thankful because of my work, I start saving in a bank for the future of my children's but unfortunately I lost my job because of pandemic and we all spent the little I had accumulated. Now I was thinking that instead of depositing in a bank why not I invest it in bitcoin and hoping that it will grow in the future. Who knows, it might be the answer to our poverty. Also I was thankful that I was able to earn profit during the bitcoin bullrun.

This was your best decision to keep investing in bitcoin and do not move your funds into fiat currency in the bank. I hope due to the bull run you saved bitcoins have increased in value. Just remember to take some profits near the end of bull run.

[mrongoz22]

we still live in fiat currency to transact, so we must be wise in making decisions, I salute you, because you have the courage to take the decision to save all your money in bitcoin, but it would be nice if you also have to save some of your money in bank, because if you need an urgent need, you can immediately pick it up at the bank, but if your bitcoins need time to withdraw all your bitcoins ...

[Alert31]

Thank you guys, to all your comments and suggestions. I will keep it on my mind and always remember what you've said for the better result of my investment. I will save some of my profit and convert it into fiat. I also wish for all of us here in the crypto space to have a successful and profitable trade and investment.