Bitcoin is my Bank

[famososMuertos]

.../quote/...:
Investing in bitcoin is only complicated when trading or trying to maximize yields beyond just holding. On the contrary, dollar cost averaging into bitcoin with money that you don't need to live on and simply holding is very easy and simple and certain to pay off in the long run.

You have a point of view of all those that exist, that is a very simple one called hodl, it is only one way of understanding it of the many variants that exist, but the great detail is that as well as doing trading or any other type of investment, it is not It is for everyone, the hodl is equally not for everyone, knowing where you can be comfortably with bitcoin may take a while and the best way to find out is to simply go testing.

So recommending what works for you is only a guide, but not necessarily the norm.

[bitcub]

This thread is created last December 2020, if the OP continuously saving his money from his "bank" bitcoin cryptocurrency since December. He must have a huge profit already.

[CryptoStar19]

Not sure about making bitcoin your bank... However BANKING ON BITCOIN, yes, I am and you should too! ;-)

[geegaw]

bitcoin is a long-term investment that is very relevant, for us to save money and is very safe and controlled. we don't need to doubt about very good security, for example we save an emergency fund if we can't save in the bank

I'm quite amazed that you think bitcoin is safe and controlled, this is really a story that is completely opposite to my feelings, its value has never made me feel at peace every day and i admit i cant manage it, sometimes he will be a good boy but sometimes, he will be a stubborn boy. Bitcoin has privacy and safety standards but it doesn't add to the monthly interest and it is asking us to operate more independently without support from it, this bank is probably a spontaneous product and may pose a high risk to the user

[syedakhlaque]

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.

Well said, not only you but bitcoin changed life many people. I also do not have any source of income except bitcoin at the difficult time of the pandemic. because due to lockdown and shutter down traditional businesses were closed. I myself spend that difficult time depending on this business. Bitcoin and cryptocurrency are my fellows of a difficult time. It worked for me like a flash of hope at that time. I am still in this business and trade and will continue it in the future.

[Reid]

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.

Who knows if this may be the best decision you ever made but in my opinion it is.
You still need bank accounts though just for a different purpose because you might need it someday. Then, save some cash instead of putting it all in one basket in BTC or in bank.
Diversify. I think wise people scatter all their assets at some point to have an option where they would pull their money whenever they are outside or inside the house. Just be careful with the volatility especially if you are in the trading business.

[Rufsilf]

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.

Who knows if this may be the best decision you ever made but in my opinion it is.
You still need bank accounts though just for a different purpose because you might need it someday. Then, save some cash instead of putting it all in one basket in BTC or in bank.
Diversify. I think wise people scatter all their assets at some point to have an option where they would pull their money whenever they are outside or inside the house. Just be careful with the volatility especially if you are in the trading business.

His choice was rather excellent that despite in times of pandemic last year, with a right mindset, he actually made the right choice to invest his remaining saving in his bank other than buying essential needs. Now the OP must've had enough savings and profits already than in the time of his writing.
It's totally fine to open a bank to put some savings but don't put too much to avoid unneccesary questions, because in times that you might want to go to another countries you can't really carry huge cash so in that way banks really helps a lot.

[Kemarit]

bitcoin is a long-term investment that is very relevant, for us to save money and is very safe and controlled. we don't need to doubt about very good security, for example we save an emergency fund if we can't save in the bank

I'm quite amazed that you think bitcoin is safe and controlled, this is really a story that is completely opposite to my feelings, its value has never made me feel at peace every day and i admit i cant manage it, sometimes he will be a good boy but sometimes, he will be a stubborn boy. Bitcoin has privacy and safety standards but it doesn't add to the monthly interest and it is asking us to operate more independently without support from it, this bank is probably a spontaneous product and may pose a high risk to the user

Well if you are not at peace with the price then why you invest? And being a Bitcoin investors, it takes a lot of mental toughness and again, if you don't have that kind of attitude, it will be very difficult for you here. And I think majority here has learn it the hard way, and just like what the OP describe, he keeps everything on Bitcoin and today has make a lot of money for him.

[Chato1977]

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.

I may have a Bank account but I also use Bitcoin and some altcoins as my depositing place in which I am holding more than half of my assets now.
not counting the  Gold and Silver i accumulate but now I am holding Bitcoin and altcoins and also my Bank has enough to sustain my Sons education in case something happen along the way.

[Jon_Hodl]

Bitcoin is way better than a bank.

I am looking forward to the day when we can all use Bitcoin instead of banks.

Currently I use almost all bitcoin related services as my banks. I am US based so I understand that not all of this is available to everyone in the world but I use the Cash App for almost all of my banking needs since I can receive direct deposits, spend in the real world and online with the debit card, I can send digital USD to friends and family within the cash app, and of course I can buy and withdraw bitcoin on-chain.

I also use the Fold Card to stack sats whenever I spend fiat.

Both services use Sutton bank but I am looking into both Choice Bank and LVL bank as a means of integrating Bitcoin further into my legacy banking options.

I am not a fan of banks but Bitcoin isn't going to make them obsolete all at once. We will slowly need to integrate bitcoin into banking and then bitcoin will eventually make banking obsolete for savings.

Glad to hear that others are making ends meet with Bitcoin. I hope that the OP is able to continue to get ahead and achieve prosperity along with the rest of us.

[Shagnasty]

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.

[MinoRaiola]

Aso if you believe Bukele, Bitcoin will replace the dollar. That is an extreme view of him in his position, but great for Bitcoin. I can't imagine it and who knows if the dollar will live another 30 years. Would Bitcoin then be a bank for everyone?

El Salvador President Nayib Bukele says, ‘It’s game over for dollar, Bitcoin is future’

Bukele announced Friday that Bitcoin is the “real revolution” the world is seeing at present and days for fiat currency is limited.

Source: https://indianexpress.com/article/technology/crypto/for-el-salvador-president-nayib-bukele-dollar-is-dead-bitcoin-is-future-7689774/

[Ultegra134]

I entered the Bitcoin scene back in 2013-14 at most, I was a simple teenager back then, who didn't have access to bank accounts and credit cards. Thus, if I wanted to purchase something online, I couldn't, since my parents were old fashioned and didn't trust internet purchases.

That's were Bitcoin came to fill this gap by acquiring small fractions through faucets and PTC sites. It was enough for me to complete small purchases of mostly digital goods, such as Minecraft accounts etc.

Now, I'm trying to accumulate as much Bitcoin I can, setting them aside as a savings account.