I hardly have up to $100 again in all my fiat bank accounts since I joined BTT

[Nrcewker]

Both Bitcoins and Centralised banks have advantages over each other. You can’t transfer Bitcoins to all, as there is a high chance that the user might not been using Bitcoins. So in case of any emergency, if you don’t have hard cash or fiat, then converting BTC into Fiat will take a whole lot of time. Also Bitcoins aren’t legalised at many places, so you can’t use Bitcoins there and hence Fiat is required to maintain daily needs. I am glad that you loved Bitcoins so much and making each and every investment on it, but yes without Fiat, life won’t be easy, atleast in these current situations.

[Piesel]

But that is not only all, in my country, the fiat is highly devaluing and getting more worthless as usual, the inflation rate is increasing leading to reducing purchasing power. That has been the reason many people do not prefer fiat but prefer bitcoin, while also that if bitcoin is probably investment on, can give profit. No one can invest in fiat because it always devalues.

Good point and you can add over-taxation of fiat balance because most times, I have gotten notifications on deductions from my account but I don't experience the same with my Bitcoin balance unless I initiate a transaction that is when I will be charged some Satoshi for network fees.

Know this and know peace! With Bitcoin, the bank or government does not have access to your money, but with a bank balance, you don't have the right over your money the bank and government do that is why there can take any amount and give you what is left.

[Solosanz]

Both Bitcoins and Centralised banks have advantages over each other. You can’t transfer Bitcoins to all, as there is a high chance that the user might not been using Bitcoins. So in case of any emergency, if you don’t have hard cash or fiat, then converting BTC into Fiat will take a whole lot of time. Also Bitcoins aren’t legalised at many places, so you can’t use Bitcoins there and hence Fiat is required to maintain daily needs.

What did you mean here? are you talking about direct P2P trade? why you need to force yourself to convert your coin to fiat via P2P trade? you can still use P2P platform, centralized exchange, or decentralized exchange. Just look on 24 hours Bitcoin trade [1], it's really huge and there's many people who willing to sell their Bitcoin everyday! As long as the countries accept Bitcoin as a legal tender, you wouldn't find it's difficult to pay with Bitcoin.

[1] https://coinmarketcap.com/currencies/bitcoin/markets/

[Pmalek]

I don't believe you, and it sounds like a fairytale to me. Living entirely off bitcoin is doable and some people do it, but it requires a lot of work and very much depends on where you live. You need merchants and trading partners willing to accept your digital coins. It's much easier finding those in The States than in a poor Asian or African country. Every-day spending on food and supplies is easier with cash than with bitcoin. Then you have bills and taxes.

The one person I read about who lives entirely off bitcoin is based in Canada. He shops with merchants that accept crypto, buys a lot of gift cards, and turns to Bitcoin ATMs and friends when he needs cash. So even if he earns and spends crypto, he needs cash from time to time, and a lot of the spending is through payment processors that exchange your BTCs to fiat immediately.   

[xSkylarx]

over 99.99% of my money is now in Bitcoin.

I smirk on this; I don't know why, but is he living using only bitcoin? like if he rented a car, the payment would be in bitcoin? If he buys at a store, does he use bitcoin? How about the other 0.01% of his money and where it goes? I don't believe the OP if this is really his routine unless he will say his investment is 100% in bitcoin, not all his money.

[Iroh]

BTT has opened my eyes, the fiat rulership had milked me for too long. I was blind before, but now I can clearly see. Thanks to Satoshi Nakamoto!

Like play, I realized I hardly have $100 (conversion) as my total fiat balance in all my bank accounts, over 99.99% of my money is now in Bitcoin. I was slightly using Bitcoin before joining BTT, but this forum has made me a proudly addicted user of Bitcoin (payment, trading and investments). This is a good addition because I am making more money with them unlike the fiat in banks that will just be useless for me and useful for the bank.

It is so annoying when I look back at the wire transfer transactions I had performed in the past, to the point of charging me as high as $71 for a single transfer if correspondent banks are involved.

A big shame on the centralized fiat because of this extortion!

I think an addiction, no matter what it is, is not good. And I wouldn’t advise you to indulge in any form of addiction(bitcoin included).
You mentioned you’ve got 99.99% of your funds in bitcoin. Although that may be applauded by some, I would say it isn’t a good nor smart move. I personally think it’s strange

You do not put all your eggs into a basket; no matter how sturdy it is. That’s why you should share your eggs into various baskets. Diversification is important. I also think you should hold more than .001 of your funds in fiat as it’s undeniably more widely accepted and used.

[GiftedMAN]

over 99.99% of my money is now in Bitcoin.

Mate, are you being sarcastic here or something? If 99.99% of your money is in bitcoin right now as you said how do you go about getting things in areas where bitcoin is not acceptable for payment? I can't imagine converting all my fiat to bitcoin because my country is yet to accept bitcoin for payment maybe you have got bitcoin atm in your region that's why you find it very easy to do this if not then I doubt you aren't serious about this, just my opinion though I don't mean to disrespect the op.

[harapan]

over 99.99% of my money is now in Bitcoin.

I smirk on this; I don't know why, but is he living using only bitcoin? like if he rented a car, the payment would be in bitcoin? If he buys at a store, does he use bitcoin? How about the other 0.01% of his money and where it goes? I don't believe the OP if this is really his routine unless he will say his investment is 100% in bitcoin, not all his money.

That's a complete joke, even those with large amounts of Bitcoin to an extent still needs fiat to run daily affiars, I am with you on this I think this is a complete story told to earn some merit's. Good he had some already, mission must be accomplished.
BTT must have open your eyes to the bad/power  government and banks had over you. Writing all this without prove seems idiotic to me

[AicecreaME]

I am disappointed in fiat because of inflation, its value is not that great, especially if you're in a third world country. Bitcoin is much more different than fiat, it has more value, convenient to have, easily stored, could be access anywhere, anytime, and not easy to stole unlike fiat. Fiat doesn't have volatility like Bitcoin, I mean it doesn't have any bullish season, it's stable and prone to inflation. Storing your fiat in Bitcoin is much better than storing it in bank, because nothing will happen if you keep it in your bank account while still doubting bitcoin.

[Yawa2020]

Is it 99.99% of your money or your net-worth? I used to be like this too but that was majority of my net-worth which scared me because I realized I haven't diversified well enough. Which is why I have been trying to focus more on diversification. Despite my belief in bitcoin's long term potential, my total net-worth is in real estate, gold and bitcoin with the later having the most percentage. I have not found any other viable "asset" that is stand-alone and can be trusted enough for me to invest in yet.

You made a very nice decision mate. In as far as Bitcoin seems to be a potential project one should invest in, it's absolutely too risky to invest almost all your net worth in it. Diversification is the right way to go by. You can as well buy shares in some reputable companies and financial institutions if you are financially buoyant enough. 40-50 % of your investment in Bitcoin is not bad thou.

[Henrobakkara]

This thinking is not wise at all, so what will happen if you need money for something urgent, such as unexpected bills, a family visit, a sudden accident, torrential rains, a hurricane and other environmental conditions, a fire near you?

You should invest in bitcoin money that you are not afraid of losing and not everything you own.
You should leave enough money for several months ahead.

Thanks, man. I am thinking that OP has all his daily needs bought out via Bitcoin cos every regular store/market accepts Bitcoin in his/her location. We are all for Bitcoin trust me and you never know how much each of us has invested in Bitcoin, I know I have but we cannot take away the fact that 99% of our daily costs are still paid for in fiat in my location at least regardless of the economic hardship we are going through. It is sad that we are seeing this inflation situation decrease the value of the fiat across the globe but it is what it is and we need to have those cash in hand or the Bank.   

[Yatsan]

BTT has opened my eyes, the fiat rulership had milked me for too long. I was blind before, but now I can clearly see. Thanks to Satoshi Nakamoto!

Like play, I realized I hardly have $100 (conversion) as my total fiat balance in all my bank accounts, over 99.99% of my money is now in Bitcoin. I was slightly using Bitcoin before joining BTT, but this forum has made me a proudly addicted user of Bitcoin (payment, trading and investments). This is a good addition because I am making more money with them unlike the fiat in banks that will just be useless for me and useful for the bank.

It is so annoying when I look back at the wire transfer transactions I had performed in the past, to the point of charging me as high as $71 for a single transfer if correspondent banks are involved.

A big shame on the centralized fiat because of this extortion!

This is a good manifestation but putting uour money on investment, means you are also putting it at risk (since you've mentioned that almost all of your savings were converted to Bitcoin). But indeed there's a chance for profit but consider market behavior as well. Also, quite concerned with using it as a mode of payment especially at this moment wherein market is down for months. I prefer holding or using it as an asset to make profit in the future once bullish trend enter. I am also planning and hoping that one day it will be used as one of the options to pay a service but definitely, it is still too soon for such thing given that adaptation is still on process.

[GiftedMAN]

over 99.99% of my money is now in Bitcoin.

I smirk on this; I don't know why, but is he living using only bitcoin? like if he rented a car, the payment would be in bitcoin? If he buys at a store, does he use bitcoin? How about the other 0.01% of his money and where it goes? I don't believe the OP if this is really his routine unless he will say his investment is 100% in bitcoin, not all his money.

That's a complete joke, even those with large amounts of Bitcoin to an extent still needs fiat to run daily affiars, I am with you on this I think this is a complete story told to earn some merit's. Good he had some already, mission must be accomplished.
BTT must have open your eyes to the bad/power  government and banks had over you. Writing all this without prove seems idiotic to me

I think you need to get more proof from the op before you believe what he said but calling his story names doesn't sound nice in my opinion. The op may be in a region where bitcoin is mostly used so converting all fiat to bitcoin wouldn't be a difficult thing to do since he's a bitcoin believer and he has good knowledge of bitcoin if this is possible that means the op will be glad during the bull run but how is this possible with the current price of bitcoin?

[Darker45]

I am also disappointed with the fiat system but I don't think it is wise for me to just have a total of $100 in all my bank accounts. A huge chunk of my worth is also in Bitcoin, but since I know very well how Bitcoin's price is very volatile, I admit I cannot risk not to have fiat savings.

I have a number of reasons in mind. For one, I won't easily convert my Bitcoin, especially during bear markets. So I have to have fiat for my regular expenses as well as for possible emergencies. After all, spending Bitcoin is not easy where I am.

You mentioned about making money with Bitcoin and your involvement with trading and investment. If you don't like fiat in the banks because they're just using your money for their own benefits, I'm afraid that's exactly what crypto exchanges and investment platforms are also doing with your Bitcoin.

You might want to reconsider your alternatives.

[Mr. Magkaisa]

  - Most of the community members here on this forum platform know that this forum has helped a lot. With the help of the knowledge and experience of other members here, we have ideas about things that we didn't know before that we now know because of the help of others here and us.

At the same time, it cannot be denied that it also provides some kind of work to the rest of us here, to be honest. This forum platform also encourages us to conduct trading activity in cryptocurrencies or bitcoins to grow our fiat instead of keeping it in banks.

Although I also don't trust banks much because I have seen the system they have implemented for their users. But I'm not saying banks are bad.

[noorman0]

-snip-
over 99.99% of my money is now in Bitcoin.

@OP, do you have a job or real source of income?
Percentage figures that are difficult to accept in whatever part of the world you live (unless you are still living with your parents). It's not about how skeptical you are of the bank, but one must have a liquid reserve fund for emergencies. Another question, do you always carry your bitcoins anywhere and access them in random places without worry?

[pooya87]

You can as well buy shares in some reputable companies and financial institutions if you are financially buoyant enough.

Yeah but I never could get myself into investing in the stock market. In fact over the past couple of years we had a booming stock market and in certain periods it even gave better profit than bitcoin but even then I couldn't enter it since it never made any sense to me to trade shares like this. I know it is a little weird but I find the whole concept seriously flawed!

[buwaytress]

So in the short 3 or 4 months since coming on, you've chosen to put it all in on Bitcoin? Congratulations, and well done -- I hope it serves you well, I actually think you've got amazing timing, that's a double bonus if you continue to build up on that savings with DCA.

I would really recommend you don't lose your day job, and also spread your risk. Fiat's nonsense but you probably could save a bit more money for DCA if you actually kept some fiat in those accounts. Earn some interest, and protect it with state bank guarantees. You use them to pay yearly bills and tax anyway. Then you're not forced to liquidate BTC annually to pay off shit like that.

You did mention spending $71 on transfers. Are your recipients now accepting BTC? And they're happy bearing the cost of liquidation when they convert? Curious because I had a bit of a journey convincing my clients to pay BTC.

[darkangel11]

I'm pretty much in the same shoes as OP for many years now. To be clear, because that question came up in the thread, it's 90% of my liquid assets (fiat currencies, other crypto). I don't know the value of my net worth because the value of real estate changes in time and I haven't checked it lately, but I'd say that at current price of bitcoin it's about 50% of all that I own. At 60k USD it was more like 90%. I don't have money on my bank account. I use it only for emergencies and it holds less than 0.01% of my money. I hold about 50 times more in cash than I have in the bank and at least 20 times that cash in bitcoin.

[serjent05]

I also think keeping the majority of our savings to Bitcoin is a smart move but keeping 100% isn't.  We always need some fiat in our pocket because we cannot spend Bitcoin anywhere because there are still lots of stores that don't accept it.  I also think it is way better to invest a percentage of our money in Bitcoin than keep it in the bank.  Banks tend to use our money in different investment and will only give us less than 2% annual interest while when we apply for a loan (funny how we borrow our own money) they charges us more than 10x of what interest they give to us.