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

[Tony116]

It's really a bad idea to store all your assets in bitcoin, even daily spending money. Bitcoin is an asset class that is resistant to inflation but it is only suitable for the long term and not for the short term. An example: if you hold fiat currency since inflation occurred so far your fiat currency will not lose so much value but if you hold bitcoin at $69k, your asset will lose 75% of its value from the current price. In this case, fiat wins bitcoin.

I don't have issues with my daily expenses, this is about planning, and I have carefully table out my plans before doing this. I've been in the world of investment for a while now, I don't see any immediate issue for now.

I don't know how long you have been in the market but I just wanted to add to you that, bitcoin is a very good investment, history has proven it always bounces back after 4 years and hits a new ATH. But that does not guarantee that it will increase again in the future or will continue to decrease, Bitcoin remains a risky investment and the future is uncertain. As a wise investor, don't put all your eggs in one basket, hope you don't forget this immortal saying.
Everyone has their own vision and investment plan and it's your decision, I wish you luck with your plan.

[1715315342]

1715315342

[EarnOnVictor]

over 99.99% of my money is now in Bitcoin.

Is it 99.99% of your money or your net-worth?

Not my net worth, just the certain amount that was supposed to be wasted in the bank with low interest. It is better to maximize my earnings through the opportunity Bitcoin has given me since I already have an understanding of trading/investments. However, it works for me, and I spend my profits to run my monthly bills.

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.   

You made me laugh pal! This is more than doble because it's what I do in recent months and is working for me. I only realize that it's a better way to earn passive income than I thought. But mind you, I have alternatives, you can read other replies joined with this for better understanding.

Don't let ideology affect your financial decisions. Managing money should be a purely practical thing. Putting all your money into a purely speculative asset with high volatility is not a good idea. If Bitcoin crashes, you will have to sell at a loss, just to cover your basic needs.

Thanks for the advice! I'm in an investment environment for long, so I do not "put all my eggs in one basket." I have other investments and assets, was just pointing to the liquid assets here.

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.

You are one of the people that are getting the whole gist wrong. I referred to the amount in my bank account after all expenses have been sorted out. And if there is a need for me to move in more money, I do it within 10 minutes, so no big deal here.

[so98nn]

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!

It is definitely annoying considering the amount of fees they are taking for border transactions. You need to pay for foreign exchange charges, services charges, GS tax and yes of course the bank charges for handling the whole transaction.

I usually keep sending funds to USA for work purpose and you guys might have some idea how worst process it is to go through it.

If you see following screenshots then you would see various stuff.

1. I need to explain them what is the Purpose of remittance?
2. Reason for Remittance
3. Charges for Bearer (intermediate bank charges)


If you go through second screen shot then

1. Exchange rate needs to confirmed
2. They are so greedy they would take charge for delivery of your funds.

As if like they are threatening us our funds might get lost on the way. They are hell crazy.

_______________________	_______________________

Definitely not worth it.

Like same transaction if I have send via bitcoin my wallet would charge me near about 1-2 USD with economic speed.
I don’t have to explain any shit to anyone like from where the money is coming and to whom I am sending.

[Smack That Ace]

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!

Can you be more specific about this?, I don't believe a bank can charge up to $71 for a transaction, to me it is fiction.

I don't mean against you investing in bitcoin and spending most of your money in bitcoin but putting it all in bitcoin and not having any fiat or savings in the bank is a bad idea. I don't know are you married? But for me, I am a married person with a job with a stable income but I never thought of putting all my money into one investment, especially bitcoin, a very volatile asset. Hopefully, you have investments other than putting all your eggs in one basket, it won't make you any better.

[Odusko]

While inflation does eat fiat value,
you do realize BTC dropped from $64K to less than $17K in only a few months.

BTC losses have been worse than inflation. 

That is true, but only if you look at a particular part of the All-Time chart.  If you look further you will notice we are up more than 1,000% only over the past few years.  Compare ~$16,000 to prices of 2014-2016.  That is only a few years ago.  Sure, we may be down for the past year, but Bitcoin overall has been an insanely good investment.  We beat inflation to a pulp and we were some of the very few who truly thrived.

-
Regards,
privacy

You are both are correct because bitcoin volatility can be likened to inflation at some point but what makes Bitcoin unique is that Bitcoin always recovers at whatever point if you have been following the chart over the past few years, Bitcoin price have made some insane movements and most of the time against the user's expectation.
Bitcoin is a hedge against inflation does not mean Bitcoins is totally free from the impact of inflation in the global stock market an bitcoin is also expose to have some elements of inflation which have resulted in Bitcoin volatility but if you have the right understanding and knowledge that could guide your thoughts, and decision that could limit the risk of unexpected bitcoin price movement as an investor of just a regular Bitcoin user.

[taufik123]

I really appreciate what you did when you started to fully believe in crypto including bitcoin. Using Bitcoin as the main asset and not having a large amount of Fiat in the bank account that you are using. This is a real example of your own adoption.

But personally, I still hold 50% Fiat and 50% crypto assets divided into bitcoin and some potential altcoins. I am not completely turned to crypto because of regulatory issues in my country which only allow crypto as a commodity asset and may not be used as a valid means of payment. The safest choice is to hold a portion of Fiat for the purpose of buying daily necessities and crypto only as an investment.

[Bitstar_coin]

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.

Perhaps he will then convert some btc to fiat and pay for any services he needs. Although this may not be the wisest thing to do because anything can cause a delay at the time he desperately needs some cash.
Despite the ugly side of fiat, it is still important to keep a considerable amount for contingencies, you never know when you will need it.
It is always good to play safe. Having 70% btc and 30% fiat for your day to day expenses is not a bad idea. Except you live in a location where btc is accepted for everything in daily expenses, it is important to keep some csah.

[ilovealtcoins]

... Except you live in a location where btc is accepted for everything in daily expenses, it is important to keep some csah.

Even if you live in a place where bitcoin is fully accepted, it would not be wise to put your entire fortune in bitcoin. Bitcoin remains a risky and highly volatile asset. They may accept bitcoin today but may also ban it tomorrow. Bitcoin is still a very new asset class, not yet widely recognized, so whether it is accepted or not, you still shouldn't risk your entire fortune.

[ajiz138]

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.

This is a fitting point because indeed your thinking is the same as mine for the most part.
Having bitcoins as a provision for old age and investment is indeed very feasible, but on the other hand we also can't save it completely here.
Our life is still going on and it is clear that with it we still have to support ourselves and those closest to us so that we can continue to survive the hard times of life and with that we know that bitcoin alone cannot save for our daily needs especially with the current bearish conditions which is still ongoing.
So we need to set aside another part for our living needs because being 100 percent in bitcoin is definitely one of the actions that in the end when we don't have money for our lives we start to stress and make the choice to use our bitcoins which of course this is what I avoid.

[bhooscream]

I save my money in the bank one time, but there is administration fee to be paid every month and that is higher than the interest itself. How funny it is.  I should pay for it. This is really different with having assets in Bitcoin where I don't need to pay for saving the Bitcoin. I can control my money in Bitcoin by myself. This is what makes the difference between centralized and decentralized, about te controls and also the interest in saving them.

I cannot ignore that fiat is also very important in my life because we are here only using fiat or money for transaction, not Bitcoin. But if we are talking about the investment, Bitcoin is relaly much better although this is also high risks. But, we can surely amnage the risk wisely

[gabbie2010]

... Except you live in a location where btc is accepted for everything in daily expenses, it is important to keep some csah.

Even if you live in a place where bitcoin is fully accepted, it would not be wise to put your entire fortune in bitcoin. Bitcoin remains a risky and highly volatile asset. They may accept bitcoin today but may also ban it tomorrow. Bitcoin is still a very new asset class, not yet widely recognized, so whether it is accepted or not, you still shouldn't risk your entire fortune.

I also shared the same ideology with OP with 90% of my assets is in crypto I only save some small amount of fiat in my bank account which is meant for smooth running of my family, to make it easier whenever I am in short of fiat I do send some coins to Binance where I do P2P transactions to refill my bank account, this is the method used by most youths in my country invariably  preferred saving or hodling their assets in their wallets, though some prefers using a stable coin like USDT while majority uses bitcoin saving huge amount of fiat in bank is not productive with just some few monthly interest.

[ilovealtcoins]

... Except you live in a location where btc is accepted for everything in daily expenses, it is important to keep some csah.

Even if you live in a place where bitcoin is fully accepted, it would not be wise to put your entire fortune in bitcoin. Bitcoin remains a risky and highly volatile asset. They may accept bitcoin today but may also ban it tomorrow. Bitcoin is still a very new asset class, not yet widely recognized, so whether it is accepted or not, you still shouldn't risk your entire fortune.

I also shared the same ideology with OP with 90% of my assets is in crypto I only save some small amount of fiat in my bank account which is meant for smooth running of my family, to make it easier whenever I am in short of fiat I do send some coins to Binance where I do P2P transactions to refill my bank account, this is the method used by most youths in my country invariably  preferred saving or hodling their assets in their wallets, though some prefers using a stable coin like USDT while majority uses bitcoin saving huge amount of fiat in bank is not productive with just some few monthly interest.

I see people risking their money when investing most of their wealth in bitcoin or crypto. Bitcoin is a good investment, I am also investing a lot but not the whole property. You should know that there are still risks to bitcoin so placing 90% of assets is also risky, you need to diversify your portfolio like gold and real estate.

[Adbitco]

I hardly save money on my bank account all less wanna pay with my debit card then I will make some trade and conversion to fiat and transfer to my local account. I was so much disappointed with bank whenever they deducted from me as monthly maintenance fee and tax from Government, it's very painful seeing that having $1000 to our local currency kept decreasing everyday by day for just some common transfer or withdrawal. If having $1k before months runs out you end up having $950 which makes me uncomfortable leaving my having my money inside bank so it's better I converted to BTC, usdt and any other currencies.

[Anguwa]

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!

Keeping money in a bank account won't actually make you any money, but investing it in cryptocurrencies will make you enough money from a variety of sources, including a decline in the value of your money in fiat currency and an increase in the value of Bitcoin or other cryptocurrencies. However, if you hold fiat, the value will either stay the same or decrease, but it can never increase.

[S A KHAIR]

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!

Keeping money in a bank account won't actually make you any money, but investing it in cryptocurrencies will make you enough money from a variety of sources, including a decline in the value of your money in fiat currency and an increase in the value of Bitcoin or other cryptocurrencies. However, if you hold fiat, the value will either stay the same or decrease, but it can never increase.

But you invest all your money in bitcoin and then bitcoin drops 20% one day, and what do you do? do you think fiat depreciates faster or bitcoin depreciates faster, in this case. It would be a bad decision to put all our money in bitcoin or crypto, we should have some fiat just in case.

[EarnOnVictor]

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.

You are getting it wrong, I am not addicted, I only asked if I was addicted. This is a plan that has investments inclusive, and it is earning for me. So it's good.

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.

Thank you for this advice. I have been in the investment environment for a long period of time, and BTC only gave me an opportunity to make more money, it's working as planned. Mind you, without taking risks, you can't gain much, I did not take risks during the bullish runs of BTC, and I am using this plan to cover up for the missed opportunity.

@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?

Yes, I have means of livelihood and I don't have issues moving my money from BTC to fiat if I want to.

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!

Stock is a very good option for investments if one has the money. It could be a long-term plan as most stocks in developed countries often appreciate it. Specifically, I advise people to invest in the US stock market, but one has to be extremely careful and speculative at this point as most of them are at their record highs.

[LegendaryK]

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!

What Utility Company & Grocery Stores are you using that is accepting BTC,
not to mention how are you making house or car payments with never more than $100 in fiat?

$100 in fiat is easy to go over at any store, so your only $100 in fiat assertion seems inflated.  

Bank ACH transfers cost nothing, all btc transfers have transaction fees.

Or did you mean you only have ~$100 in fiat after you pay all of your fiat bills monthly.

[LogitechMouse]

A very subjective topic at least for me and for some here.

I'm investing in cryptocurrency and stock market currently but at the same time, I'm also putting a small portion of my monthly income into the banks. Yes, inflation is eating it slowly, but I have my own reason why I'm still putting a small amount of money in my bank account rather than investing all of my money and that is emergency funds just in case worst thing happen to me or to my family.

I also thank this forum because it's the eye-opener for me to get involved into cryptocurrency. I might be lucky that I involved myself into crypto and earn from it just after I graduated in college but overall, Bitcoin and the forum helped me a lot especially when it comes to knowledge. I have no negative feelings whatsoever on these banks since I'm not using it for transaction, but only for emergency funds.

[yazher]

This is why they're doing everything they can to stop the spread and the popularity of bitcoins all around the world because when people realize the true usage of bitcoins, all of those banks will be closed and no one will gonna trust their money to the banks. That's why they always come up with some of their so-called concern and they also link global warming to the crypto miners. This is how desperate they are because the damage will be clear to them once everyone will put their money into bitcoins rather than putting it to the banks for the banks to use as capital for their hidden businesses.

[EarnOnVictor]

A very subjective topic at least for me and for some here.

I'm investing in cryptocurrency and stock market currently but at the same time, I'm also putting a small portion of my monthly income into the banks. Yes, inflation is eating it slowly, but I have my own reason why I'm still putting a small amount of money in my bank account rather than investing all of my money and that is emergency funds just in case worst thing happen to me or to my family.

I also thank this forum because it's the eye-opener for me to get involved into cryptocurrency. I might be lucky that I involved myself into crypto and earn from it just after I graduated in college but overall, Bitcoin and the forum helped me a lot especially when it comes to knowledge. I have no negative feelings whatsoever on these banks since I'm not using it for transaction, but only for emergency funds.

Nice to read all these, but for me, I will always have bad reservations about commercial banks, they are centralized and sole deciders, and have exploited us enough. There is no way I will totally be independent of fiat though, yet I have minimized it to the barest minimum. Thanks to cryptocurrency and I hope I will even be doing more in the future if possible.

What Utility Company & Grocery Stores are you using that is accepting BTC,
not to mention how are you making house or car payments with never more than $100 in fiat?

$100 in fiat is easy to go over at any store, so your only $100 in fiat assertion seems inflated.  

Bank ACH transfers cost nothing, all btc transfers have transaction fees.

Or did you mean you only have ~$100 in fiat after you pay all of your fiat bills monthly.

I'm sure you did not read my post insightfully, even the subsequent ones have successfully explained all this. Having almost all my money in BTC or other investments does not stop me from accessing them when I need them. Despite that I have other investments aside from Bitcoin, I easily exchange my money from BTC to fiat in a matter of fewer than 10 minutes in most cases. So, if I need money today, I will definitely convert, it is as easy as that.

Also, the $100 you underlook is big enough to sustain me and my family for a week in my country if there is no celebration or buying something that requires more money, which happens rarely.