Do not trust fiat centralized system with your money

[catnine1]

Anything can happen, protect your wealth.

One of the easiest way to do so is by holding bitcoin which is a store of value.

This Phong Le’s family fled Vietnam after their wealth was confiscated and their currency reset. This was when North Vietnam took over South Vietnam, any fiat in South Vietnam bank become zero value. Any cash that South Vietnamese have, even if it is $1 million or more, they use it to collect $10 worth of North Vietnamese fiat.

Gold was also not legalized Vietnam at the time. But there might be still be hope for some people but as the fiat become almost useless, rich men that have his money in South Vietnamese Dong may become poor.

https://x.com/i/status/2003818205337571382

Gold was illegal back then for a reason  they want to trap your wealth in their system BTC is the exit its the hope for the next family that has to flee not your keys, not your coins period.

[Lorence.xD]

That is a tragic story, imagine cultivating that wealth for a really long time and then a war happens and your family becomes displaced, suddenly you have to go back to zero again, that really sucks so much and imagine all your hard work going to waste. That's why I'm a hardcore opposition of these banks that have nothing better to do than try to control the people, that's all there is to their friendliness to the cryptocurrency community, to try and get in without resistance so they can try controlling the people that are in the community. I would also like to add that never just store your keys on your phone, always have a physical copy of your keys that only you have an access to, maybe even encrypt it so you don't have to worry if people accidentally see your keys.

[Agbe]

Bitcoin is the best place to keep money and save your wealth but bitcoin has not been used to buy things directly so even when we hold bitcoin, we will still convert it to fiat before spending. In 2022, my country government almost change the currency and if that happened, many people would have lost their money. And that made many people to deposit their money in the Banks so they can convert it to the new one, but the government came after, change the policy again to keep the former currency, so things became normal again for everyone.. Once such thing happened, the best thing to do is to buy bitcoin but what about those people that don't know about bitcoin?
What happened in Vietnam was a disaster to many. And now that the world is innovating around on Bitcoin, it is good to keep our money in bitcoin so that if any country reset their country currency, it won't affect you.

[Xril2024]

In the past, everyone was dependent on the banking system. Because the banking system was the only safe system. However, it faced disasters for various reasons. Many users had to bear the consequences. But now, a safer system is Bitcoin. Which is the easiest and safest means of storing value. No matter the storm, tidal wave, drought, flood, i.e. natural disaster or man-made disaster, as long as its seed phrase can be saved, this resource is available to the user. However, since people's daily life is not possible without fiat currency, it is safest to keep some fiat currency for living and invest the rest of the money in Bitcoin as an asset. However, the Bitcoin user should keep his mouth shut so that others do not know that he has Bitcoin, otherwise any danger may appear in front of him.

[tabas]

That's the power of centralization and even the currency that the government has, they can devalue it with just one declaration and anyone who's living in that country will have to bear with that rule. AFAIK, there's also the same thing in the past for somewhere in the US have confiscated their gold and later on sold it on a higher price. CMIIW. But with Bitcoin, they cannot do that, they have no power and autonomy towards a reset unless it's the whole world that does it which might impact Bitcoin. But eventually, we know that it always recovers.

[imthegreat]

Anything can happen, protect your wealth.

One of the easiest way to do so is by holding bitcoin which is a store of value.

This Phong Le’s family fled Vietnam after their wealth was confiscated and their currency reset. This was when North Vietnam took over South Vietnam, any fiat in South Vietnam bank become zero value. Any cash that South Vietnamese have, even if it is $1 million or more, they use it to collect $10 worth of North Vietnamese fiat.

Gold was also not legalized Vietnam at the time. But there might be still be hope for some people but as the fiat become almost useless, rich men that have his money in South Vietnamese Dong may become poor.

https://x.com/i/status/2003818205337571382

I lived during a time when banks in my country decided they wouldn't sell foreign currency and you couldn't buy dollars anywhere. Before that, several decades ago, you could go to jail if you were found in possession of foreign currency. A centralized financial system is important, but it's run by people, and therefore by their greed and decisions that can't be challenged.

Even now, there are laws in place that if banks detect suspicious transactions, even if it's just a few money transfers friends, your card can be blocked. It's strange and unfair.

[suzanne5223]

That's the power of centralization and even the currency that the government has, they can devalue it with just one declaration and anyone who's living in that country will have to bear with that rule.

Technically, the currency of every government in the world is already devalued right from the getgo ever since their adoption of 2% inflation practice, which is one of the reasons Satoshi created Bitcoin, because the government never sees the idea of printing more fiat currency every year as economy disruption.
Aside from what was narrated through the video in the OP. The model of how the government operated the country's economy and monetary policy is the reason why all BTC holder sees it as a perfect alternative. Besides, it is also the reason for the birth of BTC.

[tabas]

That's the power of centralization and even the currency that the government has, they can devalue it with just one declaration and anyone who's living in that country will have to bear with that rule.

Technically, the currency of every government in the world is already devalued right from the getgo ever since their adoption of 2% inflation practice, which is one of the reasons Satoshi created Bitcoin, because the government never sees the idea of printing more fiat currency every year as economy disruption.

They see that idea and they're aware of the impact of it when they keep on printing more of their local currencies. These countries have their debts to pay and to be honest, many of them are paying it with their newly generated currency that's fresh from their central banks. It's a rigged system and they have to live by that because they're already accustomed to that system. And that's why Bitcoin defeats that system because it's decentralized and has limited supply where they can't rig it.

Aside from what was narrated through the video in the OP. The model of how the government operated the country's economy and monetary policy is the reason why all BTC holder sees it as a perfect alternative. Besides, it is also the reason for the birth of BTC.

Yes, we're aware of the government's system and that's why bitcoin is the deflationary currency that we all have to hold.

[348Judah]

Anything can happen, protect your wealth.

One of the easiest way to do so is by holding bitcoin which is a store of value.

While the worst thing to do on this is to make use of a custodial storage for your holding and lose everything upon your privacy and security, some are using bitcoin the same way they operate with the fiat system, because they are still operating under the centralized exchange or institutions that determines for them what to do and how to go about it, thanks to this forum for allowing us to learn and grow in knowledge of what is expected of us to do.

[Antona]

That's the power of centralization and even the currency that the government has, they can devalue it with just one declaration and anyone who's living in that country will have to bear with that rule. AFAIK, there's also the same thing in the past for somewhere in the US have confiscated their gold and later on sold it on a higher price. CMIIW. But with Bitcoin, they cannot do that, they have no power and autonomy towards a reset unless it's the whole world that does it which might impact Bitcoin. But eventually, we know that it always recovers.

Exactly the gold seizure precedent shows what states do when they feel threatened. Bitcoin's design makes that tactic impossible, even a global crackdown would just fragment access not kill the ledger it's proven it recovers from every hit so far.

[snowpega]

Bitcoin is the best place to keep money and save your wealth but bitcoin has not been used to buy things directly so even when we hold bitcoin, we will still convert it to fiat before spending. In 2022, my country government almost change the currency and if that happened, many people would have lost their money. And that made many people to deposit their money in the Banks so they can convert it to the new one, but the government came after, change the policy again to keep the former currency, so things became normal again for everyone.. Once such thing happened, the best thing to do is to buy bitcoin but what about those people that don't know about bitcoin?
What happened in Vietnam was a disaster to many. And now that the world is innovating around on Bitcoin, it is good to keep our money in bitcoin so that if any country reset their country currency, it won't affect you.

I also have the same mindset that if one has spare money in the form of savings that he has in fiat currency, then one should invest it in bitcoin so that he can make sure to make it safe for his inheritance or whatever he planned for long-term use. But keeping money in the form of fiat for the long term is not a safe thing. I am not saying rigidly that one should invest in bitcoin only; he can invest in bitcoin, he can buy land, or he can also invest in gold for the long term.

Just keeping in mind that he is doing it to save his money from the centralized system. This way, his savings will be able to fight the increasing rate of inflation, which is a big threat to the fiat currency because fiat is losing its worth day by day, in my point of view. What do you think?

[Die_empty]

Exactly the gold seizure precedent shows what states do when they feel threatened. Bitcoin's design makes that tactic impossible, even a global crackdown would just fragment access not kill the ledger it's proven it recovers from every hit so far.

After the civil war in my country, the government confiscated all the money in the banks. The tribe that lost the war were given less than $10 regardless of the amount you have in the bank. People who owned millions of dollars were given that amount. It was a sad experience for wealthy people who became poor because of this policy. This is one of the benefits of hodling Bitcoin. No government can seize the funds kept in a non-custodian wallet.

Keeping fiat in the bank or keeping assets in a centralised organisation is risky. Government policies can change at any time, thereby causing people to lose money.

[Pablo-wood]

This is tragic, imagine working all your life just to face the ordeal of losing everything only to get $10 regardless of the amount owned.  This is even worst than losing the war because they are already forced to start their life and career journeys from scratch. I just imagine the devastating effects. I barely safe much of my funds in fiat I am skeptical about what might happen anytime. I mean situation and circumstances happen many unpredictable.

[SquirrelJulietGarden]

After the civil war in my country, the government confiscated all the money in the banks. The tribe that lost the war were given less than $10 regardless of the amount you have in the bank. People who owned millions of dollars were given that amount. It was a sad experience for wealthy people who became poor because of this policy. This is one of the benefits of hodling Bitcoin. No government can seize the funds kept in a non-custodian wallet.

Keeping fiat in the bank or keeping assets in a centralised organisation is risky. Government policies can change at any time, thereby causing people to lose money.

A civil war is only something too severe which does not happen too often but even in normal conditions without any civil war, your money in banks can be frozen, seized any time. You don't own any money after making your deposits to your bank account, that bank control your money and can refuse returning it to you by any reason. It can be by their scam attempts, it can be their bank bankruptcy, or it can be an order from government, police.

Even in cryptocurrency with non custodial wallets, if people don't use non custodial wallets for storage, but choosing centralized exchanges, their cryptocurrency can be frozen, seized, confiscated like how banks can do.
Reminder: do not keep your money in online accounts.

[Man of peace]

Normally, fiat currency is not something one should rely on, especially when you don’t have anything to do with money. Investing in Bitcoin is one way to give money value. The reason for having fiat should be for immediate use in buying and utilizing services, but simply having plenty of it in the bank doesn't make sense because it will just lose its value over time.

Apart from fiat losing its value, anything can happen. I have experienced changes in currency by the government, and the old one loses value. Those who had a significant amount lost a huge sum of money because there was nothing that could be done.

I completely agree with what you have said , have fiat current at hand is not adviseable at all especially if you are not going to make use of it, because there is some many things which you did not think of, that will just came into your mind and because the Fiat currency is available in your hand you will make use of the Fiat currency with the hope of replacing it later and from there the Fiat currency will just finish without you knowing the reasonable thing you have spent that money for..

So the best way in which your Fiat currency will continue to add value is when you invested it in different kinds of assets, keep it into your bank is as the same thing as holding it in your hands because Bank will continue giving you charges of different kinds, ATM charges, maintenance charges, withdrawal charges and so on..

[Ishicryptic]

Exactly the gold seizure precedent shows what states do when they feel threatened. Bitcoin's design makes that tactic impossible, even a global crackdown would just fragment access not kill the ledger it's proven it recovers from every hit so far.

After the civil war in my country, the government confiscated all the money in the banks. The tribe that lost the war were given less than $10 regardless of the amount you have in the bank. People who owned millions of dollars were given that amount. It was a sad experience for wealthy people who became poor because of this policy. This is one of the benefits of hodling Bitcoin. No government can seize the funds kept in a non-custodian wallet.

Keeping fiat in the bank or keeping assets in a centralised organisation is risky. Government policies can change at any time, thereby causing people to lose money.

My parents used to recount the sad experience of the civil war in Nigeria, where a lot of the defeated eastern tribe lost their money and properties in the rest of the country, they where all given 20 naira each no matter how much they saved in their bank accounts. That was in the early 70s when there was no internet so I don't know any excuse that a smart person who knows about Bitcoin will give if anything happens to their traditional currency. It doesn't have to be war that can wreck all your money in the bank, inflation can kill the value of your money in peace time. Bitcoin came and it opened our eyes to the vulnerability of fiat, anything centralized is in total control of the people at the top, you are at the mercy of their decisions.

[Die_empty]

A civil war is only something too severe which does not happen too often but even in normal conditions without any civil war, your money in banks can be frozen, seized any time. You don't own any money after making your deposits to your bank account, that bank control your money and can refuse returning it to you by any reason. It can be by their scam attempts, it can be their bank bankruptcy, or it can be an order from government, police.

Even in cryptocurrency with non custodial wallets, if people don't use non custodial wallets for storage, but choosing centralized exchanges, their cryptocurrency can be frozen, seized, confiscated like how banks can do.
Reminder: do not keep your money in online accounts.

It was just an example I could remember. I just used it to illustrate how risky centralised platforms could be. I have seen the government seize the funds of political opponents. Some businessmen who didn't support a political party could be accused of financial crimes and their money seized. The simple truth is that you don't own the money you keep in any centralised institution.

When I hear people say that convenience is the reason why they prefer centralised financial institutions, I just laugh. They simply don't want to take the responsibility of securing their funds. One told me that he prefers investing through middlemen because he is careless. Until they learn the hard way, they might never change.

[melinoe]

This is tragic, imagine working all your life just to face the ordeal of losing everything only to get $10 regardless of the amount owned.  This is even worst than losing the war because they are already forced to start their life and career journeys from scratch. I just imagine the devastating effects. I barely safe much of my funds in fiat I am skeptical about what might happen anytime. I mean situation and circumstances happen many unpredictable.

You either accept the risks or you do something with them..

But I too find the situation just mind boggling, for the people that suffered such a fate..

[finaleshot2016]

Well, it’s true that bitcoin could be a good asset to protect our wealth and of course Gold if we want a tangebile asset. Our currency is slowly becoming worthless due to corruption. So in order to protect our wealth, we need a global asset that can’t be easily confiscated since we’re the one who owns it and of course can’t be confiscated or steal by the corrupted government. This is a good narrative to invest more on Bitcoin and ofc Gold, let’s protect our wealth by investing on the right asset.

[Judith87403]

Very powerful and cautious. The instance from Vietnam clearly reveals how fast fiat wealth may vanish through political decisions above personal control. This reinforces the view that money in the bank isn't always safe and such currency risk is genuine, instead of theoretical. Connecting this history to Bitcoin as a storage of worth has sense, mostly its portability, scarcity, and is resistance to confiscation if compare to cash or local currency. Though no asset is entirely free of risk, therefore your points stands: to be prepared for uncertainty is wise. Overall, it is a solid reminder to ponder beyond now and secure wealth against extreme yet scenarios that are possible.