A question that hit me 🎯 hard

[Somegory]

I have literally turned Bitcoin into my bank where I store all my money because the fiat in my country is very bad and inflation hits it faster than most fiat currency of other countries.

But then someone strike me hard with a disturbing question, he said, what if Bitcoin do failed in the future? What is my plan for that?
He said, we don't know if Bitcoin will have a better future tomorrow, imagine you having everything in Bitcoin and something happened.

This got me good, it got me thinking if I am doing in wrong? Presently I am escaping that inflation but my response to him is life itself, maybe I won't even live long to see Bitcoin fail?

But what do you people think? Do you think there is a better approach to this solution of mine?

[mcdouglasx]

But what do you people think? Do you think there is a better approach to this solution of mine?

I suppose it depends on how you handle risk, or if there's an alternative available to you that counteracts the effects of inflation in your country. Because if you compare, if you keep all your money in Bitcoin, there's a chance it could fail, however small. And if you keep all your money in your fiat currency, it will almost certainly devalue rapidly due to inflation.

Perhaps to minimize risks with Bitcoin, you should make other investments. By diversifying your investment portfolio, it's less likely that if one fails, you'll be left with nothing.

[_act_]

It is very good to diversify. You can buy land, buy properties, and buy other assets like gold and silver. You can also buy their tokenized form but which I think is it good for long term for some people.

I also have almost all in bitcoin also, but I still have few other assets. I still also have like 2% in fiat but they are part of my emergency fund.

[pawanjain]

I have literally turned Bitcoin into my bank where I store all my money because the fiat in my country is very bad and inflation hits it faster than most fiat currency of other countries.

But then someone strike me hard with a disturbing question, he said, what if Bitcoin do failed in the future? What is my plan for that?
He said, we don't know if Bitcoin will have a better future tomorrow, imagine you having everything in Bitcoin and something happened.

This got me good, it got me thinking if I am doing in wrong? Presently I am escaping that inflation but my response to him is life itself, maybe I won't even live long to see Bitcoin fail?

But what do you people think? Do you think there is a better approach to this solution of mine?

May be bitcoin is the best asset out of everything else but that still doesn't mean all our money should be put into bitcoin.
Money management teaches us to diversify our portfolio across all assets so that we don't end up losing all our money into a single asset.
Hence we should be focusing on diversifying our money. Yes, we can put a major chunk of our money into bitcoin but rest of our money should still be put across different assets.
You can explore what all assets you can invest in though. All the best.

[OcTradism]

But then someone strike me hard with a disturbing question, he said, what if Bitcoin do failed in the future? What is my plan for that?
He said, we don't know if Bitcoin will have a better future tomorrow, imagine you having everything in Bitcoin and something happened.

This got me good, it got me thinking if I am doing in wrong? Presently I am escaping that inflation but my response to him is life itself, maybe I won't even live long to see Bitcoin fail?

But what do you people think? Do you think there is a better approach to this solution of mine?

If you feel bad or extremely bad after someone asking you this question, this only shows that you did not prepare well enough before starting your Bitcoin investment. Why I said like this?

Because if you were well-prepared enough before your investment start, you would have searched enough and already found many Bitcoin FUDs including similar questions like what that man asked you. You also had to go through many resources for reading and debuking such fuds before you were ready to spend money for Bitcoin investment.

The bullish case for Bitcoin is more than enough for debunking such fuds.

[Luzin]

This got me good, it got me thinking if I am doing in wrong? Presently I am escaping that inflation but my response to him is life itself, maybe I won't even live long to see Bitcoin fail?

But what do you people think? Do you think there is a better approach to this solution of mine?

Good question, but is it only Bitcoin? What about the world's FIAT? All have risks and we can only try to anticipate them with various steps like diversification into several other assets. There's no need to panic and we must take advantage of all available opportunities to try to anticipate bad things in the future. So we must have a vision and always stay updated on how this technology is advancing and its future potential. IMO

[Lucius]

~snip~
This got me good, it got me thinking if I am doing in wrong? Presently I am escaping that inflation but my response to him is life itself, maybe I won't even live long to see Bitcoin fail?

But what do you people think? Do you think there is a better approach to this solution of mine?

Anyone who invests in Bitcoin is exposed to various risks, including the one you mention. We can be as positive as we want about Bitcoin today, but none of us can know what tomorrow will bring, let alone what it will be like in 5 or 25 years.

The only better choice would be not to keep all your eggs in the same basket, which means that your portfolio could include some other investments that I will not name because this is not financial advice. It's up to you to research what else could be safe and profitable in the long term.

[Zlantann]

But what do you people think? Do you think there is a better approach to this solution of mine?

The major risk, I think, associated with Bitcoin is the safety of wallets. The possibility of Bitcoin dropping to zero is very low. It is now a major part of the global financial system. To be on the safe side, diversify your assets with others that serve as a hedge against inflation. Ensure you do your research before investing in alternative assets. People think real estate is safe and less complex. That's not true; you would have to do research to identify a viable property.

[sunsilk]

I have literally turned Bitcoin into my bank where I store all my money because the fiat in my country is very bad and inflation hits it faster than most fiat currency of other countries.

But then someone strike me hard with a disturbing question, he said, what if Bitcoin do failed in the future? What is my plan for that?
He said, we don't know if Bitcoin will have a better future tomorrow, imagine you having everything in Bitcoin and something happened.

This got me good, it got me thinking if I am doing in wrong? Presently I am escaping that inflation but my response to him is life itself, maybe I won't even live long to see Bitcoin fail?

But what do you people think? Do you think there is a better approach to this solution of mine?

You're not doing it wrong but that question hits you because you have been affected by the doubt of that guy who asked you that question.

The belief you have for Bitcoin isn't questionable but you don't need to seek someone's validation if you did the right or wrong thing about Bitcoin.

Believe more to yourself depending on the experience you've gained from it. I myself is also using Bitcoin as my personal savings and I've got more holdings in Bitcoin than my bank account.

Bitcoin has proved enough for several years to doubt it and to think that it will fail.

[Z-tight]

Some people invest in one asset alone and they continue to accumulate only that asset, it could be BTC, stocks or anything. It could be that that's what they fully understand and are probably scared to invest in something else, it could also be for another reason. However, when you have all your eggs in one basket, there is always a risk you'll lose it or you'll trip and break your eggs.

So, if you worried about that happening to you, then diversify. Don't buy BTC and hundreds of altcoins thinking you have diversified, you have not. Diversify with non-crypto assets, like stocks or silver, etc.

[tbct_mt2]

So, if you worried about that happening to you, then diversify. Don't buy BTC and hundreds of altcoins thinking you have diversified, you have not. Diversify with non-crypto assets, like stocks or silver, etc.

Diversifying investment is with

- Buying bitcoin because bitcoin is good and the best cryptocurrency for long term investment
- Ignoring altcoins because they're useless or low value so they are very risky, with super high risk of losing your money while chance of getting profit is very small.
- Buying traditional assets like gold, silver and the USA stock index, not single stock as it is risky too. S&P500 will continue to grow with time but a stock of a company might die in the future.

It seems you wrote your post inaccurately than what you thought: "Don't buy bitcoin" is not a good advice but I know it's with writing while I understand your advice.

[laspol65]

There is no doubt that Bitcoin has a very good future, because I can see that Bitcoin has been surviving with trust for a long time from the past. So Bitcoin will survive with trust in the future too, so I believe that Bitcoin is not under anyone's control, it is a cyclical shape, the price of Bitcoin increases.
So Bitcoin will survive in the future too, so you should definitely invest in Bitcoin with trust. And the longer the Bitcoin investment, the more profitable it will be. So we can adopt this Bitcoin as an investment strategy to eliminate economic shortages in the future.

[Spaceman1000$]

I have literally turned Bitcoin into my bank where I store all my money because the fiat in my country is very bad and inflation hits it faster than most fiat currency of other countries.

But then someone strike me hard with a disturbing question, he said, what if Bitcoin do failed in the future? What is my plan for that?
He said, we don't know if Bitcoin will have a better future tomorrow, imagine you having everything in Bitcoin and something happened.

This got me good, it got me thinking if I am doing in wrong? Presently I am escaping that inflation but my response to him is life itself, maybe I won't even live long to see Bitcoin fail?

But what do you people think? Do you think there is a better approach to this solution of mine?

I don't think is enough reason to get you think too much,  Bitcoin isn't failing, as a matter of fact, from your statement, you can see the the one owned by the government is the one failing, as it's cannot stand inflation, and we all know what inflation does to your pocket, so instead of worrying for the future that is unknown, it is better you make do with what you have which is investing in Bitcoin and probably diversify into either stock or real estate, that way you create a balance within your investment and you make sure your money is in assets and not in liquidity like cash. The good thing is that, it is better you ask yourself some of these questions so that you begin to plan yourself and ask the right questions, so in a nutshell for me I believe, diversifying will help reduce some of those anxieties.

[PrivacyG]

If you feel bad or extremely bad after someone asking you this question, this only shows that you did not prepare well enough before starting your Bitcoin investment. Why I said like this?

Because if you were well-prepared enough before your investment start, you would have searched enough and already found many Bitcoin FUDs including similar questions like what that man asked you. You also had to go through many resources for reading and debuking such fuds before you were ready to spend money for Bitcoin investment.

The bullish case for Bitcoin is more than enough for debunking such fuds.

You have all the rights to be very positive on how the future of Bitcoin looks but at one point you become delusional and this is where you do.  Putting ALL your Assets in Bitcoin is like gambling.  You do not know what happens tomorrow and how the tomorrow event will affect Bitcoin.  And although it has done a lot of revenue to so many people, if you have every thing concentrated on one single basket you are going to get very screwed if things ever go bad.

Difersifying is a great thing and this is why most Wealthy people never concentrate on a single Asset.  You may be missing out on some Bitcoin profits but if any thing ever happens to Bitcoin, you will have an alternative.  When you have no alternative, you panic and you make the worst decisions.  Or you end up on the streets right away.  Investing in Bitcoin does not mean glorifying it as if there is no reason to hold any other thing.  Do not be a cult.

[Alpha Marine]

But then someone strike me hard with a disturbing question, he said, what if Bitcoin do failed in the future? What is my plan for that?

There will always be a "what if" in all areas of life, every single area, so it doesn't start and stop with Bitcoin.
What if the banks your money is in crashes
What if the financial market crashes
What if the stock market crashes,
What if a world war starts next month
I can "What if" every single situation you can think of, and even though the chances of those what-ifs are low, there is a possibility of it happening.

The only thing I can say is that don't keep every single thing you have in Bitcoin. No matter how good an asset is, it is always good to diversify. You can go with gold, real estate, or the stock market, whichever you're more comfortable with, but everything you own in Bitcoin doesn't sit well with me, even though I have no doubt in my mind about it. 

You're bitcoin holding should be like a savings or investment. Meaning even if you somehow lose everything, you will still be in a place where you can pick yourself up.

If everybody was paying attention to all the what ifs, no body will ever do anything.

[serjent05]

I have literally turned Bitcoin into my bank where I store all my money because the fiat in my country is very bad and inflation hits it faster than most fiat currency of other countries.

But then someone strike me hard with a disturbing question, he said, what if Bitcoin do failed in the future? What is my plan for that?
He said, we don't know if Bitcoin will have a better future tomorrow, imagine you having everything in Bitcoin and something happened.

These are actually very good questions.  We must always consider the worst and must always have a fail-safe button whenever our planned strategy, no matter what it is, fails.  It is true that not all the time Bitcoin will be able to recover whenever the market experiences a price crash.  One day there will be another form of financial system that will topple Bitcoin's dominance or possibly the system will crash itself due to internal conflict within the system (developer, miner, nodes),  So we must make sure that when these things happen we are ready for it.  Although I think this collapse will hapen in the far future we must be aware that it is not impossible to happen.

This got me good, it got me thinking if I am doing in wrong? Presently I am escaping that inflation but my response to him is life itself, maybe I won't even live long to see Bitcoin fail?

But what do you people think? Do you think there is a better approach to this solution of mine?

At the present time, I still believe amassing BTC, or accumulating Bitcoin, is still profitable.  After all, Bitcoin being acknowledged by global governments is just being established, and I feel that it will take more than a decade before the Bitcoin market becomes saturated, so there is still lots of room for profit.  If you are still worried about the possible setback, then just invest what you can afford to lose.  You can play it safe than worry everyday.

[Y3shot]

This got me good, it got me thinking if I am doing in wrong? Presently I am escaping that inflation but my response to him is life itself, maybe I won't even live long to see Bitcoin fail?

But what do you people think? Do you think there is a better approach to this solution of mine?

Gone are the days when people needed others to convince them to invest in Bitcoin. Before investing in Bitcoin, you must first understand that Bitcoin is an investment for the future, not just an investment that yields good value. If you do not understand that Bitcoin is here to stay and is also a future asset, it will be difficult for you to invest in it because there will be doubt in you to hold your Bitcoin long-term, as you don’t trust the future, given your existing doubts that anything can happen.

Bitcoin is a good investment, and the fear for the future is what has made many people miss the opportunity to invest in Bitcoin. However, in every investment, not just Bitcoin, it is advisable to invest only with the amount that you can afford.

[Byebyebtc]

I personally don't find total comfort in Bitcoin yet to the extent of putting in all my money into Bitcoin.
I invest with good risk, but I personally don't feel it's a good idea to invest everything I have

Regardless of the way I believe in it, nothing is guaranteed, I have that in mind and I choose to take it gradually.

[BlackHatCoiner]

What does it mean for Bitcoin to "fail"? Get a -20% down in a week? I believe it is far more likely that your local bank goes bankrupt and you lose all deposits than the Bitcoin network to go down.

That being said, you should absolutely not hold all your property to bitcoin. Cash is accepted everywhere and you should be positioned properly in case of an emergency.

[HelliumZ]

There is an important saying in crypto currency where it is said that you should not keep all your investments in one coin. In this case, of course, you should diversify your investments, especially if you invest in physical assets along with Bitcoin, your risk will be greatly reduced. If Bitcoin fails for some reason, then your physical assets will provide you with backup. Therefore, you need to diversify your investments to reduce risk. It is better not to be foolish enough to invest in one area and take the risk of that investment to the maximum level. Because you keep some money in the bank, you invest some part in Bitcoin, and again invest some of your money in land, gold or flats. All these investment diversifications will help you survive in the future.