A question that hit me 🎯 hard

[2stout]

It's not like fiat and the banks haven't failed before so I think it would be fair to see what Bitcoin can do, esp with a finite supply and no centralization.  However, if you would like to spread out risks and diversify, definitely look into other appreciating such as gold and real estate.

[BitBakerr1]

Let me be very honest with you if all your money is on bitcoin you are making a very big mistake, they say don’t put all your eggs in one basket, you need to do other investment for example you can decide to do real estate just start buying land or house or you can buy Gold too don’t put all your money on bitcoin you need to have other business or investment because nothing is certain forever anything can happen, so if you have reached an over accumulation stage in your bitcoin investment what you need to do right now is to channel your money to another business or investment that way you are more safe from unpredictable future situations.

[bitbollo]

Probably all bitcoiners have used this tech as a kind of safe heaven but at a certain point can be seen as... money.
An instrument that you use for business or just for improving yourself, your economic condition, your lifestyle, your culture, your education,  and so on.
A full approach 100% btc could not work in a real setting for many reason. You had to have also other currencies or just fiat.
Having precious metals or rare items / collectibles (with market "ready to sell") could provide also an advantage for "fight" inflation

[uchegod-21]

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 do not think this question is a bad one. Bitcoiners already know this, but they try to avoid this question while encouraging themselves to have only a positive mindset towards Bitcoin. As a matter of fact, I think that everyone who is investing in Bitcoin should pause and ask himself or herself this very question: “If anything happens to Bitcoin today, what will be my fate?” The way you react to this question should help you decide what to do.

Life itself is a risk, so this thought is not going to make me stop being optimistic about Bitcoin. However, after reviewing all the risk factors associated with investing in Bitcoin, the best and most reliable strategy is to diversify. Having my wealth held in different asset classes will help reduce the impact of the loss of my bitcoins, whether through a Bitcoin crash, theft, or loss of access to my wallet.

I still think this is very unlikely to happen. But if you do not have confidence in Bitcoin, start now to diversify and invest only what you can afford to lose.

[Majestic-milf]

 You have too much confidence in Bitcoin, bruh. Even though it's stayed past the predicted time haters and critics gave it, it's still not enough grounds to leave all your funds there so you don't get too affected should something happen tomorrow. Bitcoin investment is risky and we advise people to trade with what they can afford to lose but in your case, you're going the extra mile by leaving the whole thing there which isn't advisable.
 

[Cryptomultiplier]

Probably all bitcoiners have used this tech as a kind of safe heaven but at a certain point can be seen as... money.
An instrument that you use for business or just for improving yourself, your economic condition, your lifestyle, your culture, your education,  and so on.
A full approach 100% btc could not work in a real setting for many reason. You had to have also other currencies or just fiat.
Having precious metals or rare items / collectibles (with market "ready to sell") could provide also an advantage for "fight" inflation

You are on point because the question of diversifying your portfolio doesn't only bear meaning or should be only applied when you have accumulated enough Bitcoin and intend to liquidate or diversify into other investment. It also means from the start of accumulating Bitcoin, you should have the IQ to have other savings plan like still saving a small amount in the bank for everyday and for emergencies. It also means having a bit of your money in other investment like stocks market,  buying precious metals and owning properties that could be worth more in the future including other kinds of crypto currencies,  it's not only just Bitcoin savings.

That's one of the reasons why we have mentors who have excelled at investing and while it pays to believe in Bitcoin accumulation, it pays more to pay attention to what your mentors and major whales like Michael Saylor does as per his method of investing in Bitcoin and crypto currencies.  He doesn't just use all his funds, he allocates portions of it.

[Popkon6]

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.

Not only in your country but in almost all countries, domestic inflation is happening, because as time goes by, the value of the domestic currency is decreasing, so of course Bitcoin stands against inflation in this case. That is why investing in Bitcoin is the best and relatively everyone should do it. Those who want to be financially independent in the future should invest in Bitcoin and use their money properly.

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.

Since Bitcoin has been around since 2009 until today, 2026, Bitcoin will continue to perform better in the future with this performance. Because no one controls Bitcoin, its price will continue to increase day by day, the supply of Bitcoin is fixed, which increases its price more. The more demand is created on Bitcoin, the more its price will increase in the future.

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?

Everything has its ups and downs, but Bitcoin is a little different. It has been in the market for a long time with confidence and has not had any scams so far, so the chances of a scam in the future are very low. So Bitcoin is moving forward confidently into the future with good performance, and the further we move into the future, the more Bitcoin will become popular among people.

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

Holding Bitcoin for a long time is the best, I am holding Bitcoin and will be able to hold it for a long time according to the regular DCA method. So I can say that of course you can invest in Bitcoin and hold it for a long time, Bitcoin increases in price in a cyclical manner so you can safely hold Bitcoin by thinking about the future.

[Charles-Tim]

Bitcoin investment is risky and we advise people to trade with what they can afford to lose but in your case, you're going the extra mile by leaving the whole thing there which isn't advisable.

I will not advise him to invest all his money on bitcoin or use it as a hedge against inflation, but saying bitcoin investment is risky, it is not absolutely true. This is what many people will be saying while those that invest money now will make money from it in 2 or 3 years time. Also bitcoin is not about invest what you can afford to lose, it is not similar to trading or gambling.

[Joy- maker]

I must admit that question is a bit disturbing. However, i strongly believe that bitcoin is not going to fail, at least not anytime soon. Maybe it could only fail if there is no longer internet connection, but i doubt if there will ever be a time when there are no internet connections all over the world in the future.

The world we live in is advancing, people are inventing or discovering new things as day passes by. OP, bitcoin is in safe hands at least for now. So, i would advise you to continue with your bitcoin accumulations and hold nothing would happen to bitcoin. Also, don't allow this question to change your mindset towards bitcoin.

[Dunamisx]

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.

Don't let such person discourage you of your investment in Bitcoin, but in case your mind is not at rest because of the future, just know that bitcoin has come to stay and has the same relevance as the Fiat currency you are using before, this is far beyond a scam, but if your mind is still not at rest after all this has been said, try to have an alternative asset of investment just to avoid future uncertainties.

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?

Don't leave as if there is no tomorrow, live with hope and expectation that you were going to make profit and also enjoy from your investment you are going to make in Bitcoin, you can possibly be buying low and selling high and be taking your profit to enjoy the benefit right from now and you don't have to wait till the future come, because it begins from here.

[Frankolala]

No one can tell if Bitcoin network will fail in future or not but from the way the network is secured,I don't see that happening any time soon. However, if you're worried about it, then you shouldn't put all your savings into bitcoin. You should only use the amount of money that you can afford to lose to invest so that if bitcoin price goes against you, you wouldn't feel frustrated and lose hope in life.

[PrivacyG]

Cash is accepted everywhere

You would be surprised how many times I traveled and have had an eyebrow raised when I wanted to pay in Cash!  How many stores had a 'No Cash Accepted' sign!  Mostly through out Europe, but it still happens more often now!

[ZAINmalik75]

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 agree with your concerns here because we all want to escape hyperinflation via BTC, but we should also think about going 100% into a single asset, as that could create a dangerous single point of failure. Therefore, we have to diversify our investment, but keep in mind that investing in BTC and then investing in alts is not true diversification, because alts are also impacted by the price of Bitcoin, so if it goes down, the rest of the alts will also take a hit.

A resilient approach is not to abandon BTC, but to build a defense in depth strategy, like keeping a 3 to 6 months emergency buffer in a highly liquid stable asset, and booking profit in the bull run, or holding it longer and also buying some gold.

Never panic sell even if you see a huge dump.

[aoluain]

It's not like fiat and the banks haven't failed before so I think it would be fair to see what Bitcoin can do, esp with a finite supply and no centralization.  However, if you would like to spread out risks and diversify, definitely look into other appreciating such as gold and real estate.

Yes I was thinking of real estate as a viable option to the OP's question.

But realistically is there any viable risk free option to Bitcoin today?

The link Elephant in the room is the War in the middle east, the impending demise of
the petrodollar and possibly some form of global recession in the future.

Diversifying into anything else ATM could be risky IMO.
I would wait until there is 'blood on the streets' to diversify.


About Bitcoin failing - realistically the only deflationary, decentralised, open sourced
money in the world which is a haven to counter inflation is going to fail? I cant see it,
ok there may be big drops but failing? nah

[Cookdata]

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?

That's the problem with over thinkers, they think out of the box and say the most funny thing you never expect. Why would anyone think Bitcoin will fail? How many times has even the government said horrible things about Bitcoin. Now, if the government could change their views against Bitcoin and think Bitcoin is worth an investment, why would a random person sitting in one corner think that Bitcoin is going to fail, who think this kind of things when Bitcoin is everything.

To you OP, if institutional investors can spend millions and billions of dollars into Bitcoin and we have never had this kind of doubt from them, then let your friend eat up his less than $1000 Bitcoin investment. If he sell, the price will remain unchanged, there would be no effect of sell on the market and if he decide to change his mind to hold then he has won the biggest challenge of been a Bitcoin holder, doubt is the greatest enemy of your mind.

[promise444c5]

Solution of yours?

Nobody knows what the future holds for them, whatever coin/ token they hold , whichever storage they choose and even BTC it self .. We all have one common goal, make profit and make use of a true decentralized system for transactions. BTC won’t dumb all of a sudden like a scam coin.. Death is inevitable but there’s a solution to pass your BTC to your offspring or trusted individuals/ family member.

We investors are all betting on Bitcoin future but that doesn’t mean all your entire life savings should be on Bitcoin

[Hypnotizer]

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?

Then what is your plan? You should have something like a backup plan or rather a backup investment for any situation that might arise, it mustn’t necessary be Bitcoin failing or something like that but what if emergency arise? What is your emergency plan? You also store your emergency funds in bitcoin or what.

Basically diversification is actually good even if you store most of your assets in Bitcoin, have a small portion you’ll use to diversify into some real life investment for backup.

He said, we don't know if Bitcoin will have a better future tomorrow, imagine you having everything in Bitcoin and something happened.

He’s kinda right tho, you have to get a backup plan ahead incase anything happens…it’s really important.

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?

You should think about having a backup plan rather than thinking about the possible longevity of your life to your investments.  

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

Personally I’d say you should find some other store of value revolving around physical investments as a backup investment and dedicate a portion of your investment to it.

Remember we always advice, Invest what you can afford to lose but you went to far, you can’t afford to lose everything.

[Anthony Bill]

That is a big mistake anyone can do to his or her self by stored all his or her money in Bitcoin. I don't know who gave you this idea to use all your money to invest in Bitcoin or do you mean that your government don't store money in the bank in your country that is making you afraid of storing money in the bank? I don't think such countries exist in the world. Am not saying you should not invest what you can afford to lose in Bitcoin but investing all your money in Bitcoin, is not a good idea because some time the price of Bitcoin can start decreasing as if the price is not going to increase again than to see the price increasing to convince investors to start making income from their investment.

[SamReomo]

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

Well, you're doing good by investing in Bitcoin because it's a great choice to fight inflation that takes place on fiat currencies. Other than Bitcoin you could also choose gold but I still think that Bitcoin is better than gold and those who're holding Bitcoin can expect to have good returns as compared to the ones who're holding gold or any other commodity.

[Onyeeze]

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.

you are turning bitcoin into your bank do not be in haste to withdraw your Bitcoin because sometimes when you invest in Bitcoin or bank in Bitcoin the price of Bitcoin can change and when the price changes by falling down at that moment you are losing so whatever thing that you are doing concerning bitcoin investment you should make sure that the money you are using to invest on it is not a money that you need immediately,, some of us have banked in Bitcoin but they could not withstand falling of Bitcoin in price and that made them to make an instant to withdrawal out of panic and after them withdraw their bitcoin investment, bitcoin began to rise, so the advantages of banking in Bitcoin is for you not to be on panic