A question that hit me 🎯 hard

[tread93]

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 mean shit its even riskier to have it all in fiat. Thats what you really need to worry about! Fiat is a slow death and has been slowly eating at our purchasing power over the decades. Bitcoin has done the opposite. All just depends what side of the coin ya wanna be on I guess

[laijsica]

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?

Buy Bitcoin with your excess available funds or through discretionary income. You will not regret this smart investment strategy in the future. Those who do not understand Bitcoin may ask such questions and their question is logical. You should say that nothing in the world is stable and it is not impossible if Bitcoin falls in the future. A risk-tolerant strategy is to accumulate Bitcoin regularly through discretionary income.

[UchihaSarada]

While we can say that the future is uncertain for everything. With bitcoin, it's here to stay and we have to take that as a real fact. That bullishness for bitcoin is the same for me. I have no doubt for it in its future because for how it went throughout the years, we've seen how it's tested its resiliency. But I won't disagree even with it here to stay, the future is uncertain and only us can unfold it when we pass through the years.

Bitcoin is here to stay, I can not disagree with you but more than that, it will grow more. Even so, Bitcoin growth in adoption, value and price will not be rosy and smooth with time, as history of this market shows high volatility with bull and bear market, ups and downs, market crashes and chaos, people who are in this market with money spent for bitcoin will have to prepare for such volatile and wild events.

If they can go through such events well, and can hold their bitcoins without panic sale or market liquidation, they will be able to enjoy their Bitcoin portfolio growth in value. It's only matter of time and whether they can do their tasks well, the rest things belong to Bitcoin which will do its jobs excellently.

[Betwrong]

Bitcoin is here to stay, I can not disagree with you but more than that, it will grow more. Even so, Bitcoin growth in adoption, value and price will not be rosy and smooth with time, as history of this market shows high volatility with bull and bear market, ups and downs, market crashes and chaos, people who are in this market with money spent for bitcoin will have to prepare for such volatile and wild events.

If they can go through such events well, and can hold their bitcoins without panic sale or market liquidation, they will be able to enjoy their Bitcoin portfolio growth in value. It's only matter of time and whether they can do their tasks well, the rest things belong to Bitcoin which will do its jobs excellently.

I'm sure you're right in the long term, but nevertheless, not all of your money should be invested in BTC. I'd suggest only investing money that you don't expect to need within the next five years. I mean, if you're making a lot, it can be 50%, but normally it's 10–20%, no more than that.

[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?

I mean shit its even riskier to have it all in fiat. Thats what you really need to worry about! Fiat is a slow death and has been slowly eating at our purchasing power over the decades. Bitcoin has done the opposite. All just depends what side of the coin ya wanna be on I guess

Exactly my thoughts, there is absolutely nothing that I am missing out staying away from fiat, banks keep using my money at my bank and they can't give any percentage back to me because they don't want people to know.

Under a year my bank account is already suffering from high inflation, the money isn't as valuable like before, it's literally this bad for people keeping money in the banks.

I don't regret storing my money in Bitcoin and I won't listen to those saying things to my ear, but I can consider having some money in Gold later this year, still I believe that Bitcoin the best place to be.

[justdimin]

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?

If you ever think "what if bitcoin fails one day" then do not invest into bitcoin. That is literally the secret, because we are investing into bitcoin because we are bitcoin maximalist, not only I believe it will not fail, I also think there will come a day when one bitcoin will be one million dollars.

It is not going to happen soon, but it could happen in 10 or 20 years, it will happen "one day", and I hope to be alive by then. So you know that it will do fine, you just need to trust the process and keep investing into it. If you ever wonder what you would happen if it goes to zero, you have to choose, either you are going to sell and leave, or you are going to not invest into it at all that way you won't worry about bitcoin failing.

[SilverCryptoBullet]

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.

20% down within a week is not a failure or death of Bitcoin, as there are many times like this with even faster drop within minutes or hours, not within a week. In either bull market with drawdowns and bear market with corrections and crashes, 20% fall is not too much and not a biggest one in Bitcoin market history.

Bitcoin has never failed and died after 20% down in its history and will never fail because of 20% price falls in the future.
Bitcoin's historical corrections from all time highs
Bitcoin's bull market correction drawdowns.

[retreat]

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

Bitcoin isn't the only asset you can use to combat inflation. Gold is another option for protecting your money from inflation, or you can look for other assets with more stable values ​​on your own. Although Bitcoin is a good store of value, putting all your money into Bitcoin isn't a wise move, it's quite risky, and if the price of Bitcoin drops, so will your entire wealth. It's best to diversify your portfolio to reduce the risk of concentrating all your money on Bitcoin.

Also, you should keep some cash on hand in case of an accident or other emergency. It will help you in urgent situation.

[batang_bitcoin]

While we can say that the future is uncertain for everything. With bitcoin, it's here to stay and we have to take that as a real fact. That bullishness for bitcoin is the same for me. I have no doubt for it in its future because for how it went throughout the years, we've seen how it's tested its resiliency. But I won't disagree even with it here to stay, the future is uncertain and only us can unfold it when we pass through the years.

Bitcoin is here to stay, I can not disagree with you but more than that, it will grow more. Even so, Bitcoin growth in adoption, value and price will not be rosy and smooth with time, as history of this market shows high volatility with bull and bear market, ups and downs, market crashes and chaos, people who are in this market with money spent for bitcoin will have to prepare for such volatile and wild events.

If they can go through such events well, and can hold their bitcoins without panic sale or market liquidation, they will be able to enjoy their Bitcoin portfolio growth in value. It's only matter of time and whether they can do their tasks well, the rest things belong to Bitcoin which will do its jobs excellently.

The road for bitcoin moving to a higher price is going to be hard. We all know about that but yes, it's here to stay and from the upcoming years, there will be more for it to come. What we have to do as we wait for the brighter future, we have to overcome the temptation of selling if we have some holdings of it. Because look at the early investors and holders of it, it took them so many years before they start selling. I'm not saying that we should sell but if the right time comes and we have to sell, make sure that we have to be in profit and never stop accumulating it again.

[Agathamay]

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 also had a similar experience but not with bitcoin, as I was discussing with a friend and was just chitchatting who then we talked about buying a car and someone said, buying a car is a bad idea since it's a depreciating commodity and my answer just came out straight to the lady without me thinking it and I told the woman that, I too is a depreciating asset as nothing last forever and we all bursted out in laughter and I think that would have been the best answer to your friend, simply just tell your friend, that nothing last forever and if bitcoin fails which is unlikely, so be it else, let's keep stacking baby.

[L E G E N D A R Y]

The road for bitcoin moving to a higher price is going to be hard. We all know about that but yes, it's here to stay and from the upcoming years, there will be more for it to come. What we have to do as we wait for the brighter future, we have to overcome the temptation of selling if we have some holdings of it. Because look at the early investors and holders of it, it took them so many years before they start selling. I'm not saying that we should sell but if the right time comes and we have to sell, make sure that we have to be in profit and never stop accumulating it again.

That's right, being patience is very profitable and important for an investor to have such lifestyle, though it may not be easy for one to exercise patience and the discipline to keep holding. But, being able to overcome temptation and do the right things makes the journey a bit easier for one to keep holding for long-term as they planned, and also, if one decides to sell, its better not to sell in fear, as fear will make one to make or take decision that might destroy their plans.

[Zanab247]

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?

This is the reason why some professional in BTC investment keep advising some newbies not to invest all their resources in BTC, because BTC will not live forever. Just imagine this is the bear season that will lead BTC till it disappear from the market, and you know what will happen if you invest everything in BTC.

Who told you that you will not live long to eat the fruit of your labour?  If truly you know that you will not live to see the next bull market why are you investing in BTC, because many people are investing for profits purpose. If you are willing to invest in BTC, I will advise you to use what you can afford to lose in BTC, because BTC is a decentralized asset that is not control by any government.

[Renampun]

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

As people say here, don't put all your assets in one place because Bitcoin tends to be volatile and putting all your assets there will make your financial condition very dependent on Bitcoin's price movements which can rise or fall significantly in a short time.. and this can put significant pressure on you because you see all your assets drop so drastically when the market drops. therefore, managing risk and diversifying is better because you can divide your assets into several assets, and even if there is a drop in Bitcoin's price, it will not drastically affect your wealth at once.