And, to boot people seem to use the expression 100% in bitcoin in quite ambiguous and confusing ways too... even if there were to be some kind of resolution to get more folks to accept bitcoin as payment, it still does not seem like a great idea to go 100% bitcoin.... because even if any of us might be able to pay our rent, buy our groceries or other consumer products in bitcoin, they are still likely going to be priced in dollars because it would be quite ridicuous for any vender/merchant to price his/her services in bitcoin.. without having to frequently change his/her price.. which is largely likely attempting to make the price fair in terms of dollars otherwise not too many folks are going to buy their goods/services if they have to pay a 20% to 50% premium as compared with similarly competitive products/services.
I agree Bitcoin has its uses and I think what can be achieved with Bitcoin is truly great but I do not like the Bitcoin maximalist view that everything has to be used with Bitcoin because Bitcoin has weaknesses that cannot be avoided just like the current dollar system has weaknesses. They can be used together and I think that is what a lot of people confuse they think that Bitcoin should take over and become the only currency but having options is the best way. Bitcoin is decentralized but having many currencies is true decentralization because you are not stuck with 1 way of paying or receiving money for things.
Another thing with older folks is that they are not necessarily working for an income, so when folks stop working then they tend to be on "fixed incomes," so they really tend to get fucked when their most common expenses go up.. because whatever their cash sources are likely not going up enough to keep up.
Yes a lot of older people are on pensions which they have accumulated when they worked 20 years ago and now with inflation they cannot live off of it. A lot of retired folk that thought their retirement would be their time off find that they need to work it is why the retirement age in all countries continues to go up.
People usually say 3-6 months of living expenses, and of course, you can add on a bit or subtract a bit.. but yeah, usually having more is better in terms of having a bit more flexibility if some extra expenses come up or even if there might be some spontaneous extra spending for consumption goods.. and yeah, many of us might be tempted to NOT want to have as much of an emergency fund because we want to "put our funds to work", but then we end up getting fucked if we put too much of our available funds "to work" and then those funds end up losing their value or some other calamities come to our situations.. and we failed/refused to adequately plan/prepare for such... I am guilty of having had periods like this in my life in which my cushion was not not enough and then I experienced too much stress and figured out that keeping better/moar cash reserves can be a real relief during those kinds of times in which either unexpected expenses come or lessening of cashflows come (or both)..
Yes it is a skill to determine how much you want to invest but it is a slipperty slope because if you invest too much and then have a emergency you risk losing a lot of money if it is in the bear market. The opposite is you do not invest much and you have a bull run but that cannot be predicted and I prefer the safety of having a emergency fund for my family so if some thing does happen I can support them. None of us know when a emergency can happen and it could be any thing it does not need to be a medical emergency.
Yep.. the more uncertainties regarding your cashflow and expenses causes differences.. including if you have a family versus single.. or if you have your own business that requires you to perform versus if you have a salary or some kind of sick pay if something happens to you.. Lots of these kinds of things and sometimes, there may be needs for various kinds of self-insurance (one of them might be a cash reserves) if you are not able to purchase insurance to cover some of the potential issues.
It depends on your situation and there is not 1 answer that people can follow. I have been asked by family and friends on how much they should invest and I never tell them a figure I tell them to look at their life and determine what they need to survive and think about how much they want to make and when. A lot of them do not invest in the end because they thought it was a quick rich path which it is not.
I recommend people get started in bitcoin right away.. Of course, everyone is responsible to figure out if s/he is able to start with $100 per week or if s/he might be able to invest more, such as $250 per week or if s/he is ONLY able to do $10 per week.. and those starting out numbers might well be a whole hell of a lot lower while such newbie is figuring out his/her particular financial and psychological circumstances... and to likely tweak later upon getting his/her shit in better order.
Yes you can always tweak it but $100 a month is $1200 a year and that could x2 or x3. I think most people can afford $100 if they cut back on other things but the question is if they are willing to cut back on lifes luxuries to invest in Bitcoin. A lot of people will not.
I don't take offense because I am constantly witnessing examples of people who want to go their own way and recking themselves in one way or another with shitcoins, yield products, fence sitting, selling too much too soon (and then becoming bitter).. You have been registered on the forum only a couple years less than me. Seems to me that you should have encountered some of these kinds of examples in real life, too? Of course, it is possible to NOT be very interactive about BTC with others, and I don't even claim to be a social butterfly in the real world, but just having interactions, it seems that bitcoin ends up coming up in the various conversations..
Yes I have had family and friends as I mentioned come to me and ask how they should invest and how much is it going to return but my answer is normally based on how they ask. If they are asking how much Bitcoin can go up I become less interested if they are asking about why Bitcoin is a good alternative then I have all the time in the day for them. I have tried to convince many of my friends to invest into Bitcoin but none have seriously done it. The worse part for me is some of them are invested in shitcoins and that infuriates me to the max. I have played around with altcoins in the past but I soon realized that they are a mountain of shit that should be left untouched.