Post
Topic
Board Economics
Re: Keeping money and keeping bitcoins? are they similar?
by
Dzwaafu11
on 06/03/2024, 20:44:55 UTC
The massive awareness to keep bitcoins for as long as possible promotes people to develop the attitude of saving, just like saving money. Do you agree with this that people who are very good at saving money become very good at keeping bitcoins when they finally start doing cryptocurrency? Or do you feel that there is no similarity between keeping bitcoins and keeping money?

I do not agree that if someone is good at saving money, he will be able to invest in bitcoin because the thing is not even going the same way. In my opinion, saving money will not increase or decrease unless you touch your savings or if you add to the money you saved, unlike with bitcoin. If you save bitcoin, do you think it will remain the way you save it? No, man, it won't, so the same thing is that someone may be able to save money, but not bitcoin. The reason is that not everyone who is able to save money can take the risk in bitcoin because not just save bitcoin once you use money and buy bitcoin, you have already invested in it, so just imagine someone who does not know about bitcoin investment did it and later sees that his money is going down when the market is depreciating. The person will start panicking in the name of saving money.

Both of the example given is basically just saving, whether it's money or BTC it's the same. BTC is considered currency.  if you keep 0.5BTC today, for the next 5 years, it will still be 0.5BTC. It is the value of BTC that is volatile which in 5 years it could be more valuable.

No, I totally disagree with these because how did you know that if you invest 0.5 BTC now in the next 5 years, the BTC will still remain like that? Remember that the currency is very volatile and local currency cannot change even after the 5 years you are talking about, so the thing is that even after considering all these volatilities of bitcoin, you need to know that not everyone who is able to save money in fiat will be able to take the risk in bitcoin investment. Also, note that saving money in the next 5 years is not an easy thing to do, and saving money does not mean you have a plan for BTC investment because anything that will make you put money into bitcoin is an investment.