In ten years after the next financial crash state issued crypto will be the only currency! IMHO.
What do you think about such cryptocurrencies as bitcoin?
- Thread starter Radiowave
- Start date
rbscebu
Girls call me Makaluod
I found BTC to be very beneficial when I needed to move from the Philippines to Australia and take my "cash" with me.
I had about 48 hours notice to emigrate from the Philippines (CoVid pandemic). Fortunately most of my "cash" was in crypto. I still have about USD 10k stuck in a Philippines bank account. Not sure if I will see that again unless I can get back to the Philippines and jump through all their hoops to do an international transfer.
An alternative is for my to transfer the funds to a Filipino crypto exchange, but crypto, and transfer the crypto to my private wallet. That would take a couple of days and cost me about 1%.
I had about 48 hours notice to emigrate from the Philippines (CoVid pandemic). Fortunately most of my "cash" was in crypto. I still have about USD 10k stuck in a Philippines bank account. Not sure if I will see that again unless I can get back to the Philippines and jump through all their hoops to do an international transfer.
An alternative is for my to transfer the funds to a Filipino crypto exchange, but crypto, and transfer the crypto to my private wallet. That would take a couple of days and cost me about 1%.
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I hope you are wrong, but I am afraid you aren't.
What would be the cost of the international transfer of those funds from Philippines to another bank account through say a bank to bank wire? More or less than the 1% for your crypto?
It's happening now, as soon as all the ducks are in row they'll flip the switch! Government debt is never going to be paid back, and the powers that be know that. So to keep the whole ball rolling they're demanding changes, which will unfold over the next few years. Digital currency being one of them. Climate change and social credit scores another. And guess who'll have to pay for it all......?
Looks like crypto took a big fall. Hope no one was hurt too severely.
Excellent buying opportunity, some might say.
That might be so for the stock market, too.
rbscebu
Girls call me Makaluod
You only get hurt if you need to sell at a lower price than you bought it for.
Never buy BTC with money that you know you might need on a future day. That way you can keep on holding.
That being said, you should always have an "exit" strategy. One good exit strategy is, at say the end of each month, sell 25% of the profit, if any, you made during that month. As an example, if your BTC holdings are worth $1,000 at the beginning of the month and then $1,200 at the end of the month, sell $50 worth of BTC. Do not take into consideration any BTC that you may have purchased/received during that month. My exit strategy is similar to this but with a slight rather complex variation that suits me better.
Dollar cost averaging is also a good way to gradually built up your BTC holdings, even with the above exit strategy.
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rbscebu
Girls call me Makaluod
If you hold crypto, make sure that you have a plan to include it in your estate after you die.
I bought $300 US in crypto, 100 each of bitcoin, bitcoin cash and ethereum. I figured I’d just put a little bit of skin in the game to keep me engaged in following crypto. So far it’s up down and all around. More like gambling than investing for me at this point.
rbscebu
Girls call me Makaluod
How it works depends on the cryptocurrency you are talking about. There are a few thousand different types, many of them now basically worthless.
How to withdraw it is relatively easy. First you need to register (open an account) with a reputable cryto exchange. You then send your crypto to your account at the exchange. Once the exchange account receives your crypto, you can sell it on the exchange for regular cash. You then instruct the exchange to deposit the regular cash into your bank account or pay it to you in some other way that the exchange allows.
The timeframe to convert your crypto to money in your bank account or hand will depend on your type of cryptocurrency, the exchange and how you wish to receive it. For me using BTC, I can have it within my bank account within about 1 hour. For cash in hand, that can take about 4 to 8 business hours.
How to withdraw it is relatively easy. First you need to register (open an account) with a reputable cryto exchange. You then send your crypto to your account at the exchange. Once the exchange account receives your crypto, you can sell it on the exchange for regular cash. You then instruct the exchange to deposit the regular cash into your bank account or pay it to you in some other way that the exchange allows.
The timeframe to convert your crypto to money in your bank account or hand will depend on your type of cryptocurrency, the exchange and how you wish to receive it. For me using BTC, I can have it within my bank account within about 1 hour. For cash in hand, that can take about 4 to 8 business hours.
My take on the crypto currencies is that they are yet another game made by a bunch of super rich people to become even reacher while using others in the process. Of course, some individuals here and there can also get a slice of the pie or more specifically the crumbs and many more are losing, but this game like any other was never meant for the common and random folks to make millions.
I know a lot of people who have a decent income from either digging or trading, but none of them is a millionaire or a billionaire and I guess if you really know what you're doing, you might be able to earn some extra money almost like having a second job, but there are also a lot of risks too.
I almost bought a bitcoin a few weeks ago when the price was at around $28k and thank God I didn't.
I know a lot of people who have a decent income from either digging or trading, but none of them is a millionaire or a billionaire and I guess if you really know what you're doing, you might be able to earn some extra money almost like having a second job, but there are also a lot of risks too.
I almost bought a bitcoin a few weeks ago when the price was at around $28k and thank God I didn't.
rbscebu
Girls call me Makaluod
Each to their own. I and my friends who have taken my suggestions have done quite well over the longer-term, like 5 to 10 years. None of them were super-rich. Many people are not prepared to wait that long or can't stomach the volatility.
I am not giving financial advice. Each person must do their own research and then decide if cryptocurrency is for them.
I guess we are just the lucky ones.
I'm not saying that they are bad or anything, but some folks think that they can become multi millionaires just by spending a few thousand dollars and wait a few years. That indeed happened to some folks back in the day, but those days are long gone and the people who actually did that were not that many comparing to those who have lost a lot.
Some of my friends claim that they are doing well, but I don't see any significant improvements and changes in their lives to back up their claims and while earning a few thousands per year is never a bad thing, I really don't see how's that going to make any difference in my life. My cousin for instance is working on two jobs as well as trading and digging cryptos and he doesn't look very rich to me.
rbscebu
Girls call me Makaluod
Most rich(er) people don't need to look rich. Those who look rich are often not as rich as they appear or behave.
I bought most of my cryto about 10 years ago. I bought it with funds that I believed I would not ever really need and because I liked the concept - not to get rich. I still hold about 60% of it (I don't trade). I have given away about 15% to help poor friends and used another 25% to supplement my income over those years when that was needed.
Of my poor friends that I have helped, I bought one friend a house. He and his family were previously living in a squatter shanty. Two other friends I put through university. They are now quite successful. I am currently putting another poor friend through high school (and later university). She was just awarded a full scholarship to one of the best private senior high schools in her city.
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In your case things make more sense, since you've bought yours when the prices were very low and not many people were into crypto and also you keep them as a back up investment. What most people want from crypto however, is making as much as possible as soon as possible and a lot of folks even want to abandon their jobs and only trade and dig.
Since I've missed the best years of investing now I just have to wait things to drop below zero to try my luck, but somehow I don't think it's going to happen. I truly envy those who were smart and bold enough to invest back in the day and with just a couple of thousands of dollars were able to make hundreds of thousands and even millions.
rbscebu
Girls call me Makaluod
Most people who invest to make as much as possible as soon as possible fail. It is never a good investment strategy.
I took a big risk in quitting my employee job in my late twenties and starting private practice. I worked hard and suffered a lot at times. Eventually I built the business up into a very successful company employing 15 professional engineers plus support staff. We were the largest such firm in the Asia/Pacific region. That took me about 20 years.
They offer the thrill of uncertainty plus the certainty of eventual hacking.
Well, do we as people assume the federal governments won’t regulate this? You still need SWIFT for many money transfers. So for now, considering how you get money in and out of the system, there is a real problem for a crypto is king thought process.
