What happens if you lose you keys, or have an emergency where you need fiat money immediately?
Bitcoin is a great tool but practice caution.
Discussion
If you need fiat desperately you sell… And if you’re not willing to secure your keys properly then that’s on you.
I'm just suggesting to practice caution because sometimes you need same day/next day money, and having a fiat emergency fund is ideal, it protects you from having to move your Bitcoin.
Also realistically Bitcoin could take up to a week to liquidate into fiat, by that time it's already too late.
Bitcoin is a good tool but fix your fiat situation first because Bitcoin price swings can screw people over when they desperately need the most.
IMO is a matter of opinion: I choose bitcoin because I believe that it's a game changer and can lead people to a better world. I didn't choose it to get rich and maybe because I have a good job I don't want more than I already have. So, doesn't matter the price of bitcoin for me.
PS: if your bank need 1 week to liquidate...... change bank!!!
Do you use it as peer 2 peer money also?
Because I spend, and replace my Bitcoin.
The peer-to-peer exchange is mainly used to buy KYC-less bitcoin, which doesn’t interest me, so I’ve never used it. All the bitcoin I buy is KYC. Honestly, I’m not afraid to declare my bitcoin, as it comes from my work. I don’t want to criticize peer-to-peer exchanges, and I believe privacy is very important, but since my choice to put my wealth into bitcoin is more political than economic, it’s not a priority for me.
I'm talking about using Bitcoin as cash.
Usually I go with Bitrefill, sometimes I use on chain transactions for some web shop, and very often on the web I use LN
For me in the UK I with a bank call revolute and with them I can buy store and have a card that lets me spend my bitcoin so I put a little bit of my money into bitcoin as a kind of savings I don't worry about price either and then if I need fiat quickly and don't have enough and I can take bitcoin I can spend that immediately with the digital card that they give me
I'm 100% with you on this one
If you lose your keys you haven't understood enough what self custody is. I mean, you are ready to own a great amount of bitcoin the moment you are really confident with that technology...... so: we all need to study and use again our beautiful human brains (otherwise one day AI will fuck all of us)
If you need fiat money just go on, for example, binance..... it will take few minutes. Get an account kyc ready to use just in case. I use Revolut and I get fiat on my account in few seconds and it happens when I have to pay something and I don't have enough fiat stinky money:)
But one question: and if your bank account is not working for any reason.....? What you do? And if for some reason government wants information about you and in the meantime you can't use your bank account? And il tomorrow you country get a bomb and banks close for a while......?
I feel good:))
I have multiple bank accounts since I know banks can go down.
I've already lost money from a banking entity going under, I was a victim of The Yotta incident, so that's why I have multiple bank accounts, and Crypto, etc.
Can't ever trust one thing.