Do not trust fiat centralized system with your money

[alastantiger]

Anything can happen, protect your wealth.

One of the easiest way to do so is by holding bitcoin which is a store of value.

This Phong Le’s family fled Vietnam after their wealth was confiscated and their currency reset. This was when North Vietnam took over South Vietnam, any fiat in South Vietnam bank become zero value. Any cash that South Vietnamese have, even if it is $1 million or more, they use it to collect $10 worth of North Vietnamese fiat.

Gold was also not legalized Vietnam at the time. But there might be still be hope for some people but as the fiat become almost useless, rich men that have his money in South Vietnamese Dong may become poor.

https://x.com/i/status/2003818205337571382

We never really know what can happen with money. Looking at what happened in Vietnam like you mentioned, people who had huge savings in South Vietnamese Dong woke up to find it almost worthless after the government reset the currency. So yeah, holding assets like Bitcoin can be a strategic hedge because unlike fiat, it is decentralized, borderless, and not subject to government seizure or sudden devaluation. Now obviously no investment is entirely risk-free, diversifying into digital stores of value alongside traditional assets can help safeguard your wealth against extreme scenarios.

[SquirrelJulietGarden]

We never really know what can happen with money. Looking at what happened in Vietnam like you mentioned, people who had huge savings in South Vietnamese Dong woke up to find it almost worthless after the government reset the currency. So yeah, holding assets like Bitcoin can be a strategic hedge because unlike fiat, it is decentralized, borderless, and not subject to government seizure or sudden devaluation. Now obviously no investment is entirely risk-free, diversifying into digital stores of value alongside traditional assets can help safeguard your wealth against extreme scenarios.

Fiat currencies in banks can be frozen, confiscated by governments and even you stored your fiat currencies at home, governments and central banks can do devaluation/ reset with terrible ratio like 100:1 or 1000:1, anything they want to make you poorer a lot.

With Bitcoin, you have your own bitcoin bank and governments can not freeze bitcoins in your non custodial wallets and can not devalue it.

If you dislike fiat currencies, don't choose Bitcoin because you think it is expensive, then you choose altcoins, it's bad too. With altcoins, governments can freeze your altcoins in your non custodial wallets. Altcoins are centralized and with smart contract as well as order from governments, your altcoins can be frozen anytime.

[AmaGold70]

I have lost faith in Fiat currency a long time ago hence the reason why I'm trying as much as possible to convert the little money I have in Fiat to landed property, gold and Bitcoin because it seems like the government are trying as much as possible to bring a lot of us on our knees through fiat currency because they know that's where we keep our assets but thank God for Bitcoin and the great part of it is that it is a decentralized currency making it impossible for the government to monitor or calculate how much you have in your possession, and also keep in mind that converting your money to a decentralized currency isn't the only thing to do to protect yourself, you also need to be on a low key and never give out too much information of yourself to anyone.

[Antona]

I have lost faith in Fiat currency a long time ago hence the reason why I'm trying as much as possible to convert the little money I have in Fiat to landed property, gold and Bitcoin because it seems like the government are trying as much as possible to bring a lot of us on our knees through fiat currency because they know that's where we keep our assets but thank God for Bitcoin and the great part of it is that it is a decentralized currency making it impossible for the government to monitor or calculate how much you have in your possession, and also keep in mind that converting your money to a decentralized currency isn't the only thing to do to protect yourself, you also need to be on a low key and never give out too much information of yourself to anyone.

Based take tbh that's the whole point for a lot of us. Diversifying into hard assets and BTC is solid imo just remember, being your own bank means securing those keys like your life depends on it no one can help you if they're lost GL stacking

[lizarder]

One of the easiest way to do so is by holding bitcoin which is a store of value.

This Phong Le’s family fled Vietnam after their wealth was confiscated and their currency reset. This was when North Vietnam took over South Vietnam, any fiat in South Vietnam bank become zero value. Any cash that South Vietnamese have, even if it is $1 million or more, they use it to collect $10 worth of North Vietnamese fiat.

The system is broken because it takes other people's rights forcibly under whatever pretext they express and this happens in the country you mentioned. But I had a slightly worse experience and when the Tsunami hit my country there were many people who lost money in the bank because there were no heirs who knew their parents had money in the bank but the bank itself did not try to find heirs so the money was returned to the state treasury. It is true that we cannot completely escape from the banking system because people see this as a solution that currently exists, especially as this is protected by the state, but we can manage the wealth stored in assets to make it more flexible and measurable.

I prefer to avoid flexing because sometimes living too luxuriously and showing off will cause problems in the future without us realizing it, although sometimes people judge this condition differently. Financial freedom is an alternative that we can achieve through investment and perhaps Bitcoin could be the right step to build this system for the better because it has been proven that this asset is able to maintain value.

[Muba20]

Anything can happen, protect your wealth.

One of the easiest way to do so is by holding bitcoin which is a store of value.

The state does not usually declare people's assets as illegally confiscated. But if necessary, it is not difficult to declare that asset confiscated. Even if the government wants, it can confiscate an individual's assets at any time through any allegation. If assets are confiscated due to violent politics or any other reason, there is nothing a ordinary person can do. Therefore, if Bitcoin is considered a permanent asset considering the security of one's assets, then it is possible to be safe.

If a rich person suddenly see the money in his bank account empty, he will become poor within a moment. Even with so much wealth, he is not safe in any way. People are not aware before making this mistake. When such a situation has to be accepted, it is not possible for them to correct it.

If you have fiat or gold accumulated for a long time and a war starts at that time, then you will be able to transfer that fiat or gold. How do you protect your assets when your life is at stake? That's why investing in Bitcoin means that your assets will remain with you, regardless of war or any other reason.

A political instability can take away your fiat or gold deposited in the bank at any moment.

But Bitcoin is not controlled by any country or any individual. As long as you have the keys to your own wallet, you are completely safe. Your Bitcoin will be with you wherever you go.

[Findingnemo]

It is an extreme situation but yeah in those unfortunate events holding anything that is not associated only with the government can be useful so can bitcoin be useful. But these are the headache for the rich people but most people in the country won't have any money left so they don't care if their currency is announced as useless and if they do that then the debt in their name will also be wiped away right?

[Charles-Tim]

It is an extreme situation but yeah in those unfortunate events holding anything that is not associated only with the government can be useful so can bitcoin be useful. But these are the headache for the rich people but most people in the country won't have any money left so they don't care if their currency is announced as useless and if they do that then the debt in their name will also be wiped away right?

According to my findings, it greatly favored those that own dept because personal and business dept were all nullified.

Currency Unification: The currency of South Vietnam, the South Vietnamese piaster, became worthless when the new, unified Vietnamese government introduced a single national currency, the Vietnamese dong. The old money was no longer legal tender, making financial assets held in that currency, including savings and investments, valueless.

People that were not favor are the people that have huge amount of South Vietnamese dong in banks and in cash as the money in banks are all worth to zero. While those with cash, regardless of the money they have, they will only be converted to North Vietnamese dong that is not worth more than $10.

That was unfair.

[Fivestar4everMVP]

Anything can happen, protect your wealth.

One of the easiest way to do so is by holding bitcoin which is a store of value.

This Phong Le’s family fled Vietnam after their wealth was confiscated and their currency reset. This was when North Vietnam took over South Vietnam, any fiat in South Vietnam bank become zero value. Any cash that South Vietnamese have, even if it is $1 million or more, they use it to collect $10 worth of North Vietnamese fiat.

Gold was also not legalized Vietnam at the time. But there might be still be hope for some people but as the fiat become almost useless, rich men that have his money in South Vietnamese Dong may become poor.

https://x.com/i/status/2003818205337571382

Thanks for sharing, indeed the central system can never be trusted because any thing can go wrong any time, I keep most of my money in bitcoin and crypto because something similar to the story you shared may one day happen in my country..

There have been a long age agitation of Biafrans wanting to separate from Nigeria, if this ever happens, those of us who live in Biafran land may lose our wealth because the Biafran government will definitely declare the current Nigerian currency useless in the land of Biafra, by then, many people who were rich may become poor or will have to move over to the nigerian side to be able to spend their money again, this is if they get the chance to..

So, indeed, bitcoin is a savior for times like this as no body knows what may happen tomorrow.

[Catenaccio]

Thanks for sharing, indeed the central system can never be trusted because any thing can go wrong any time, I keep most of my money in bitcoin and crypto because something similar to the story you shared may one day happen in my country..

So, indeed, bitcoin is a savior for times like this as no body knows what may happen tomorrow.

Any system that is centralized is dangerous, no privacy and not good to use. It's a big issue people must realize first, after that they will have motivation to search, learn and find better alternatives to use. Surely there are other alternatives which are less centralized or decentralized so that people will have better services, better privacy that makes their experience better and also higher quality.

From central bank and fiat system, moves to blockchain and cryptocurrency system and among thousands of cryptocurrencies, Bitcoin is the best in decentralization and also security.

[UmerIdrees]

Anything can happen, protect your wealth.

One of the easiest way to do so is by holding bitcoin which is a store of value.

This Phong Le’s family fled Vietnam after their wealth was confiscated and their currency reset. This was when North Vietnam took over South Vietnam, any fiat in South Vietnam bank become zero value. Any cash that South Vietnamese have, even if it is $1 million or more, they use it to collect $10 worth of North Vietnamese fiat.

Gold was also not legalized Vietnam at the time. But there might be still be hope for some people but as the fiat become almost useless, rich men that have his money in South Vietnamese Dong may become poor.

https://x.com/i/status/2003818205337571382

We never really know what can happen with money. Looking at what happened in Vietnam like you mentioned, people who had huge savings in South Vietnamese Dong woke up to find it almost worthless after the government reset the currency. So yeah, holding assets like Bitcoin can be a strategic hedge because unlike fiat, it is decentralized, borderless, and not subject to government seizure or sudden devaluation. Now obviously no investment is entirely risk-free, diversifying into digital stores of value alongside traditional assets can help safeguard your wealth against extreme scenarios.

Most of the people store their fiat money in the banks and they think that their money is secure. This is absolutely not the case. The centralised authorities have all the control to not allow you to withdraw from banks and they can make any excuses, and one cannot argue or win with them.
This happened with my friend, and he was deprived of his savings in the bank. That's why I prefer not to keep my money anywhere that is not in my control.

[MinoRaiola]

FIAT can be created out of nothing, there is no limit. But taxes musst be paid. This can be different, but with taxes, they can control the people behind fiat better. The system is controlled and it is not full fair, as the first post clearly demonstrat it. There are many other countries where fiat is becoming less valuable, for example Venezuela. But I dont want to go into detail, i think everyone here understands the potential of Bitcoin and the freedom behind it. When people around the world understand that Bitcoin is better than gold, demand will skyrocket... but i think that will take long time.

[Minor Miner]

Most of the people store their fiat money in the banks and they think that their money is secure. This is absolutely not the case. The centralised authorities have all the control to not allow you to withdraw from banks and they can make any excuses, and one cannot argue or win with them.
This happened with my friend, and he was deprived of his savings in the bank. That's why I prefer not to keep my money anywhere that is not in my control.

Not your key, not your coin. Therefore, saying that depositing money in a bank is completely safe is not entirely accurate.

However, we need to acknowledge the reality that banks remain safe to a certain extent and in some respects. Banks are a system that has existed for hundreds of years and is protected by a legal framework, supervisory mechanisms, and deposit insurance policies. They are not as risky as many cryptocurrency investors claim or spread.

Regarding your friend's bank account being frozen and him not receiving legal protection, I believe there's definitely something fishy going on. Banks and governments will not freeze or seize your money if you are not involved in crime, terrorism, or money laundering.
To be honest, I doubt your story.

[Antotena]

Bitcoin is not the only best source to hold a store values, they're other store values we can hold, but we only concentrate on digital aspects of holding a store value, Even Gold is a digital assets someone can hold as a store value

Do you know that you can hold a silver or a platinum as a store value, you can protect your wealth through all i have mentioned, people who hold Gold for long term will as brief us the profit they made by holding Gold....

Actually bitcoin is a fast growing digital currency and i believe that it's because bitcoin is growing very fast that's why we forget other Store values.

You can use other store of value for investment but why Bitcoin stood out is because of the fact that it can't be taken from you if you decide not to let anyone knows about it. If you decide to invest on Gold, the government can take it away from you, it's more like a burden because Gold is heavy, with it you can be robb in your home or even killed because people want to take your wealth from you. There is no way your Bitcoin is accessible if they don't know where it's kept.

Bitcoin is that investment that even in a country where dictatorship exist, you can invest on it and keep your coin on an online storage for life and not talk about Bitcoin and you will be even richer than some people in your country especially people that bought Bitcoin when the price was low, they don't have to worry about anything again, such investment can save you from problems and fly out to country that is respect freedom of speech and expression.

[Z-tight]

There are many other countries where fiat is becoming less valuable, for example Venezuela.

Fiat is less valuable in every country, because of inflation, which got worse after covid by the way. However, it is just worst in certain countries, as worse as hyperinflation, talking about Venezuela and other countries in similar situations.

When people around the world understand that Bitcoin is better than gold, demand will skyrocket... but i think that will take long time.

Demand is already high and it would continue to multiply. Gold is a great asset that would always have its own set of investors, same as BTC and then people like me who want to own the both. I don't think it is necessarily a case of people seeing BTC as being better than gold, they both have their unique characteristics for all investors to see.

[DPHOR]

Of course bitcoin is the only way to that, just imagine if they had their savings or investment on bitcoin do you this could likely happened to them or anyone who is holding their currencies? I don't think this is possible as many of them could have been saved if they had their investments or money in the bank stored with bitcoin and hold their seed phrase secretly I don't think if this could had happened to them. This is to tell everyone out there that anything could likely happens with our investment and money in the bank.

[Wind_FURY]

It depends on the political and economic situation in your country. If you're in a politically unstable country, with your country's currency suffering from hyperinflation/uncontrolled inflation, then OF COURSE! You should Buy and HODL some Bitcoin as soon as you receive your monthly salary.

That's probably the best environment to DCA.

I agree.

DCA would shine the brightest in such places because you never know when a paper tiger like that will fall, but sooner or later, all bubbles built like that are popping off.

To give everyone some context, DCA - or any investment strategy, might not be for everyone. There are always personal, financial, and strategic preferences in these matters. BUT if you live in country that has an unstable currency, like Argentina, Venezuela, Ghana, or Zimbabwe, then convert/spend that currency as soon as possible. Buy your needs, and convert the rest to Bitcoin, Gold, or a more stable fiat currency.

[hd49728]

To give everyone some context, DCA - or any investment strategy, might not be for everyone. There are always personal, financial, and strategic preferences in these matters. BUT if you live in country that has an unstable currency, like Argentina, Venezuela, Ghana, of Zimbabwe, then convert/spend that currency as soon as possible. Buy your needs, and convert the rest to Bitcoin, Gold, or a more stable fiat currency.

Nothing works the same for everyone.

DCA is a good strategy for investment and even it is used for Bitcoin, different people will use it differently. It's different from their finance, available fund for investment while whether they have spending fund, emergency fund already or use all money for investment. If it is a latter practice, using all money for investment, DCA won't work well for those people. Because with time, their finance can become worse, their income stops, they lose jobs, and it's time to sell their coins for money to use. It can be unavoidable selling with loss just because need of money to spend.

DCA works well for people who manage finance well, have reserved money for spending, emergency and make sure that they only use discretionary income part for investment.

[Mallampue]

only with bitcoin can we be safe without worrying about being confiscated because merkqaa will not know that, just think if we carry gold it will definitely be found out at the airport or cash in a suitcase, of course it will be questioned and a lot of strict questions if you bring a lot of valuables abroad, including in the destination country, a lot of strict regulations, but with bitcoin they can do what? that is the real wealth that will not be able to be regulated and held by others, go wherever you can bring your wealth.

[devlin85]

Definitely, relying solely on centralized fiat systems is risky, whether due to political changes, devaluation, or other factors. Undoubtedly, in this context BTC represents an alternative for preserving value against confiscation, devaluation, and capital controls. It is also important to take into account that BTC does not guarantee absolute security, but it does offer financial sovereignty, so it is important to understand the risks involved in diversifying through BTC.