Why Am I Using Two Wallets For My BCH?
March 1, 2022
A few years ago, I started using two wallets. I don't mean cryptocurrency wallets. I mean leather wallets. I leave one at home and I bring one carrying the amount that I need for the day. When my wife got pregnant with our second child, I opened a second bank account to prepare for her delivery via cesarean section. Yes, both our sons were delivered via c-section. I saved as much money as I could in that second account. Today, I am now using two BCH wallets.
Hello, Bitcoin Cash lovers. I hope you are doing well today, despite all the crazy things happening around the globe right now. Especially the war between Russia and Ukraine. I hope this war will be over soon. Because of this Russian invasion of Ukraine, I almost panicked and sold all my BCH in one transaction to cut my losses. I'm glad I did not.
In case I did so, I was referring only to my BCH in my "expense" wallet, which is my coins.ph.
Why am I using Two wallets?
A few years before I started investing in cryptocurrency, I was using two physical wallets. That was when I was working full-time and had a regular salary. Our salary was automatically deposited into our individual ATM account.
To save a frequent trip to the ATM though, I would withdraw an amount that I need for a week. Then I will take out an amount that's enough for my daily expenses and set aside the other in my second wallet.
I will leave my second wallet in a secure place at home.
There are a few advantages to using two wallets
I know how much money I have with me for that day.
I can avoid impulse buying easily, since I know I have a limited amount with me.
I can say no to unscheduled night outs. Unless they offer to pay for everything.*grin*
If I lose my wallet, I will not have much money in it.
Two Banks.
When my wife got pregnant the third time around. I opened a second bank account. The second bank account is for my funds for her pregnancy. We were told that because of some conditions, the baby can only be delivered through c-section.
Before you get confused, I mentioned earlier that when she got pregnant for our second child. However, she had a miscarriage during her first pregnancy.
That was four years ago.
After Recovering From the Pandemic
The pandemic has wreaked havoc to our finances. I wanted to prepare as much as I could on cases like this again. This time I am using the CIMBank that comes with my GCash to build my emergency fund.
However, for now, I still have to create a concrete plan on how to build that fund quickly. However, I believe having a joint account with my wife would be much better.
Two By Two
The idea is, to have one wallet for my daily expenses and another for savings. Same thing with the bank account. One for our monthly expenses, the other for emergency funds.
Adopting the Concept With My BCH Earnings.
A few months after I started earning BCH through read.cash, I wanted to set aside a portion of my earnings. Since I'm from the Philippines, my first wallet is coins.ph. However, I find it difficult to keep track of how much I should save and how much I will spend each month.
It was in November that I created another wallet in Bitcoin.com. My purpose pose is to separate the amount for my savings and for my expenses. To simplify things, I will send all my earnings from Noise.cash to bitcoin.com for my savings. Then I will start investing some of those amounts to earn passive income. Let's say my bitcoin.com wallet is my savings account
My earnings from read.cash goes to my coins.ph. I will use my monthly earnings to pay my phone bills and debts, and my monthly amortization for the piece of property that I bought. The last one technically is an investment on my part.
In Closing
The concept of using two wallets is not mine. I believe I heard or read it first from the teaching or writing of Bo Sanchez and another article online. I'm sharing this because I believe it's an effective method to control your expenses and make sure you have your savings.
I know most of you are HOLDers of cryptocurrencies. However, there are also many of us here who need to spend some of our earnings especially during this time o pandemic. Then again, it is much wiser not to spend everything that we earn. Just imagine if you have saved 10 BCH and the price reaches $10,000 after a few years. That's a hundred thousand dollars!
Live an Abundant Life!
Thanks For ReadingMarch 1, 2022
Previous posts
Check out my other posts in Read.Cash
Check out my other Articles in Publish0x.com
Join me in ForumCoin.Com
Follow me in Noise.cash
Follow me on Twitter
Image Credits
Lead Image: Created using Pixteller
Other images: from Unsplash
Savings. I hardly save money since my salary is enough for my monthly expenses. I am a newbie in read cash, hope i can save all