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Someone Just Asked me 'why I keep 99% of my portfolio in BCH'
When I was growing up at home, I didn't have any television and my time was devoted in reading comics, and my favorite almanac at the time was 'Uncle Scrooge' who was the richest man in the stories. He was so rich that he wasn't sure how much he really had and he stored all his money in a safe at home.
...the safe was so full of gold coins that he could even swim in it.
Of course, that was an almanac and told life in a comical way, but it also related facts that happen in real life. In the story Uncle Scrooge was rich but he was a stingy type and didn't give anyone his money, even his family, a real dinosaur who didn't listen to anyone and did everything by himself, but the guy was filthy rich!
Uncle Scrooge is very much compared to real-life characters like Warren Buffett, even though he is a billionaire and one of the most influential men in the world he does not believe in the cryptocurrency market and no matter how hard people tries to persuade him he just does not give a damn, He's an authentic old business man a complete dinosaur.
Generally in childhood, we always keep a memory of what marks us and this comic book in particular was very important for my financial growth and I made mistakes, because I wanted to follow the example of 'Uncle Scrooge' and keep the fiduciary money always with me and also some valuable possessions in the residence. On the one hand, this interest in keeping securities at home was very positive (I never liked banks), but for the most part it was detrimental to my finances.
I was never able to keep money in my hand and ended up using all or part of my savings (pay for bills and daily basic needs...).
One of the strong reasons for this was because I truly did not have investments that supported me (just relay in paid jobs, salary...) and providing resources to support both, my family and my own whims.
I tried to save money but always ended up using it, no matter how hard I tried it vanished from my hands!
Not only that, no matter how much I managed to keep the money safe kept at home It always devalued, and when I wanted to use it was no longer able to buy almost anything, it had suffered inflation over the value. Therefore, I had two enemies to fight:
The first was to not get the value stored at home
The other was that even if I managed to keep it, it always ended up falling in inflation.
As I said in a few paragraphs above, Uncle Scrooge was an influence during my growth and I wanted to follow his example, which was not bad at all, but maybe at the time he lived it was possible because at present, this reality it is almost nil.
The title of the article refers to a neighbor who will approach me, and as he knows that I work directly with Bitcoin Cash (MOZAMBIQUE ambassador for BCH) he questioned 'why I keep so much of my money in the currency'...?
...the story of Uncle Scrooge goes back to a past time when wealthy and miserly people kept their wealth at home tax-free and under their protection, fearing that banks and financial institutions would take a share in the collection of taxes as well as the government with their counterpart in that.
Betting on Bitcoin Cash as Cash of the Future
Unlike Uncle Scrooge, I learned that keeping money at home usually doesn't work well and ends up suffering inflation, and being young and wanting to keep my resources safe, it is logical to bet on a currency that really serves my purposes, and that is Bitcoin Cash!
...we will see!
Bitcoin Cash does not suffer from inflation and has a total supply of 21 million, highly secure, fast in transactions and most importantly for its maintenance you only need an encrypted wallet that allows the owner to send and receive Bitcoins. This facility for storing values is very important, as it is not expensive for the consumer and many of them are free to have, just requiring an active internet for the respective 'download' of the wallet.
This simple and direct explanation for the neighbor who wanted to know 'why my portfolio was maintained 99% entirely in Bitcoin Cash', led him to reflect a lot about it. His question was answered with an example, from Uncle Scrooge, who kept all his wealthy in Home locked in a vault guarded by him, a stressful situation where anything's motive to be alert as anyone is suspicious and want to steal from him. In fact many robbers tried to hook up his Gold in the magazine😜.
That can't happen with BCH, as long the owner keep the seed phrase on a safe location offline and avoid hackers, who are the big enemies of the crypto and online space.
Bitcoin Cash is free to keep and can be used anytime, anywhere and pay absolutely ridiculous low fees when making transactions, that are fast secure, and there's no border or government that can interfere in the usage of the currency.
The currency is also decentralized (not owned by anyone) relay on the blockchain where people can check transactions in real-time and no one can change the information on it, Bitcoin Cash is the smart money for the people.
Despite all that, BCH can be used in almost any part of the planet to pay for good and services, bills and other stuff as the currency is accepted by merchants who see in the currency a better way to maintain their money and avoid inflation.
In the past, many people kept money and other valuables at home, where they believed it was highly viable for their intents, which, at that time, served for the strategy they defined. But over time and with the evolution of the human mind and financial market, they were forced to deposit their money in banks, which kept it safe, but ended up paying a tax on their money under the bank's purview.
...Banks always charge for their services and never lose!
Without also leaving inflation, which is an evil that incurs on all fiat money, the money saved 'today does not buy the same as it bought yesterday'! Inflation is a major cause of currency devaluation and a danger for those who leave money to gather 'dust' in the Bank.
Using modern methods of saving and using money, the best way is to keep it in Bitcoin Cash. Keeping in the currency the owner keeps his money free from inflation and protects the funds, also, by using Bitcoin Cash for daily and direct payments in a peer-to-peer system, the user is opening a new currency utility and giving away one more way the world to keep the finances.
'the same number who used BCH yesterday isn't the same today, the adoption is imminent as the currency works for the real world situations where users can be able to manage their life without having to exchange it for Fiat money...'
...believe that even Uncle Scrooge at this time would bet in Bitcoin Cash as it could save some huge space in his vault where he keep his coins, with BCH he just need to keep his seed phrase secure and offline.
*P.S: all context in the article isn't a FINANCIAL ADVICE and always DYOR.