Topic: Different between Cryptocurrency and Banking sectors - page 2. (Read 864 times)
cryptocurrency is long-term asset-based currency we should wait for enough time to see the benefits then only we can expect results whereas banking is secured but banks take higher fees than crypto currency wallets
Saving money in a savings account is like putting money in a pocket with holes. Banks only give you interests that are lower than the inflation rate. It‘s how they make money. You are better off investing in ventures (Crypto currency) that give a return higher than the inflation rate.
Saving money in banks right now not more profitable than putting money in cryptocurrency. Cryptocurrency market is fast growing market and its more profitable investing our money in crypto rather than saving on bank account.
Saving money in a savings account is like putting money in a pocket with holes. Banks only give you interests that are lower than the inflation rate. It‘s how they make money. You are better off investing in ventures (Crypto currency) that give a return higher than the inflation rate.
You can earn a lot of money from the bank through savings but only if you start from a lot of money in the first place. Whereas in crypto you don't need to have that big of an investment, however, it's volatile market and there is more risk involved but that's not important. most important point of crypto is no middle man and you have complete control over your assets.
Cryptocurrency is a decentralized type of currency while the banking sectors is a centralized type that is putting a lot more focus in centralization and controlling the fiat system in a country because they are like the heart of the cycle of the money in an economy. Cryptocurrency and banking sectors are completely different but if they unite then it might be the key for a faster progress for the world in terms of finance.
Increasing profits by earning interest from savings is not really feasible. In my country, when the inflation rate is close to the interest rate savings. Depositing savings will be extremely risky in high-inflation countries, with the value of the national currency losing value each year. When you save money after a few years, the amount you can increase. But the value is reduced.
Besides that, the interest you earn is not really the interest you will receive because they will deduct tax from in it first so this is one of the advantage of cryptocurrency over savings in bank account because when the value of your coins increase, there would be no tax deduction from it unless you will declare it to the government. In banks, it would be immediately deducted. One thing I also hate about banks is that whenever the minimum balance goes down, they would deduct your balance further until such time they would exhaust all your funds.
Saving money in a savings account is like putting money in a pocket with holes. Banks only give you interests that are lower than the inflation rate. It‘s how they make money. You are better off investing in ventures (Crypto currency) that give a return higher than the inflation rate.
this is true, banks gives 0.5% to savings account, but it should be noted that banks shouldnt be seen as an investment, its a means of saving money for later days, but it is better to invest in crypto with high returns than to save ones money in a savings account with little or no interest rate. But in all, one should trade cautiously.
I agree with you, but many people still believe that cryptocurrency has a high risk because there is still no institution responsible
that fact is so true. the bank gets money from inflation rate and we only get a number of interest rate that isn't even equally than ours losses value assets.
in another hand. the banks utilize our asset to reinvest in the instrument which resistance against inflation and take profit. whatever they do is about for how the way to make more money
(no offense). it wise to us to starting investing on some venture (cryptocurrencies could be worthy options) as your investment asset options due to its prospective potential in the future beside traditional instrumental products.
in another hand. the banks utilize our asset to reinvest in the instrument which resistance against inflation and take profit. whatever they do is about for how the way to make more money
(no offense). it wise to us to starting investing on some venture (cryptocurrencies could be worthy options) as your investment asset options due to its prospective potential in the future beside traditional instrumental products.
Increasing profits by earning interest from savings is not really feasible. In my country, when the inflation rate is close to the interest rate savings. Depositing savings will be extremely risky in high-inflation countries, with the value of the national currency losing value each year. When you save money after a few years, the amount you can increase. But the value is reduced.
Their difference lies only in just authority. You need to know that cryptocurrency and banking both have similarities which can move into the financial sector even both are able to be combined to complement each other's shortcomings which are in both.
Saving money in a savings account is like putting money in a pocket with holes. Banks only give you interests that are lower than the inflation rate. It‘s how they make money. You are better off investing in ventures (Crypto currency) that give a return higher than the inflation rate.
Investing is more profitable than saving. However, most people think to raise money only one way that's by saving, with the reason for our future life. Even now we certainly like to set aside some money from income to be saved in a bank. That's right moreover the bank also gives a few percent interests which can increase our money in savings. But if we only rely on funds which's collected in the bank. Of course will be very difficult for us to be able to buy the goods of our dreams in the future. The reason's clear, inflation growth's higher, than the increase in bank interest given.
As humans, we certainly want an increase in living standards in the future. So it's not wrong if cryptocurrency, you make it as the first choice to maximize your finances because investing in cryptocurrency's the best alternative to collect dollar coffers quickly.
That's right if you save money on the bank Your benefits will be low but you will not at risk for that savings, If you want to invest in cryptos, it can give you a high return, but with high risk, anything that has a high-interest rate will be risky and depend on your luck.
Usually banks will only refund so much of your money if the bank were to go bankrupt, i.e like up to 100k max refund.
In my country Banks can confiscate your money if they are in a bad financialy situation. This is sick. Banks aren't safe anymore and they are giving away your transfers information to the goverment.
Saving money in a savings account is like putting money in a pocket with holes. Banks only give you interests that are lower than the inflation rate. It‘s how they make money. You are better off investing in ventures (Crypto currency) that give a return higher than the inflation rate.
You can earn a lot of money from the bank through savings but only if you start from a lot of money in the first place. Whereas in crypto you don't need to have that big of an investment, however, it's volatile market and there is more risk involved but that's not important. most important point of crypto is no middle man and you have complete control over your assets.
Saving money in a savings account is like putting money in a pocket with holes. Banks only give you interests that are lower than the inflation rate. It‘s how they make money. You are better off investing in ventures (Crypto currency) that give a return higher than the inflation rate.
Yes, I agree with that. In addition, cryptocurrency like Bitcoin has significant advantages over banks in a number of fields, including security, unlimited transaction settlement, efficient payments, and lack of dependence on service providers or centralized entities.
That's right if you save money on the bank Your benefits will be low but you will not at risk for that savings, If you want to invest in cryptos, it can give you a high return, but with high risk, anything that has a high-interest rate will be risky and depend on your luck.
Usually banks will only refund so much of your money if the bank were to go bankrupt, i.e like up to 100k max refund.
If you own crypto you are in complete control of your money and no one can take it away. If your money is in the bank, the government can freeze your money anytime they want for any reason.
yes that is very true, crypto is a suitable investment place because there are no interest rates, in contrast to banks that take years to get multiple profits and interest rates.
First of all, cryptocurrency allows you to remain anonymous. In opposite to banks, cryptocurrency is independent from any government. You do not need to go to a special institution to put crypto on a card or transfer it to another account.
Saving money in a savings account is like putting money in a pocket with holes. Banks only give you interests that are lower than the inflation rate. It‘s how they make money. You are better off investing in ventures (Crypto currency) that give a return higher than the inflation rate.
In my country, banks give an average of 15-18, and even 21-23 percent per annum, for depositing money. This, in principle, a good income, even given the small inflation. This, after all, is stable and guaranteed profit. If the bank is a state bank, profits are guaranteed by state assets, and if the bank is commercial, then there is a guaranteed deposit fund from which money is returned to depositors if the commercial bank goes bankrupt. True, the guaranteed amount of payments is about 8-12 thousand dollars. However, vseravno, a guarantee of return is.If you have invested your money in the crypto currency, you are fully responsible for their safety and assume all the risks of their loss. And there are a lot of such risks. And their own mistakes, and hackers, and just the riskiness of crypto-currency investments. Here you can make good money, and you can lose everything.
Those rates are higher than the current inflation rate? How can banks afford to give such high returns? Most banks are giving returns on fixed deposits that are slightly lower than inflation.
Yes, the important part about this is the risk. Risk is much higher with crypto so naturally, returns have potential to be much higher as well. The current fluctuations between 6-8k are evidence enough of that. If you just get on while it's low and don't use leverage, it won't be risky though. Even for the riskiest assets, the risk is only as much as you allow it to be.
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