Different between Cryptocurrency and Banking sectors - page 4.

entrepmind23

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Quote from: Abeey4life on July 29, 2018, 05:59:07 AM

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.

They would give you an interest of about 1% annually and they would let your money be borrowed at a rate of around 6 or 7% and we are talking millions here so that's how they profit. They also use our money to trade and they got profit from it as well and invest in other investment vehicles as well. We should learn how to make use of our money without relying in banks.

What I hate about banks is that when my balance is below minimum, they would deduct my money so it would be much lesser until such time they would exhaust it as oppose to a crypto wallet wherein even just a small value is left, it would still be the same or the even good thing if its value grow after a few years.

alex3.alex03

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Banks are stable. On the crypto-currency market, the fastest way to earn money is because of constant price jumps.

mikyadel

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Arabic Translator

people who put their money into saving accounts don't look for profits mainly ,but rather a way to keep their money safe . putting your money in cryptocurrency isn't a safe way if you aren't familiar with the field , it's like trading Forex or stocks without knowing how to trade , you eventually will lose money . btw,there are other options out there to invest your money for example ,real estate

rohitkaira

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Banks saving account gives you little income with protection to your savings, while crypto gives you opportunity for very high earnings with little or no protection to your savings due to high volatility.

Banks charge you high fee for transactions and processing is slow, while crypto charge you low fee with quick processing of your payments.

Bank transaction are mostly controlled by bank and can be reversed or secured but crypto transactions are DIY and irreversible.

But crypto is still new and banks developed their processes and system in over many many years.

I believe within few years crypto will find better ways and systems to serve people and compete with traditional banking.

lehuong

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The difference between bank and electronic money is that the electronic money is not traded through the intermediary so there is no loss of money to the intermediary and the bank requires the intermediary of the investor will lose money to the intermediary

Kellyrobinson86

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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.

babarian

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Quote from: Abeey4life on July 29, 2018, 05:59:07 AM

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.

indeed if viewed from that point of view it will be better if you invest in crypto currency that opinion can be higher than the inflation rate so that we do not need to fear the inflation in the national currency, but the risk of investing in the crypto currency is very large, you can experience losses in excess of inflation losses in FIAT currency deposited in banks

cryptocurrencyguru

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cryptocurrency is digital assets stored with hardware wallets we can expect in the coming future cryptocurrency markets will be the main form of money transactions same like banking sectors

magneto

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The big difference here is probably decentralisation.

Even though bitcoin does not give you interest or anything like that, there is no central manipulation of the money supply, nor can anyone debase the currency essentially. Bitcoin's emission curve is strictly hard coded, and can't be changed.

Fiat is completely different. Your savings as you said, are probably going to be depreciating faster than the interest that you are getting from banks.

Hence, it's probably wise to invest in a well established decentralised crypto like bitcoin, or invest in actual dividend producing stocks, if you want to preserve wealth and not lose wealth through inflation.

hector3115

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Quote from: Abeey4life on July 29, 2018, 05:59:07 AM

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 have already heard something like that about are giving you less than you can earn by making some real with money, because of the inflation practice. When money is actually losing its value.

peacefulpeace

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the main duty of the bank is to save your money, despite the fact that your money is not entirely safe with banks as inflation could catch up with your save money and it is devalued overtime, but the cryptocurrency is aninvestment where intest is accrued as long as the coin value increases, investing in crypto is more wiser than just allowing your money wallow up in a savings account without interest,

pinot95

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Quote from: Abeey4life on July 29, 2018, 05:59:07 AM

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.

I have very simple argument with this for me saving my money in the bank is where I trust my money to let being held by other people while cryptocurrency is where I myself personally hold my own money without third party involvement. I can monitor my own account and anytime can do anything what I want. I think crypto is very personal and safer.

taiwww

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Quote from: Abeey4life on July 29, 2018, 05:59:07 AM

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.

Well, the idea behind the crypto investment is to skip the banking sectors and earn moe interest. People are lending bitcoin and earning like 1-2% of interest each day and thats like monthly interest of the banks. So you can imagine how big stuff this is and how much we can earn from it. So it doesn't matter whether it is crypto venture or something like that because there are multiple ways from where we can earn big time. There is also chance that we may end up having the passive income stream, and thus earn big money from it. I guess banking surely sucks in this regards.

Hoho29

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HalommmmE is my LOVE

Quote from: Abeey4life on July 29, 2018, 05:59:07 AM

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.

The big different between cryptocurrency and banking is the ability of money control where at the first one you have full control of ur money without third party in-between , in case you lost your wallet ID, password or private key no one inherent a thing .
Second is security and speed of transaction compared to regular banks .

destiny100%

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I see the difference between electronic money and banking is. If you transfer money from the bank to the wrong address recipient, you can get back. But if you transfer money electronically, you will not get it because you do not know who owns the money.

jarojak

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Quote from: Abeey4life on July 29, 2018, 05:59:07 AM

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.

But banks gave us assurance. If saving money in the bank like putting money on pocket with holes, what do you say to people who buy BTC at 19k USD last year with the current price is only about 8k? Remember, high return but high risk.

Epimetheus

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Cryptocurrency are pure digital form. So only digital currency can be transfer with the help of cryptocurrency banking. Where as in bank all physical and digital form of currency transaction occurs. Transaction through bank taking too much time and also charge high transaction cost. Where as transaction through cryptocurrency is fast secure and also taking low transaction cost. Transaction through bank is reversible but transaction through cryptocurrency is not reversible.

manjit8013

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Save moneyy

Tory-Tory

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“Blockchain Powered Clinical Trial Management”

Quote from: Abeey4life on July 29, 2018, 05:59:07 AM

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.

For me, the biggest difference is that if someone transfers money to my card, then I must prove that it is not income, otherwise I will pay the tax. In crypto currency, I don't need to prove anything to anyone.

Marierobinson16

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Savings in the bank you will be guaranteed that always be profitable even if the numbers are low. And you invest in cryptos, you are playing the risk, it may be profitable for you high, but also it will lose. So profits will come to you not only not guaranteed can also lead to big losses.

Topic: Different between Cryptocurrency and Banking sectors - page 4. (Read 864 times)