Is it good or bad idea saving every penny on crypto stable coins - page 3.

Cryptomultiplier

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Unlike other cryptocurrencies like bitcoin, stablecoins are designed to maintain their value by pegging their price to a stable asset like a fiat currency (eg US dollar) or a commodity (eg gold). The purpose of stablecoins is to minimise price volatility, making them more suitable for payments.

https://www.bvnk.com/blog/stablecoins-vs-bitcoin#:~:text=Unlike%20other%20cryptocurrencies%20like%20bitcoin,them%20more%20suitable%20for%20payments.

I would love to emphasize on how stable coin, as the name implies, is just as its name sounds, stable. Your currency saved in stable coins will remain same without adding up interest as BTC does because it works as a stable asset one can keep just like other cryptos but they aren't just any other cryptos too.

BTC is volatile as are other crypto currencies, one minute the price is up, the next, it is down. Within the few minutes, one can become a millionaire or simply loose and become broke or bankrupt from trading their crypto.
That's why instead of using a more volatile decentralized asset that isn't a regular bank to save money or make payments which have same value as the local Fiat, stable coins serves just fine.
Some of the top five stable coins one can use remains the Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), and TrueUSD (TUSD). Others exist, but these are more accepted.

Dailyscript

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In my opinion i think it is not a bad idea. But it all depends on the stable coin you are saving it and the value it would be if converted to your local currency. Lets say for instance you are using the USDT stable coin just know that there will be am increase in the price of your holdings to your local currency if dollars start increase and vice versa. Which means the value of your holdings will be affected by dollars price changes in the stock market.

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Saving in stablecoins is like saving in USD, it’s a guarantee that you lose purchasing power every year through inflation. It’s actually even worse because you don’t have the security of a regular bank & small interest that a regular USD savings account gives you. Save in Bitcoin, dollar cost average every month over a number of years & you are close to guaranteed to outperform the USD, USDT & all traditional fiat savings outlets.

ololajulo

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Is not a bad idea to put your savings in stable coins but maybe not exchanges and not all of it as well in cryptocurrency. Put some in USDT bank account, some in a fixed deposit for year in the bear and could acquire some real estate. Anything online might not be the safest, even the wallet, so divide your profit and put it everywhere. For some countries that follow cryptocurrency investment of there citizen and seek tax on it, hold on to your profit till the tax evades.

niall51

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Quote from: Luizwalter Crypt on February 19, 2024, 11:05:54 AM

Sometimes I begin to imagine instead of transferring my money into the bank to keep for a number of days or months before usage in form of savings that nothing will add up instead it remains stagnant or the bank charges me even more. Is it not better I save them on a stable coin such as the USDT?

Please what do you think? Will I end up losing my funds one day if I do so?
To me I feel it's good way to save.

Please what's your opinion on this?

depending on what stablecoin you choose, we don't know in the future even banks could go bankrupt, what's more, stablecoins, in my opinion, are the same as saving your money in fiat, the risks are the same depending on whether you choose to save physical or digital fiat.

ultrloa

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Quote from: angrybirdy on March 05, 2024, 06:58:06 AM

Quote from: MissNonFall9 on March 05, 2024, 04:37:09 AM

Saving is definitely a good thing to do. Because from here on can be used as a shield against the coming bad times at any time. Although it is not possible to acquire great wealth through savings. But because of that, I can't advise you to hoard all your achievements. Because if you can invest some part of your savings in crypto currency then there is a strong possibility of getting high returns from here. So I don't think any part of the opportunity should be kept unused where there is an opportunity. But in this case, investment should be done in profitable areas by observing the past investment picture, otherwise one has to face serious risk.

You mean something like emergency fund, right? You have a point, That's the purpose of savings in our life but I suggest, if you have spare money and you want to put it in something worth it, you should invest it in crypto, but make sure that you are fully aware how does it works and do some research first, do not believe what you heared to others, it's better to have your own research and do it on your own.

Some maybe put some money in stable crypto since maybe they think in future they have something to harvest then use for their future investment. But since we are dealing crypto here much better if they go on more reasonable coins out there so that once everything goes up they can get a good profits once their bought coins go up. But since we can't control what people like to do with their spare money then I guess much better if they stick with their initial plan since nothing wrong with it.

Then he should do some research regarding on what he want to do since for that he can determine about what are good investment without relying to much on the suggestion given by random people online.

shield132

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Quote from: Luizwalter Crypt on February 19, 2024, 11:05:54 AM

Sometimes I begin to imagine instead of transferring my money into the bank to keep for a number of days or months before usage in form of savings that nothing will add up instead it remains stagnant or the bank charges me even more. Is it not better I save them on a stable coin such as the USDT?

Please what do you think? Will I end up losing my funds one day if I do so?
To me I feel it's good way to save.

Please what's your opinion on this?

Many people on Bitcointalk advise that it's not a good idea to hold USDT, there are better alternatives like DAI and USDC. USDT is not 1:1 pegged to USD and it means that there is a high chance if many people suddenly try to convert their USDT into USD, it will collapse. As I said, it's better to choose other stablecoins and store them on your Ledger or other hardware wallet. Btw if it's not a problem, I would hold USD and buy Bitcoin when I would want.

poodle63

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I guess the advantage with saving your money in USDT is probably the simpler step of converting it to the cryptocurrencies that you sought after to be honest, its just that.
overall its the same as saving your in money in bank but remember that bank sometime have insurance if things goes south meanwhile with algorithmic stablecoin might pose some risk though
there are stablecoin that are pegged to real world asset doesn't mean they doesn't have risk though since they fall under management of certain company anyway.
overall if its not for long term both are definitely good enough option but if we are talking about long term maybe decades then there might be some concern.
instead of saving in stablecoin why don't you save in real crypto like bitcoin though who knows your coin might be climbing in term of value in the future.
since everyone doing exactly that.

davis196

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Quote from: Luizwalter Crypt on February 19, 2024, 11:05:54 AM

Sometimes I begin to imagine instead of transferring my money into the bank to keep for a number of days or months before usage in form of savings that nothing will add up instead it remains stagnant or the bank charges me even more. Is it not better I save them on a stable coin such as the USDT?

Please what do you think? Will I end up losing my funds one day if I do so?
To me I feel it's good way to save.

Please what's your opinion on this?

I don't see any big difference between saving money in stablecoins and saving money in a bank account. Maybe the only difference is that the money in your bank account have a deposit insurance, so when the bank goes bankrupt the government will pay you back a part of the deposit. You have no such insurance, if the stablecoin implodes and becomes worthless. Nobody knows whether or not Tether has 100% reserves to back up all USDT in existence. The main role of stablecoins is to be used by the crypto traders for convenience. You basically use a stablecoin to hedge the risk of having increased price volatility on the crypto markets.

Arenga pinnata

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Quote from: Luizwalter Crypt on February 19, 2024, 11:05:54 AM

Sometimes I begin to imagine instead of transferring my money into the bank to keep for a number of days or months before usage in form of savings that nothing will add up instead it remains stagnant or the bank charges me even more. Is it not better I save them on a stable coin such as the USDT?

Please what do you think? Will I end up losing my funds one day if I do so?
To me I feel it's good way to save.

Please what's your opinion on this?

I also often save my money in stable coins before spending it. Because I don't like saving my money in the bank. Because I realized that my country's currency was slowly depreciating. Inflation really has an effect on the currency in my country. Although many people don't realize it. But I personally quite like paying attention to it. especially when the snacks I buy have increased manifold in a few years. So saving in fiat at the bank really makes me afraid that the value of my money will decrease. But that doesn't mean saving in the bank is unsafe. I still feel that banks are still safe. but the most important thing is that we save in a currency that is more resistant to inflation. Dollars might be an option. And saving in fiat dollars or stable coin dollars will be the same.

kryptqnick

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In my country, banks normally don't charge anything when a customer is just keeping money there, and a lot of transfers are free as well. So there's no reason to go on exchanges and buy USDT when you can, if you want, just store the USD in a bank account.
I want to point out that it's impractical to invest in a stable coin because its whole point is to retain value over time (it's not going to grow). Stable coins also have an additional risk compared to fiat because they are allegedly backed up by some physical assets (or real fiat banknotes) to ensure stability, but there's no transparency in these processes. So the USDT might crash when dollar stays fine.

avp2306

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Quote from: Z_MBFM on March 05, 2024, 05:03:36 AM

Quote from: Luizwalter Crypt on February 19, 2024, 11:05:54 AM

Sometimes I begin to imagine instead of transferring my money into the bank to keep for a number of days or months before usage in form of savings that nothing will add up instead it remains stagnant or the bank charges me even more. Is it not better I save them on a stable coin such as the USDT?

Please what do you think? Will I end up losing my funds one day if I do so?
To me I feel it's good way to save.

Please what's your opinion on this?

This is not a bad idea you can save your money on stable coin like usdt. coz we are very bored for money infliction of fiat money and also for expensive bank charge. but if you save your every small amount on stable coin or USD then money inflation will not able to touch you. so i will suggest you hold your money in doller. If we keep money in the bank, the value of money gradually decreases because we are constantly seeing the inflection of our local currency And the amount of this inflection is increasing day by day. so without any worried save your money on USDT but not too much

But the only problem with that is he can't get anything since the he might get a stable value since he choose to save in stable coin. But if he decide to bought small fraction on bitcoin and think about he just do a little bit same like DCA method for accumulating then maybe he's savings will be worth it in future as there's a good chance for his money to grow more since we know bitcoin would give a good returns for those people who decide to hold this coin for long term.

But its still up for people whatever he like since at the end his peace of mind towards what he want to deal is important and if he think grabbing USDT is fine then that should be ok at least we give an option so that people could read this would think about what's more better.

Xampeuu

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Quote from: coinerer on March 05, 2024, 07:23:26 AM

Quote from: angrybirdy on March 05, 2024, 06:58:06 AM

Quote from: MissNonFall9 on March 05, 2024, 04:37:09 AM

Saving is definitely a good thing to do. Because from here on can be used as a shield against the coming bad times at any time. Although it is not possible to acquire great wealth through savings. But because of that, I can't advise you to hoard all your achievements. Because if you can invest some part of your savings in crypto currency then there is a strong possibility of getting high returns from here. So I don't think any part of the opportunity should be kept unused where there is an opportunity. But in this case, investment should be done in profitable areas by observing the past investment picture, otherwise one has to face serious risk.

You mean something like emergency fund, right? You have a point, That's the purpose of savings in our life but I suggest, if you have spare money and you want to put it in something worth it, you should invest it in crypto, but make sure that you are fully aware how does it works and do some research first, do not believe what you heared to others, it's better to have your own research and do it on your own.

Anyone can save there money on stable coin but not there full life earning money. they can keep there 15-20% of savings money on stable coin and rest 80% on another assets like land, gold etc.because we can't 100% trust any crypto coins. we saw UST crashed. it was also a hyped stable coin and many investors and holders loss there big amount of money by this. so no one should keep there 100% of earnings/saving s on cryptocurrency.

Savings diversification is also necessary to minimize risk. There are no guarantees when we invest, but we can minimize the risk. On the other hand, when investing, we also have to think about saving to guard against unexpected things, and that is the first order of business before setting aside to invest. therefore many people who are greedy actually invest completely, but in the end because there is an urgent need to take from that investment, that is the wrong thing

glendall

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If you don't live in the US, I don't think it's a problem for you to save using USDT in crypto because the exchange rate can go up or down, but remember, you must always be vigilant about the safety of your money, it's better if you save in crypto only like btc or ETH , not in stablecoin,

coinerer

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Quote from: angrybirdy on March 05, 2024, 06:58:06 AM

Quote from: MissNonFall9 on March 05, 2024, 04:37:09 AM

Saving is definitely a good thing to do. Because from here on can be used as a shield against the coming bad times at any time. Although it is not possible to acquire great wealth through savings. But because of that, I can't advise you to hoard all your achievements. Because if you can invest some part of your savings in crypto currency then there is a strong possibility of getting high returns from here. So I don't think any part of the opportunity should be kept unused where there is an opportunity. But in this case, investment should be done in profitable areas by observing the past investment picture, otherwise one has to face serious risk.

You mean something like emergency fund, right? You have a point, That's the purpose of savings in our life but I suggest, if you have spare money and you want to put it in something worth it, you should invest it in crypto, but make sure that you are fully aware how does it works and do some research first, do not believe what you heared to others, it's better to have your own research and do it on your own.

Anyone can save there money on stable coin but not there full life earning money. they can keep there 15-20% of savings money on stable coin and rest 80% on another assets like land, gold etc.because we can't 100% trust any crypto coins. we saw UST crashed. it was also a hyped stable coin and many investors and holders loss there big amount of money by this. so no one should keep there 100% of earnings/saving s on cryptocurrency.

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Quote from: MissNonFall9 on March 05, 2024, 04:37:09 AM

Saving is definitely a good thing to do. Because from here on can be used as a shield against the coming bad times at any time. Although it is not possible to acquire great wealth through savings. But because of that, I can't advise you to hoard all your achievements. Because if you can invest some part of your savings in crypto currency then there is a strong possibility of getting high returns from here. So I don't think any part of the opportunity should be kept unused where there is an opportunity. But in this case, investment should be done in profitable areas by observing the past investment picture, otherwise one has to face serious risk.

You mean something like emergency fund, right? You have a point, That's the purpose of savings in our life but I suggest, if you have spare money and you want to put it in something worth it, you should invest it in crypto, but make sure that you are fully aware how does it works and do some research first, do not believe what you heared to others, it's better to have your own research and do it on your own.

Z_MBFM

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Quote from: Luizwalter Crypt on February 19, 2024, 11:05:54 AM

Sometimes I begin to imagine instead of transferring my money into the bank to keep for a number of days or months before usage in form of savings that nothing will add up instead it remains stagnant or the bank charges me even more. Is it not better I save them on a stable coin such as the USDT?

Please what do you think? Will I end up losing my funds one day if I do so?
To me I feel it's good way to save.

Please what's your opinion on this?

This is not a bad idea you can save your money on stable coin like usdt. coz we are very bored for money infliction of fiat money and also for expensive bank charge. but if you save your every small amount on stable coin or USD then money inflation will not able to touch you. so i will suggest you hold your money in doller. If we keep money in the bank, the value of money gradually decreases because we are constantly seeing the inflection of our local currency And the amount of this inflection is increasing day by day. so without any worried save your money on USDT but not too much

MissNonFall9

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Saving is definitely a good thing to do. Because from here on can be used as a shield against the coming bad times at any time. Although it is not possible to acquire great wealth through savings. But because of that, I can't advise you to hoard all your achievements. Because if you can invest some part of your savings in crypto currency then there is a strong possibility of getting high returns from here. So I don't think any part of the opportunity should be kept unused where there is an opportunity. But in this case, investment should be done in profitable areas by observing the past investment picture, otherwise one has to face serious risk.

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Quote from: rachael9385 on February 27, 2024, 03:36:16 PM

Quote from: Mate2237 on February 27, 2024, 03:25:16 PM

If you are looking for profit then you can invest in stable coins but it is not advisable and as you said, yes when you save money in the bank it doesn't increase in any value and it is stagnant but according to people if you are using current account and you have enough money like $6,000 and above, your savings use to increase every month so with that you can make profit. But comparing Fiat bank with stable coins, I will take fiat bank because it is more saver than stable coins.

For bank it is guaranteed that you money is save but in stable coins, " Not your key Not your coins" slogan is always there for you.

Saving money in the bank is not advisable because fiat currency loses value almost everyday and one would not be happy for it. Investing in stable coins is a nice idea because it's either the value increase or decrease. Current account are like salaries account and when you are keeping money in a current account banks normally use them to do business and they also get profits so the percentage you are receiving from a current account are still your money because the banks use them to do business.
I know of a fixed deposit account, you can save money on a fixed deposit account and you won't have access to your funds until the date you set to withdraw them, you can't liquidate the money you saved in a fixed deposit account because it's impossible unless you sign a message and you wont be able to receive the profits.

Keeping your money at a bank and keeping it in the form of a stable coin is equally as bad, since you are relying on a third party to not scam you and run away with your money, and while banks have a longer period of existing and they may seem more reliable, anyone that has tried to withdraw all their money from a bank knows how difficult this can be, so if anyone wants to save their money in fiat form for some reason, they better keep it as cash and hide it on their own home.

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Quote from: Lukmanfirdaus1 on February 20, 2024, 12:07:40 PM

Quote from: Luizwalter Crypt on February 19, 2024, 11:05:54 AM

Please what's your opinion on this?

There will be potential for loss, even though it is small but the possibility is not 0% so you have to still apply risk management, what happened to Luna (UST) is a lesson that stable coins also have that potential, if I were you I would save it in Bitcoin, ETH and gold. Don't forget to always update your data security. Don't get tired of saving, in some time you will lose your money because of your inaccuracy. I hope this helps.

In terms of nominal you won't feel a loss, but in the end, in terms of value, you will definitely feel the impact of the loss because if we save in stablecoins its the same as saving money in fiat.

We know that ultimately stablecoins are the same as fiat currency because they are ultimately fiat in the form of cryptocurrency. So by saving your money in stablecoins it will not make you lose the nominal value of your money because in the end the money you deposit in stablecoins will remain the same as current fiat but in terms of value in crypto when compared to some altcoins or even bitcoin it will definitely experience a decrease because we know that until now the depreciation that has occurred in terms of value will continue to occur, especially during the Bitcoin bull run situation and begins to continue its positive trend after several years we have been in it. rough.

Topic: Is it good or bad idea saving every penny on crypto stable coins - page 3. (Read 1000 times)