Is it good or bad idea saving every penny on crypto stable coins - page 4.

rachael9385

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Quote from: Mate2237 on February 27, 2024, 04:25:16 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.

batang_bitcoin

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Are you going to do that from time to time? That's a bad idea and hectic but you know that you'll just keep it there and you'll have to pay some fees for these transfers regardless of what chain you're going to use with USDT. The effort that you'll have to do it with every penny you have as you say will take time and money. Why not just do it on a lump sum and wait again for a long time for you to save it there so that you save time and money and effort for doing that?

Mate2237

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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.

Fatunad

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Quote from: Luizwalter Crypt on February 19, 2024, 12:05:54 PM

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?

The only issue you would be having or risks when storing up your coins on USDT on which is "Depegging"

Here's a good read about Stable coins depegging.
https://academy.binance.com/en/articles/why-do-stablecoins-depeg

Ex. USTC
Once you have put up your money into this or stored up and it depegged then say goodbye into your money.
I would rather store up my money into a bank rather than on risking or storing it on a stable coin
but since im that making some trades then it wouldnt be that a bad idea to storing your coins on stable coins specially
if you do able to trade up some coins directly, you could dive in directly once you do see an opportunity and getting out easily
on the time that you cant handle out volatility.

Fivestar4everMVP

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Quote from: Luizwalter Crypt on February 19, 2024, 12:05:54 PM

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?

Well, it all depends on the country where you live, like for example, if you live in the USA, I honestly see no sense in saving in crypto usdt since usdt, and mostly every other stable coins are 1 - 1 backed with/by the US dollars.

But if you live in other country, for example, a country like Nigeria where the local currency have been losing value on a daily basis against the us dollars, and also losing purchasing power, then it's definitely a very good idea to save your money (not intended to be used on or for any investment) in usdt, or any other more trusted stable coin where it could, atleast appreciate against the local currency and make you some profit when finally converted back to fiat to be used for what ever purpose it was meant or kept for.

Personally, I've been saving in usdt and some other trusted stable coins, than I save in my local currency, and I've never had any regret for doing so, so, this I would say is a really good idea, but like I initially said, it depend on the country where you live.

hatshepsut93

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Bank deposits are not lucrative because fiat currency suffers from inflation, and guess what - that same inflation is applied to the stable coin too, because it's pegged 1:1 to a fiat currency. But it also suffers from some downsides that are not present in banks - banks are often insured and guarantee withdrawals up to a certain limit, and banks are legal entities that can be sued. While stablecoins are much less regulated and you could indeed lose money if they crash. Especially dangerous are the so-called algorithmic stablecoins which lost their peg a lot of times in the past and supposedly got hacked, or maybe those were inside jobs.

Nheer

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Quote from: Wiwo on February 19, 2024, 01:02:17 PM

Best to just hold Bitcoin since from your explanation, interest generation is your main goal, this is very important and for sure there are a lot of limitations with stable coins

I don’t think he is ready to take the risk as investing in bitcoin could go either way and I don’t think he is ready to run at loss so saving up in bitcoin is not ideal for him/her. It will depend if he wants to save up for a long time or a short period and if it’s not money he would need for his daily activities.

Quote from: Luizwalter Crypt on February 19, 2024, 12:05:54 PM

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's your opinion on this?

You need to understand that USDT is a stable coin that is pegged with dollar price so if you are a US citizen then there is no use saving in USDT because the value will still be the same but it can be profitable when you are from a different country where your country’s currency value is less than the dollar value. Take for instance The dollar rate comepared to my country’s currency Naira keeps increasing with time so a Nigerian saving in USDT can be profitable.

Fortify

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Quote from: Luizwalter Crypt on February 19, 2024, 12:05:54 PM

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?

It depends how risky you live your life. There is a portion of people in the investment arena who got rich by following the "everything is good in moderation" type strategy, where you diversify a bit so you don't lose everything if something causes a shock to one particular market. Anything that has gone up like a rocket could drop back down like a stone - it works both ways. Some people had a lot of faith in Bitcoin in the very early days, bought a lot and made themselves mega rich because of it and those people will forever be grateful to the experience it gave them. However it is basically an intangible and non-productive asset which you are merely hoping to sell to someone else at a higher price, instead of say gold which can have many physical uses or companies that can pay out profits every year/

South Park

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Quote from: Casalania on February 20, 2024, 04:38:22 PM

Quote from: Luizwalter Crypt on February 19, 2024, 12:05:54 PM

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?

It depends on the location of your country. There are some countries where the inflation rate is so high that the value of their money decreases after a certain period. During that scenario, it is better to convert your money into USDT to avoid losing its value.

While some forum members are completely against the idea of converting their money to stable coins due to their centralized nature, we must recognize there are scenarios in which this move could be justified, and a weak currency paired with a high level of inflation would be a reason that is good enough to make this move, as there are people that are simply not ready for what bitcoin can throw at them and if they invested their money in it they could lose it rather quickly.

eightdots

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Quote from: Luizwalter Crypt on February 19, 2024, 12:05:54 PM

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 also related to the country you live in because if your local currency is losing value against the dollar, you need to do something to protect the value of your money. You can make sure that your money doesn't depreciate or depreciates less against inflation. As I said, what you want to do will depend on where you live. You are the best person to know this.

If you want to save, you should have more than one option. There has been speculation about stablecoins for years. We don't know if these speculations are true or false. Just in case, you can reduce the risks by not investing your savings in just one method.

jaberwock

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Quote from: Hewlet on February 20, 2024, 10:27:37 AM

Quote from: Luizwalter Crypt on February 19, 2024, 12:05:54 PM

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?

Considering the regular gain of the dollar over most fiat currency, it's now obviously the best decision to take most especially when your currency has a lower value compared to the fiat. But doing that requires that you keep out a certain portion of your saving in your fiat form while the rest that you wouldn't be needing anytime soon can be converted to the dollars which has been very much positively volatile and has favoured most persons that are currently earning in dollar.

Dollar is the most famous local currency and that is the reason why its value is better than the rest. It can recover once it drops but I think its price range will not exceed over 2 dollars, so if we are looking to make it as an investment, better if we will just do it on the real assets like Gold or BTC. Another reason on why they are a better choice is that they are unaffected by the rising rates of the inflation.

I forgot that he can also stake his stable coins on some platforms that allows it, and this allows him to earn more than what holding a dollar alone can offer. There is only a risk on it if it's a third party are the ones that hold our stable coins. The same risk can also happen in banks.

Casalania

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Quote from: Luizwalter Crypt on February 19, 2024, 12:05:54 PM

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?

It depends on the location of your country. There are some countries where the inflation rate is so high that the value of their money decreases after a certain period. During that scenario, it is better to convert your money into USDT to avoid losing its value.

Lukmanfirdaus1

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hallo world ^_^

Quote from: Luizwalter Crypt on February 19, 2024, 12:05:54 PM

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.

bluebit25

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Quote from: Luizwalter Crypt on February 19, 2024, 12:05:54 PM

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?

I find that keeping money in the bank and converting to USDT both have their own pros and cons. Choosing which option is better depends on your financial goals, risk tolerance, and investment time horizon. I think that if you have a plan for your financial goals, risk tolerance level and investment time, then be really serious and, most importantly always stay responsible for your actions. Because I am active member in the crypto field, I really encourage everyone to do their own research so they can diversify their choices, don't be too fixed and distinguish what is the best choice, if they are right can help you complete it.

SmartCharpa

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Quote from: Luizwalter Crypt on February 19, 2024, 12:05:54 PM

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?

Since I don't really know anything about your country, I can't speak to the dollar rate. If you think this is a good decision, then you should start saving in USDT. When you decide to keep your savings in USDT, I will advise you not to spend it all; instead, try to keep some cash in your bank account. This is because, in this situation, you need to have a stable job; you shouldn't sell your USDT when you need money to pay for other expenses. Don't use all of your savings to buy USDT, even if you still have a well paying job. Since there is no interest paid on savings at the end of the month and banks continue to charge fees, many people in my country who are aware of USDT value would rather hold it than save cash in their bank accounts. However, if stable coin is worth saving in your country, you can save in USDT instead of cash.

Hewlet

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Quote from: Luizwalter Crypt on February 19, 2024, 12:05:54 PM

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?

Considering the regular gain of the dollar over most fiat currency, it's now obviously the best decision to take most especially when your currency has a lower value compared to the fiat. But doing that requires that you keep out a certain portion of your saving in your fiat form while the rest that you wouldn't be needing anytime soon can be converted to the dollars which has been very much positively volatile and has favoured most persons that are currently earning in dollar.

iv4n

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Quote from: moneystery on February 20, 2024, 09:43:09 AM

saving your money in usdt is the same as saving your money in dollars, the value can go up and down depending on us economic and political conditions. and indeed, if you save your money in usdt, you will not be charged service fees or other fees which are usually charged by banks. however, storing money in usdt in a wallet or exchange also carries risks, for example the exchange goes bankrupt or someone hacks your wallet.

so if you plan to save in usdt, you have to pay attention to the reputation of the exchange or the security of your digital wallet. as long as you can think about it, saving into usdt is probably a good idea.

But he will probably have to pay some fees when he decides to move those USDTs from one place to another, and maybe conversion rates, in my country we don't use dollars. I guess if he wants to save some dollars in the bank he will probably open a saving account and depending on how long he plans to save there the interest rate he receives will be lower or higher.

But I am not for saving in stablecoins generally. It's good to have some cash on the side just in case, but those who have long-term plans should save in BTC, ETH, or some other perspective coin. I think it's good to diversify and to have some low-cap coins in wallets as well, who knows... if we choose good that can turn out to be very profitable one day.

Synchronice

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Quote from: Luizwalter Crypt on February 19, 2024, 12:05:54 PM

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?

There are banks that pay you some % of positive balance, offer you cashbacks and so on, so, it's not like it will remain stagnant. Overall, it's really not a good idea to save lots of cash because inflation decreases its value over time. It's not a good idea to save USDT either because not only inflation affects your savings in this case but USDT itself is not a very trusted currency and god knows what happens behind the scenes. There is a possibility that one day USDT will crash like Terra USD because we don't know how much reserves Tether (USDT) holds and we don't know what might happen when too many people decide to cash out USDT.

moneystery

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saving your money in usdt is the same as saving your money in dollars, the value can go up and down depending on us economic and political conditions. and indeed, if you save your money in usdt, you will not be charged service fees or other fees which are usually charged by banks. however, storing money in usdt in a wallet or exchange also carries risks, for example the exchange goes bankrupt or someone hacks your wallet.

so if you plan to save in usdt, you have to pay attention to the reputation of the exchange or the security of your digital wallet. as long as you can think about it, saving into usdt is probably a good idea.

Kelward

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Quote from: Luizwalter Crypt on February 19, 2024, 05:29:15 PM

Nice contributions. I think I've learnt Alot here.

I think making stable coins my savings wallet would just add up to my stress but rather I'll choose to invest percentage of my long term savings on Bitcoin.

You just made the best decision that will keep increasing your money as long as you're planning to save on a long term, Bitcoin is the best digital asset that you can hold that will keep giving you ROI in the future. Saving your money in stablecoins is good if the value of your country's local currency is not stable and is depreciating compared to the us dollar, in that case stablecoins can be a good choice, but Bitcoin is better because if held on a long term, the value will keep increasing and make the holder richer.

Please don't put every penny that you have in any investment, including Bitcoin, it's important to save some percentage of it in your local currency to cater for daily and unforseen expenditures, it's not every business that accepts digital currency as payment for goods and services.

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