Is there anything like Bitcoin savings?

BitcoinTurk

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Quote from: Mrbluntzy on March 14, 2023, 05:46:20 PM

Some will call this a stupid question 😅 but yea, it's just something that came to my mind today after giving a lot of thoughts about Bitcoin.

Is possible to open a personal savings account in the bank and always send money to that account and when you are ready to collect the money, bank will give it to you, my question is, is it possible to also creat a Bitcoin wallet and always send Bitcoin to it as a savings? if you do that for some year without going back to the wallet, will anything happen to your Bitcoin or the wallet?

The question you are curious about and want to know the answer to is never stupid. The example given in the question actually describes the working order of centralized financial structures. Cryptocurrencies do not have a center due to their structure and therefore it is not possible to say that they work exactly with the same logic as the bank. Based on the question asked I can make a recommendation as follows;

You can get a cold wallet for yourself. You can send Bitcoin in the amount you want to save in this wallet continuously and you will never use your funds in this wallet. Thus, you save money just like you have a savings account and you can access this savings whenever you need it. Also, there is no need to go to any branch or institution for get your savings back. However, you will not have a trust problem for the savings you have made because these savings are not actually stored in the vault of a centralized financial institution.

SOKO-DEKE

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Quote from: Mrbluntzy on March 14, 2023, 05:46:20 PM

Some will call this a stupid question 😅 but yea, it's just something that came to my mind today after giving a lot of thoughts about Bitcoin.

Anyone is free to ask any type of question, specifically one relating to cryptocurrency on this Bitcointalk forum since it serves as a platform for discussion where we learn about Bitcoin and cryptocurrencies in general. I am confident that you will receive a response to your question.Don't always think negatively about asking questions here because there is no sin in asking about what we don't know. It is not a good posting practice to thinking that some individuals will call thought ls stupid, just always speak your mind.

Quote from: Mrbluntzy on March 14, 2023, 05:46:20 PM

Is possible to open a personal savings account in the bank and always send money to that account and when you are ready to collect the money, bank will give it to you, my question is, is it possible to also creat a Bitcoin wallet and always send Bitcoin to it as a savings? if you do that for some year without going back to the wallet, will anything happen to your Bitcoin or the wallet?

You can have your own Bitcoin Wallet, infact is the one main goal Bitcoin was created,so that we can be the owners of our banks and have complete control over owner money without the involvement of a third party, Bitcoin was developed on a decentralized basis.Nevertheless, just so you know, Bitcoin was designed as a volatile digital currency, thus its price Bitcoin will never be steady; it will always fluctuate. As a result, no matter how much money you retain in bitcoin, its value may rise or fall depending on the state of the bitcoin market.

Aanuoluwatofunmi

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Bitcoin savings should be your investment or what you have earned and hodl in your wallet, this is unlike the commercial banks that when you save your money in the bank they will have the right to make deductions from it in form of bank charges without informing you all because they have control over your account, but when you have your savings in bitcoin, you don't need to experience what others have with banks because you're in control, your bitcoin holdings is your savings and you have control over it as long as you're using a decentralized wallet and will not require any additional centralized institutions service, it's something you can achieve by yourself without requesting services from anyone to help you save.

jostorres

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Quote from: nurilham on June 02, 2023, 05:30:53 PM

You need to understand that Bitcoin isn't for savings, we hold Bitcoin for investment. If you want to have savings, you must choose something that has a stable value. Bitcoin price is very volatile, the price can increase or drop significantly. I think USDT more deserves to choose if you want to have a crypto coin for savings.

Of course, you can have a private wallet to keep Bitcoin for a long time. You can continue to send Bitcoin there and you don't need to worry although you keep the Bitcoin for many years. But for a security reason, it is better to check regularly the wallet to make sure the Bitcoin is safe and you have no problem in accessing it. I think Segwit wallet or hardware wallet is the ideal option for you.

Well, it might not be specifically for savings but people do use Bitcoin to keep their wealth if they know they can keep it for the long term because we believe that Bitcoin always recovers from drops in the long run and our money will eventually have a higher value than when we convert it to Bitcoin, so that might be an alternative to savings in Bitcoin.

About stable coins, I don't think it's a viable option to keep a lot of money in a stable coin knowing there have been issues with stablecoins in the past and we all know that all other cryptocurrencies apart from Bitcoin are semi-centralized.

gunhell16

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Quote from: Mrbluntzy on March 14, 2023, 05:46:20 PM

Some will call this a stupid question 😅 but yea, it's just something that came to my mind today after giving a lot of thoughts about Bitcoin.

Is possible to open a personal savings account in the bank and always send money to that account and when you are ready to collect the money, bank will give it to you, my question is, is it possible to also creat a Bitcoin wallet and always send Bitcoin to it as a savings? if you do that for some year without going back to the wallet, will anything happen to your Bitcoin or the wallet?

You know first of all the difference between a bank and Bitcoin, bank is centralized while Bitcoin is in the category of a decentralized system. When you put money in the bank, there is very low interest.

Now, he has no interest in Bitcoin, but if its value increases too much, it can generate a lot of income in the future, if it drops to the value you bought, of course, you will lose money and have no income. So that rarely happens if you hold on to it 5 years from now. Also, if you save Bitcoin in your wallet like Electrum, it will not be lost as long as you are the only one who knows its private key or password and seed.

Swordsoffreedom

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Quote from: Lorence.xD on June 02, 2023, 06:46:02 PM

It's literally different to fiat money when you save Bitcoin as savings since it has a volatile nature that doesn't suit for savings. Plus you control your funds as you like and you take actions to earn or profit in Bitcoin which you take advantage from its volatility. In fiat money when you save in banks or by yourself which can be affected by inflation or bankruptcy but it's just simply withdraw and deposit without profits.

I don't think that putting money into bitcoin is considered saving, I mean, a volatile asset would be more suitable for investment and speculation than for saving. Saving means we seek to keep the value of our assets stable, and what if you bought bitcoin for $50k and its current value is dropping a lot? Bitcoin is not the perfect place to use as a savings account, and many people are still confused about this.

Although saving in fiat will have some problems, such as inflation will eat away at your money and interest rates will not be as high as investment, but we must always have a savings account. Because investments don't always generate returns, life is full of surprises, and savings will help us in that case.

Uruhara

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Quote from: Freddie Boyer on March 28, 2023, 01:03:52 PM

Quote from: Mrbluntzy on March 14, 2023, 05:46:20 PM

Some will call this a stupid question 😅 but yea, it's just something that came to my mind today after giving a lot of thoughts about Bitcoin.

Is possible to open a personal savings account in the bank and always send money to that account and when you are ready to collect the money, bank will give it to you, my question is, is it possible to also creat a Bitcoin wallet and always send Bitcoin to it as a savings? if you do that for some year without going back to the wallet, will anything happen to your Bitcoin or the wallet?

Yes, it is possible to use a Bitcoin wallet as a savings account. In fact, many people do this to save for long-term investments. It is important to choose a reputable wallet provider and to ensure you have secure backups of your private keys to protect your investment. As long as you store your Bitcoin securely, there should be no issue with leaving it in your wallet for an extended period of time.

That's right, it won't be a problem and will remain safe as long as we only have one private key or seed phrase to back up our wallet. And it will be safer if we use a Cold wallet. and we'll be free to send bitcoins to that wallet without even checking for years if we're pretty sure we've secured our seed phrase wallet and no one knows about it but us.

STT

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The original currency banks centuries back would involve risk and in effect lending of capital to those banks by the savers. Some institutions were owned by their savers in effect, very powerful compared vs todays ideas. So in that sense this exists in BTC, usually it would be a gambling company that operates a scheme to involve players as being able to receive some royalty for bank rolling the operations of the daily gambling cash reserves required to fund the games win or loss. That counts as savings to me, you dont get profits exactly but you wouldn't want to save with a company not able to balance its books so the old savings idea was a kind of check on excess risks taken by banks as it meant avoidance and lack of cash if they were reckless.
Now we have regulators and all sorts in national currency all banks answer to one and ultimately may fail centrally in that way also but in crypto its still down to the customer to be as aware as possible where they would put their capital, most exchange customers really arent as cautious as they should be.

loopes

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Quote from: hatshepsut93 on March 14, 2023, 05:55:12 PM

Bitcoin is a decentralized currency, and if you want to lend it to someone, the burden of negotiating the terms and collecting the debt will fall on you too.

There are some platform bitcoin lending like z*nG0 or Wh*teB1T that those core of business is lending, even there are probably dozens more out there. they are collecting debt from anyone.

Quote from: hatshepsut93 on March 14, 2023, 05:55:12 PM

There are no decentralized wallets that let you to own Bitcoin and earn interest.

yeah of course because concept of decentralized wallet has no regulatory party to use your fund and lend it to anyone else, who will give you some interest if there no any regulatory party to lend your fund

Lorence.xD

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It's literally different to fiat money when you save Bitcoin as savings since it has a volatile nature that doesn't suit for savings. Plus you control your funds as you like and you take actions to earn or profit in Bitcoin which you take advantage from its volatility. In fiat money when you save in banks or by yourself which can be affected by inflation or bankruptcy but it's just simply withdraw and deposit without profits.

panganib999

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Quote from: Mrbluntzy on March 14, 2023, 05:46:20 PM

Some will call this a stupid question 😅 but yea, it's just something that came to my mind today after giving a lot of thoughts about Bitcoin.

No stupid questions here OP, but some threads will definitely be deleted if it's low quality.

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Is possible to open a personal savings account in the bank and always send money to that account and when you are ready to collect the money, bank will give it to you, my question is, is it possible to also creat a Bitcoin wallet and always send Bitcoin to it as a savings? if you do that for some year without going back to the wallet, will anything happen to your Bitcoin or the wallet?

Yes, but that will be a self-custodial savings wallet that you couldn't give access to other people. As for your question with whether something will happen to your bitcoin or your wallet, that is purely situational.

Have you done your research, bought yourself a decent cold wallet that is completely shut off from the internet?
Have you learned the basics of bitcoin, including how to facilitate transactions, like sending and storing money? Are you confident enough to do it yourself?
Have you made sure that it is you and only you that will have access over that wallet? This includes making sure that all transactions are one-way (personally) as much as possible
Have you imposed contingencies in case you forget your pass keys, private keys, or seed phrases? Losing these will mean losing your wallet forever, so be very careful with these codes

If your answer to all of these is yes, then you should have a smooth sailing experience with bitcoin and you could start as early as you can with storing your money.

Vaskiy

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Quote from: BVeyron on June 02, 2023, 05:01:57 PM

Quote from: Mrbluntzy on March 14, 2023, 05:46:20 PM

Some will call this a stupid question 😅 but yea, it's just something that came to my mind today after giving a lot of thoughts about Bitcoin.

Is possible to open a personal savings account in the bank and always send money to that account and when you are ready to collect the money, bank will give it to you, my question is, is it possible to also creat a Bitcoin wallet and always send Bitcoin to it as a savings? if you do that for some year without going back to the wallet, will anything happen to your Bitcoin or the wallet?

I don't think that something will happen if you do so. The main problem with BTC in this case - price fluctuations. However, there are a lot of problems with bank accounts too (withdrawal and deposit limits etc). Moreover, these days there is a risk of fiats inflation, it means that "price fluctuations" are possible for fiats too. So, in general, both strategies are ok.

Both have got the fluctuating market that gives similar proportion at the end. This is true when we make an overview, because bitcoin is volatile by its development. Fiat is fluctuating out of the inflation. When we save bitcoin in a non custodial wallet we don't want to stress much, keep on saving what is possible and we'll get the return assured. With fiat the scenario is different, we need to trust on the bank and keep on saving. The government might announce bankruptcy, we can't do anything by the time.

nurilham

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You need to understand that Bitcoin isn't for savings, we hold Bitcoin for investment. If you want to have savings, you must choose something that has a stable value. Bitcoin price is very volatile, the price can increase or drop significantly. I think USDT more deserves to choose if you want to have a crypto coin for savings.

Of course, you can have a private wallet to keep Bitcoin for a long time. You can continue to send Bitcoin there and you don't need to worry although you keep the Bitcoin for many years. But for a security reason, it is better to check regularly the wallet to make sure the Bitcoin is safe and you have no problem in accessing it. I think Segwit wallet or hardware wallet is the ideal option for you.

BVeyron

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Quote from: Mrbluntzy on March 14, 2023, 05:46:20 PM

Some will call this a stupid question 😅 but yea, it's just something that came to my mind today after giving a lot of thoughts about Bitcoin.

Is possible to open a personal savings account in the bank and always send money to that account and when you are ready to collect the money, bank will give it to you, my question is, is it possible to also creat a Bitcoin wallet and always send Bitcoin to it as a savings? if you do that for some year without going back to the wallet, will anything happen to your Bitcoin or the wallet?

I don't think that something will happen if you do so. The main problem with BTC in this case - price fluctuations. However, there are a lot of problems with bank accounts too (withdrawal and deposit limits etc). Moreover, these days there is a risk of fiats inflation, it means that "price fluctuations" are possible for fiats too. So, in general, both strategies are ok.

tjtonmoy

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Quote from: Mrbluntzy on March 14, 2023, 05:46:20 PM

Is possible to open a personal savings account in the bank and always send money to that account and when you are ready to collect the money, bank will give it to you

There's no such thing where a bank will give you back all your money on demand. All the banks runs on Fractional reserve banking system. So they never holds all your money in their central vault and lend out your money to others. I have made a full topic on this. Feel free to read that out here : Re: What do you think about Fiat and Banks? Can Bitcoin solve the problem?

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my question is, is it possible to also creat a Bitcoin wallet and always send Bitcoin to it as a savings? if you do that for some year without going back to the wallet, will anything happen to your Bitcoin or the wallet?

It is possible and it's called DCA. You can save some good amount of money and can also earn some profits from it too. After every certain amount of time put certain amount of money in your saving account and in the long run, you will have your main value and also the profits from it too.
And in order to keep your funds safe, you have to keep them in hardware wallets. And if you can't get one, then go for the reputable software wallets, example: electrum. But choosing the hardware wallet is always the best option. And also, don't keep your funds on centralized exchanges unless you are trading with it. Decentralized exchanges are available too.

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Not your key, not your coins

Hispo

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Quote from: RealMalatesta on March 28, 2023, 04:42:39 PM

Quote from: Wong Gendheng on March 28, 2023, 11:45:45 AM

We have to be vigilant because now more and more evil programs want to steal the bitcoin assets that we have, I once wanted to transfer bitcoin, at that time I copy the destination address but when I want to paste the strange thing happened because the address changed, then I confirmed again and it turned out to be the same, Even Altcoins' address when I try to copy so when I want to paste the address changes, and I canceled the transaction then reinstall my PC.

That is a virus and it is common as well. There was a period where hackers would use peoples computers to mine as well, obviously cpu and even gpu mining is not that big of a profit anymore and easily detected hence why it doesn't happen that commonly anymore. But at the end of the day, there was a possibility for that and I believe that we shouldn't be really shocked to learn that the amount of evil people are rising.

Because bitcoin price is rising as well and when the bull period is here, we will have even more people as well. It's just how they do it and that's unfortunately the sad reality of it. I personally hope that it doesn't happen but it's inevitable.

Because of those experiences is that anyone who can afford, should get a good open source Hardware wallet and keep the seed offline, so there are even smaller chances of sending the satoshis to a hijacked address. With one of those you are not only checking the address on the computer screen but also on the screen of the device itself, so it is easier to triple-check before sending.

I have never had to deal with those viruses and I hope I will never have to. Roll Eyes

I recall back in the 2000s it was relatively safe to use P2P downloaders, not anyone with this wave of malware everywhere.

RealMalatesta

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Quote from: Wong Gendheng on March 28, 2023, 11:45:45 AM

We have to be vigilant because now more and more evil programs want to steal the bitcoin assets that we have, I once wanted to transfer bitcoin, at that time I copy the destination address but when I want to paste the strange thing happened because the address changed, then I confirmed again and it turned out to be the same, Even Altcoins' address when I try to copy so when I want to paste the address changes, and I canceled the transaction then reinstall my PC.

That is a virus and it is common as well. There was a period where hackers would use peoples computers to mine as well, obviously cpu and even gpu mining is not that big of a profit anymore and easily detected hence why it doesn't happen that commonly anymore. But at the end of the day, there was a possibility for that and I believe that we shouldn't be really shocked to learn that the amount of evil people are rising.

Because bitcoin price is rising as well and when the bull period is here, we will have even more people as well. It's just how they do it and that's unfortunately the sad reality of it. I personally hope that it doesn't happen but it's inevitable.

Freddie Boyer

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Quote from: Mrbluntzy on March 14, 2023, 05:46:20 PM

Some will call this a stupid question 😅 but yea, it's just something that came to my mind today after giving a lot of thoughts about Bitcoin.

Is possible to open a personal savings account in the bank and always send money to that account and when you are ready to collect the money, bank will give it to you, my question is, is it possible to also creat a Bitcoin wallet and always send Bitcoin to it as a savings? if you do that for some year without going back to the wallet, will anything happen to your Bitcoin or the wallet?

Yes, it is possible to use a Bitcoin wallet as a savings account. In fact, many people do this to save for long-term investments. It is important to choose a reputable wallet provider and to ensure you have secure backups of your private keys to protect your investment. As long as you store your Bitcoin securely, there should be no issue with leaving it in your wallet for an extended period of time.

Wong Gendheng

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We have to be vigilant because now more and more evil programs want to steal the bitcoin assets that we have, I once wanted to transfer bitcoin, at that time I copy the destination address but when I want to paste the strange thing happened because the address changed, then I confirmed again and it turned out to be the same, Even Altcoins' address when I try to copy so when I want to paste the address changes, and I canceled the transaction then reinstall my PC.

Pejoh Asu

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Bitcoin is unique because it is stored in a wallet without anyone knowing or anonymous, it is natural that many people think that bitcoin is a good place to hide money or assets so that it is suspected of being a place for money laundering or other money crimes, by saving money in bitcoin then everything is easy and safe.

Topic: Is there anything like Bitcoin savings? (Read 686 times)