Is there anything like Bitcoin savings? - page 2.

inthelongrun

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Quote from: Bushdark on March 24, 2023, 05:25:28 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?

You need to know that your bank account is just like your wallet, inasmuch as you keep sending Bitcoin to that wallet, your Bitcoin will keep accumulating till when you need it or when you want to sell.

We need to see our Bitcoin wallet like a bank where we save our Bitcoin till when we ant to sell them or send them out. We can also stake our Bitcoin if we know that we are not going to sell them for a while. Staking our Bitcoin could give some profits and at the end of the day we can sell and use it for something else.

Bank savings deposits though have an interest although a very small percentage which may not be worth it, especially for smaller amounts. I am not sure if this is applicable to all banks worldwide but I assume that most banks around the world are insured up to certain amounts. So you won't lose your bank deposits (within insured limits) even to the extent that your depository bank goes bankrupt.

This is similar to some crypto exchanges that offer small interest to their crypto depositors although there are lock-in periods. And our funds in crypto exchanges are not insured which is why it is better for us to just keep them in our own personal wallets for safe-keeping unless we are trading actively.

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Quote from: posi on March 24, 2023, 08:24:18 AM

I disagree with what you said, bitcoin is very volatile, so it is not suitable for savings, more precisely, bitcoin is an investment that can have both profit and loss. I mean, I haven't seen any savings that lose 80% of their value in a year of holding if you buy bitcoin for $69k. Meanwhile, savings in the bank can be eroded by inflation, but their value is not volatile in the short term like bitcoin. In my opinion, both are entirely different and used for different purposes. Savings can be used for future, emergencies, while bitcoin investments are only suitable for the long term.

Savings are affected by inflation, but this will not have much effect if we are talking about more stable currencies like the dollar, or the euro, but there are countries in which the inflation rate can be very high, so this should also be taken into account. Yes, bitcoin is only suitable for long-term investments, and you need to consider that this is a long-term investment with a high risk, so it may not be for everyone, but only for those who understand the risks and are willing to wait.

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If you are going to save bitcoin, you really have three options that you can do first you can keep it in Electrum whether on desktop, mobile or linux you can download it, second in the ledger, or hardware wallet and lastly in the exchange but it must be already proven and tested in this market industry like binance.

The most -high risk I mentioned is putting bitcoin in an exchange, because I have some savings somehow in Binance, but it's not big, there is also in electrum as long as you always update electrum when it notifies you to update and if it's a hardwallet it's better because it's the safest thing to do.

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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?

maybe something will happen to your wallet, for example if you store bitcoins on a large-scale exchange there must be a risk to your coins around here there are several exchanges that have gone bankrupt we have heard words like not your key not your coin maybe you should save bitcoins with a cold wallet so that your coins are safer and not vulnerable to being hacked.

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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 need to know that your bank account is just like your wallet, inasmuch as you keep sending Bitcoin to that wallet, your Bitcoin will keep accumulating till when you need it or when you want to sell.

We need to see our Bitcoin wallet like a bank where we save our Bitcoin till when we ant to sell them or send them out. We can also stake our Bitcoin if we know that we are not going to sell them for a while. Staking our Bitcoin could give some profits and at the end of the day we can sell and use it for something else.

Pujangga

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Bitcoin is a very valuable asset, after the case that happened with FTX, I moved assets to a private wallet, moreover, making a wallet is now very easy, several wallet providers provide private keys such as Trust wallet, and make sure we have to store it in a safe place 12 word for recovery.

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Quote from: Bananington on March 24, 2023, 07:51:50 AM

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

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?

Bitcoin is a cryptocurrency and has some similar characteristics with money one of which is that it can be accumulated. If you can save money, you can also save bitcoins. Just also as you may have a piggy vest, where you drop money you intend to save inside, or a bank to regular make deposits, a wallet where you accumulate bitcoin is also advised, and even better to save in bitcoins than save in banks because money saved in banks can be affected by inflation. You however have to be very careful since you have the personal responsibility to keep your savings in bitcoin safe, any carelessness on your side, will be really bad and can lead to permanent loss of your life's savings.

I disagree with what you said, bitcoin is very volatile, so it is not suitable for savings, more precisely, bitcoin is an investment that can have both profit and loss. I mean, I haven't seen any savings that lose 80% of their value in a year of holding if you buy bitcoin for $69k. Meanwhile, savings in the bank can be eroded by inflation, but their value is not volatile in the short term like bitcoin. In my opinion, both are entirely different and used for different purposes. Savings can be used for future, emergencies, while bitcoin investments are only suitable for the long term.

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

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?

Bitcoin is a cryptocurrency and has some similar characteristics with money one of which is that it can be accumulated. If you can save money, you can also save bitcoins. Just also as you may have a piggy vest, where you drop money you intend to save inside, or a bank to regular make deposits, a wallet where you accumulate bitcoin is also advised, and even better to save in bitcoins than save in banks because money saved in banks can be affected by inflation. You however have to be very careful since you have the personal responsibility to keep your savings in bitcoin safe, any carelessness on your side, will be really bad and can lead to permanent loss of your life's savings.

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Quote from: Doan9269 on March 23, 2023, 07:14:07 AM

Nothing in particular is called or termed bitcoin savings but one can always achieve this same goal by developing a good savings habit, if we can do it while dealing with fiat then we should be able to do same with bitcoin, one has to device this means through his personal improvisation, which is more easier by getting a personal wallet like hardware wallet or any other cold storage to be used for saving the bitcoin we will not use over a time and then have another wallet that we will be spending from whenever we want to make our spendings.

Funny enough what Op described above is even the real essence of Bitcoin.
Instead of creating account in exchange is like binance and keep bitcoins there. It is good that you have your own personal wallet and you keep sending bitcoin there with a method called dollar-cost averaging and within some years, tou will receive the reward of your investment into Bitcoin.

About from what Op described above, I would want to know what OP thought about bitcoin before now.

Yamifoud

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Quote from: someone703 on March 20, 2023, 02:44:48 AM

op, you just need to make a detailed plan and execute it exactly as you did.
The point is that you manage it yourself and you are sure you will not be a person who easily loses control of market fluctuations.
Try to find out the people here, have bought btc monthly after many years they will give you a lot of experience in terms of management.
And I think DCA is the possible term the op is referring to here.

If OP can do in sending money to the banks for savings, no reason why he can't do it with BTC. I'd see the scenario is quite the same but if we talk about the nature of both of them, feels like it was more stressful to have Bitcoin, especially if we are always checking on the market price. That is why I don't suggest not doing this as this likely gives us influence and could possibly trigger making the wrong decision due to emotional stress.

DCA is very suitable in crypto, we just buy more when the price drop and hold. Buy Low, HOLd and Sell High - it is a cycle.

Doan9269

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Nothing in particular is called or termed bitcoin savings but one can always achieve this same goal by developing a good savings habit, if we can do it while dealing with fiat then we should be able to do same with bitcoin, one has to device this means through his personal improvisation, which is more easier by getting a personal wallet like hardware wallet or any other cold storage to be used for saving the bitcoin we will not use over a time and then have another wallet that we will be spending from whenever we want to make our spendings.

Bitcoin2009

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Bitcoin is an asset that we should have full control over, the FTX case which caused huge losses to investors is of course an important lesson that we have to think about a place to save crypto, and I think some wallet providers that provide private keys like Trust wallet are a good place to store bitcoins.

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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?

There is nothing similar to bitcoin savings that I know of because it requires a rather sophisticated financial setup which is probably far too risky with the volatility cryptocurrency has shown. Essentially most banks offer a return on savings deposited with them by lending that money back out at higher rates, through relatively stable fiat currency transactions. The problem is that people tend to convert any Bitcoin borrowed directly to fiat currency, which means that if there is a problem with the borrower or the asset, like Bitcoin suddenly sky rocketing in value - it can cause all sorts of problems. Is the borrower expected to repay both the payment rate agreed but also the skyrocketed price of Bitcoin now they have to buy back into it with much more fiat currency.

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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?

Of course it can be done. as long as you have safely backed up your wallet. and make sure no one finds out. you can continue to save and send btc to the special wallet that you created. actually I also have a special wallet that I use to save my bitcoins or other terms my bitcoin cold wallet. i did a DCA and sent it to the wallet. and this is definitely better for me than saving money in the bank. karens in a bitcoin wallet means I am in full control of my savings.

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Why do you think it's a stupid question? Ah maybe because you think Bitcoin and banks are both different? But actually both of them have some similarities. There are even people who called Bitcoin as a bank. It's a great alternative to it if you don't trust the management of the banks.

There are so many horror stories that we can read online in regards to it but not in Bitcoin because there are no other people who are managing your money but only you alone. You just need to store your private keys or seed phrases on a secure/safe place and then copy your wallets receiving address. That way you won't be needing to open your wallet each time you send a Bitcoin.

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Quote from: Minor Miner on March 20, 2023, 05:42:58 AM

But please use it only for exchange purposes, not for long-term storage.

That was why I countered what TimeTeller said. Binance can be insured, but there is no 100% guarantee that all the users of the exchange would get their assets back if the company folded. Just like the fall of FTX, which was so shocking and customers could not get their money back. It's 100% safer to save money in the bank than to keep it on a centralized exchange, all in the name of savings. Binance does things just for their benefit and not for customers sake. I put $500 in the binance savings section for two months and did even got up to $10 in interest. I imagine if I had loaned out that money for two months, I would have gotten more than $20 in interest. If the OP wants to save in digital currency, he probably can also convert to USDt, store the asset in his wallet, and securely keep his phrase safe.

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Saving bitcoin is of course not an easy thing, many people lose their private keys because they are too reckless and careless, even when the bitcoin price reached $ 15k in 2017 there was shocking news that someone claimed to have stored more than 10k bitcoins on the hard disk and he threw away the hard disk that, in my opinion the best thing to store bitcoin is in a trust wallet, don't forget to back up by writing in the book we usually use.

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Quote from: Dr.Bitcoin_Strange on March 19, 2023, 08:59:35 PM

Quote from: TimeTeller on March 19, 2023, 03:40:33 PM

And if the OP is looking for some financial services like what the traditional banks are offering,
I believe the closest is like for example what the crypto-exchanges are offering such as btc flexible or fixed savings.
You can find that in binance and other top exchanges. At least, when you store it in their platform, you are also earning something from your btc.
But if you eyeing long-term for this type of savings, it is better to put your funds in a platform where there is insurance like binance.
Because hard to trust centralized platforms as you have no idea what will happen to their site few days or few months down the line.

I consider it a bad idea to keep funds on a CEX, Binance is a CEX, and just like every other CEX, there is no full guarantee that users would get their tokens back if the exchange got hacked. Binance may offer savings service, but if you have tried it like I have, you would discover that the percentage offered is just worthless. It's better to keep your asset off a centralized exchange than to leave it there for some worthless APY. By the way, it's not safe to keep funds on a CEX when you are not using the funds for trade. Remember, not your key, not your token.

Mr.Strange 👺

If I have to deposit money in a centralized exchange to save or profit from their services, I would rather deposit money in a bank that will be safer than those CEXs. Binance is insured, but there is no guarantee that it will not crash or will compensate us if they do. Do not believe their empty promises, our money is only wholly safe when we control it. I don't oppose or hate CEX because I'm using them too. But please use it only for exchange purposes, not for long-term storage.

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OK, I scanned the first page of this thread quickly to see if Trendon Shavers' Bitcoin Savings & Trust scandal was mentioned, but it wasn't. That happened a little before I got interested in bitcoin (I think), so I don't know all the details, but if I'm not mistaken he was trying to do exactly what OP's asking about, i.e., running a bank based on bitcoin. Note: interestingly enough, I guess he landed back in the slammer.

I'm not going to read all the replies here, because I'm 99% sure the whole de-fi thing is crypto banking and that there's never going to be a "bitcoin bank". Ever.

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Quote from: TimeTeller on March 19, 2023, 03:40:33 PM

And if the OP is looking for some financial services like what the traditional banks are offering,
I believe the closest is like for example what the crypto-exchanges are offering such as btc flexible or fixed savings.
You can find that in binance and other top exchanges. At least, when you store it in their platform, you are also earning something from your btc.
But if you eyeing long-term for this type of savings, it is better to put your funds in a platform where there is insurance like binance.
Because hard to trust centralized platforms as you have no idea what will happen to their site few days or few months down the line.

I wonder what kind of insurance does binance give you? This is just an ordinary CEX, like dozens of others, is no more reliable than FTX. If something happens, then no one will return anything to you, the process of proceedings will last for years, as in the case of Mt. gox when all they do is move the dates from spring to autumn, from autumn to spring, and this is an endless process. By trusting your coins to Binance, you may not see them again one beautiful morning.

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