Is there anything like Bitcoin savings? - page 3.

Dr.Bitcoin_Strange

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Quote from: ilovealtcoins on March 19, 2023, 11:42:22 PM

Bitcoin investment and savings are completely different, many people need to distinguish, don't be confused. The savings can be used for emergencies or whenever we need them. But investing in bitcoin is not always profitable, can cause loss, and will harm us if used at the wrong time. Bitcoin cannot be considered as savings because it is too volatile, it is a volatile investment.

I think you are confusing the whole thing here, and that's because you did not completely read my reply to the OP. Just read it again and see if I didn't distinguished Bitcoin investment from normal savings.

Quote from: Dr.Bitcoin_Strange on March 19, 2023, 10:02:38 AM

If you want to make an investment in Bitcoin, feel free, but if you want to save money for a set goal, you can save in the bank unless you want to invest a certain amount that you don't want to touch for a long time into Bitcoin. Just my Opinion.

Mr.Strange 👺

someone703

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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.

ilovealtcoins

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Quote from: Dr.Bitcoin_Strange on March 19, 2023, 10:02:38 AM

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?

OP, just to add, after reading your thread again, I came to realize something. If you save in a bank, your money will remain the same until you are ready to withdraw it (inflation can also take it cost), but if you invest in Bitcoin, you may receive the same amount of bitcoin you purchased, but the value may differ due to price volatility. Either the value has increased significantly or it will decrease. So, if you tend to save in Bitcoin with the intention of using the money next year or in a specific period of time, please keep in mind that the Bitcoin price is always unpredictable and may be down or up when you want to use the money.

If you want to make an investment in Bitcoin, feel free, but if you want to save money for a set goal, you can save in the bank unless you want to invest a certain amount that you don't want to touch for a long time into Bitcoin. Just my Opinion.

Mr.Strange 👺

Bitcoin investment and savings are completely different, many people need to distinguish, don't be confused. The savings can be used for emergencies or whenever we need them. But investing in bitcoin is not always profitable, can cause loss, and will harm us if used at the wrong time. Bitcoin cannot be considered as savings because it is too volatile, it is a volatile investment.

Dr.Bitcoin_Strange

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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 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 👺

TimeTeller

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Quote from: Dr.Bitcoin_Strange on March 19, 2023, 10:02:38 AM

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?

OP, just to add, after reading your thread again, I came to realize something. If you save in a bank, your money will remain the same until you are ready to withdraw it (inflation can also take it cost), but if you invest in Bitcoin, you may receive the same amount of bitcoin you purchased, but the value may differ due to price volatility. Either the value has increased significantly or it will decrease. So, if you tend to save in Bitcoin with the intention of using the money next year or in a specific period of time, please keep in mind that the Bitcoin price is always unpredictable and may be down or up when you want to use the money.

If you want to make an investment in Bitcoin, feel free, but if you want to save money for a set goal, you can save in the bank unless you want to invest a certain amount that you don't want to touch for a long time into Bitcoin. Just my Opinion.

Mr.Strange 👺

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.

GreenStox

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I think you have done it yourself because your bitcoin, you are the one who manages it or you are the bank without the need for other parties to regulate it.
because bitcoin uses the principle of decentralization.

D ltr

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when you make or buy btc exchange indirectly you have created your own private bank , anytime you can make withdrawal anytime and
I don't think you need to send your bitcoin to your bank, just save your btc in your personal wallet,
basically btc is different from bank savings, because btc is private

Dr.Bitcoin_Strange

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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, my question is, is it possible to also creat a Bitcoin wallet and always send Bitcoin to it as a savings?

OP, just to add, after reading your thread again, I came to realize something. If you save in a bank, your money will remain the same until you are ready to withdraw it (inflation can also take it cost), but if you invest in Bitcoin, you may receive the same amount of bitcoin you purchased, but the value may differ due to price volatility. Either the value has increased significantly or it will decrease. So, if you tend to save in Bitcoin with the intention of using the money next year or in a specific period of time, please keep in mind that the Bitcoin price is always unpredictable and may be down or up when you want to use the money.

If you want to make an investment in Bitcoin, feel free, but if you want to save money for a set goal, you can save in the bank unless you want to invest a certain amount that you don't want to touch for a long time into Bitcoin. Just my Opinion.

Mr.Strange 👺

Yatsan

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None if you are referring to something being regulated by an organization. But you can save an amount on your own and to your wallet. But in such way, you would be the only one liable for that asset such as if it gets hacked or stolen, there will be no such thing as with insurances and contracts likewise with banking institutions. The only pro in this instance is avoiding to be taxed in every transaction and will also be faster than with fiat savings.

Quote from: xSkylarx on March 19, 2023, 08:05:26 AM

Quote from: Joshapat on March 18, 2023, 01:06:25 AM

Saving to bitcoin is a fun thing, before bitcoin arrived, many people saved to banks, but when we want to withdraw, we have to queue to the bank and it takes time to withdraw, the presence of bitcoin makes it easy because we can store or control money quickly, no matter how the large number of bitcoins that we save, some even store up to millions of dollars worth in 1 wallet.

That is really the problem that is why others are questioning also when you go to over the counter to withdraw your money they will need identification but yes it is a security measure but you will ask in your self why do you giving your identification even if it is your money unlike in bitcoin you can be your own bank you can withdraw anytime you want and no holidays. Also can be your investment too meaning you'll gaining profit when the price increase and you'll lose when it decrease

Identity in banks are simply to secure your savings and they won't be a threat on you simply because they are registered under government sector. So definitely these are two different things and there is no need to compare.
Profit potential is indeed bigger with cryptocurrencies because of market price volatility but also promotes risk of partial loss, which is something an investor should consider other than security alone.

ringgo96

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If you want to store Bitcoin you do not need to save in the bank because Bitcoin has a private wallet that we can always access, without having to intervene others, then you don't need to bother to go to the bank to make a savings in the form of bitcoin, the bitcoin wallet that is made today is very safe for us to use and most importantly we can maintain well the private keys that we already have when creating a wallet, Because the private key will be something very valuable besides the Bitcoin assets we have.

xSkylarx

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Quote from: Joshapat on March 18, 2023, 01:06:25 AM

Saving to bitcoin is a fun thing, before bitcoin arrived, many people saved to banks, but when we want to withdraw, we have to queue to the bank and it takes time to withdraw, the presence of bitcoin makes it easy because we can store or control money quickly, no matter how the large number of bitcoins that we save, some even store up to millions of dollars worth in 1 wallet.

That is really the problem that is why others are questioning also when you go to over the counter to withdraw your money they will need identification but yes it is a security measure but you will ask in your self why do you giving your identification even if it is your money unlike in bitcoin you can be your own bank you can withdraw anytime you want and no holidays. Also can be your investment too meaning you'll gaining profit when the price increase and you'll lose when it decrease

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If you are new to crypto and do not know much about saving bitcoins, you must first learn about a bitcoin wallet. You must choose the wallet that is best for you and secure it well.

Bitcoin can be easily stored on any wallet, but the most important thing for beginners is to learn how to keep the wallet secure, as well as the best way to store the private key or seed.

This is the most important because there is no point in storing bitcoin if you are going to lose your wallet.

cryptoknightt

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For the system, there must be more bitcoins because nothing regulates when you want to take your money in your wallet, but what you need to know is that the value you store in bitcoins is not fixed because bitcoins can increase, most likely your deposit value will increase, as well conversely, when bitcoin goes down, the savings you have will also go down

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Of the several opinions I read in the thread, here is one of the most helpful opinions for the OP.

Quote from: Charles-Tim on March 15, 2023, 03:04:48 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?

With bitcoin, you are your own bank, which means you can do what ever you like with you own money. You can decide to have a bitcoin wallet that is generated offline on an airgapped device, copy some addresses for backup, and also backup the most important thing which is the seed phrase, having the backup in two or three different locations. You can be sending bitcoin to the wallet anytime you want without spending it. But you always need the seed phrase backup for you to spend the coins, if lost, your coins are gone/lost forever.

Meanwhile, wallet is an account that should be safe for daily use or for long-term storage. Choosing the right wallet and practicing the right security is what is recommended if you want to store bitcoin for the long term. I also agree that you can consider multiple wallet, while you also need to have way to keep them secure.

so98nn

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Usually that is defined by holding your bitcoin in the cold storage or simply hardware wallet and forgetting about it. That’s what savings is called in the crypto space. What else you can do? It’s all about how long you hold and how you profit yourself from it. Many of them decide to save for particular period and never look at their purse at all. This is irrespective of market price. However there are peeps who will be saving lot of bitcoins (or Satoshi) and trading them as soon as they see the opportunity to sell or buy and act accordingly.

For me it’s all mixed up when it comes to bitcoin savings. I might be working on DCA or sometimes I just kee buying that’s all.

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Quote from: Sir Legend on March 16, 2023, 09:50:29 AM

The presence of cryptocurrencies is a great solution for those who have assets or big money, there have been many cases of theft of money from accounts especially saving money in banks will not increase but decrease because the interest earned is lower than inflation, bitcoin is a good solution for saving money.

So when using cryptocurrency, there is a case of losing private key or transferring money to the wrong address and there is no way to get it back or invest in shitcoin and then lose it. Everything is risky, don't think that depositing money in a bank is risky, and investing in bitcoin or cryptocurrency is risk-free. I also invest in bitcoin, but I always diversify, don't put my eggs in one basket, and don't get too obsessed with one thing.

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Quote from: bitzizzix on March 16, 2023, 10:49:29 AM

Quote from: Tony116 on March 16, 2023, 10:23:18 AM

Quote from: Sir Legend on March 16, 2023, 09:50:29 AM

The presence of cryptocurrencies is a great solution for those who have assets or big money, there have been many cases of theft of money from accounts especially saving money in banks will not increase but decrease because the interest earned is lower than inflation, bitcoin is a good solution for saving money.

There have been many claims like you, but I don't think it's completely true. It's true that our assets can't be completely safe in the bank, but holding crypto doesn't guarantee your absolute safety either. There have been many cases of losing seed phrases due to carelessness or unexpected natural disasters...Saving money for a long time with very low interest rates and also causes our currency to lose value over time. But for bitcoin investment, if we buy at a high price and enter the bear season, our money will lose 60%-80% of its value, and in case you need to use that money urgently, you will regret not depositing it in the bank.

Bitcoin will always be the best choice to invest as long as you are knowledgeable, buy at the right time, have experience and also have a strong belief in bitcoin. I think everything will be fine and will also benefit if it is in the hands of the right user and also stored in the right place, and knows the risks that will be faced and has a solution.
Investing bitcoins is completely controlled by the user and profit or loss and good or bad depends on the user. It's different if we keep it in a bank and whatever happens is because it's under the control of the bank, including the problem of losing its value over time.

I completely agree with you that when our assets are bitcoins, whether our assets are safe or not is largely up to us. But investing in bitcoin is always risky, there is no proof to assure us that investing in bitcoin is 100% sure of only profit without loss. The future of bitcoin is still a question mark, and that risk is not for us to decide. Depositing money in the bank or investing in bitcoin both have pros and cons, neither is more perfect than the other.

Joshapat

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Saving to bitcoin is a fun thing, before bitcoin arrived, many people saved to banks, but when we want to withdraw, we have to queue to the bank and it takes time to withdraw, the presence of bitcoin makes it easy because we can store or control money quickly, no matter how the large number of bitcoins that we save, some even store up to millions of dollars worth in 1 wallet.

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In my opinion, the trend of saving money or assets into bitcoin is a smart move that is in line with the times, currently there are too many cases such as theft of bank accounts so that the presence of cryptocurrencies can be used as the right solution to control our money or assets to make them safer.

Dr.Bitcoin_Strange

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OP, you should know that Bitcoin is a decentralized coin that has no office or authority anywhere. Depending on the kind of bank savings account you operate, some banks would expect that you hold the savings for the stipulated period of time agreed that your savings can be withdrawable if not, you can't withdraw until the period is due. Also, in my case, I was made to always send in the agreed amount every month (no esses, no minimal). But for Bitcoin, you don't have any boundaries to the amount of Bitcoin you choose to deposit in your wallet, and you don't need anyone deciding for you when to withdraw your coins. No matter how you leave your coin in your wallet, nothing will happen to your coin; just always keep your wallet phrase safe. You can write down your wallet phrase on three different pieces of paper and keep them in different locations.

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