Is there anything like Bitcoin savings? - page 4.

bitzizzix

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Quote from: Tony116 on March 16, 2023, 09:23:18 AM

Quote from: Sir Legend on March 16, 2023, 08:50:29 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.

Tony116

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Quote from: Sir Legend on March 16, 2023, 08:50:29 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.

Doan9269

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Quote from: Mrbluntzy on March 14, 2023, 04:46:20 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?

It is very possible and easy to do, this will even give you more control over your financial assets than with using banks, just have two decentralized wallets and use one for your regular daily expenses, you need to secure the keys very well when using a cold storage like electrum, you can also get yourself a hardware wallet at an affordable price and be sending your bitcoin to it as you so wishes and nothing will happen to your bitcoin than the volatility which is more likely to favours you over a time because of bullrun since you're holding.

Sir Legend

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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.

kryptqnick

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I think that while you won't earn an interest rate with Bitcoin, and it won't be based on automatic payments (if it's not a centralized exchange), the easiest solution and also a very good one is to simply download a non-custodial wallet (Electrum, for instance) and decide for yourself that it will be for savings and when you can use this money. So you can just use one wallet for savings and barely access it, and then use another wallet for everyday usage of Bitcoin. It's simple, you can decide not to access it unless it's an emergency or a routine check of everything being in order, and you'll be your own bank.

KaliLinux

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Quote from: Sarah Azhari on March 14, 2023, 09:31:24 PM

Quote from: Mrbluntzy on March 14, 2023, 04:46:20 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's possible, i did on almost 3 years and my bitcoin still save even don't have many. But if you bitcoin holder, make sure you have to good patience because the price will make holder crazy and want to sell it if price going to dump. Because of that i never save it on exchange, i save bitcoin on place where have difficulty to send it.

Really, it still baffles me when someone intends to invest in Bitcoin or has invested in Bitcoin and the person is been moved by every single price movement. Investing to me means, you intend to hold for a long time possibly to the next ATH which the present price shouldn't bother you much. That said like most must have suggested, I believe that saving your BTC in your own personal hardware wallet is best for long-term investment where you can properly keep safe your PKs for easy access anytime.

Inwestour

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Quote from: Sarah Azhari on March 14, 2023, 09:31:24 PM

Yes it's possible, i did on almost 3 years and my bitcoin still save even don't have many. But if you bitcoin holder, make sure you have to good patience because the price will make holder crazy and want to sell it if price going to dump. Because of that i never save it on exchange, i save bitcoin on place where have difficulty to send it.

In addition, it is worth thinking about the safe storage of bitcoin, since you can save it for many years, but if you store it on the exchange, then everything can end very badly for you at any moment, a recent example of TFX. For starters, it’s worth using at least electrum, if it’s a pity to spend money on a hardware wallet, but when the amount reaches tangible values, then it’s not worth the risk. Since this is also not the safest option and there are many stories when, for various reasons, people lost all bitcoins from their electrum.

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Quote from: Mrbluntzy on March 14, 2023, 04:46:20 PM

~snip~
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 mean you want to keep your Bitcoin in a wallet for a long time and never once to see it for a few years, as long as you keep your password for the wallet you won't lose anything. Don't keep your funds in an exchange because an exchange is not guaranteed your Bitcoin saving so it's better to have a hardware wallet like trezor.

VRExpress

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Nothing will happen to your bitcoin wallet if you don't carelessly leak your private keys yourself, write the seed down offline and keep it safe, after several years your Bitcoin will still be intact, you can treat this wallet as your savings wallet and keep buying few amounts of Bitcoin every week or months and send into the wallet, I have done the same years ago.

Ngewex Yuk

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After the FTX case and previously I lost money from several bankrupt exchanges such as livecoin, coinexchange and so on, so I saved bitcoin in a trust wallet, I used 12 seed phrases then I changed the last 4 words then I saved my facebook status, many people don't understand those things and thought I was not concentrating when making the status.

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Quote from: awik p on March 15, 2023, 09:26:41 AM

Investing has a risk of loss. this is a lot of people choose because investing can also provide profit, moreover investing in bitcoin, of course, can provide profit above the inflation that is happening, but indeed we have to know the right time. this is different from saving, where we intend to collect money little by little for an emergency fund if something happens. I think at least we have savings up to 6 times of our total needs every month, and after that we can invest, so that we stay financially healthy

That's true, finding the right time is the most important part of this because if you buy at 2021 and sell at 2023 then you lose, but if you buy at 2020 and sell at 2021 then you make a profit. This is why it is important to buy at the right time, people who bought at 16k just like a few months ago, could be making a ton of profit right now, more profit than any other investment during the same period.

This is why it is crucial to pick the right time, bitcoin will make you rich but if you start at the top then it will take a while for you to get rich. I know plenty of people who bought at 60k+ because of the hype, and that will not make you rich anytime soon at all.

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Quote from: Mrbluntzy on March 15, 2023, 07:52:48 AM

I don't know how to respond to individual message alone but I will mention Charles-Tim, if you will see this, what is this Airgapped device and how can I create the offline Bitcoin wallet?

you just need to click the "QUOTE" word above the post you wanna respond in the upper right side and you'll good to go quoting .

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Quote from: gunhell16 on March 16, 2023, 02:20:04 AM

Why not, if it's me, I'll create a BTC addy in electrum, then I'll save my password and seed phrase or private key to make sure I don't lose my balance here.

This is actually what I'm doing now, saving bitcoin every time I have a purchase, it's not even the size of what I'm buying, but I can say that it's big, once the bull run comes, I will save a lot of bitcoin in my address.

or he can use the safest and that is a Off line wallet like Ledger Nano if he is aiming for long term possession of His bitcoin .

gunhell16

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Why not, if it's me, I'll create a BTC addy in electrum, then I'll save my password and seed phrase or private key to make sure I don't lose my balance here.

This is actually what I'm doing now, saving bitcoin every time I have a purchase, it's not even the size of what I'm buying, but I can say that it's big, once the bull run comes, I will save a lot of bitcoin in my address.

Darker45

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You can do that, of course. You can create a Bitcoin wallet, hide the private keys, take the address and send Bitcoin to it every time you have some money to spare. You can forget about the wallet, even delete it, and continue to send Bitcoin savings to that address. Just make sure you keep the private keys with you.

This isn't exactly the same with a savings account in a bank, though. The differences, among others:

Your money in the bank is not kept intact and untouched. The bank uses or invests it somewhere else. However, the Bitcoin in your wallet remains untouched.
Your money in the bank earns interest, although very small, even lower than inflation rate. Your Bitcoin savings do not earn interest.
You don't own your money in the bank. Meaning to say, there is a possibility it is taken away and you can't get it back. If you make a withdrawal, they can decide not to approve it or limit what you can get. As to your Bitcoin savings, you fully own it.
You don't fully control your money in the bank. For example, the bank may freeze it if your account is dormant. Moreover, the bank may regularly deduct a portion from it as fees. With your Bitcoin, it's only you that can do anything with it.
Your money in the bank is insured up to a certain amount. Your Bitcoin in your own wallet isn't.

inthelongrun

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This is already possible. Exchanges and other crypto companies are accepting deposits with interest just like banks accept fiat deposits with interest. Interests may be too low although still a little higher compared to bank interests. But the difference is the insurance system, most banks have insurance for their depositors just in case they go bankrupt. The insurance may not be able to cover all your deposits since it depends from place to place. In my country, bank account insurance is around $10k. In crypto, I haven't heard of insurance to cover our deposits. Fiat interest from deposits though is not worth it IMO as it is not even enough to cover inflation and I would rather invest it in crypto and other potential assets.

But I am confident that in the near future, crypto insurance will happen. But take note that crypto deposits with insurance will be handled by centralized exchanges like banks so you cannot hold your own keys.

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Quote from: Mrbluntzy on March 14, 2023, 04:46:20 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?

Why would you need banks or third party institutions to hold your money? It defeats the whole point of using bitcoin and crypto currencies. When third parties are involved, the decentralization is lost. You longer own the money when you hold your coin in those financial institutions. Your wallet is your own bank and you own the coins that you keep in your wallet and have access to it at any time. What you can do is create two wallets, use one for daily transactions, and use the other to save your bitcoins. You won't generate any interest, but if you hold for long term, you will be making some nice profit.

Flexystar

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Quote from: Mrbluntzy on March 14, 2023, 04:46:20 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?

We should ask stupid questions before doing any stupid mistakes. So I am pretty sure that's a completely fine question.

Reading through the doubt, yes you can always save up money in your bitcoin wallet and also enjoy the benefits of its returns over a period of time. For example, in a bank, you can have let us say 6-7% interest on your savings per annum. On the other hand, it could be more than 10-40% or even higher for bitcoin in a year. Obviously reverse is also true but over time we have always seen an upward trend with the bitcoin.

I am 100% sure that you can have your way around hardware wallets or cold storage so that you can keep them safe. The only risk is losing your private keys and passwords over a period of time. Better yet keep a routine to check them now and then, and you will be good to go.

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Quote from: DanWalker on March 15, 2023, 03:32:46 AM

Quote from: Alphakilo on March 15, 2023, 03:07:39 AM

Bitcoin wallet it's self is a savings account. And your bitcoins won't be tempered with. The different between bitcoin wallet and bank is that bitcoin is decentralised, no other person has access to your wallet except you and there is no government policy. In banks, reverse is the case. And saving in banks aim at interest. You can save your bitcoins by means if holding bitcoins for a long period of time which you can always make use of any time of your choice.

Bitcoin is very volatile, so it cannot be called savings, if you buy bitcoin every day, it is called accumulation and investment. And in investing, there will be profits and losses, you cannot expect a bitcoin investment never to lose.
Investing and saving are entirely different, so they can't be compared, saving is just saving money for the future for emergencies. Investing means we want to increase capital but also risk losing if we invest in the wrong way. To make life more convenient, we should all have both, they have different use cases.

Investing has a risk of loss. this is a lot of people choose because investing can also provide profit, moreover investing in bitcoin, of course, can provide profit above the inflation that is happening, but indeed we have to know the right time. this is different from saving, where we intend to collect money little by little for an emergency fund if something happens. I think at least we have savings up to 6 times of our total needs every month, and after that we can invest, so that we stay financially healthy

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Quote from: Mrbluntzy on March 15, 2023, 07:52:48 AM

what is this Airgapped device and how can I create the offline Bitcoin wallet?

In short air gapped device or cold storage is a device where it's never connected with internet and any unsafe thing e.g. not secured IOS, connected by random USB etc, the device is expected to be the safest storage to hold your coins.

It's really so hard to create your own air gapped device or cold storage, if you don't have any knowledge and don't know what you're doing, it's better to buy a hardware wallet e.g. trezor or ledger from the official store. You only need to spend $100 without need to be confused to create your own cold storage.

bettercrypto

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For me there is nothing like Bitcoin when it comes to saving money in the future. It's not like the bank that when you save, whatever amount you save is the same, even if the amount increases, it's only a very low 1% per annum.

But with bitcoin, 100$ that you bought now and hold for 5-10 years from now is possible that it will be x100 or more, it can also be lower than the price you bought after those years but it is unlikely that it will be lower at the value you bought.

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