When your asset is bitcoin, and you store it on a non-custodial wallet, it means you are your own bank. Whether your property is safe or not depends on how you manage and protect it without 3rd party interference. In other words, your assets will be safer when you deposit money in traditional banks.
It sounds like you are new here, you need to spend more time learning about bitcoin before deciding to invest in it. Bitcoin is highly volatile, so it cannot be called savings, but we call it an investment and investment is both profitable and risky.
Topic: Is there anything like Bitcoin savings? - page 6. (Read 686 times)
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?
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.
In crypto its not called savings, its called DCA especially if you will do this regularly.
You can just buy your hardwallet and treat that as your personal account where you can send Bitcoin from time to time. You can consider it safe as long as you know how to protect your private keys and never exposed it to anyone, leaving it for years can still be good just store it on a secured place.
You can just buy your hardwallet and treat that as your personal account where you can send Bitcoin from time to time. You can consider it safe as long as you know how to protect your private keys and never exposed it to anyone, leaving it for years can still be good just store it on a secured place.
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?
Nothing will happen and you can access your wallet anytime you want as long as you're holding the private keys/seeds that the wallet has provided to you. It's worse than if you've got this plan and you do it on an online wallet or an exchange. You may earn some interest if you deposit it to their interest accounts but since your plan is to go back on it for some time in the future and you're uncertain about how long you'll just keep it there. It's much better to keep it in a wallet where you hold the keys as you also hold the funds by having that. There's no headache by just holding it to the wallet that I've said where you hold funds and keys rather than aiming to have those interest piles up and earn little from it but the risk is too high that the platform might go away and may suddenly file for bankruptcy.
The point of saving with banks or funds is that you earn interest. Basically they will lend your money to other people and those people will return back more than they borrowed from you.
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 no decentralized wallets that let you to own Bitcoin and earn interest.
There are centralized platforms that let you do that, like certain exchanges, but this means that it's essentially just like a bank. Except it's not fully regulated and insured, so there's way more room for failure. So why be greedy and earn some extra 2-3% per year and risk losing all the invested coins, if you can just hold Bitcoin and see its value double or triple in a few years?
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 no decentralized wallets that let you to own Bitcoin and earn interest.
There are centralized platforms that let you do that, like certain exchanges, but this means that it's essentially just like a bank. Except it's not fully regulated and insured, so there's way more room for failure. So why be greedy and earn some extra 2-3% per year and risk losing all the invested coins, if you can just hold Bitcoin and see its value double or triple in a few years?
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?
Doesnt need it out because this is the whole purpose of Bitcoins existence on which you could really be your own bank on where you could put up those Bitcoin savings into your own wallet which no other can control 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?
or own but only you and this is the beauty of it.
You could make use of non-custodial wallets which you do possess its keys.When you are planning to save and accumulate for long term then you could do on what you do like.Just make sure those PK or seeds
wont be exposed to someone because if so, then you are giving them access into your wallet.
Having a Bank is totally contrary on what use case does Bitcoin have.
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?
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?
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