Saving asset in bitcoin is much more better than saving in banks - page 5.

oktana

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Quote from: Oasisman on April 14, 2021, 06:38:55 PM

"It could have lost its value"? But it didn't. Infact, Bitcoin has been ridiculously increasing each and every year that pass.
The OP ain't a trader so he will not be bother about this short volatilities happening in a period of 24hrs. He is trying to save money for long term. He did even mentioned he time deposited his money in the bank. So, what better option you give?
Because I personally think the OP is doing the right thing. Making half of his money deposited from the bank and the other half to invest and save to Bitcoin for a bigger profit than banks.

Even if his money rose by 100%, that doesn't change the fact that crypto currency or I'd rather say 'Bitcoin' is volatile. Volatility is sure. The price going up or down is volatility. You may say that the chances of things going wrong have reduced, doesn't mean shit can't happen. I hope you understand my point of view.

Oasisman

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Quote from: acdc on April 14, 2021, 12:59:42 PM

I think that bitcoin is not a place to save wealth, bitcoin is a place to invest and make a profit. People invest in bitcoin and hope to make a profit from it, people who deposit money in the bank because they want a safe investment.

And what was that supposed to mean? Putting you money in the bank in my own definition isn't investing. Instead you're saving money for such purpose. The banks will probably give you like 5% of your deposited amount annual profit.

Quote from: oktana on April 14, 2021, 05:30:48 PM

Truth is... In as much as your Bitcoin made profits, it could have lost its value as well.
There's no assurance that you'll always be making money for Bitcoin.
Even as I type, it could even go below the price you bought it at. That's volatility for you!

"It could have lost its value"? But it didn't. Infact, Bitcoin has been ridiculously increasing each and every year that pass.
The OP ain't a trader so why would he be bothered about this short volatilities happening in a period of 24hrs? Lol. He is trying to save money for long term. He did even mentioned he time deposited his money in the bank. So, what better option you give?
Because I personally think the OP is doing the right thing. Making half of his money deposited from the bank and the other half to invest and save to Bitcoin for a bigger profit than banks LONG TERM.

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Quote from: oktana on April 14, 2021, 05:30:48 PM

Truth is... In as much as your Bitcoin made profits, it could have lost its value as well.
There's no assurance that you'll always be making money for Bitcoin.
Even as I type, it could even go below the price you bought it at. That's volatility for you!

But if you can make a good profit of 10% from your capital for just a months, it is far different when storing at the banks that have a fixed percentage rate per annum. Maybe we could say that storing our money in the banks gives us security of not losing it but we never know that we are still losing in some other way and that is TIME. Coz if we wanted to grow our money, storing it in the banks isn't a good idea but rather to invest it in the market in which we can possibly double our money more than the banks could give us.

Ridwan Fauzi

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Actually it depend on the situation or depend on your intention for how long you store your money into bitcoin. I guess you will be angry when you decided to store your money in bitcoin when its price is decreased like three years ago exactly in 2018 when bitcoin price was decreasing to $3500 after its price just touched an all time high $20.000.

This situation is good for everyone who started to invest their money in bitcoin. Because we have got many adoption now, some big companies have decided to use bitcoin as their investment place even as a payment system like Tesla. This is pointed out that bitcoin is save and you have no worry to store your money in bitcoin at least for this time.

CarnagexD

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If you are into security, then the banks should be your go-to when it comes to saving your money. However, if you are an average joe that is more willing to gain an edge to profit rather than secure your money in the bank, then crypto is the best for you. It's all a case-to-case basis, and just because the banks are losing hard against crypto doesn't mean we have to rule them out of the equation. As much as rigged and vile the banking industry is, they are still needed in a world that is basically running in fiat.

oktana

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Truth is... In as much as your Bitcoin made profits, it could have lost its value as well.
There's no assurance that you'll always be making money for Bitcoin.
Even as I type, it could even go below the price you bought it at. That's volatility for you!

Kamarah

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Quote from: Emmychris on April 13, 2021, 11:33:34 AM

I just got to find out the importance of saving asset in bitcoin. As of last year October I just decided to split my savings into two and used half of it to buy bitcoin then took half to bank and deposited as fixed deposit which means I won't be taking the money for a period of time and bank will in return be giving me little percentage which I will take as profit, recently I tried comparing the profit I get from both bank and bitcoin, I found out the profit I got from bank is way low compared to what I got from bitcoin, then I decided to stop keeping my assets in banks rather I keep it in bitcoin which later turns out to be an investment for me.

From your share shows that sending money into the bank and sending money into Bitcoin, the output is completely different. The bank will have lower interests than Bitcoin. However, from the past, most people will send their savings to the bank to do so safely and have a profit compared to staying at home. Saving money in Bitcoin investment Less anyone thinks and they worry whether Bitcoin has collapsed. And the business mind will always find ways to make words from the money they have.

goldade

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While I believe that you're actually right, I think you're actually saying this because you invested in bitcoin for sometime, waited for the price of bitcoin to appreciate and now you can see your profits. However, you should know that this is not guaranteed. It is also possible to lose a lot of money if by some chance bitcoin goes on a bearish run. You might probably think this is impossible but we have actually seen it before. Back in 2018, there was a tragic decline in the price of bitcoin such that it got to a very low price.
My point is, with banks, your profits are guaranteed although they may be small.

acdc

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I think that bitcoin is not a place to save wealth, bitcoin is a place to invest and make a profit. People invest in bitcoin and hope to make a profit from it, people who deposit money in the bank because they want a safe investment.

wiss19

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Quote from: Emmychris on April 13, 2021, 11:33:34 AM

I just got to find out the importance of saving asset in bitcoin. As of last year October I just decided to split my savings into two and used half of it to buy bitcoin then took half to bank and deposited as fixed deposit which means I won't be taking the money for a period of time and bank will in return be giving me little percentage which I will take as profit, recently I tried comparing the profit I get from both bank and bitcoin, I found out the profit I got from bank is way low compared to what I got from bitcoin, then I decided to stop keeping my assets in banks rather I keep it in bitcoin which later turns out to be an investment for me.

Wouldn’t be bad if you still continue with splitting it and keeping some of them bank while the rest goes to bitcoin. Bitcoin is good and the percentage of return can be high at times, but that shouldn’t be the reason why you would be investing or saving all your money in Bitcoin, because there are still times that the market can be really bad, although this year have been different and we haven’t experienced any of those really bad bear markets or corrections that pushes the market to plummeting to a very low price. So you have to be very careful of what you’re buying .

peterpanda

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Obviously it is true that saving bitcoin is far better than saving on bank. Banks don't provide high interest and it is not decentralized. I love bitcoin for it's decentralization system. Holding bitcoin is the easiest way to earn huge money with short possible of time.

Reosta_

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Quote from: Emmychris on April 13, 2021, 11:33:34 AM

I just got to find out the importance of saving asset in bitcoin. As of last year October I just decided to split my savings into two and used half of it to buy bitcoin then took half to bank and deposited as fixed deposit which means I won't be taking the money for a period of time and bank will in return be giving me little percentage which I will take as profit, recently I tried comparing the profit I get from both bank and bitcoin, I found out the profit I got from bank is way low compared to what I got from bitcoin, then I decided to stop keeping my assets in banks rather I keep it in bitcoin which later turns out to be an investment for me.

For now, you can continue to make a way better profit by keeping your money in Bitcoin rather than fiat. But there is no guarantee for you to maintain the same profit. You can even lose some amount of your capital when Bitcoin price falls. But using a decentralized money is safer than the centralized ones that's for sure.

Innerpumper

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all of them have their own advantages and disadvantages. I agree, if saving bitcoin is better than saving in the bank. It's just that it has a bit of a big problem. That is, there is no person in charge when we lose the key to our wallet, in contrast to the bank that when we lose we will be able to be helped by the bank

geegaw

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Quote from: Lorence.xD on April 14, 2021, 01:03:36 AM

Quote from: gabriela1999 on April 14, 2021, 12:29:43 AM

Bitcoin's profit is much higher than the bank. But it cannot guarantee 100%. Profits from banks are not high but it is safe and absolute. You should divide 2 parts of your assets 1 to invest in Bitcoin and 1 more you should send to the bank.

Did you look at the chart of bitcoin prices overtime? If banks were to replicate that, it will take thousands of years before they can do it. Yes banks insures that your money is safe but they benefit more on it more than you because they use your money for loans with exorbitant interests higher than the interest you can get at their bank. My only reason that I will put money to a bank is to have some sort of wallet for stock trading and index funds and other bank related transaction.

Well, banks actually use our money to lend to big businesses, and besides, they probably secretly use that money to invest in some portfolios as well, our benefits are too low compared to the profits they receive but you should understand that they provide us with a level of absolute safety coverage each month, they are taking some risk to achieve such returns. Whereas if we want better returns, we also have to take the same risks in bitcoin, bitcoin can help increase wealth but it can also decrease assets, consideration of this issue will need to consider the interests between the two sides

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Quote from: Emmychris on April 13, 2021, 11:33:34 AM

I just got to find out the importance of saving asset in bitcoin. As of last year October I just decided to split my savings into two and used half of it to buy bitcoin then took half to bank and deposited as fixed deposit which means I won't be taking the money for a period of time and bank will in return be giving me little percentage which I will take as profit, recently I tried comparing the profit I get from both bank and bitcoin, I found out the profit I got from bank is way low compared to what I got from bitcoin, then I decided to stop keeping my assets in banks rather I keep it in bitcoin which later turns out to be an investment for me.

The deposit profits that banks offer are indeed very low. I think they're so low that they're insignificant. If you have little money, you'll just have marginally more, but it won't make a difference to your situation. If you have tons of money, you'll get another significant sum added to it, but it once again won't make a difference to you because you're already very rich. However, while giving money to a highly reputable bank is a very low-risk choice, with Bitcoin you can profit a lot if the price goes up, but you can also lose a lot if it goes down, so it's a high-risk investment.

Ewox

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I couldn’t agree with you more although I wouldn’t want to compare the banks from and saving assets in Bitcoin because they are totally different. And that’s the reason why I chose to save some fiat money in the banks for emergency purposes because hospitals from where I live in doesn’t accept any form of cryptocurrencies yet. But I also have assets in cryptocurrencies, but not really assets but more of investments for long term too.

J1mb0

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There should be no comparison between banks and bitcoin, each with its own advantages and disadvantages.
Investing in bitcoin can bring a lot of profits but also has a lot of potential risks, while savings in banks are close to zero risk, but the profit it brings is quite low.

bosede1

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No doubt Bitcoin will yield rapid profit especially the date you give but because of the volatile nature, you want to be very cautious of your actions. Bank saving is good but the interest rate accrued is low but you will be sure of the exact amount you are to cash out upon the expiry date but for Bitcoin, you can't know until then.

michellee

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That will be your choice as we do not force you to do that thing. If you think saving your money in bitcoin form will give you more profit than saving in the banks, you are free to do that. But for your information, you need to know that saving in bitcoin will have a risk that the price can go to any price. If you can accept that risk, you can continue to move your money into a bitcoin form and hold your bitcoin. But you need to make sure that you can still buy your daily needs and still have the money for an urgent situation that might happen.

uneng

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Actually you lose money by letting your money at banks saving accounts. Besides the interest rate being already too low, the real inflation eats all the profit made. The profit you make isn't sufficient to overcome the increasement in prices you see over all the goods disponible in the market along the months and years. On long run you just lose purchasing power this way.
If you want to invest through fiat you need to buy assets and stocks, although the popularization of these options make me wonder for how long they will remain profitable. Because with high popularity comes low profitability.

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