Saving asset in bitcoin is much more better than saving in banks - page 6.

Sanugarid

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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.

I agree with you, investing your money in cryptocurrency such as BTC has a big possibility of profit is much better than saving your money and putting it on the bank which has a low interest rate per annum. Your money on BTC will grow exponentially depending on the market movement but of course, big losses are also possible on this kind of investment. Moreover, the amount of how much your money will grow depends on the amount you've saved and interest rate which is why investing is much better compared to saving only.

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Quote from: hatshepsut93 on April 13, 2021, 12:16:25 PM

The difference is that banks almost guarantees the profits that they are promising, while with Bitcoin no one guarantees anything, you can earn a lot or lose a lot. Also banks serve another vital function - they lend money to people. Because of this, banks will always exist.

If you imagine all people in the world abandoning their saving accounts for Bitcoin, it would create an enormous bubble, and the early buyers would profit from it greatly, while the late buyers would lose everything, as Bitcoin would correct by 95% or more. This is just a thought experiment, because nothing like this is going to happen, but still.

and if i may add, with savings in the bank, you know for sure that your money is safe and secure and will not lose its value overnight. though the interest is really small as compared to other financial investments, but you can also get other benefits by keeping your money at the bank like if you want to lend in the future. just treat it as someone is securing your savings.
with bitcoin, you can really get very good profits these days. however, what if the opposite happens in the market? i guess you will tell to yourself that you should have kept your money at the bank.
so this situation goes to show that there are really advantages when you diversify your portfolio, you can get both the benefits of these types of investments

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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.

I have tried the bank fixed deposit and even left it for a long time, but the profits are very small, I don't know how the banking system works in your country, but mine I the only reason I would be keeping money in a fixed deposit account is only to prevent me from using it, as for the profits it's really nothing I can hope on, but with Bitcoin and as at now it different, and more flexible, it's saving and investment all in one, and profits are better-off than that of my area's banking system, but I would sound like a broken record to say it has disadvantages and one majorly is the price can propel up, or dip low.

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Quote from: acener on April 14, 2021, 04:30:22 AM

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.

You should also know that Bitcoin could go down so you could also lose money from it.
But I do support your idea and I think it is good for a long term holder.
Because I believe that it would continue to grow in the future so we should accumulate as much as we could.

Although the value of bitcoins can decrease very quickly, over time, the value of bitcoins can recover and can even increase higher. saving in bitcoin is indeed for long-term holders. and I am also one of those long-term holders who are continuously saving and collecting bitcoins. it doesn't matter if the price falls, because the price will go up again.

acener

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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.

You should also know that Bitcoin could go down so you could also lose money from it.
But I do support your idea and I think it is good for a long term holder.
Because I believe that it would continue to grow in the future so we should accumulate as much as we could.

Lorence.xD

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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.

gabriela1999

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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.

isaac_clarke22

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

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Well bitcoin will give you either massive profits or losses. There ain't guarantees as what others mentioned in here, but on the other side you own your own money. It is your vault, you have the keys to access your money and no third party establishments would be involved.

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I prefer to do it in both ways...

Plus, keeping assets in both of them can give us a sense of security and also that we don't miss the rocket ride to the moon by Bitcoin. We can still survive with the money in the bank, and we also have the potential to enlarge assets from the rising price of Bitcoin.
Although this may seem like a doubtful person, but it is actually a safe way to protect our assets from high losses.

carlfebz2

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Are you aware of the risk? If not then better check or look back because crypto investment isnt something that you can give out 100% trust.

If you are aware then its good but i dont see for it to be ideal on putting 100% of your life savings with it.Banks might have disadvantage but we cant deny

that we had been dealing up with this thing since from the start and the experience is great even though centralization is on a certain extent.

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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.

Of course it's pretty obvious that you will not earn in banks as much as bitcoin. But banks are safe, your money is locked (time deposit), so it's a guaranteed profit for you. But Bitcoin are going to give you high yields but the risk is too high. You have some sort of mitigation if ever the price of bitcoin goes down or if we enter a bearish 3 year cycle. But for sure once the market become very bullish, you can recover what you have lost. So it's really up to you to decide, a guarantee and compounding interest on banks vs high yield buy high risk as well.

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I think OP, you need to stay longer in this market to fully understand what are the risk you're taking and I can't say bad on the other side since Bitcoin and banks have their own different riskier side. So if you know what are those, you can definitely decide what you need to do with your savings.

I like both sides though but I prefer more in Bitcoin since it is convenient for me to use for now especially in this time of crisis and pandemic. Banks and cryptocurrency such as Bitcoin have their own advantage too just like the interest, profit, loans, easy access, less hassle etc. If you were a bank user before I guess you could compare both sides which do you like the most but from what I see today I think you lack of experience what the market would do to your money whether it's long term or short term.

sheenshane

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Just make sure that you'd understand the whole concept of Bitcoin and how it works, what I mean is the volatility of Bitcoin that makes the price up to and down every now and then. Because there's a risk upon holding and it might not give an accurate time frame when is the perfect time of getting profit. And yes, you're in the right decision. Be at your own bank in Bitcoin saving investment will work after how many years of patiently holding.

If you didn't see saving your asset in the bank isn't good and might Bitcoin is the key to your problem, I suggest studying it first, it's very technical upon using Bitcoin most especially when you choose storage that you can keep for how money years.

concept2

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Totally agree. Bank profit is the same as the inflation rate which means you probably earn nothing. Some countries even have a negative interest such as Japan, Switzerland, Denmark, etc. Bitcoin, on the other hand, is affordable for both investment and savings. You can save your money in bitcoin but, still earn a good income over years.

However, you need to determine that bitcoin is for long-term saving/investment so that you will not be freaked out whenever the price of bitcoin suddenly decrease. Many people have lost their money in 2017 while others - ones with more patience - not just regain their start-up funds but also earn a huge profit from it.

Becky666

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Are you aware that the same happiness in bitcoin can get sore when it price dip?, probably the Banks will surely or sometimes give back your profit at the end of the month but bitcoin won't be sure becasue of it market volatility. Not saying it's a bad idea mate, but should be consider as a risk compare to the Banks. If we are takinf about the long-term holding(savings with bitcoin) and the savings with banks then, bitcoin is more far better than the Banks 'but'.

Should anything happens to your Banks during this period of savings they will be hold responsible but if anything to your bitcoin "you are on your own"

Mahanton

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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.

Yes, Bitcoin could really give out that kind of benefits but dont really get yourself hype too much because there's always a tendency that your savings would really be in reds or negative.
This market isnt something that you can see to have continous rise.Always consider about price corrections and volatility which would give out those possible results.
When it comes to annual profits or interest then no doubt and hands down to bitcoin or in other coins in the market.Its way too far in terms of that but the issue here
is the assurance for long term.You cant be sure that crypto would live forever.

bitzizzix

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I think both are good, but bitcoin is much better and Many people still think that saving is enough to guarantee their future, even though having savings or deposits alone is not the same as financial success.
It's good to have both, savings for short term needs and if you need something for a sudden need you can count on savings.
and investing in bitcoin for the long term to get big profits in the future and prioritize them.

milani

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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.

Everything depends on personal aims and desires I would say in a such a way. Of course it depends what bank and in what exactly country the person use. But personally I do not prefer banks after I have learned the cryptocurrency world. But of course everyone makes personal choice. And should remember that investment into cryptocurrency is not alike the banks deposits or something like that.

jjdub7

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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.

It is certainly much more profitable to invest/keep your money in Bitcoin and the return is much higher than banks. Banks do not stop reducing interest rates on deposits and in reality they do not want our money in deposits because they have to return it. Banks are focused on raising fees and lending, rather than collecting deposits.
I also prefer to keep my savings in cryptocurrencies (particularly Bitcoin).

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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.

I know you are in high spirits but it is much calmer if you invest in both...
as a beginner, it will be calmer if you invest in a stable asset such as a bank, but if you are steady and confident in yourself to invest fully in Bitcoin then it is a very good and appropriate decision.

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