Bitcoin Forum

Saving money in a savings account is like putting money in a pocket with holes. Banks only give you interests that are lower than the inflation rate. It‘s how they make money. You are better off investing in ventures (Crypto currency) that give a return higher than the inflation rate.

That's a good metaphor! True enough, you're just losing money over time to the inflation. But finance courses in high school have people believing that they can become millionaires if they put all of their money into savings accounts using compound interest. Sure you can, but that million will be worth much less than it was when you first started saving!

Bitcoin is one of the few alternatives to these ridiculous savings products that banks try to sell us which can actually help you to gain against inflation. Inflation is a slippery slope, even a cliff in some countries, that people have to cope with on a day to day basis. The sad thing about it is most people have no idea how it is affecting their lives.

The average savings account interest reate (yield) is around 0.06% per year.
Nobody is that stupid to deposit all his savings in a bank and wait for 35 years to become a millionaire.
Returns that are higher than the inflation rate always come with a higher risk.Robert Kiyosaki says that risk is actually the lack or control and knowlegde about your investment.
The more knowledge and control you have over your investment,the lower the risk.

the profit that a bank gives you is a guaranteed profit that will always come even if it is a small amount.
but when you make an investment you are taking a big risk, sometimes bigger in some investments, so the profit that will come to you is not only not guaranteed but also it may end up in a big loss.

when it comes to cryptocurrencies this risk becomes even a bigger issue. specially for altcoins nowadays that are mostly pump and dump manipulation schemes.

think about the risks, do you just rely on luck here?
remember luck will not stay with you forever, but if we invest smartly and carefully, I'm sure we will succeed in an instant here.

Looking at cryptocurrencies from the perspective of the banks is wrong, also consider its investment based on the previous text will not achieve returns higher than the inflation rate.
The difference is that banks give you a lot of promises to get your money while in the case of cryptocurrencies you prepare yourself to get a lot even though it is not the purpose of designing it.
If you are afraid of inflation, I advise you in gold, and if you do not want savings accounts, select trusted cryptos "Bitcoin only :P."

There is certainty and there is volatility. Somebody who had put his money in Bitcoin in 2017 would be sitting on a mark-to-market loss of 70%. Those meager interest rates promised by banks would look attractive in comparison. Every investment carries risk, and Bitcoin is a very risky investment, have no doubt about it.

And another difference is your funds in a bank account is insured by the government (at least in most Europeans countries, don't know outside) It means even if the bank collapse your funds are protected by the government (up to €100k per account in my country)
So talking about the risk I would prefer the bank

Well,being your own bank with cryptocurrency is a double edged sword.Nothing is perfect,you have advantages and downsides.And one of the downsides of cryptocurrency,is you are the only responsible when it comes to security of funds.Another thing,is that there is more chance of you being a victim of a hack than being a victim of a bank heist.

Living in a developing country I can say with a full confidence that a bank deposit is not safe as it seems to be as well as a bank deposit does not cover the real inflation. In a developing country a bank can become bankrupted without returning deposits, of cource, there is the insurance system but this system usually does not work properly. What about the inflation, there is the low inflation which is printed publically but the inflation in real life is much more. I usually estimate the level of real inflation by looking at the cost of fuel because in my country it is a perfect indicator.

In general in my country banks are giving you a guarantee that you will get your money back and it's like a governmental level guarantee, but anyway it is related only to your money without the percents.

If this is in regards in investing then yeas putting you money in cryptocurrency would be much more better than putting your money into a savings account as you could gain more just given the fact that you have already studied who the market goes with its volatility and with a bit of luck as some altcoins can multiply up to 10x-20x its price.

It is true. I think that this is incorrect to compare the crypto currency markets to a banking sectors. It is better to compare the crypto currencies to a shares of a companies. Some shares are enough volatile too, and any smart trader might make money trading them.

In general, the stock markets are less risky than the crypto exchange markets. But sometimes the shares of a companies soar up or fall down for a significant percent in one trading session. For example, I heard that the capitalization of Twitter has been dumped down to -17% a few days ago.

The banking sectors are different. There are a high capitalized banks and a low capitalized banks. The small banks are less reliable and might bankrupt anytime.

The biggest difference between Cryptocurrency is that they are afraid of Cryptocurrency. Because they do not control the source of money, the Bank is protected by the Government, the government owes the money to the Bank, Cryptocurrency has backdated the government's criteria, so the government spared the day will manage Cryptocurrency.

Second, it is equally important that the Bank does not affect cryptocurrency. If a bank goes bankrupt or drops rates, it's no different from being hungry and your buddy does not share a hot pizza.

Save money to the bank.  I think this is not the investment but the place where we store our assets quite safe.  Because the interest paid to us annually is too low.  Crypto is a profitable investment that can be double or triple the initial amount of money in a short time but without the investment strategy and knowledge the risk is that we will lose it.  The amount of money we invest

Of course that's how they make money. You don't expect them to borrow it out at the current interest rate and also pay that interest to customers where do you then expect them to pay for staff cost, the facility they ensure they funds are safe, the maintenance of security infrastructures, the cash reserve ratio and the whole of other incidental costs to ensure they amount is safe with them. You don't conclude that one is better off investing in crypto currency just because of this returns what if after the returns, the exchange sites is hacked via insider job, or the wallet itself becomes vulnerable, the coins invested becomes delisted, government itself ban the use of crypto currency in that country etc.

Now, because of how wise customers are in terms of investment decisions, banks are trying hard to increase the interest rate to as high as 10% for some banks, negotiated fixed deposit rate, several promotions to increase saving habit etc. I think for a smart investor, its better to know the right combination of the two.

Savings in the bank you will be guaranteed that always be profitable even if the numbers are low. And you invest in cryptos, you are playing the risk, it may be profitable for you high, but also it will lose. So profits will come to you not only not guaranteed can also lead to big losses.

For me, the biggest difference is that if someone transfers money to my card, then I must prove that it is not income, otherwise I will pay the tax. In crypto currency, I don't need to prove anything to anyone.

Save moneyy

Cryptocurrency are pure digital form. So only digital currency can be transfer with the help of cryptocurrency banking. Where as in bank all physical and digital form of currency transaction occurs. Transaction through bank taking too much time and also charge high transaction cost. Where as transaction through cryptocurrency is fast secure and also taking low transaction cost. Transaction through bank is reversible but transaction through cryptocurrency is not reversible.

But banks gave us assurance.  If saving money in the bank like putting money on pocket with holes, what do you say to people who buy BTC at 19k USD  last year with the current price is only about 8k?  Remember, high return but high risk.

I see the difference between electronic money and banking is. If you transfer money from the bank to the wrong address recipient, you can get back. But if you transfer money electronically, you will not get it because you do not know who owns the money.

The big different between cryptocurrency and banking is the ability of money control where at the first one you have full control of ur money without third party in-between , in case you lost your wallet ID, password or private key no one inherent a thing . 
Second is security and speed of transaction compared to regular banks .

Well, the idea behind the crypto investment is to skip the banking sectors and earn moe interest. People are lending bitcoin and earning like 1-2% of interest each day and thats like monthly interest of the banks. So you can imagine how big stuff this is and how much we can earn from it. So it doesn't matter whether it is crypto venture or something like that because there are multiple ways from where we can earn big time. There is also chance that we may end up having the passive income stream, and thus earn big money from it. I guess banking surely sucks in this regards.

I have very simple argument with this for me saving my money in the bank is where I trust my money to let being held by other people while cryptocurrency is where I myself personally hold my own money without third party involvement. I can monitor my own account and anytime can do anything what I want. I think crypto is very personal and safer.

the main duty of the bank is to save your money, despite the fact that your money is not entirely safe with banks as inflation could catch up with your save money and it is devalued  overtime, but the cryptocurrency is aninvestment where intest is accrued as long as the coin value increases, investing in crypto is more wiser than just allowing your money wallow up in a savings account without interest,

Yes I have already heard something like that about are giving you less than you can earn by making some real with money, because of the inflation practice. When money is actually losing its value.

The big difference here is probably decentralisation.

Even though bitcoin does not give you interest or anything like that, there is no central manipulation of the money supply, nor can anyone debase the currency essentially. Bitcoin's emission curve is strictly hard coded, and can't be changed.

Fiat is completely different. Your savings as you said, are probably going to be depreciating faster than the interest that you are getting from banks.

Hence, it's probably wise to invest in a well established decentralised crypto like bitcoin, or invest in actual dividend producing stocks, if you want to preserve wealth and not lose wealth through inflation.

cryptocurrency is digital assets stored with hardware wallets  we can expect in the coming future cryptocurrency markets will be the main form of money transactions  same like banking sectors

indeed if viewed from that point of view it will be better if you invest in crypto currency that opinion can be higher than the inflation rate so that we do not need to fear the inflation in the national currency, but the risk of investing in the crypto currency is very large, you can experience losses in excess of inflation losses in FIAT currency deposited in banks

That's right if you save money on the bank Your benefits will be low but you will not at risk for that savings, If you want to invest in cryptos, it can give you a high return, but with high risk, anything that has a high-interest rate will be risky and depend on your luck.

The difference between bank and electronic money is that the electronic money is not traded through the intermediary so there is no loss of money to the intermediary and the bank requires the intermediary of the investor will lose money to the intermediary

Banks saving account gives you little income with protection to your savings, while crypto gives you opportunity for very high earnings with little or no protection to your savings due to high volatility.

Banks charge you high fee for transactions and processing is slow, while crypto charge you low fee with quick processing of your payments.

Bank transaction are mostly controlled by bank and can be reversed or secured but crypto transactions are DIY and irreversible.

But crypto is still new and banks developed their processes and system in over many many years.

I believe within few years crypto will find better ways and systems to serve people and compete with traditional banking.

people who put their money into saving accounts don't look for profits mainly ,but rather a way to keep their money safe . putting your money in cryptocurrency isn't a safe way if you aren't familiar with the field , it's like trading Forex or stocks without knowing how to trade , you eventually will lose money . btw,there are other options out there to invest your money for example ,real estate

Banks are stable. On the crypto-currency market, the fastest way to earn money is because of constant price jumps.

They would give you an interest of about 1% annually and they would let your money be borrowed at a rate of around 6 or 7% and we are talking millions here so that's how they profit. They also use our money to trade and they got profit from it as well and invest in other investment vehicles as well. We should learn how to make use of our money without relying in banks.

What I hate about banks is that when my balance is below minimum, they would deduct my money so it would be much lesser until such time they would exhaust it as oppose to a crypto wallet wherein even just a small value is left, it would still be the same or the even good thing if its value grow after a few years.

the bank is more convincing as a savings because it has obtained official legality from the government, cryptocurrency also has the same system but all the responsibility is charged to the user.

we are comfortable with conventional institutions such as government-recognized banks, this difference causes many people who do not want to be directly involved, only people who are familiar with the movement of stocks who want to try it. there are still few ordinary people who believe in cryptocurrency.

The banking sector has been in a very important position in recent years. But the term is changing slowly. Banks may experience difficulties in the future because they do not make a real production. What a bank does, a mining system and a crypto project can be carried out decentralized way.

Interestingly few of the people agree that banking can be still good because it will give us X % of interest without failing the payments. I guess they are true and its best choice for those who dont want to get into trouble with the heavy investment in the real world off which they know nothing about. But for many people including me bitcoin seems to be better option because thought there are more risks in it, then also there are higher interest rates or shares that we can get in return if invested in right ways and with care. So its still good for me, and I will always put my stakes over it rather than banks.

People interest in now changing, people now want to invest their money in such places from where they have good opportunities to make big money in short time. Therefore bitcoin is the best option for them, they now consider bitcoin as the best option for their investment from where they can make a lot of money which is not possible form banking system.

There's much difference better banks and cryptocurrency. If you want to double your money fast you can 
Deposit your money in blockchain by buying some coins. Where banks take sometimes to double your money
But about taking risk Cryptocurrencies are always in the top there are huge chances of losing money where banks keep your money save

I’m sorry to say that you don’t even know what you’re saying. When you’re putting your money into cryptocurrency like Bitcoin you’re investing it and not saving it. There is difference between saving and investing. Our main purpose of going to banks is to save our money, we have no intentions of making extra profit or whatever.

Banks offers services to you, and those charges and other related sort of things are ways for them to get money in paying their staffs, maintaining the bank and handling other costs etc.

Not really. Bitcoin does not give you any interest. If you buy into bitcoin then you are generally hoping that it would go up in value over time.

Though, that's not to say that bitcoin is not a good investment. Banks obviously do give you interest, but it in fact, it's probably one of the worst investments you can make at this moment. This is because of the fact that bank interest just don't keep up with what inflation is taking away from your balance.

Bitcoin on the other hand is a store of value, much like gold. The amount in circulation is always controlled, and this can't be changed from a central point. So that's why over the long term, even if demand for bitcoin stays stagnant, bitcoin would be an excellent store of value in contrast to fiat, even accounting for interest.

The difference between banks and cryptos is that central banks can control the denominations of currencies that they can raise or lower them. Daily transactions must go through the bank, and your personal information will be publicly disclosed to the outside, will not be private for yourself. As for Bitcoin, your transactions will not be subject to any transaction fees, if any, just a few. Your information will also be hidden. Operations will not be subject to any control by the bank and the government.

But morally saving money in a bank will make your life a little more comfortable, there is nothing you need to worry about losing your money in a few seconds. Inflation is not a major factor in the losses that will be faced when investing in a bank.

And cryptocurrency, I have never got an answer from a friend who has successfully earned a lot of money on the cryptocurrency that cryptocurrency does not have a big risk, I will bold big risk, is that mean the life of a person will not be comfortable when having an investment in cryptocurrency, especially with the amount of money very large. Even though, the feeling of big risk that is felt will be lost when getting profit, the fact that always happens.

That is right about the expected future of crypto. We would have a system, decentralized, and could be use across the world in almost all the countries. Besides, it might change the banking sector to a huge extent and would affect the whole economy for the Solow growth model endorses the role of technological innovation in the growth of economy when all the factors of production are fully employed.

Cryptocurrency is a currency, whereas banks are a business. Well basically that is it, that is the difference. If you really want to know more in depth differences one helps you out in a very bad inflation market where almost all currencies devalued while it gets higher because of it, the other just lets you draw loans which currency can't do, you can own as many bitcoin as you want however you can't get a loan from it, banks can give you loans tho, which is quite helpful if you really in a bad situation that could be helpful, I did get a loan once in my life that I paid for my interior of my house which I slowly paid of.

Aside from these two huge difference, nothing major that can't be explained "one is currency, the other is a business". But unfortunately we are being struck with those centralized system which is honestly not valuing our hard work and saving habits due to its inflationary supply. It is time to understand the pitfalls of our traditional fiat system and must switch over to a new system which is having the capability of rewarding if we save them.

when you heard bank sector vs bitcoin one thing might came into your mind decentralised and centralised. yes bitcoin is decentralised and banks are centralised.
1. In banks we have savings account, current account and stuff but blockchain technology we have wallet with private key which has more convenient than banks.
2. Bitcoin is used for borderless transactions without knowing any authority.

Yes, i personally think that now in today's highly volatile market conditions it is a bad idea to save your money in the saving bank account and i would rather go and invest in bitcoin and gain more profits than saving it in a bank account as the profit potential is much higher in Cryptocurrency market than saving account. I will also choose cryptocurrency like Ethereum, Litecoin, Ripple, and many more high potential coins.

 When it all comes down to it, it’s all about bitcoin, whether we like it or not. Institutions are not interested in anything else imo, all the financial products in the pipeline (like the etf and futures etc) are for btc, not ripple, cardano or anything else. Fiat pairings won’t be the saving grace you hope for. If sentiment is lost in bitcoin, it’s game over for all crypto currencies, that’s just the way it is.

Banking sector is the best secured platform in nowadays but actually Crypto investment is secured investment because long term investors never loose the investment so profit and risk is reduced in long term investment. Cryptocurrency is completely transparent investment so all investors are interested to participate in Crypto.

There was a big difference between cryptocurrency and banking like if you invest your money in banks the profit you will gain in long time investment is a bit of money and if you invest your money in crypto the money you have invest can be doubled or tripled and could be a lot more but you should pick a good crypto first to have profit.

Actually you are right a bank deposit gives ridiculous small income which is not even enough to cover inflation. Well, holding money in a bank deposit you lose because their buying ability decreases faster than your deposit is capilalized that is why every smart people understand that it need to manage your own money not to lose them. Crypto currencies is risky assets but using them everybody can be an investor and to manage own money.

In my country, banks give an average of 15-18, and even 21-23 percent per annum, for depositing money. This, in principle, a good income, even given the small inflation. This, after all, is stable and guaranteed profit. If the bank is a state bank, profits are guaranteed by state assets, and if the bank is commercial, then there is a guaranteed deposit fund from which money is returned to depositors if the commercial bank goes bankrupt. True, the guaranteed amount of payments is about 8-12 thousand dollars. However, vseravno, a guarantee of return is.
If you have invested your money in the crypto currency, you are fully responsible for their safety and assume all the risks of their loss. And there are a lot of such risks. And their own mistakes, and hackers, and just the riskiness of crypto-currency investments. Here you can make good money, and you can lose everything.

Yeah, i do agree with that but can you also state about the risk factor? We do know that if theres a higher return it would have the same level of losing factor which means it isnt still appealing on most people.
We do see the opportunity but it depends of a certain person if the he can embrace such risk.

For the topic title question.

Bank sector= Centralized
Crypto= Decentralized

They are fully different.

I would rather do, which I am actually doing, diversifying my savings into several spheres as banks and regular money storing in the house, gold and of course cryptocurrencies, right now I have put that much effort into cryptocurrency.

Those rates are higher than the current inflation rate? How can banks afford to give such high returns? Most banks are giving returns on fixed deposits that are slightly lower than inflation.

Yes, the important part about this is the risk. Risk is much higher with crypto so naturally, returns have potential to be much higher as well. The current fluctuations between 6-8k are evidence enough of that. If you just get on while it's low and don't use leverage, it won't be risky though. Even for the riskiest assets, the risk is only as much as you allow it to be.

First of all, cryptocurrency allows you to remain anonymous. In opposite to banks, cryptocurrency is independent from any government. You do not need to go to a special institution to put crypto on a card or transfer it to another account.

yes that is very true, crypto is a suitable investment place because there are no interest rates, in contrast to banks that take years to get multiple profits and interest rates.

If you own crypto you are in complete control of your money and no one can take it away.  If your money is in the bank, the government can freeze your money anytime they want for any reason.

Usually banks will only refund so much of your money if the bank were to go bankrupt, i.e like up to 100k max refund.

Yes, I agree with that. In addition, cryptocurrency like Bitcoin has significant advantages over banks in a number of fields, including security, unlimited transaction settlement, efficient payments, and lack of dependence on service providers or centralized entities.

You can earn a lot of money from the bank through savings but only if you start from a lot of money in the first place. Whereas in crypto you don't need to have that big of an investment, however, it's volatile market and there is more risk involved but that's not important. most important point of crypto is no middle man and you have complete control over your assets.

In my country Banks can confiscate your money if they are in a bad financialy situation. This is sick. Banks aren't safe anymore and they are giving away your transfers information to the goverment.

Essentially the bank also represents the currency. Electronic money is in the other. If the electronic money is stable and widespread in the future, then they will definitely open up their own electronic money banks.

Investing is more profitable than saving. However, most people think to raise money only one way that's by saving, with the reason for our future life. Even now we certainly like to set aside some money from income to be saved in a bank. That's right moreover the bank also gives a few percent interests which can increase our money in savings. But if we only rely on funds which's collected in the bank. Of course will be very difficult for us to be able to buy the goods of our dreams in the future. The reason's clear, inflation growth's higher, than the increase in bank interest given.

As humans, we certainly want an increase in living standards in the future. So it's not wrong if cryptocurrency, you make it as the first choice to maximize your finances because investing in cryptocurrency's the best alternative to collect dollar coffers quickly.

Their difference lies only in just authority. You need to know that cryptocurrency and banking both have similarities which can move into the financial sector even both are able to be combined to complement each other's shortcomings which are in both.

Increasing profits by earning interest from savings is not really feasible. In my country, when the inflation rate is close to the interest rate savings. Depositing savings will be extremely risky in high-inflation countries, with the value of the national currency losing value each year. When you save money after a few years, the amount you can increase. But the value is reduced.

that fact is so true. the bank gets money from inflation rate and we only get a number of interest rate that isn't even equally than ours losses value assets.
in another hand. the banks utilize our asset to reinvest in the instrument which resistance against inflation and take profit. whatever they do is about for how the way to make more money :D (no offense). it wise to us to starting investing on some venture (cryptocurrencies could be worthy options) as your investment asset options due to its prospective potential in the future beside traditional instrumental products.

I agree with you, but many people still believe that cryptocurrency has a high risk because there is still no institution responsible

this is true, banks gives 0.5% to savings account, but it should be noted that banks shouldnt be seen as an investment, its a means of saving money for later days, but it is better to invest in crypto with high returns than to save ones money in a savings account with little or no interest rate. But in all, one should trade cautiously.

Besides that, the interest you earn is not really the interest you will receive because they will deduct tax from in it first so this is one of the advantage of cryptocurrency over savings in bank account because when the value of your coins increase, there would be no tax deduction from it unless you will declare it to the government. In banks, it would be immediately deducted. One thing I also hate about banks is that whenever the minimum balance goes down, they would deduct your balance further until such time they would exhaust all your funds.

Cryptocurrency is a decentralized type of currency while the banking sectors is a centralized type that is putting a lot more focus in centralization and controlling the fiat system in a country because they are like the heart of the cycle of the money in an economy. Cryptocurrency and banking sectors are completely different but if they unite then it might be the key for a faster progress for the world in terms of finance.

Well, how many people actually have that lot of money to throw around, moreover, I still see any interest given if you save in a bank as B.S since it is so minute and if I have such huge amount of money, I would rather be better off investing into some business that would bring me huge returns. Bank savings have never been that worth it, based on how they have made life and transactions terrible over the years, with so many hold on how you can even make transactions and some government policies that can make you want to throw up. The main difference between cryptocurrency and banking sector is the FREEDOM and the fact that we are not supposed to be slaves to the bank in the first place.

Saving money in banks right now not more profitable than putting money in cryptocurrency. Cryptocurrency market is fast growing market and its more profitable investing our money in crypto rather than saving on bank account.

cryptocurrency is long-term asset-based currency we should wait for enough time to see the benefits then only we can expect results whereas banking is secured but banks take higher fees than crypto currency wallets

Lol. That is a good way to put up things. Yes, banking sectors are like that only, they will just spend few % on your savings accounts because they have to big % over the loans and their own earnings are huge and grand. If you really want to have good % returns on your money then just put it into the crypto currencies and no where. I believe that this old method of telling and guess what, it really really works. I am experiencing good returns from the crypto returns while on the other hand savings to bank account would be bad experience in the crypto world.

Well, crypto currency is a method of investment for many people and for the original purposes a way of buying something a currency a "money" to be spent. Banks are... well a company ? They literally have nothing in common. Maybe you can invest your money to banks and they can give you savings accounts and with that you can make a return but in most of the world it is really low and you can invest your money to bitcoin as well, maybe that is their shared point ?

Honestly this feels like comparing bitcoin with apple pie or something, just because they both involve finance why would you think they have anything in common ? There is very little overlap between these two and doubt will ever have any overlap in the future neither.

Still, investing their money in banks for deposit storage is quite reliable and profitable, although it does not bring such an investment as much profit as sometimes it gives an investment in the crypto currency. In my country, banks give 18 - 21 percent per annum with inflation of about 10. percent. There is a law that protects depositors and guarantees the payment of a certain amount if the commercial bank goes bankrupt.
Crypto currency sometimes brings a big profit, but the investor is completely abandoned to the mercy of fate. When in most countries the crypto currency is not yet legalized, many lose their coins due to hackers, their mistakes and this is all much more serious than it seems at first glance. Therefore, in the crypto currency as a lucky person. That's why it's possible to work in the crypto currency, and it's better to place your profit periodically in the bank.

Yes that is true because I've experience it right now. Even i have a savings account in banks but the interest is lower that I've expect but in cryptocurrency like bitcoin when i try to invest the returned of profit was high when the value was also high so if we are comparing cryptocurrency savings in crypto wallet and banks i must prefer in crypto wallet because you earning much more than banks interest.

Some said that division of savings, like putting your money in the banks and half is in cryptocurrency is the smart way to do. But i'll admit. After knowing cryptocurrency for quite some time, my interests in saving money with banks has distant. Not that I do not trust banks nor disappointed with their added interest, however I just have a good insight with crypto rather than the latter.

Not to even talk of the advantage you tend to get based on the freedom you have to spend your money or make any transaction within and outside your settlement.

Banks has been more like a necessary evil for a very long time with nothing much to show for anyone who saves in the bank, and you will even be lucky if the interest you get on your savings is not even scooped with some of their bullshit charges on card, SMS or thereabout. At least, this freedom is one value that cryptocurrency brings that banks will find hard to give.

Differences between cryptos and banking sectors must be individuals based and also country specific. Most Swiss banks allow to have anonymous banking as far as I do hear whereas in my country double or triple level of KYC is required to operate a bank account. Cryptos ensure our financial freedom but banks are just opposite to freedom but not everywhere and not for everyone.

I agree with this position. Long-term investments in the crypto currency are much more profitable than investments in banks. Percentages more.

Their are many noticeable differences present between cryptocurrency and banking sectors. First of cryptocurrency provide its user uninterrupted transaction facility which means their is doesn't need any identity proof of sender or receiver but in banks this above thing is must need. They doesn't provide too much privacy to their user like cryptocurrency. Bank are charges high transaction fee where as crypto currency transaction fee are less and constant for every transaction whether the amount of transactions is high or low. Bank transactions are under supervision of government where as cryptocurrency transactions are not.

Well I can say it is just almost the same as saving money at home with a piggy bank.
You wont really feel much the interest rate they are giving. Normal savings by normal salary working people will not feel it only millionaires will.

So I would rather keep it at home and protect it myself. That way I could decide where to put it in case something come up.
Just like now. Bitcoin came and now they are saved in it.

A lot of people complain about the non-safety using cryptocurrencies, when I have seen banks folding up several times at least in my country with nothing to pay the account holders in such banks.

At least, this is one of the things, this space has been able to curtail as everyone simply will be able to have their own wallet which serves as a bank, do any transaction when they please without the banks over their shoulders or coming up with some policies that affect spending.

Sadly lot of people forgets that the inflation rate so they are just losing their money day by day in a small rate,if someone want returns then they should go for an investments there are lot of investments are available other than the crypto currencies so they can invest on those but they also need to understand the risk of investment before doing that.

And this should not have been the case actually, since banks make a lot of money with our savings anyway. The fact that I am in control of my funds, what I do with it, how I spend it, when I send it, and also be able to get something tangible on its value in the long run, I pretty much believe this is a huge difference showing how much banks have lost their game to the cryptocurrency world, and what we are just seeing is a start. As time goes on and as people start using it in real life, this would make the value to even soar more than it already is.

Yes right, the benefits of investing in bitcoin can be relied on with multiple profits. Investment in bank profits is not much. The key is to be patient if you invest in bitcoin.

Well, it is said most of the time never to put your eggs into one basket and for those who want to play safe without getting too greedy, it is usually the best thing to do.

The only difference we can see so far between the two is basically the freedom that cryptocurrency brings which we both know will definitely be a challenge for the banks, since everything about the banking sector is centralized. For the long run and for the fact that crypto brings about a lot of opportunity, it seems to me like a best bet.

You said it all yourself– you said savings for banks and investment for cryptocurrencies right? Good. So why would be expecting to make profit through banks, it’s such a stupid thought… banks are not cheating you, they weren’t meant for investment, rather they were made for savings; you save money in bank and keep it safe and secured.

But as for cryptocurrencies you’re investing your money with the purpose of making extra gains, and it’s not everyone that makes gain cause some people lose at the end.

the banking system has a center, so it works with the pool system. but the banks must have the money at the moment to use the block chains. The difficulty stems from this. I hope I am not wrong :D

There are a lot of difference between cryptocurrency and banking sectors. Cryptocurrency are mainly use for transaction of decentralised currency where as bank use for transaction of centralize currency. Cryptocurrency provide too much privacy to their users, even the its user does not need to give their identity proof in order to complete a transaction. But in case of bank all these  are must need to complete an transaction. Bank transactions are take a lot of time in processing and they also charge high transaction cost. But bitcoin provide fast transaction with low transaction cost

I have never got an answer from a friend who has successfully earned a lot of money on the cryptocurrency that cryptocurrency does not have a big risk, I will bold big risk, is that mean the life of a person will not be comfortable when having an investment in cryptocurrency, especially with the amount of money very large.

The main difference between the cryptocurrency and banking sectors are cryptocurrency is for long-term asset but whereas banking sector is for daily transactions there is major difference in both the functionality

it is necessary to invest so that inflation does not eat up income, or where there is no inflation in principle)