Bitcoin Forum

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
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.  ;)

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?

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.

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.

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.

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.

You mean like automatically yes they do exist binance couple of months ago introduced a feature called https://www.binance.com/en/auto-invest/ basically they do buy and DCA and your bitcoin is locked for the amount of time. But DYOR because it happens on Centralized Exchange. Im not recommending it maybe you can figure it how the system works and you can buy your own btc

The safest way is to do DCA manually and send to your cold wallet. and I do recommend this

Yes, is possible to have your own personal wallet were you can save your money for future purpose which is the best idea that will bring light into your investment when the price of Bitcoin increase higher like never before in the market. There are some positive things you will start experiencing when you start saving your money into your wallet, because wallet is more secure and safe than bank when your personal details are safe in your hands. I think, Bitcoin investment is the best investment compare to other fiat investment that will take a long time before the income will manage to increase small.

Bitcoin saving account is only exist in a centralized exchange, it's not a wallet because you don't own the private key and you will lose all of your coins whenever the exchange turn become scam or get hacked. Bitcoin isn't a Proof Of Stake token where you can get interest by staking on a centralized smart contract, you can't make more Bitcoin except to mine it.

You don't need to have Bitcoin saving account in order to invest Bitcoin, just buy through P2P or exchange and send it to your non custodial wallet.

What you are asking about has been around for a long time and many people have been doing it until recently.

And you can also do the same with Bitcoin. You can set up another personal wallet to store your Bitcoins in one place and send some Bitcoins to that wallet regularly.

As long as you can keep it safe, you don't have to worry about hacking or someone wanting to steal your wallet because only you know where the wallet is. And you only need to send the number of Bitcoins you want to the wallet to collect them while waiting for market conditions to reverse.

Yeah, the question might seem stupid but taking your rank into account and the number of posts i can say that you just entered the crypto-verse. So i must say knowledge of Hot and Cold wallets along with the pros and cons will give you an idea and will also tell you the effects that Banking savings include while crypto wallets don't.

1. You do not have to open accounts of wallets as you open for savings accounts of banks by filling in your all information.
2. You do not have to give custody of your assets and digital securities to the banks instead by using crypto digital wallets you are the one who will control your assets. If you own the money then why give custody to banks?
3. Yes it is possible to create a wallet address for BTC and to store any other currency (crypto) you want to store.
4. Nothing will happen to your account because crypto wallets provide you the full custody of your wallets you can store as much as you can and for as much time as you can.
5. If you have fear of losing money then i must recommend you to read the following compilations

• Some superior aspects of Bitcoin over Banks we overlook (https://bitcointalk.org/index.php?topic=5443925.0)
• Bitcoin versus Banks (https://bitcointalk.org/index.php?topic=5411474.0)--> read this thread thorughly you will defenitely find interesting things to learn.

Here are some compilations from where you can start.

• [Crypto Wallets] Cold and Hot Wallets and their Approach (https://bitcointalk.org/index.php?topic=5413117.0)-->You can choose any of the mentioned wallets, depending on the value of your assets like if you want to store BTC for long term like saving wallets then i prefer cold wallets (hardware wallets) because it has the maximum security levels but as per your experience i prefer to use hot wallets like Trust wallet, Mew, etc. because installation of hot wallets is easy but if you want to install a hardware wallet then check this tutorial How to Install Tails OS on USB flash drive for Wallet Purpose (https://bitcointalk.org/index.php?topic=5228801.0)

As some answers point out, it is clear that you know little about the essence of bitcoin and why it was created.

If you were to study bitcoin, you would realise that it has been the most profitable investment since 2009. And although in the future it will most likely not be as profitable, you don't have to jeopardise your bitcoin by depositing it in a bank to get a little extra interest.


This.


Yes, the best thing is this. Buy regularly to the best of your ability, and withdraw to your wallet, to a wallet where you manage your private keys.

You have to change the mentality, OP. Bitcoin if used correctly is completely different from the banking system. With it you are your own bank.

When you send money to a bank, then that money is theirs already not yours. It's the same as sending BTC to a centralized exchange.
If you haven't heard already, banks are already started running and FDIC is out of money. Once the depositors will together want thier money out of the banks, they would have no cash to give.

But maybe they will give you digital cash which is already the CBDC.

It is as long as you've secured your main wallet like banks secure money. You can be your own bank with your own money. You can send frequently bitcoin to your wallet as part of your savings, and most people do this, but some people just store or hold bitcoin one time and almost forget about it for a few years, and they will just open it if there is an emergency or it is time to sell. There's nothing that will happen to your bitcoin as long as it is secured.

Yes it is possible.  This is a fairly accurate analogy....  

This is not very similar to a regular bank deposit, because a bank deposit carries interest, while bitcoin does not.  Rather, it looks like an impersonal metal account - this is a special type of bank deposit, which is denominated in grams of precious metals (gold, silver, platinum, palladium).  

An impersonal metal account does not imply interest on the deposit.

An impersonal metal account, just like Bitcoin, allows you to grow rich over time.

Ok, now you have to understand....

The goal with a savings account are to gain interest, so some Banks will offer fixed savings accounts where you constantly deposit or transfer funds into a fixed saving account to get more interest.

Bitcoin wallets are different, because you do not get interest on those bitcoins that are deposited there. Yes, the Bitcoin price might increase and you might get much more value from those coins, because it is valued more... but that is not interest.

The benefit of having bitcoins in a wallet are the accessibility of that money. (You can lock those funds with smart contracts, but it's a more complex process and I think it should only be applied to people that do not have the discipline to save those funds)  ;)

Bitcoin is created for our own privacy to invest . meaning we can keep sending our money inside and let it there as long as we wanted and then we can withdraw in time that we needed , in this we are free from hassle of banks and government , but this happens only if Bitcoin is not banned or prohibited in your country because things will change if your country has banning for crypto.

Nothing will happen to Bitcoin (except just increasing and decreasing in price) and your wallet as long as you take very good care of it and keep it in a really safe place. It is a very possible thing to do and as long as you can take good care of it, nothing will happen to the wallet even if you don't open it every day to see the amount of the balance. So what do you think is impossible in this case now ?

Because bank accounts are now also digital in nature because you can see and control them via a smartphone device in your own hands, as well as a Bitcoin wallet, if you use a hardware wallet, then you can of course take very good care of it and don't just store it carelessly if you use it. You use the wallet for Bitcoin savings in the long term.

Funny question though.

With bitcoin, you are your own bank, which means you can do what ever you like with you own money. You can decide to have a bitcoin wallet that is generated offline on an airgapped device, copy some addresses for backup, and also backup the most important thing which is the seed phrase, having the backup in two or three different locations. You can be sending bitcoin to the wallet anytime you want without spending it. But you always need the seed phrase backup for you to spend the coins, if lost, your coins are gone/lost forever.

There is no good point of mentioning a centralized exchange for anything related to holding, it is not your coin on blockchain and which means you have no full control over your own coins.

That is why sir Im not recommending it and I actually says DYOR first  ;D Maybe OP can see how the system work and of course, you didn't quote my message about buy and send to own cold wallet  ;D

   -   If you mean that you will accumulate bitcoin in your btc address, that is possible, and I think that is the purpose of that, let's accumulate bitcoin for the future.

And when you do this, you are the bank yourself, which is anytime you can take it out or put it in, that's up to you, mate. And that will not be lost as long as you have the password, seed phrase or whatever is important here.

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.

In fact cryptocurrency and banking are two tools that cannot be separated because for crypto investments we need capital from banks and for crypto withdrawals we also need a banking account. But you can control both of them and you can take them at any time when you need them. It's just that if Bitcoin is true, as you say, there are increases and decreases in prices that we cannot predict, this is a risk. Banks and crypto have different mindsets, different goals and of course different impacts, crypto is the best, nothing can stop this, it's only a matter of time.

The scary part is that if ever there is a bank that would hold your BTC in which in this case seems impossible, for sure if ever the price goes down they'll surely refund you only a little bit of amount. Do you think banks would want to lose? before you could actually complain to them for sure they'd immediately cut the loose ends.

It also destroys the whole concept of decentralization if ever there is something like this. You should be your own bank although it is undeniably true that bitcoin depends on fiat.

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?

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.

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.

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

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.

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.

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.

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.

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.

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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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 .

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

OP, you should know that Bitcoin is a decentralized coin that has no office or authority anywhere. Depending on the kind of bank savings account you operate, some banks would expect that you hold the savings for the stipulated period of time agreed that your savings can be withdrawable if not, you can't withdraw until the period is due. Also, in my case, I was made to always send in the agreed amount every month (no esses, no minimal). But for Bitcoin, you don't have any boundaries to the amount of Bitcoin you choose to deposit in your wallet, and you don't need anyone deciding for you when to withdraw your coins. No matter how you leave your coin in your wallet, nothing will happen to your coin; just always keep your wallet phrase safe. You can write down your wallet phrase on three different pieces of paper and keep them in different locations.

In my opinion, the trend of saving money or assets into bitcoin is a smart move that is in line with the times, currently there are too many cases such as theft of bank accounts so that the presence of cryptocurrencies can be used as the right solution to control our money or assets to make them safer.

Saving to bitcoin is a fun thing, before bitcoin arrived, many people saved to banks, but when we want to withdraw, we have to queue to the bank and it takes time to withdraw, the presence of bitcoin makes it easy because we can store or control money quickly, no matter how the large number of bitcoins that we save, some even store up to millions of dollars worth in 1 wallet.

I completely agree with you that when our assets are bitcoins, whether our assets are safe or not is largely up to us. But investing in bitcoin is always risky, there is no proof to assure us that investing in bitcoin is 100% sure of only profit without loss. The future of bitcoin is still a question mark, and that risk is not for us to decide. Depositing money in the bank or investing in bitcoin both have pros and cons, neither is more perfect than the other.

So when using cryptocurrency, there is a case of losing private key or transferring money to the wrong address and there is no way to get it back or invest in shitcoin and then lose it. Everything is risky, don't think that depositing money in a bank is risky, and investing in bitcoin or cryptocurrency is risk-free. I also invest in bitcoin, but I always diversify, don't put my eggs in one basket, and don't get too obsessed with one thing.

Usually that is defined by holding your bitcoin in the cold storage or simply hardware wallet and forgetting about it. That’s what savings is called in the crypto space. What else you can do? It’s all about how long you hold and how you profit yourself from it. Many of them decide to save for particular period and never look at their purse at all. This is irrespective of market price. However there are peeps who will be saving lot of bitcoins (or Satoshi) and trading them as soon as they see the opportunity to sell or buy and act accordingly.

For me it’s all mixed up when it comes to bitcoin savings. I might be working on DCA or sometimes I just kee buying that’s all.

Of the several opinions I read in the thread, here is one of the most helpful opinions for the OP.

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Meanwhile, wallet is an account that should be safe for daily use or for long-term storage. Choosing the right wallet and practicing the right security is what is recommended if you want to store bitcoin for the long term. I also agree that you can consider multiple wallet, while you also need to have way to keep them secure.

For the system, there must be more bitcoins because nothing regulates when you want to take your money in your wallet, but what you need to know is that the value you store in bitcoins is not fixed because bitcoins can increase, most likely your deposit value will increase, as well conversely, when bitcoin goes down, the savings you have will also go down

If you are new to crypto and do not know much about saving bitcoins, you must first learn about a bitcoin wallet. You must choose the wallet that is best for you and secure it well.

Bitcoin can be easily stored on any wallet, but the most important thing for beginners is to learn how to keep the wallet secure, as well as the best way to store the private key or seed.

This is the most important because there is no point in storing bitcoin if you are going to lose your wallet.

That is really the problem that is why others are questioning also when you go to over the counter to withdraw your money they will need identification but yes it is a security measure but you will ask in your self why do you giving your identification even if it is your money unlike in bitcoin you can be your own bank you can withdraw anytime you want and no holidays. Also can be your investment too meaning you'll gaining profit when the price increase and you'll lose when it decrease

If you want to store Bitcoin you do not need to save in the bank because Bitcoin has a private wallet that we can always access, without having to intervene others, then you don't need to bother to go to the bank to make a savings in the form of bitcoin, the bitcoin wallet that is made today is very safe for us to use and most importantly we can maintain well the private keys that we already have when creating a wallet, Because the private key will be something very valuable besides the Bitcoin assets we have.

If you want to make a Bitcoin savings you do not need to deal with banks because by creating a Bitcoin wallet then you can save Bitcoin for the future, the most important thing is that you already know how to invest in Bitcoin and know the risks you have to face when you store Bitcoin, because the value of Bitcoin is always changing and we do not know when its value can increase and fall, So whatever happens, you must be prepared because not all Bitcoin users always feel the benefits and some of them have often fallen in the face of market situations that are difficult for us to predict.

None if you are referring to something being regulated by an organization. But you can save an amount on your own and to your wallet. But in such way, you would be the only one liable for that asset such as if it gets hacked or stolen, there will be no such thing as with insurances and contracts likewise with banking institutions. The only pro in this instance is avoiding to be taxed in every transaction and will also be faster than with fiat savings.
Identity in banks are simply to secure your savings and they won't be a threat on you simply because they are registered under government sector. So definitely these are two different things and there is no need to compare.
Profit potential is indeed bigger with cryptocurrencies because of market price volatility but also promotes risk of partial loss, which is something an investor should consider other than security alone.

OP, just to add, after reading your thread again, I came to realize something. If you save in a bank, your money will remain the same until you are ready to withdraw it (inflation can also take it cost), but if you invest in Bitcoin, you may receive the same amount of bitcoin you purchased, but the value may differ due to price volatility. Either the value has increased significantly or it will decrease. So, if you tend to save in Bitcoin with the intention of using the money next year or in a specific period of time, please keep in mind that the Bitcoin price is always unpredictable and may be down or up when you want to use the money.

If you want to make an investment in Bitcoin, feel free, but if you want to save money for a set goal, you can save in the bank unless you want to invest a certain amount that you don't want to touch for a long time into Bitcoin. Just my Opinion.

Mr.Strange 👺

when you make or buy btc exchange indirectly you have created your own private bank , anytime you can make withdrawal anytime and
I don't think you need to send your bitcoin to your bank, just save your btc in your personal wallet,
 basically btc is different from bank savings, because btc is private

I think you have done it yourself because your bitcoin, you are the one who manages it or you are the bank without the need for other parties to regulate it.
because bitcoin uses the principle of decentralization.

And if the OP is looking for some financial services like what the traditional banks are offering,
I believe the closest is like for example what the crypto-exchanges are offering such as btc flexible or fixed savings.
You can find that in binance and other top exchanges. At least, when you store it in their platform, you are also earning something from your btc.
But if you eyeing long-term for this type of savings, it is better to put your funds in a platform where there is insurance like binance.
Because hard to trust centralized platforms as you have no idea what will happen to their site few days or few months down the line.

I consider it a bad idea to keep funds on a CEX, Binance is a CEX, and just like every other CEX, there is no full guarantee that users would get their tokens back if the exchange got hacked. Binance may offer savings service, but if you have tried it like I have, you would discover that the percentage offered is just worthless. It's better to keep your asset off a centralized exchange than to leave it there for some worthless APY. By the way, it's not safe to keep funds on a CEX when you are not using the funds for trade. Remember, not your key, not your token.

Mr.Strange 👺

Bitcoin investment and savings are completely different, many people need to distinguish, don't be confused. The savings can be used for emergencies or whenever we need them. But investing in bitcoin is not always profitable, can cause loss, and will harm us if used at the wrong time. Bitcoin cannot be considered as savings because it is too volatile, it is a volatile investment.

op, you just need to make a detailed plan and execute it exactly as you did.
The point is that you manage it yourself and you are sure you will not be a person who easily loses control of market fluctuations.
Try to find out the people here, have bought btc monthly after many years they will give you a lot of experience in terms of management.
And I think DCA is the possible term the op is referring to here.

I think you are confusing the whole thing here, and that's because you did not completely read my reply to the OP. Just read it again and see if I didn't distinguished  Bitcoin investment from normal savings.

I wonder what kind of insurance does binance give you? This is just an ordinary CEX, like dozens of others, is no more reliable than FTX. If something happens, then no one will return anything to you, the process of proceedings will last for years, as in the case of Mt. gox when all they do is move the dates from spring to autumn, from autumn to spring, and this is an endless process. By trusting your coins to Binance, you may not see them again one beautiful morning.

OK, I scanned the first page of this thread quickly to see if Trendon Shavers' Bitcoin Savings & Trust scandal was mentioned, but it wasn't.  That happened a little before I got interested in bitcoin (I think), so I don't know all the details, but if I'm not mistaken he was trying to do exactly what OP's asking about, i.e., running a bank based on bitcoin.  Note: interestingly enough, I guess he landed back in the slammer (https://news.bitcoin.com/us-judge-orders-bitcoin-ponzi-operator-imprisoned-for-ignoring-court-order-to-pay-sec-40-million/).

I'm not going to read all the replies here, because I'm 99% sure the whole de-fi thing is crypto banking and that there's never going to be a "bitcoin bank".  Ever. 

If I have to deposit money in a centralized exchange to save or profit from their services, I would rather deposit money in a bank that will be safer than those CEXs. Binance is insured, but there is no guarantee that it will not crash or will compensate us if they do. Do not believe their empty promises, our money is only wholly safe when we control it. I don't oppose or hate CEX because I'm using them too. But please use it only for exchange purposes, not for long-term storage.

Saving bitcoin is of course not an easy thing, many people lose their private keys because they are too reckless and careless, even when the bitcoin price reached $ 15k in 2017 there was shocking news that someone claimed to have stored more than 10k bitcoins on the hard disk and he threw away the hard disk that, in my opinion the best thing to store bitcoin is in a trust wallet, don't forget to back up by writing in the book we usually use.

 That was why I countered what TimeTeller said. Binance can be insured, but there is no 100% guarantee that all the users of the exchange would get their assets back if the company folded. Just like the fall of FTX, which was so shocking and customers could not get their money back. It's 100% safer to save money in the bank than to keep it on a centralized exchange, all in the name of savings. Binance does things just for their benefit and not for customers sake. I put $500 in the binance savings section for two months and did even got up to $10 in interest. I imagine if I had loaned out that money for two months, I would have gotten more than $20 in interest. If the OP wants to save in digital currency, he probably can also convert to USDt, store the asset in his wallet, and securely keep his phrase safe.

Why do you think it's a stupid question? Ah maybe because you think Bitcoin and banks are both different? But actually both of them have some similarities. There are even people who called Bitcoin as a bank. It's a great alternative to it if you don't trust the management of the banks.

There are so many horror stories that we can read online in regards to it but not in Bitcoin because there are no other people who are managing your money but only you alone. You just need to store your private keys or seed phrases on a secure/safe place and then copy your wallets receiving address. That way you won't be needing to open your wallet each time you send a Bitcoin.

Of course it can be done. as long as you have safely backed up your wallet. and make sure no one finds out. you can continue to save and send btc to the special wallet that you created. actually I also have a special wallet that I use to save my bitcoins or other terms my bitcoin cold wallet. i did a DCA and sent it to the wallet. and this is definitely better for me than saving money in the bank. karens in a bitcoin wallet means I am in full control of my savings.

There is nothing similar to bitcoin savings that I know of because it requires a rather sophisticated financial setup which is probably far too risky with the volatility cryptocurrency has shown. Essentially most banks offer a return on savings deposited with them by lending that money back out at higher rates, through relatively stable fiat currency transactions. The problem is that people tend to convert any Bitcoin borrowed directly to fiat currency, which means that if there is a problem with the borrower or the asset, like Bitcoin suddenly sky rocketing in value - it can cause all sorts of problems. Is the borrower expected to repay both the payment rate agreed but also the skyrocketed price of Bitcoin now they have to buy back into it with much more fiat currency.

Bitcoin is an asset that we should have full control over, the FTX case which caused huge losses to investors is of course an important lesson that we have to think about a place to save crypto, and I think some wallet providers that provide private keys like Trust wallet are a good place to store bitcoins.

Nothing in particular is called or termed bitcoin savings but one can always achieve this same goal by developing a good savings habit, if we can do it while dealing with fiat then we should be able to do same with bitcoin, one has to device this means through his personal improvisation, which is more easier by getting a personal wallet like hardware wallet or any other  cold storage to be used for saving the bitcoin we will not use over a time and then have another wallet that we will be spending from whenever we want to make our spendings.

If OP can do in sending money to the banks for savings, no reason why he can't do it with BTC. I'd see the scenario is quite the same but if we talk about the nature of both of them, feels like it was more stressful to have Bitcoin, especially if we are always checking on the market price. That is why I don't suggest not doing this as this likely gives us influence and could possibly trigger making the wrong decision due to emotional stress.

DCA is very suitable in crypto, we just buy more when the price drop and hold. Buy Low, HOLd and Sell High - it is a cycle.

Funny enough what Op described above is even the real essence of Bitcoin.
Instead of creating account in exchange is like binance and keep bitcoins there. It is good that you have your own personal wallet and you keep sending bitcoin there with a method called dollar-cost averaging and within some years, tou will receive the reward of your investment into Bitcoin.

About from what Op described above, I would want to know what OP thought about bitcoin before now.

Bitcoin is a cryptocurrency and has some similar characteristics with money one of which is that it can be accumulated. If you can save money, you can also save bitcoins. Just also as you may have a piggy vest, where you drop money you intend to save inside, or a bank to regular make deposits, a wallet where you accumulate bitcoin is also advised, and even better to save in bitcoins than save in banks because money saved in banks can be affected by inflation. You however have to be very careful since you have the personal responsibility to keep your savings in bitcoin safe, any carelessness on your side, will be really bad and can lead to permanent loss of your life's savings.

I disagree with what you said, bitcoin is very volatile, so it is not suitable for savings, more precisely, bitcoin is an investment that can have both profit and loss. I mean, I haven't seen any savings that lose 80% of their value in a year of holding if you buy bitcoin for $69k. Meanwhile, savings in the bank can be eroded by inflation, but their value is not volatile in the short term like bitcoin. In my opinion, both are entirely different and used for different purposes. Savings can be used for future, emergencies, while bitcoin investments are only suitable for the long term.

Bitcoin is a very valuable asset, after the case that happened with FTX, I moved assets to a private wallet, moreover, making a wallet is now very easy, several wallet providers provide private keys such as Trust wallet, and make sure we have to store it in a safe place 12 word for recovery.

You need to know that your bank account is just like your wallet, inasmuch as you keep sending Bitcoin to that wallet, your Bitcoin will keep accumulating till when you need it or when you want to sell.

We need to see our Bitcoin wallet like a bank where we save our Bitcoin till when we ant to sell them or send them out. We can also stake our Bitcoin if we know that we are not going to sell them for a while. Staking our Bitcoin could give some profits and at the end of the day we can sell and use it for something else.

maybe something will happen to your wallet, for example if you store bitcoins on a large-scale exchange there must be a risk to your coins around here there are several exchanges that have gone bankrupt we have heard words like not your key not your coin maybe you should save bitcoins  with a cold wallet so that your coins are safer and not vulnerable to being hacked.

If you are going to save bitcoin, you really have three options that you can do first you can keep it in Electrum whether on desktop, mobile or linux you can download it, second in the ledger, or hardware wallet and lastly in the exchange but it must be already proven and tested in this market industry like binance.

      The most -high risk I mentioned is putting bitcoin in an exchange, because I have some savings somehow in Binance, but it's not big, there is also in electrum as long as you always update electrum when it notifies you to update and if it's a hardwallet it's better because it's the safest thing to do.

Savings are affected by inflation, but this will not have much effect if we are talking about more stable currencies like the dollar, or the euro, but there are countries in which the inflation rate can be very high, so this should also be taken into account. Yes, bitcoin is only suitable for long-term investments, and you need to consider that this is a long-term investment with a high risk, so it may not be for everyone, but only for those who understand the risks and are willing to wait.

Bank savings deposits though have an interest although a very small percentage which may not be worth it, especially for smaller amounts. I am not sure if this is applicable to all banks worldwide but I assume that most banks around the world are insured up to certain amounts. So you won't lose your bank deposits (within insured limits) even to the extent that your depository bank goes bankrupt.

This is similar to some crypto exchanges that offer small interest to their crypto depositors although there are lock-in periods. And our funds in crypto exchanges are not insured which is why it is better for us to just keep them in our own personal wallets for safe-keeping unless we are trading actively.

Bitcoin is unique because it is stored in a wallet without anyone knowing or anonymous, it is natural that many people think that bitcoin is a good place to hide money or assets so that it is suspected of being a place for money laundering or other money crimes, by saving money in bitcoin then everything is easy and safe.

We have to be vigilant because now more and more evil programs want to steal the bitcoin assets that we have, I once wanted to transfer bitcoin, at that time I copy the destination address but when I want to paste the strange thing happened because the address changed, then I confirmed again and it turned out to be the same, Even Altcoins' address when I try to copy so when I want to paste the address changes, and I canceled the transaction then reinstall my PC.

Yes, it is possible to use a Bitcoin wallet as a savings account. In fact, many people do this to save for long-term investments. It is important to choose a reputable wallet provider and to ensure you have secure backups of your private keys to protect your investment. As long as you store your Bitcoin securely, there should be no issue with leaving it in your wallet for an extended period of time.

That is a virus and it is common as well. There was a period where hackers would use peoples computers to mine as well, obviously cpu and even gpu mining is not that big of a profit anymore and easily detected hence why it doesn't happen that commonly anymore. But at the end of the day, there was a possibility for that and I believe that we shouldn't be really shocked to learn that the amount of evil people are rising.

Because bitcoin price is rising as well and when the bull period is here, we will have even more people as well. It's just how they do it and that's unfortunately the sad reality of it. I personally hope that it doesn't happen but it's inevitable.

Because of those experiences is that anyone who can afford, should get a good open source Hardware wallet and keep the seed offline, so there are even smaller chances of sending the satoshis to a hijacked address. With one of those you are not only checking the address on the computer screen but also on the screen of the device itself, so it is easier to triple-check before sending.

I have never had to deal with those viruses and I hope I will never have to.  ::)
I recall back in the 2000s it was relatively safe to use P2P downloaders, not anyone with this wave of malware everywhere.

There's no such thing where a bank will give you back all your money on demand. All the banks runs on Fractional reserve banking system. So they never holds all your money in their central vault and lend out your money to others. I have made a full topic on this. Feel free to read that out here : Re: What do you think about Fiat and Banks? Can Bitcoin solve the problem? (https://bitcointalk.org/index.php?topic=5446334.0)

It is possible and it's called DCA. You can save some good amount of money and can also earn some profits from it too. After every certain amount of time put certain amount of money in your saving account and in the long run, you will have your main value and also the profits from it too.
And in order to keep your funds safe, you have to keep them in hardware wallets. And if you can't get one, then go for the reputable software wallets, example: electrum. But choosing the hardware wallet is always the best option. And also, don't keep your funds on centralized exchanges unless you are trading with it. Decentralized exchanges are available too.

I don't think that something will happen if you do so. The main  problem with BTC in this case - price fluctuations. However, there are a lot of problems with bank accounts too (withdrawal and deposit limits etc). Moreover, these days there is a risk of fiats inflation, it means that "price fluctuations" are possible for fiats too. So, in general, both strategies are ok.

You need to understand that Bitcoin isn't for savings, we hold Bitcoin for investment. If you want to have savings, you must choose something that has a stable value. Bitcoin price is very volatile, the price can increase or drop significantly. I think USDT more deserves to choose if you want to have a crypto coin for savings.

Of course, you can have a private wallet to keep Bitcoin for a long time. You can continue to send Bitcoin there and you don't need to worry although you keep the Bitcoin for many years. But for a security reason, it is better to check regularly the wallet to make sure the Bitcoin is safe and you have no problem in accessing it. I think Segwit wallet or hardware wallet is the ideal option for you.

Both have got the fluctuating market that gives similar proportion at the end. This is true when we make an overview, because bitcoin is volatile by its development. Fiat is fluctuating out of the inflation. When we save bitcoin in a non custodial wallet we don't want to stress much, keep on saving what is possible and we'll get the return assured. With fiat the scenario is different, we need to trust on the bank and keep on saving. The government might announce bankruptcy, we can't do anything by the time.

No stupid questions here OP, but some threads will definitely be deleted if it's low quality.

Yes, but that will be a self-custodial savings wallet that you couldn't give access to other people. As for your question with whether something will happen to your bitcoin or your wallet, that is purely situational.

• Have you done your research, bought yourself a decent cold wallet that is completely shut off from the internet?
• Have you learned the basics of bitcoin, including how to facilitate transactions, like sending and storing money? Are you confident enough to do it yourself?
  
• Have you made sure that it is you and only you that will have access over that wallet? This includes making sure that all transactions are one-way (personally) as much as possible
• Have you imposed contingencies in case you forget your pass keys, private keys, or seed phrases? Losing these will mean losing your wallet forever, so be very careful with these codes

If your answer to all of these is yes, then you should have a smooth sailing experience with bitcoin and you could start as early as you can with storing your money.

It's literally different to fiat money when you save Bitcoin as savings since it has a volatile nature that doesn't suit for savings. Plus you control your funds as you like and you take actions to earn or profit in Bitcoin which you take advantage from its volatility. In fiat money when you save in banks or by yourself which can be affected by inflation or bankruptcy but it's just simply withdraw and deposit without profits.

There are some platform bitcoin lending like z*nG0 or Wh*teB1T that those core of business is lending, even there are probably dozens more out there. they are collecting debt from anyone.

yeah of course because concept of decentralized wallet has no regulatory party to use your fund and lend it to anyone else, who will give you some interest if there no any regulatory party to lend your fund

The original currency banks centuries back would involve risk and in effect lending of capital to those banks by the savers.   Some institutions were owned by their savers in effect, very powerful compared vs todays ideas.  So in that sense this exists in BTC, usually it would be a gambling company that operates a scheme to involve players as being able to receive some royalty for bank rolling the operations of the daily gambling cash reserves required to fund the games win or loss.   That counts as savings to me, you dont get profits exactly but you wouldn't want to save with a company not able to balance its books so the old savings idea was a kind of check on excess risks taken by banks as it meant avoidance and lack of cash if they were reckless.
   Now we have regulators and all sorts in national currency all banks answer to one and ultimately may fail centrally in that way also but in crypto its still down to the customer to be as aware as possible where they would put their capital, most exchange customers really arent as cautious as they should be.

That's right, it won't be a problem and will remain safe as long as we only have one private key or seed phrase to back up our wallet. And it will be safer if we use a Cold wallet. and we'll be free to send bitcoins to that wallet without even checking for years if we're pretty sure we've secured our seed phrase wallet and no one knows about it but us.

I don't think that putting money into bitcoin is considered saving, I mean, a volatile asset would be more suitable for investment and speculation than for saving. Saving means we seek to keep the value of our assets stable, and what if you bought bitcoin for $50k and its current value is dropping a lot? Bitcoin is not the perfect place to use as a savings account, and many people are still confused about this.

Although saving in fiat will have some problems, such as inflation will eat away at your money and interest rates will not be as high as investment, but we must always have a savings account. Because investments don't always generate returns, life is full of surprises, and savings will help us in that case.

You know first of all the difference between a bank and Bitcoin, bank is centralized while Bitcoin is in the category of a decentralized system. When you put money in the bank, there is very low interest.

Now, he has no interest in Bitcoin, but if its value increases too much, it can generate a lot of income in the future, if it drops to the value you bought, of course, you will lose money and have no income. So that rarely happens if you hold on to it 5 years from now. Also, if you save Bitcoin in your wallet like Electrum, it will not be lost as long as you are the only one who knows its private key or password and seed.

Well, it might not be specifically for savings but people do use Bitcoin to keep their wealth if they know they can keep it for the long term because we believe that Bitcoin always recovers from drops in the long run and our money will eventually have a higher value than when we convert it to Bitcoin, so that might be an alternative to savings in Bitcoin.

About stable coins, I don't think it's a viable option to keep a lot of money in a stable coin knowing there have been issues with stablecoins in the past and we all know that all other cryptocurrencies apart from Bitcoin are semi-centralized.

Bitcoin savings should be your investment or what you have earned and hodl in your wallet, this is unlike the commercial banks that when you save your money in the bank they will have the right to make deductions from it in form of bank charges without informing you all because they have control over your account, but when you have your savings in bitcoin, you don't need to experience what others have with banks because you're in control, your bitcoin holdings is your savings and you have control over it as long as you're using a decentralized wallet and will not require any additional centralized institutions service, it's something you can achieve by yourself without requesting services from anyone to help you save.

Anyone is free to ask any type of question, specifically one relating to cryptocurrency on this Bitcointalk forum since it serves as a platform for discussion where we learn about Bitcoin and cryptocurrencies in general. I am confident that you will receive a response to your question.Don't always think negatively about asking questions here because there is no sin in asking about what we don't know. It is not a good posting practice to thinking  that some individuals will call thought ls stupid, just always speak your mind.


You can have your own Bitcoin Wallet, infact is the one main goal Bitcoin was created,so that we can be the owners of our banks and have complete control over owner money without the involvement of a third party, Bitcoin was developed on a decentralized basis.Nevertheless, just so you know, Bitcoin was designed as a volatile digital currency, thus its price Bitcoin will never be steady; it will always fluctuate. As a result, no matter how much money you retain in bitcoin, its value may rise or fall depending on the state of the bitcoin market.

The question you are curious about and want to know the answer to is never stupid. The example given in the question actually describes the working order of centralized financial structures. Cryptocurrencies do not have a center due to their structure and therefore it is not possible to say that they work exactly with the same logic as the bank. Based on the question asked I can make a recommendation as follows;

You can get a cold wallet for yourself. You can send Bitcoin in the amount you want to save in this wallet continuously and you will never use your funds in this wallet. Thus, you save money just like you have a savings account and you can access this savings whenever you need it. Also, there is no need to go to any branch or institution for get your savings back. However, you will not have a trust problem for the savings you have made because these savings are not actually stored in the vault of a centralized financial institution.