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Author Topic: Different between Cryptocurrency and Banking sectors  (Read 608 times)
Abeey4life
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July 29, 2018, 10:59:07 AM
 #1

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.
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July 29, 2018, 11:02:56 AM
 #2

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.
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July 29, 2018, 12:17:27 PM
 #3

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.

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.

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July 29, 2018, 05:40:01 PM
 #4

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.

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July 29, 2018, 06:05:28 PM
 #5

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.
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.
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July 29, 2018, 06:57:32 PM
 #6

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 Tongue."

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July 29, 2018, 07:05:22 PM
 #7

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.

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.


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July 29, 2018, 07:06:29 PM
 #8

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

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July 29, 2018, 09:42:39 PM
 #9

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.
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July 29, 2018, 10:02:04 PM
 #10

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.
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July 29, 2018, 10:31:51 PM
 #11

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.
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.
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July 30, 2018, 01:52:52 AM
 #12

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.

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July 30, 2018, 02:06:40 AM
 #13

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.

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.

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greengirl
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July 30, 2018, 03:19:36 AM
 #14

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.
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July 30, 2018, 04:07:49 AM
 #15

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

audaciousbeing
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July 30, 2018, 04:52:23 AM
 #16

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.

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.
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July 30, 2018, 05:07:45 AM
 #17

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.
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July 30, 2018, 07:59:33 AM
 #18

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.
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.

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July 30, 2018, 08:03:53 AM
 #19

Save moneyy
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July 30, 2018, 10:14:23 AM
 #20

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.

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