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Author Topic: Different between Cryptocurrency and Banking sectors  (Read 417 times)
jarojak
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July 30, 2018, 01:15:11 PM
 #21

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.
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.
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July 30, 2018, 01:21:08 PM
 #22

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.
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July 30, 2018, 01:26:00 PM
 #23

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 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 .

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July 30, 2018, 01:42:18 PM
 #24

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.

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.

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July 30, 2018, 01:55:33 PM
 #25

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.

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.
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July 30, 2018, 03:51:51 PM
 #26

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,

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July 30, 2018, 05:18:05 PM
 #27

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.
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.


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July 30, 2018, 09:36:30 PM
 #28

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.

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July 30, 2018, 11:36:05 PM
 #29

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
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July 31, 2018, 02:02:55 AM
 #30

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.
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

Kellyrobinson86
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July 31, 2018, 04:32:32 AM
 #31

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.
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July 31, 2018, 04:43:32 AM
 #32

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
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July 31, 2018, 05:01:58 AM
 #33

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.

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July 31, 2018, 05:16:25 AM
 #34

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

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July 31, 2018, 09:08:45 AM
 #35

Banks are stable. On the crypto-currency market, the fastest way to earn money is because of constant price jumps.
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July 31, 2018, 09:35:13 AM
 #36

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.

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.


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July 31, 2018, 09:42:37 AM
 #37

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.
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July 31, 2018, 10:11:19 AM
 #38

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.

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July 31, 2018, 11:58:14 AM
 #39

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.

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August 01, 2018, 11:38:22 AM
 #40

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.
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.
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