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Author Topic: Different between Cryptocurrency and Banking sectors  (Read 417 times)
Snaic
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August 27, 2018, 06:06:36 PM
 #81

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.

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August 27, 2018, 10:21:02 PM
 #82

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.


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August 28, 2018, 06:12:27 AM
 #83

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.

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August 28, 2018, 10:54:29 AM
 #84

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 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.
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.


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August 28, 2018, 01:46:02 PM
 #85

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

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August 28, 2018, 05:12:22 PM
 #86

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.

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August 28, 2018, 07:04:34 PM
 #87

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.

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August 29, 2018, 06:32:29 AM
 #88

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.
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.

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August 29, 2018, 09:47:34 AM
 #89

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

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August 29, 2018, 09:57:07 AM
 #90

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.
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.

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August 30, 2018, 10:29:03 AM
 #91

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.
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.

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August 30, 2018, 02:18:13 PM
 #92

I agree with this position. Long-term investments in the crypto currency are much more profitable than investments in banks. Percentages more.
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.
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August 31, 2018, 06:19:57 AM
 #93

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.
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.

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August 31, 2018, 07:10:04 AM
 #94

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.
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.

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August 31, 2018, 03:49:40 PM
 #95

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 Cheesy
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August 31, 2018, 07:09:24 PM
 #96

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

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September 09, 2018, 07:44:45 AM
 #97

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.
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September 09, 2018, 07:55:19 AM
 #98

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
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