Different between Cryptocurrency and Banking sectors

[drm]

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.

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

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[qwerty12]

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.

[unusualfacts30]

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

[KeepupSlim]

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

[Visteryy]

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.

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

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

[liseff3]

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.

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

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

[Bonsaiav]

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

[lephuqui]

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

[alval]

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

[blackbold]

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

[peacefulpeace]

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.

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

[yndye]

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

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

[Sled]

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

[haroldtee]

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

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

[Menawi12]

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.

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

[automaticmoney]

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

[wantjokull]

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

[el kaka22]

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

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

[Snaic]

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.

[a4techer]

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.