Saving asset in bitcoin is much more better than saving in banks

[Emmychris]

I just got to find out the importance of saving asset in bitcoin. As of last year October I just decided to split my savings into two and used half of it to buy bitcoin then took half to bank and deposited as fixed deposit which means I won't be taking the money for a period of time and bank will in return be giving me little percentage which I will take as profit, recently I tried comparing the profit I get from both bank and bitcoin, I found out the profit I got from bank is way low compared to what I got from bitcoin, then I decided to stop keeping my assets  in banks rather I keep it in bitcoin which later turns out to be an investment for me.

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[hatshepsut93]

The difference is that banks almost guarantees the profits that they are promising, while with Bitcoin no one guarantees anything, you can earn a lot or lose a lot. Also banks serve another vital function - they lend money to people. Because of this, banks will always exist.

If you imagine all people in the world abandoning their saving accounts for Bitcoin, it would create an enormous bubble, and the early buyers would profit from it greatly, while the late buyers would lose everything, as Bitcoin would correct by 95% or more. This is just a thought experiment, because nothing like this is going to happen, but still.

[agg2702]

I think it's about burdensome interest rates, because for me both are still equally important. As for the advantages, bitcoin provides a higher profit because you are not subject to any interest, while the money stored in a bank account every month will get a discounted interest.

[passwordnow]

I just got to find out the importance of saving asset in bitcoin. As of last year October I just decided to split my savings into two and used half of it to buy bitcoin then took half to bank and deposited as fixed deposit which means I won't be taking the money for a period of time and bank will in return be giving me little percentage which I will take as profit, recently I tried comparing the profit I get from both bank and bitcoin, I found out the profit I got from bank is way low compared to what I got from bitcoin, then I decided to stop keeping my assets  in banks rather I keep it in bitcoin which later turns out to be an investment for me.

You don't assume a lot from getting a profit by depositing in the banks. They're only giving you a very tiny percentage of their profit from the deposit that you'll be putting in your savings account. They're just a place to store your cash but not a place to make money out of your money. Keeping or bitcoin is much more profitable and that's why everyone is saying to HODL most of the time. In your experience, you got a good timing when you've bought it. Congratulations!

[noorman0]

However banks are not always bad, it just happens that you buy bitcoins at the right time so you get a comparison that holding bitcoins is more profitable.

-snip-
I decided to stop keeping my assets  in banks rather I keep it in bitcoin which later turns out to be an investment for me.

This means that you are building your own bank of course with all the risks be it volatility or technical. You must understand how to store bitcoins, especially the type of wallet you choose.

[taufik123]

if you decide to keep all your savings in bitcoin it is your choice. But you should also think about the risks that will occur to the savings that you save in bitcoin. Bitcoin has a high risk and nothing will guarantee the safety and integrity of your money. different from the bank which will guarantee your money.

Splitting 2 between the bank and bitcoin is good enough. this is a strategy that is safest. It's not that bitcoin is not good, but there must be a safe backup, because bitcoin is a volatile asset with high vitality.

Be careful in managing the finances you have. manage wisely and make investments properly.

[The Cryptovator]

The good decision you had taken ever. But at the same time, it would be a bad decision as well if Bitcoin dumps instead of growing up. This kind of decision would take by a risk-taker of course. And only risk-taker would be a gainer. However, you make deposits into the bank, but on the other hand, you bought some digital assets or currency called Bitcoin. Just keep in mind both aren't the same. When you bought an asset then the price of it would dump or pump as well. But the bank generates revenue and they promise a return for your deposit. But the Bitcoin is different from bank investments where no return on investment. Anyway, I have to say you are lucky and just need to take a real-time decision. Best of luck.

[Renampun]

I just got to find out the importance of saving asset in bitcoin. As of last year October I just decided to split my savings into two and used half of it to buy bitcoin then took half to bank and deposited as fixed deposit which means I won't be taking the money for a period of time and bank will in return be giving me little percentage which I will take as profit, recently I tried comparing the profit I get from both bank and bitcoin, I found out the profit I got from bank is way low compared to what I got from bitcoin, then I decided to stop keeping my assets  in banks rather I keep it in bitcoin which later turns out to be an investment for me.

I know you are in high spirits but it is much calmer if you invest in both...
as a beginner, it will be calmer if you invest in a stable asset such as a bank, but if you are steady and confident in yourself to invest fully in Bitcoin then it is a very good and appropriate decision.

[jjdub7]

I just got to find out the importance of saving asset in bitcoin. As of last year October I just decided to split my savings into two and used half of it to buy bitcoin then took half to bank and deposited as fixed deposit which means I won't be taking the money for a period of time and bank will in return be giving me little percentage which I will take as profit, recently I tried comparing the profit I get from both bank and bitcoin, I found out the profit I got from bank is way low compared to what I got from bitcoin, then I decided to stop keeping my assets  in banks rather I keep it in bitcoin which later turns out to be an investment for me.

It is certainly much more profitable to invest/keep your money in Bitcoin and the return is much higher than banks. Banks do not stop reducing interest rates on deposits and in reality they do not want our money in deposits because they have to return it. Banks are focused on raising fees and lending, rather than collecting deposits.
I also prefer to keep my savings in cryptocurrencies (particularly Bitcoin).

[milani]

I just got to find out the importance of saving asset in bitcoin. As of last year October I just decided to split my savings into two and used half of it to buy bitcoin then took half to bank and deposited as fixed deposit which means I won't be taking the money for a period of time and bank will in return be giving me little percentage which I will take as profit, recently I tried comparing the profit I get from both bank and bitcoin, I found out the profit I got from bank is way low compared to what I got from bitcoin, then I decided to stop keeping my assets  in banks rather I keep it in bitcoin which later turns out to be an investment for me.

Everything depends on personal aims and desires I would say in a such a way. Of course it depends what bank and in what exactly country the person use. But personally I do not prefer banks after I have learned the cryptocurrency world. But of course everyone makes personal choice. And should remember that investment into cryptocurrency is not alike the banks deposits or something like that.

[bitzizzix]

I think both are good, but bitcoin is much better and Many people still think that saving is enough to guarantee their future, even though having savings or deposits alone is not the same as financial success.
It's good to have both, savings for short term needs and if you need something for a sudden need you can count on savings.
and investing in bitcoin for the long term to get big profits in the future and prioritize them.

[Mahanton]

I just got to find out the importance of saving asset in bitcoin. As of last year October I just decided to split my savings into two and used half of it to buy bitcoin then took half to bank and deposited as fixed deposit which means I won't be taking the money for a period of time and bank will in return be giving me little percentage which I will take as profit, recently I tried comparing the profit I get from both bank and bitcoin, I found out the profit I got from bank is way low compared to what I got from bitcoin, then I decided to stop keeping my assets  in banks rather I keep it in bitcoin which later turns out to be an investment for me.

Yes, Bitcoin could really give out that kind of benefits but dont really get yourself hype too much because there's always a tendency that your savings would really be in reds or negative.
This market isnt something that you can see to have continous rise.Always consider about price corrections and volatility which would give out those possible results.
When it comes to annual profits or interest then no doubt and hands down to bitcoin or in other coins in the market.Its way too far in terms of that but the issue here
is the assurance for long term.You cant be sure that crypto would live forever.

[Becky666]

Are you aware that the same happiness in bitcoin can get sore when it price dip?, probably the Banks will surely or sometimes give back your profit at the end of the month but bitcoin won't be sure becasue of it market volatility. Not saying it's a bad idea mate, but should be consider as a risk compare to the Banks. If we are takinf about the long-term holding(savings with bitcoin) and the savings with banks then, bitcoin is more far better than the Banks 'but'.

Should anything happens to your Banks during this period of savings they will be hold responsible but if anything to your bitcoin "you are on your own"

[concept2]

Totally agree. Bank profit is the same as the inflation rate which means you probably earn nothing. Some countries even have a negative interest such as Japan, Switzerland, Denmark, etc. Bitcoin, on the other hand, is affordable for both investment and savings. You can save your money in bitcoin but, still earn a good income over years.

However, you need to determine that bitcoin is for long-term saving/investment so that you will not be freaked out whenever the price of bitcoin suddenly decrease. Many people have lost their money in 2017 while others - ones with more patience - not just regain their start-up funds but also earn a huge profit from it.

[sheenshane]

Just make sure that you'd understand the whole concept of Bitcoin and how it works, what I mean is the volatility of Bitcoin that makes the price up to and down every now and then.  Because there's a risk upon holding and it might not give an accurate time frame when is the perfect time of getting profit.  And yes, you're in the right decision.  Be at your own bank in Bitcoin saving investment will work after how many years of patiently holding.

If you didn't see saving your asset in the bank isn't good and might Bitcoin is the key to your problem, I suggest studying it first, it's very technical upon using Bitcoin most especially when you choose storage that you can keep for how money years.

[Oceat]

I think OP, you need to stay longer in this market to fully understand what are the risk you're taking and I can't say bad on the other side since Bitcoin and banks have their own different riskier side. So if you know what are those, you can definitely decide what you need to do with your savings.

I like both sides though but I prefer more in Bitcoin since it is convenient for me to use for now especially in this time of crisis and pandemic. Banks and cryptocurrency such as Bitcoin have their own advantage too just like the interest, profit, loans, easy access, less hassle etc. If you were a bank user before I guess you could compare both sides which do you like the most but from what I see today I think you lack of experience what the market would do to your money whether it's long term or short term.

[Kemarit]

I just got to find out the importance of saving asset in bitcoin. As of last year October I just decided to split my savings into two and used half of it to buy bitcoin then took half to bank and deposited as fixed deposit which means I won't be taking the money for a period of time and bank will in return be giving me little percentage which I will take as profit, recently I tried comparing the profit I get from both bank and bitcoin, I found out the profit I got from bank is way low compared to what I got from bitcoin, then I decided to stop keeping my assets  in banks rather I keep it in bitcoin which later turns out to be an investment for me.

Of course it's pretty obvious that you will not earn in banks as much as bitcoin. But banks are safe, your money is locked (time deposit), so it's a guaranteed profit for you. But Bitcoin are going to give you high yields but the risk is too high. You have some sort of mitigation if ever the price of bitcoin goes down or if we enter a bearish 3 year cycle. But for sure once the market become very bullish, you can recover what you have lost. So it's really up to you to decide, a guarantee and compounding interest on banks vs high yield buy high risk as well.

[carlfebz2]

Are you aware of the risk? If not then better check or look back because crypto investment isnt something that you can give out 100% trust.

If you are aware then its good but i dont see for it to be ideal on putting 100% of your life savings with it.Banks might have disadvantage but we cant deny

that we had been dealing up with this thing since from the start and the experience is great even though centralization is on a certain extent.

[Republikcoin.com]

I prefer to do it in both ways...

Plus, keeping assets in both of them can give us a sense of security and also that we don't miss the rocket ride to the moon by Bitcoin. We can still survive with the money in the bank, and we also have the potential to enlarge assets from the rising price of Bitcoin.
Although this may seem like a doubtful person, but it is actually a safe way to protect our assets from high losses.

[isaac_clarke22]

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Well bitcoin will give you either massive profits or losses. There ain't guarantees as what others mentioned in here, but on the other side you own your own money. It is your vault, you have the keys to access your money and no third party establishments would be involved.