Is there anything like Bitcoin savings?

[dansus021]

There is no good point of mentioning a centralized exchange for anything related to holding, it is not your coin on blockchain and which means you have no full control over your own coins.

That is why sir Im not recommending it and I actually says DYOR first  Maybe OP can see how the system work and of course, you didn't quote my message about buy and send to own cold wallet 

[Mr. Magkaisa]

Some will call this a stupid question 😅 but yea, it's just something that came to my mind today after giving a lot of thoughts about Bitcoin.

Is possible to open a personal savings account in the bank and always send money to that account and when you are ready to collect the money, bank will give it to you, my question is, is it possible to also creat a Bitcoin wallet and always send Bitcoin to it as a savings? if you do that for some year without going back to the wallet, will anything happen to your Bitcoin or the wallet?

   -   If you mean that you will accumulate bitcoin in your btc address, that is possible, and I think that is the purpose of that, let's accumulate bitcoin for the future.

And when you do this, you are the bank yourself, which is anytime you can take it out or put it in, that's up to you, mate. And that will not be lost as long as you have the password, seed phrase or whatever is important here.

[Alphakilo]

Bitcoin wallet it's self is a savings account. And your bitcoins won't be tempered with. The different between bitcoin wallet and bank is that bitcoin is decentralised, no other person has access to your wallet except you and there is no government policy. In banks, reverse is the case. And saving in banks  aim at interest. You can save your bitcoins by means if holding bitcoins for a long period of time which you can always make use of any time of your choice.

[DanWalker]

Bitcoin wallet it's self is a savings account. And your bitcoins won't be tempered with. The different between bitcoin wallet and bank is that bitcoin is decentralised, no other person has access to your wallet except you and there is no government policy. In banks, reverse is the case. And saving in banks  aim at interest. You can save your bitcoins by means if holding bitcoins for a long period of time which you can always make use of any time of your choice.

Bitcoin is very volatile, so it cannot be called savings, if you buy bitcoin every day, it is called accumulation and investment. And in investing, there will be profits and losses, you cannot expect a bitcoin investment never to lose.
Investing and saving are entirely different, so they can't be compared, saving is just saving money for the future for emergencies. Investing means we want to increase capital but also risk losing if we invest in the wrong way. To make life more convenient, we should all have both, they have different use cases.

[puloweh555]

Some will call this a stupid question 😅 but yea, it's just something that came to my mind today after giving a lot of thoughts about Bitcoin.

Is possible to open a personal savings account in the bank and always send money to that account and when you are ready to collect the money, bank will give it to you, my question is, is it possible to also creat a Bitcoin wallet and always send Bitcoin to it as a savings? if you do that for some year without going back to the wallet, will anything happen to your Bitcoin or the wallet?

Nothing will happen to Bitcoin (except just increasing and decreasing in price) and your wallet as long as you take very good care of it and keep it in a really safe place. It is a very possible thing to do and as long as you can take good care of it, nothing will happen to the wallet even if you don't open it every day to see the amount of the balance. So what do you think is impossible in this case now ?

Because bank accounts are now also digital in nature because you can see and control them via a smartphone device in your own hands, as well as a Bitcoin wallet, if you use a hardware wallet, then you can of course take very good care of it and don't just store it carelessly if you use it. You use the wallet for Bitcoin savings in the long term.

In fact cryptocurrency and banking are two tools that cannot be separated because for crypto investments we need capital from banks and for crypto withdrawals we also need a banking account. But you can control both of them and you can take them at any time when you need them. It's just that if Bitcoin is true, as you say, there are increases and decreases in prices that we cannot predict, this is a risk. Banks and crypto have different mindsets, different goals and of course different impacts, crypto is the best, nothing can stop this, it's only a matter of time.

[speedy963]

Some will call this a stupid question 😅 but yea, it's just something that came to my mind today after giving a lot of thoughts about Bitcoin.

Is possible to open a personal savings account in the bank and always send money to that account and when you are ready to collect the money, bank will give it to you, my question is, is it possible to also creat a Bitcoin wallet and always send Bitcoin to it as a savings? if you do that for some year without going back to the wallet, will anything happen to your Bitcoin or the wallet?

Nothing will happen to Bitcoin (except just increasing and decreasing in price) and your wallet as long as you take very good care of it and keep it in a really safe place. It is a very possible thing to do and as long as you can take good care of it, nothing will happen to the wallet even if you don't open it every day to see the amount of the balance. So what do you think is impossible in this case now ?

Because bank accounts are now also digital in nature because you can see and control them via a smartphone device in your own hands, as well as a Bitcoin wallet, if you use a hardware wallet, then you can of course take very good care of it and don't just store it carelessly if you use it. You use the wallet for Bitcoin savings in the long term.

In fact cryptocurrency and banking are two tools that cannot be separated because for crypto investments we need capital from banks and for crypto withdrawals we also need a banking account. But you can control both of them and you can take them at any time when you need them. It's just that if Bitcoin is true, as you say, there are increases and decreases in prices that we cannot predict, this is a risk. Banks and crypto have different mindsets, different goals and of course different impacts, crypto is the best, nothing can stop this, it's only a matter of time.

The scary part is that if ever there is a bank that would hold your BTC in which in this case seems impossible, for sure if ever the price goes down they'll surely refund you only a little bit of amount. Do you think banks would want to lose? before you could actually complain to them for sure they'd immediately cut the loose ends.

It also destroys the whole concept of decentralization if ever there is something like this. You should be your own bank although it is undeniably true that bitcoin depends on fiat.

[Mrbluntzy]

I don't know how to respond to individual message alone but I will mention Charles-Tim, if you will see this, what is this Airgapped device and how can I create the offline Bitcoin wallet?

[bettercrypto]

For me there is nothing like Bitcoin when it comes to saving money in the future. It's not like the bank that when you save, whatever amount you save is the same, even if the amount increases, it's only a very low 1% per annum.

      But with bitcoin, 100$ that you bought now and hold for 5-10 years from now is possible that it will be x100 or more, it can also be lower than the price you bought after those years but it is unlikely that it will be lower at the value you bought.

[Plaguedeath]

what is this Airgapped device and how can I create the offline Bitcoin wallet?

In short air gapped device or cold storage is a device where it's never connected with internet and any unsafe thing e.g. not secured IOS, connected by random USB etc, the device is expected to be the safest storage to hold your coins.

It's really so hard to create your own air gapped device or cold storage, if you don't have any knowledge and don't know what you're doing, it's better to buy a hardware wallet e.g. trezor or ledger from the official store. You only need to spend $100 without need to be confused to create your own cold storage.

[awik p]

Bitcoin wallet it's self is a savings account. And your bitcoins won't be tempered with. The different between bitcoin wallet and bank is that bitcoin is decentralised, no other person has access to your wallet except you and there is no government policy. In banks, reverse is the case. And saving in banks  aim at interest. You can save your bitcoins by means if holding bitcoins for a long period of time which you can always make use of any time of your choice.

Bitcoin is very volatile, so it cannot be called savings, if you buy bitcoin every day, it is called accumulation and investment. And in investing, there will be profits and losses, you cannot expect a bitcoin investment never to lose.
Investing and saving are entirely different, so they can't be compared, saving is just saving money for the future for emergencies. Investing means we want to increase capital but also risk losing if we invest in the wrong way. To make life more convenient, we should all have both, they have different use cases.

Investing has a risk of loss. this is a lot of people choose because investing can also provide profit, moreover investing in bitcoin, of course, can provide profit above the inflation that is happening, but indeed we have to know the right time. this is different from saving, where we intend to collect money little by little for an emergency fund if something happens. I think at least we have savings up to 6 times of our total needs every month, and after that we can invest, so that we stay financially healthy

[Flexystar]

Some will call this a stupid question 😅 but yea, it's just something that came to my mind today after giving a lot of thoughts about Bitcoin.

Is possible to open a personal savings account in the bank and always send money to that account and when you are ready to collect the money, bank will give it to you, my question is, is it possible to also creat a Bitcoin wallet and always send Bitcoin to it as a savings? if you do that for some year without going back to the wallet, will anything happen to your Bitcoin or the wallet?

We should ask stupid questions before doing any stupid mistakes. So I am pretty sure that's a completely fine question.

Reading through the doubt, yes you can always save up money in your bitcoin wallet and also enjoy the benefits of its returns over a period of time. For example, in a bank, you can have let us say 6-7% interest on your savings per annum. On the other hand, it could be more than 10-40% or even higher for bitcoin in a year. Obviously reverse is also true but over time we have always seen an upward trend with the bitcoin.

I am 100% sure that you can have your way around hardware wallets or cold storage so that you can keep them safe. The only risk is losing your private keys and passwords over a period of time. Better yet keep a routine to check them now and then, and you will be good to go.

[adzino]

Some will call this a stupid question 😅 but yea, it's just something that came to my mind today after giving a lot of thoughts about Bitcoin.

Is possible to open a personal savings account in the bank and always send money to that account and when you are ready to collect the money, bank will give it to you, my question is, is it possible to also creat a Bitcoin wallet and always send Bitcoin to it as a savings? if you do that for some year without going back to the wallet, will anything happen to your Bitcoin or the wallet?

Why would you need banks or third party institutions to hold your money? It defeats the whole point of using bitcoin and crypto currencies. When third parties are involved, the decentralization is lost. You longer own the money when you hold your coin in those financial institutions. Your wallet is your own bank and you own the coins that you keep in your wallet and have access to it at any time. What you can do is create two wallets, use one for daily transactions, and use the other to save your bitcoins. You won't generate any interest, but if you hold for long term, you will be making some nice profit.

[inthelongrun]

This is already possible. Exchanges and other crypto companies are accepting deposits with interest just like banks accept fiat deposits with interest. Interests may be too low although still a little higher compared to bank interests. But the difference is the insurance system, most banks have insurance for their depositors just in case they go bankrupt. The insurance may not be able to cover all your deposits since it depends from place to place. In my country, bank account insurance is around $10k. In crypto, I haven't heard of insurance to cover our deposits. Fiat interest from deposits though is not worth it IMO as it is not even enough to cover inflation and I would rather invest it in crypto and other potential assets.

But I am confident that in the near future, crypto insurance will happen. But take note that crypto deposits with insurance will be handled by centralized exchanges like banks so you cannot hold your own keys.

[Darker45]

You can do that, of course. You can create a Bitcoin wallet, hide the private keys, take the address and send Bitcoin to it every time you have some money to spare. You can forget about the wallet, even delete it, and continue to send Bitcoin savings to that address. Just make sure you keep the private keys with you.

This isn't exactly the same with a savings account in a bank, though. The differences, among others:

• Your money in the bank is not kept intact and untouched. The bank uses or invests it somewhere else. However, the Bitcoin in your wallet remains untouched.
• Your money in the bank earns interest, although very small, even lower than inflation rate. Your Bitcoin savings do not earn interest.
• You don't own your money in the bank. Meaning to say, there is a possibility it is taken away and you can't get it back. If you make a withdrawal, they can decide not to approve it or limit what you can get. As to your Bitcoin savings, you fully own it.
• You don't fully control your money in the bank. For example, the bank may freeze it if your account is dormant. Moreover, the bank may regularly deduct a portion from it as fees. With your Bitcoin, it's only you that can do anything with it.
• Your money in the bank is insured up to a certain amount. Your Bitcoin in your own wallet isn't.

[gunhell16]

Why not, if it's me, I'll create a BTC addy in electrum, then I'll save my password and seed phrase or private key to make sure I don't lose my balance here.

This is actually what I'm doing now, saving bitcoin every time I have a purchase, it's not even the size of what I'm buying, but I can say that it's big, once the bull run comes, I will save a lot of bitcoin in my address.

[bitterguy28]

I don't know how to respond to individual message alone but I will mention Charles-Tim, if you will see this, what is this Airgapped device and how can I create the offline Bitcoin wallet?

you just need to click the "QUOTE" word above the post you wanna respond in the upper right side and you'll good to go quoting .

---------------------------------------------------------

Why not, if it's me, I'll create a BTC addy in electrum, then I'll save my password and seed phrase or private key to make sure I don't lose my balance here.

This is actually what I'm doing now, saving bitcoin every time I have a purchase, it's not even the size of what I'm buying, but I can say that it's big, once the bull run comes, I will save a lot of bitcoin in my address.

or he can use the safest and that is a Off line wallet like Ledger Nano  if he is aiming for long term possession of His bitcoin .

[justdimin]

Investing has a risk of loss. this is a lot of people choose because investing can also provide profit, moreover investing in bitcoin, of course, can provide profit above the inflation that is happening, but indeed we have to know the right time. this is different from saving, where we intend to collect money little by little for an emergency fund if something happens. I think at least we have savings up to 6 times of our total needs every month, and after that we can invest, so that we stay financially healthy

That's true, finding the right time is the most important part of this because if you buy at 2021 and sell at 2023 then you lose, but if you buy at 2020 and sell at 2021 then you make a profit. This is why it is important to buy at the right time, people who bought at 16k just like a few months ago, could be making a ton of profit right now, more profit than any other investment during the same period.

This is why it is crucial to pick the right time, bitcoin will make you rich but if you start at the top then it will take a while for you to get rich. I know plenty of people who bought at 60k+ because of the hype, and that will not make you rich anytime soon at all.

[Ngewex Yuk]

After the FTX case and previously I lost money from several bankrupt exchanges such as livecoin, coinexchange and so on, so I saved bitcoin in a trust wallet, I used 12 seed phrases then I changed the last 4 words then I saved my facebook status, many people don't understand those things and thought I was not concentrating when making the status.

[VRExpress]

Nothing will happen to your bitcoin wallet if you don't carelessly leak your private keys yourself, write the seed down offline and keep it safe, after several years your Bitcoin will still be intact, you can treat this wallet as your savings wallet and keep buying few amounts of Bitcoin every week or months and send into the wallet, I have done the same years ago.

[LastKiss]

~snip~
 is it possible to also creat a Bitcoin wallet and always send Bitcoin to it as a savings? if you do that for some year without going back to the wallet, will anything happen to your Bitcoin or the wallet?

You mean you want to keep your Bitcoin in a wallet for a long time and never once to see it for a few years, as long as you keep your password for the wallet you won't lose anything. Don't keep your funds in an exchange because an exchange is not guaranteed your Bitcoin saving so it's better to have a hardware wallet like trezor.