Is there anything like Bitcoin savings?

[Bananington]

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?

Bitcoin is a cryptocurrency and has some similar characteristics with money one of which is that it can be accumulated. If you can save money, you can also save bitcoins. Just also as you may have a piggy vest, where you drop money you intend to save inside, or a bank to regular make deposits, a wallet where you accumulate bitcoin is also advised, and even better to save in bitcoins than save in banks because money saved in banks can be affected by inflation. You however have to be very careful since you have the personal responsibility to keep your savings in bitcoin safe, any carelessness on your side, will be really bad and can lead to permanent loss of your life's savings.

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[posi]

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?

Bitcoin is a cryptocurrency and has some similar characteristics with money one of which is that it can be accumulated. If you can save money, you can also save bitcoins. Just also as you may have a piggy vest, where you drop money you intend to save inside, or a bank to regular make deposits, a wallet where you accumulate bitcoin is also advised, and even better to save in bitcoins than save in banks because money saved in banks can be affected by inflation. You however have to be very careful since you have the personal responsibility to keep your savings in bitcoin safe, any carelessness on your side, will be really bad and can lead to permanent loss of your life's savings.

I disagree with what you said, bitcoin is very volatile, so it is not suitable for savings, more precisely, bitcoin is an investment that can have both profit and loss. I mean, I haven't seen any savings that lose 80% of their value in a year of holding if you buy bitcoin for $69k. Meanwhile, savings in the bank can be eroded by inflation, but their value is not volatile in the short term like bitcoin. In my opinion, both are entirely different and used for different purposes. Savings can be used for future, emergencies, while bitcoin investments are only suitable for the long term.

[Pujangga]

Bitcoin is a very valuable asset, after the case that happened with FTX, I moved assets to a private wallet, moreover, making a wallet is now very easy, several wallet providers provide private keys such as Trust wallet, and make sure we have to store it in a safe place 12 word for recovery.

[Bushdark]

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?

You need to know that your bank account is just like your wallet, inasmuch as you keep sending Bitcoin to that wallet, your Bitcoin will keep accumulating till when you need it or when you want to sell.

We need to see our Bitcoin wallet like a bank where we save our Bitcoin till when we ant to sell them or send them out. We can also stake our Bitcoin if we know that we are not going to sell them for a while. Staking our Bitcoin could give some profits and at the end of the day we can sell and use it for something else.

[ichsan ardi]

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?

maybe something will happen to your wallet, for example if you store bitcoins on a large-scale exchange there must be a risk to your coins around here there are several exchanges that have gone bankrupt we have heard words like not your key not your coin maybe you should save bitcoins  with a cold wallet so that your coins are safer and not vulnerable to being hacked.

[bettercrypto]

If you are going to save bitcoin, you really have three options that you can do first you can keep it in Electrum whether on desktop, mobile or linux you can download it, second in the ledger, or hardware wallet and lastly in the exchange but it must be already proven and tested in this market industry like binance.

      The most -high risk I mentioned is putting bitcoin in an exchange, because I have some savings somehow in Binance, but it's not big, there is also in electrum as long as you always update electrum when it notifies you to update and if it's a hardwallet it's better because it's the safest thing to do.

[Altryist]

I disagree with what you said, bitcoin is very volatile, so it is not suitable for savings, more precisely, bitcoin is an investment that can have both profit and loss. I mean, I haven't seen any savings that lose 80% of their value in a year of holding if you buy bitcoin for $69k. Meanwhile, savings in the bank can be eroded by inflation, but their value is not volatile in the short term like bitcoin. In my opinion, both are entirely different and used for different purposes. Savings can be used for future, emergencies, while bitcoin investments are only suitable for the long term.

Savings are affected by inflation, but this will not have much effect if we are talking about more stable currencies like the dollar, or the euro, but there are countries in which the inflation rate can be very high, so this should also be taken into account. Yes, bitcoin is only suitable for long-term investments, and you need to consider that this is a long-term investment with a high risk, so it may not be for everyone, but only for those who understand the risks and are willing to wait.

[inthelongrun]

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?

You need to know that your bank account is just like your wallet, inasmuch as you keep sending Bitcoin to that wallet, your Bitcoin will keep accumulating till when you need it or when you want to sell.

We need to see our Bitcoin wallet like a bank where we save our Bitcoin till when we ant to sell them or send them out. We can also stake our Bitcoin if we know that we are not going to sell them for a while. Staking our Bitcoin could give some profits and at the end of the day we can sell and use it for something else.

Bank savings deposits though have an interest although a very small percentage which may not be worth it, especially for smaller amounts. I am not sure if this is applicable to all banks worldwide but I assume that most banks around the world are insured up to certain amounts. So you won't lose your bank deposits (within insured limits) even to the extent that your depository bank goes bankrupt.

This is similar to some crypto exchanges that offer small interest to their crypto depositors although there are lock-in periods. And our funds in crypto exchanges are not insured which is why it is better for us to just keep them in our own personal wallets for safe-keeping unless we are trading actively.

[Pejoh Asu]

Bitcoin is unique because it is stored in a wallet without anyone knowing or anonymous, it is natural that many people think that bitcoin is a good place to hide money or assets so that it is suspected of being a place for money laundering or other money crimes, by saving money in bitcoin then everything is easy and safe.

[Wong Gendheng]

We have to be vigilant because now more and more evil programs want to steal the bitcoin assets that we have, I once wanted to transfer bitcoin, at that time I copy the destination address but when I want to paste the strange thing happened because the address changed, then I confirmed again and it turned out to be the same, Even Altcoins' address when I try to copy so when I want to paste the address changes, and I canceled the transaction then reinstall my PC.

[Freddie Boyer]

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?

Yes, it is possible to use a Bitcoin wallet as a savings account. In fact, many people do this to save for long-term investments. It is important to choose a reputable wallet provider and to ensure you have secure backups of your private keys to protect your investment. As long as you store your Bitcoin securely, there should be no issue with leaving it in your wallet for an extended period of time.

[RealMalatesta]

We have to be vigilant because now more and more evil programs want to steal the bitcoin assets that we have, I once wanted to transfer bitcoin, at that time I copy the destination address but when I want to paste the strange thing happened because the address changed, then I confirmed again and it turned out to be the same, Even Altcoins' address when I try to copy so when I want to paste the address changes, and I canceled the transaction then reinstall my PC.

That is a virus and it is common as well. There was a period where hackers would use peoples computers to mine as well, obviously cpu and even gpu mining is not that big of a profit anymore and easily detected hence why it doesn't happen that commonly anymore. But at the end of the day, there was a possibility for that and I believe that we shouldn't be really shocked to learn that the amount of evil people are rising.

Because bitcoin price is rising as well and when the bull period is here, we will have even more people as well. It's just how they do it and that's unfortunately the sad reality of it. I personally hope that it doesn't happen but it's inevitable.

[Hispo]

We have to be vigilant because now more and more evil programs want to steal the bitcoin assets that we have, I once wanted to transfer bitcoin, at that time I copy the destination address but when I want to paste the strange thing happened because the address changed, then I confirmed again and it turned out to be the same, Even Altcoins' address when I try to copy so when I want to paste the address changes, and I canceled the transaction then reinstall my PC.

That is a virus and it is common as well. There was a period where hackers would use peoples computers to mine as well, obviously cpu and even gpu mining is not that big of a profit anymore and easily detected hence why it doesn't happen that commonly anymore. But at the end of the day, there was a possibility for that and I believe that we shouldn't be really shocked to learn that the amount of evil people are rising.

Because bitcoin price is rising as well and when the bull period is here, we will have even more people as well. It's just how they do it and that's unfortunately the sad reality of it. I personally hope that it doesn't happen but it's inevitable.

Because of those experiences is that anyone who can afford, should get a good open source Hardware wallet and keep the seed offline, so there are even smaller chances of sending the satoshis to a hijacked address. With one of those you are not only checking the address on the computer screen but also on the screen of the device itself, so it is easier to triple-check before sending.

I have never had to deal with those viruses and I hope I will never have to. 
I recall back in the 2000s it was relatively safe to use P2P downloaders, not anyone with this wave of malware everywhere.

[tjtonmoy]

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

There's no such thing where a bank will give you back all your money on demand. All the banks runs on Fractional reserve banking system. So they never holds all your money in their central vault and lend out your money to others. I have made a full topic on this. Feel free to read that out here : Re: What do you think about Fiat and Banks? Can Bitcoin solve the problem?

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?

It is possible and it's called DCA. You can save some good amount of money and can also earn some profits from it too. After every certain amount of time put certain amount of money in your saving account and in the long run, you will have your main value and also the profits from it too.
And in order to keep your funds safe, you have to keep them in hardware wallets. And if you can't get one, then go for the reputable software wallets, example: electrum. But choosing the hardware wallet is always the best option. And also, don't keep your funds on centralized exchanges unless you are trading with it. Decentralized exchanges are available too.

Not your key, not your coins

[BVeyron]

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?

I don't think that something will happen if you do so. The main  problem with BTC in this case - price fluctuations. However, there are a lot of problems with bank accounts too (withdrawal and deposit limits etc). Moreover, these days there is a risk of fiats inflation, it means that "price fluctuations" are possible for fiats too. So, in general, both strategies are ok.

[nurilham]

You need to understand that Bitcoin isn't for savings, we hold Bitcoin for investment. If you want to have savings, you must choose something that has a stable value. Bitcoin price is very volatile, the price can increase or drop significantly. I think USDT more deserves to choose if you want to have a crypto coin for savings.

Of course, you can have a private wallet to keep Bitcoin for a long time. You can continue to send Bitcoin there and you don't need to worry although you keep the Bitcoin for many years. But for a security reason, it is better to check regularly the wallet to make sure the Bitcoin is safe and you have no problem in accessing it. I think Segwit wallet or hardware wallet is the ideal option for you.

[Vaskiy]

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?

I don't think that something will happen if you do so. The main  problem with BTC in this case - price fluctuations. However, there are a lot of problems with bank accounts too (withdrawal and deposit limits etc). Moreover, these days there is a risk of fiats inflation, it means that "price fluctuations" are possible for fiats too. So, in general, both strategies are ok.

Both have got the fluctuating market that gives similar proportion at the end. This is true when we make an overview, because bitcoin is volatile by its development. Fiat is fluctuating out of the inflation. When we save bitcoin in a non custodial wallet we don't want to stress much, keep on saving what is possible and we'll get the return assured. With fiat the scenario is different, we need to trust on the bank and keep on saving. The government might announce bankruptcy, we can't do anything by the time.

[panganib999]

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.

No stupid questions here OP, but some threads will definitely be deleted if it's low quality.

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?

Yes, but that will be a self-custodial savings wallet that you couldn't give access to other people. As for your question with whether something will happen to your bitcoin or your wallet, that is purely situational.

• Have you done your research, bought yourself a decent cold wallet that is completely shut off from the internet?
• Have you learned the basics of bitcoin, including how to facilitate transactions, like sending and storing money? Are you confident enough to do it yourself?
  
• Have you made sure that it is you and only you that will have access over that wallet? This includes making sure that all transactions are one-way (personally) as much as possible
• Have you imposed contingencies in case you forget your pass keys, private keys, or seed phrases? Losing these will mean losing your wallet forever, so be very careful with these codes

If your answer to all of these is yes, then you should have a smooth sailing experience with bitcoin and you could start as early as you can with storing your money.

[Lorence.xD]

It's literally different to fiat money when you save Bitcoin as savings since it has a volatile nature that doesn't suit for savings. Plus you control your funds as you like and you take actions to earn or profit in Bitcoin which you take advantage from its volatility. In fiat money when you save in banks or by yourself which can be affected by inflation or bankruptcy but it's just simply withdraw and deposit without profits.

[loopes]

Bitcoin is a decentralized currency, and if you want to lend it to someone, the burden of negotiating the terms and collecting the debt will fall on you too.

There are some platform bitcoin lending like z*nG0 or Wh*teB1T that those core of business is lending, even there are probably dozens more out there. they are collecting debt from anyone.

There are no decentralized wallets that let you to own Bitcoin and earn interest.

yeah of course because concept of decentralized wallet has no regulatory party to use your fund and lend it to anyone else, who will give you some interest if there no any regulatory party to lend your fund