Is there anything like Bitcoin savings?

[Uruhara]

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.

That's right, it won't be a problem and will remain safe as long as we only have one private key or seed phrase to back up our wallet. And it will be safer if we use a Cold wallet. and we'll be free to send bitcoins to that wallet without even checking for years if we're pretty sure we've secured our seed phrase wallet and no one knows about it but us.

[Swordsoffreedom]

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.

I don't think that putting money into bitcoin is considered saving, I mean, a volatile asset would be more suitable for investment and speculation than for saving. Saving means we seek to keep the value of our assets stable, and what if you bought bitcoin for $50k and its current value is dropping a lot? Bitcoin is not the perfect place to use as a savings account, and many people are still confused about this.

Although saving in fiat will have some problems, such as inflation will eat away at your money and interest rates will not be as high as investment, but we must always have a savings account. Because investments don't always generate returns, life is full of surprises, and savings will help us in that case.

[gunhell16]

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 know first of all the difference between a bank and Bitcoin, bank is centralized while Bitcoin is in the category of a decentralized system. When you put money in the bank, there is very low interest.

Now, he has no interest in Bitcoin, but if its value increases too much, it can generate a lot of income in the future, if it drops to the value you bought, of course, you will lose money and have no income. So that rarely happens if you hold on to it 5 years from now. Also, if you save Bitcoin in your wallet like Electrum, it will not be lost as long as you are the only one who knows its private key or password and seed.

[jostorres]

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.

Well, it might not be specifically for savings but people do use Bitcoin to keep their wealth if they know they can keep it for the long term because we believe that Bitcoin always recovers from drops in the long run and our money will eventually have a higher value than when we convert it to Bitcoin, so that might be an alternative to savings in Bitcoin.

About stable coins, I don't think it's a viable option to keep a lot of money in a stable coin knowing there have been issues with stablecoins in the past and we all know that all other cryptocurrencies apart from Bitcoin are semi-centralized.

[Aanuoluwatofunmi]

Bitcoin savings should be your investment or what you have earned and hodl in your wallet, this is unlike the commercial banks that when you save your money in the bank they will have the right to make deductions from it in form of bank charges without informing you all because they have control over your account, but when you have your savings in bitcoin, you don't need to experience what others have with banks because you're in control, your bitcoin holdings is your savings and you have control over it as long as you're using a decentralized wallet and will not require any additional centralized institutions service, it's something you can achieve by yourself without requesting services from anyone to help you save.

[SOKO-DEKE]

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.

Anyone is free to ask any type of question, specifically one relating to cryptocurrency on this Bitcointalk forum since it serves as a platform for discussion where we learn about Bitcoin and cryptocurrencies in general. I am confident that you will receive a response to your question.Don't always think negatively about asking questions here because there is no sin in asking about what we don't know. It is not a good posting practice to thinking  that some individuals will call thought ls stupid, just always speak your mind.

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 can have your own Bitcoin Wallet, infact is the one main goal Bitcoin was created,so that we can be the owners of our banks and have complete control over owner money without the involvement of a third party, Bitcoin was developed on a decentralized basis.Nevertheless, just so you know, Bitcoin was designed as a volatile digital currency, thus its price Bitcoin will never be steady; it will always fluctuate. As a result, no matter how much money you retain in bitcoin, its value may rise or fall depending on the state of the bitcoin market.

[BitcoinTurk]

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?

The question you are curious about and want to know the answer to is never stupid. The example given in the question actually describes the working order of centralized financial structures. Cryptocurrencies do not have a center due to their structure and therefore it is not possible to say that they work exactly with the same logic as the bank. Based on the question asked I can make a recommendation as follows;

You can get a cold wallet for yourself. You can send Bitcoin in the amount you want to save in this wallet continuously and you will never use your funds in this wallet. Thus, you save money just like you have a savings account and you can access this savings whenever you need it. Also, there is no need to go to any branch or institution for get your savings back. However, you will not have a trust problem for the savings you have made because these savings are not actually stored in the vault of a centralized financial institution.