Stable coin or having USD in bank

[rachael9385]

It is not a good plan to save a stable coin because it is not 100% guaranteed, but keeping your USD Fiat in any Fiat bank is 101 guaranteed because you can keep it for over a year or more, nothing will happen to it, more especially if you run a fisk deposit in the bank.

In my opinion, stablecoins are better than USD in banks. You have full control over your money, you can transfer it to cryptocurrency or fiat at any time. Banks can go bankrupt at any moment, they can close your account at any moment, request documents about the origin of funds.

Well @Unbunplease even if you deposit your USD in a fiat bank, you will still have control over it because all banks have their own apps, so with those fiat bank apps you can still transfer your USD to anywhere and you can still withdraw it. You can also use it to fund or pay bills online, you can also get a fiat vitual card.

[Lorence.xD]

For me, I would rather save my funds into fiat USD since it's one of the known currency in the world and for my own reason, my mother in law is working at a money changer so whenever she wants to save money, she converts it to USD and save it. Sadly there's a few banks that are open to foreign currency as investment so the funds could work and still running. If it's on digital, I still save my money into USDT so whenever I want to buy it would be easier to buy whenever I want to invest in Bitcoin. I just don't trust my funds into centralized altcoins maybe Bitcoin would do but the high volatility of those coins could just cause your funds to be more on loss rather than to save. Just invest it in Bitcoin or any other investment such as gold, but if its about the two choices? USD all the way it has been proven for a many years.

[leonair]

If between those two then my case, I am from Indonesia and the currency wasn't too bad, but still up and down. I would prefer to save a USD in my Bank Account rather to just hold a centralized stable-coin, the main reason is because my saving was guaranteed by the Deposit Insurance Agency, so in case something happened to the bank I suppose it would be easier for me to get my money, and fortunately my bank gives me option to save USD instead local currency.

Every country has a local currency so the banks of that country always keep local currency.  But anyone can make international payments in USD using their bank card.  But in that case his local currency will be deducted by the bank according to the current USD rate at that time. But one cannot keep his money in bank as USD if he wants.  I don't know if any bank will accept it. But it will be possible to do it through crypto.  Like holding USDT, BUSD, USDC

[khiholangkang]

If between those two then my case, I am from Indonesia and the currency wasn't too bad, but still up and down. I would prefer to save a USD in my Bank Account rather to just hold a centralized stable-coin, the main reason is because my saving was guaranteed by the Deposit Insurance Agency, so in case something happened to the bank I suppose it would be easier for me to get my money, and fortunately my bank gives me option to save USD instead local currency.

In my opinion this depends on your needs and see how long you hold the money, but it is better to store Fiat currency if the size of a few months, in this case is not talking about inflation but is made as a cash fund that we can liquidate anytime and anywhere, I am also from Indonesia but I don't know that there is a bank that allows its customers to store USD, may I know what bank you use?
Logically a stable coin that is not directly managed by the government is quite terrible if for long -term storage, we know that the incident in the stable coin is quite terrible compared to inflation, and some time ago I heard that Busd also had problems.

Man, you're the first user who reply in this thread which is a same discussion Save in Stable Coin Or Save in Local Currency?

In my case I hold all of my money in Bitcoin, I have not yet sell my coins, but not sure what will be when the bull run season come. If you want to hold stable coin, the best choice is DAI. But if your banks are accepting foreign currency investment, it's better than holding centralized stable coin due to not regulated.

I strongly agree with your words in the last sentence, but to save all the money in bitcoin, what does that mean I do not understand in this case, I am afraid to be misinterpreted, because in my opinion saving in bitcoin is an investment, but saving money in a bank or stable coin It could be as a cash fund for the needs of a matter of months.

[livingfree]

I am not talking about people in United States or European countries that are spending Euro, or UK or countries like Kuwait, South Korea or Japan that their currency are not inflationary like the local currencies in countries in Africa, South America, Asia or some countries like Turkey.

The people  in countries that have high inflation rate prefer to save foreign currencies like United States dollar. Stable coin was created and most people from these high inflation countries prefer to save stable coins.

If you have your money in banks, you do jot have the complete control. If you save stable coins, most of them are centralized and you do not have complete control and they can fall out of peg and be lesser than the money they are pegged with they become. Example of the pegged coin was Terra Classic USD (UST) which was $1 before but now $0.01186444

If bitcoin price have increased, I can decide to convert some to USD or stable coin. Which one is better? Or is there other alternative which can be comparable with bitcoin in a way it would be independent and having full control characteristic.

Depends on your goal. I'd certainly going to choose to keep my money in Bitcoin. I know it better than the other examples and even in stable coins. But there are some people that still won't change their minds because keeping in foreign currencies is what they know as the better choice.

As I've mentioned depending on my goal, since I am long term then I'll just take the risk of putting it on bitcoin and just as you've said. I can just go back to these currencies after making a profit.

Unlike going the opposite, upon conversion to Bitcoin, you probably are going to buy it more expensive then.

[eightdots]

I am not talking about people in United States or European countries that are spending Euro, or UK or countries like Kuwait, South Korea or Japan that their currency are not inflationary like the local currencies in countries in Africa, South America, Asia or some countries like Turkey.

The people  in countries that have high inflation rate prefer to save foreign currencies like United States dollar. Stable coin was created and most people from these high inflation countries prefer to save stable coins.

If you have your money in banks, you do jot have the complete control. If you save stable coins, most of them are centralized and you do not have complete control and they can fall out of peg and be lesser than the money they are pegged with they become. Example of the pegged coin was Terra Classic USD (UST) which was $1 before but now $0.01186444

If bitcoin price have increased, I can decide to convert some to USD or stable coin. Which one is better? Or is there other alternative which can be comparable with bitcoin in a way it would be independent and having full control characteristic.

In countries with high inflation, people resort to different methods to protect the value of their money. The most obvious of these methods is to convert local currencies to dollars or euros. In this way, they prevent their currency from losing value.

I can answer your question as follows. When people whose local currency depreciates buy dollars and prefer the bank, the bank tells them that they will sell the dollar high and buy low. That's why people don't want to receive dollars through the bank. Because the bank takes a large share of itself and tries to sell dollars at a higher price than the dollar in the market.

The biggest reason why people buy stablecoins is that they do not want to give extra money to banks, that is, intermediaries. Of course, banks are less risky than stable coins, but many people do not prefer the bank.

It is better to have USD in the bank in terms of risk and insurance, but these banks act opportunistically and cause you to buy dollars at a higher price.

[Wapfika]

I can decide to convert some to USD or stable coin. Which one is better? Or is there other alternative which can be comparable with bitcoin in a way it would be independent and having full control characteristic.

Stable coin is much better if you are holding huge amount since bank only insured a certain amount during their closure while you have full full control to your stable coin which you can react quickly if something happened since there's enough liquidity on exchange.

Stable coins is already improving in terms of legal aspect since they already have licensed issuers to guarantee that stable coins is 100% backed by real USD while liquidity is available anytime unlike banks that gives too much hassle to withdraw huge amount due to a lot of verification.

Overall, stable is better if you choose a good company that issues it.

[usekevin]

The economic crisis is not favourite to the developing or under developing countries.It also favourite one to the developed countries sometimes,in 2008 United States also get into the economic crisis.Most of the real estate of United States was really affected and many properties in the United States was sold at the price of 1/10 of the original price.After some good president the United States economy was good now,the most of the countries holding the USD for their reserve for the future trade with the United State.

[teosanru]

I am not talking about people in United States or European countries that are spending Euro, or UK or countries like Kuwait, South Korea or Japan that their currency are not inflationary like the local currencies in countries in Africa, South America, Asia or some countries like Turkey.

The people  in countries that have high inflation rate prefer to save foreign currencies like United States dollar. Stable coin was created and most people from these high inflation countries prefer to save stable coins.

If you have your money in banks, you do jot have the complete control. If you save stable coins, most of them are centralized and you do not have complete control and they can fall out of peg and be lesser than the money they are pegged with they become. Example of the pegged coin was Terra Classic USD (UST) which was $1 before but now $0.01186444

If bitcoin price have increased, I can decide to convert some to USD or stable coin. Which one is better? Or is there other alternative which can be comparable with bitcoin in a way it would be independent and having full control characteristic.

USD in bank obviously, this question is like asking whether to buy a bitcoin or a bitcoin future, we very well know that stablecoin is sort of a derivative of the USD itself, if not a direct derivative but still something whose value comes from a base so it's always wiser to buy the base itself, if you want to stay on bitcoin if you are afraid of the value.

[Ultegra134]

I am not talking about people in United States or European countries that are spending Euro, or UK or countries like Kuwait, South Korea or Japan that their currency are not inflationary like the local currencies in countries in Africa, South America, Asia or some countries like Turkey.

The people  in countries that have high inflation rate prefer to save foreign currencies like United States dollar. Stable coin was created and most people from these high inflation countries prefer to save stable coins.

If you have your money in banks, you do jot have the complete control. If you save stable coins, most of them are centralized and you do not have complete control and they can fall out of peg and be lesser than the money they are pegged with they become. Example of the pegged coin was Terra Classic USD (UST) which was $1 before but now $0.01186444

If bitcoin price have increased, I can decide to convert some to USD or stable coin. Which one is better? Or is there other alternative which can be comparable with bitcoin in a way it would be independent and having full control characteristic.

Depends on your goal. I'd certainly going to choose to keep my money in Bitcoin. I know it better than the other examples and even in stable coins. But there are some people that still won't change their minds because keeping in foreign currencies is what they know as the better choice.

As I've mentioned depending on my goal, since I am long term then I'll just take the risk of putting it on bitcoin and just as you've said. I can just go back to these currencies after making a profit.

Unlike going the opposite, upon conversion to Bitcoin, you probably are going to buy it more expensive then.

Certainly, Bitcoin would be the wisest choice, but that's not the question here. Personally, I have a certain amount in stablecoins, and even though they're not deemed 100% safe, I prefer having them in a decentralized wallet to having money in the bank, where only they depreciate in value. At least, stablecoins can be staked for an average of 8% to 10%. I will disagree with how much control you may have over stablecoins, though, as there have been quite a few incidents with them crashing and facing issues, especially if they're algorithmic ones. USDT, on the other hand, is said to have the ability to even freeze your funds. On top of that, you cannot use them, withdraw them, or spend them on physical items at any possible moment.

Generally, though, the main reason I'd prefer stablecoins over any fiat currency is staking.

[Gyfts]

USD in bank obviously, this question is like asking whether to buy a bitcoin or a bitcoin future, we very well know that stablecoin is sort of a derivative of the USD itself, if not a direct derivative but still something whose value comes from a base so it's always wiser to buy the base itself, if you want to stay on bitcoin if you are afraid of the value.

USD in a bank presents the same problem that a stablecoin has. You're still beholden to some form of institution.

USD in a bank is only safer if you trust the bank more than the issuer of a stablecoin. And I suppose you can withdraw that USD for physical cash which would be the safest option, but that limits your ability to conduct digital commerce. Many banks from low income countries are corrupt and unstable so I couldn't imagine many scenarios where it would be better to bank with them.

It is not a good plan to save a stable coin because it is not 100% guaranteed, but keeping your USD Fiat in any Fiat bank is 101 guaranteed because you can keep it for over a year or more, nothing will happen to it, more especially if you run a fisk deposit in the bank..

Not true at all. Your funds at the bank are not guaranteed.

[el kaka22]

I do agree that having stablecoins is a better way than keep it in fiat, but also keeping it in bitcoin is better than both. I live in a nation with high inflation and I do not keep much stablecoins, maybe just a bit but usually either I spend my money because I am in big debt, but now that I am getting out of debt, I will be able to get some and it will be bitcoin again.

I am not really seeing the point of saving stablecoins, sure that would be better than my own fiat in my country, but bitcoin is far superior to all of them and should be considered a lot better. I think it should be important to remember that bitcoin may have gone some period that is not nice, but it is also going to a point where it is going to be a lot better.

[Bushdark]

Satbke cois are more even better to hold than keeping your money in the bank when the value of your money can fall anytime making things hard for people. Like we know that stable coins do not face the kind of challenges our local currencies face which the government always look for ways to take the little that we have. Since stable coins can be converted to any other cryptocurrencies including Bitcoin, one can always do that and hold Bitcoin for as long as possible until better profits is made.

[SmartGold01]

I think had come across a post like this before but it wasn't this way, lemme throw little light about this question. Sometimes people that belongs to the cryptocurrency industry doesn't value bank any more due to their unrealistic nature and people are afraid of collapsing making them not to save their money with their local currency in bank.
The best way to handle such situations couple with the inflation rate, they should open a domiciliary account and hold dollars directly in their account since stablecoin most time are not to be trusted. There are several drama coming from exchange and saving money either in exchange you have no private keys doesn't show wiseness at any point so the two options there is to make a dom account saving your money in USD.

[livingfree]

Depends on your goal. I'd certainly going to choose to keep my money in Bitcoin. I know it better than the other examples and even in stable coins. But there are some people that still won't change their minds because keeping in foreign currencies is what they know as the better choice.

As I've mentioned depending on my goal, since I am long term then I'll just take the risk of putting it on bitcoin and just as you've said. I can just go back to these currencies after making a profit.

Unlike going the opposite, upon conversion to Bitcoin, you probably are going to buy it more expensive then.

Certainly, Bitcoin would be the wisest choice, but that's not the question here. Personally, I have a certain amount in stablecoins, and even though they're not deemed 100% safe, I prefer having them in a decentralized wallet to having money in the bank, where only they depreciate in value. At least, stablecoins can be staked for an average of 8% to 10%. I will disagree with how much control you may have over stablecoins, though, as there have been quite a few incidents with them crashing and facing issues, especially if they're algorithmic ones. USDT, on the other hand, is said to have the ability to even freeze your funds. On top of that, you cannot use them, withdraw them, or spend them on physical items at any possible moment.

Generally, though, the main reason I'd prefer stablecoins over any fiat currency is staking.

That's true about USDT, the funds can be frozen based on the report or if someone has done illegally and the funds are traced. But it also means that any funds that they wanna freeze can be frozen by them.

And the main reason you have mentioned is actually good, that's what you can do if you're going to do it for the long term and won't use it. Many wallets and even exchanges do offer staking for the stable coins. But with those wallets, always check if you're holding the key.

[serjent05]

@OP if you want more control on our fund, I would say choose stablecoin since having USD in bank is subject for regulation and you don't have a full access on the fund in your bank.  You will always need the approval of the bank to process your transaction while having it on stablecoin will more likely give you the freedom to transfer everywhere without the need of approval of third party financial institution.  Just like Bitcoin, it is also one of the features of stablecoin.

[mvdheuvel1983]

If between those two then my case, I am from Indonesia and the currency wasn't too bad, but still up and down. I would prefer to save a USD in my Bank Account rather to just hold a centralized stable-coin, the main reason is because my saving was guaranteed by the Deposit Insurance Agency, so in case something happened to the bank I suppose it would be easier for me to get my money, and fortunately my bank gives me option to save USD instead local currency.

I would pick having USD in the bank over stable coin any time any day. Have you seen what is happening with stable coins? So many stable coins are facing a crisis. So many stable coins are backed by a consortium of companies like Goldman Sachs and Coinbase, and they are not as decentralized as it claims, with the ability to freeze accounts and blacklist addresses. There is just too much trouble having your money in stable coin. On the other hand, having USD in bank gives you the confidence you need to know that nothing will happen to it because of its stability and widespread use.

[Cryptomultiplier]

For now, for me, I would pick having USD in my account. It might be encountering some concerns now, but it's rate and value makes my local currency look useless in some way.  USD is rising also which makes having some in the account very valuable, because with 1$ equivalent to almost 970naira, even converting my stable coin to my local fiat would incur charges for transaction and network fees, of which would be as expensive or more expensive than just having and using USD in my account for daily transaction.

[sokani]

Inflation is on the high side and my local currency is increasingly losing its value against the US dollar. So keeping my savings in dollars gives me the opportunity to get the true value of my money, but between both choices. I would go for stablecoins because the procedure to open and fund a dollar domiciliary account could be really stressful and also putting into consideration bank and their stupid charges.

I know most stablecoins are centralized except DAI that's decentralized but saving in stablecoins gives me easy access to my funds. In other to mitigate the risk in event of depeging, I would diversify my stablecoin holdings into the well known ones like USDT, USDC, DAl.

[STT]

keeping your USD Fiat in any Fiat bank

Some banks will collapse for a variety of reasons and also sometimes dollars can be outlawed or confiscated in some countries.  Its not a given that a bank is a safe place in every situation people of the world may be mired in.

Access to dollar is regulated by the central bank and alot of countries, companies even are not fully compliant and able to operate within that regime.  Obviously there are sanctions active against countries killing civilians or various other crimes against humanity, these places have no proper link to Dollar.  It creates some vacumn regardless of the legal situation, liquidity for dollar access to remote people who are not within a few steps or phone calls to Washington can cause them problems.  This whole red tape restriction is what creates the free market in alternatives that assimilate this missing market across the world for a free currency.