Is it good or bad idea saving every penny on crypto stable coins

[Luizwalter Crypt]

Sometimes I begin to imagine instead of transferring my money into the bank to keep for a number of days or months before usage in form of savings that nothing will add up instead it remains stagnant or the bank charges me even more. Is it not better I save them on a stable coin such as the USDT?

Please what do you think? Will I end up losing my funds one day if I do so?
To me I feel it's good way to save.

Please what's your opinion on this?

[1714681255]

1714681255

[1714681255]

1714681255

[Nwada001]

Saving in USDT when you are in the US has no difference except for the bank charges, which you might be charged for maintenance, because the USDT is still pegged to the United States dollar, so if its value is reduced, it will also be reduced no matter what form you save it on.
 
But if you are from a country like mine where the local currency is losing value on a daily basis, I will advise you to save on stable coins, not just USDT but DIA or any other stable coin. It's safe, provided that you don't leave them on a centralised exchange. You should be in charge of the security, so losing it or not losing it depends on how you handle it.

But just so you know, casting all your eggs in one basket is not a good idea. You can convert what you won’t be using on a daily basis and save it; those that you need to spend for your daily expenses should be kept in your local currency and bank account for easy use.

[avikz]

It is a bad idea. I wouldn't do that. Saving money in stable coins would give you no return. But if you keep your money in banks, the banks will give you at least some interest back. If you really want to save money in cryptocurrency, I would suggest you to save it using Bitcoin or ETH. These currencies have the potential to go up and give your decent return. If you do not get any return on your settings, it doesn't make sense.

Also USDT is a centralised cryptocurrency. So I wouldn't recommend saving money on that.

[Su-asa]

From the start it's good to make a savings but why saving money on anything investment you must have a stable jobs and when you invest make sure to save money which will not affect you before another salary comes.
Like the topic saving ever penny is not a good ways of saving because you must think about your expenses on the month, investment are not guaranteed even when they are stable there will be bad times and good times as price of Bitcoin or USDT are fluctuating most times. Reason why they are going higher this past months is because we are heading to the bull market so every crypto coins are trying to high so they can meet up. Diversitifing your money keeping some on a good stable investment and that have lower risk can be good, so you don't have to put all your penny on any coins when they are stable because they won't be stable for ever.

[|MINER|]

It is undoubtedly a good decision.  Hope you get good results from your decision to deposit your money in stablecoins.  It has no chance of losing your money and hopefully your money will grow by a certain amount.  Keeping money in the bank means facing a lot of trouble. Also there is a possibility of the bank going bankrupt. You can deposit money in USDT, BTC without doubt.  And for beginners should not engage in trading.

[uneng]

There are some suspicions regards the legitimacy of stablecoins and how sustainable they are on long term, what means they aren't a 100% safe investment, and an exit scam is possible. Moreover, by investing in stablecoins, you aren't overcoming inflation along the time. Your purchasing power is decreasing anyway. A better idea would be to invest every penny in Bitcoin, because this way your purchasing power will be rising on long run, what I imagine to be the main goal of every investors who care about their patrimonies and long term goals.

[Wiwo]

Best to just hold Bitcoin since from your explanation,  interest generation is your main goal,  this is very important and for sure there are a lot of limitations with stable coins,  and hope you are aware that even your USDT it can be freezon in your wallet,  this is because it is a centralized stable coin,  so the best form of savings that secure you a good future return is to but volatile assets like Bitcoin or other properties.

So don't keep your money in your bank account, where inflation will have heavy impact on it rather put it in something that is worth the while I'm terms of investment.

[Crypto Library]

Sometimes I begin to imagine instead of transferring my money into the bank to keep for a number of days or months before usage in form of savings that nothing will add up instead it remains stagnant or the bank charges me even more. Is it not better I save them on a stable coin such as the USDT?

Please what do you think? Will I end up losing my funds one day if I do so?
To me I feel it's good way to save.

Please what's your opinion on this?

I think it depends on what region you are living. Like if you are living in underdeveloped countries and there is a lot of inflation, then I think you can hold a certain amount of stable coins to cover the cost of your emergency situation and daily needs. Because I think it is better to atleast make the money into cryptocurrency and keep it in your wallet than keeping money in the bank.
In my home country I exchanged 1USD=86BDT and now 1USD=125BDT, I kept several thousand dollars worth of money in the bank which has depreciated against the dollar due to inflation. So currently I don't keep my money in the bank to cover up my emergency situation, I am converting it to stablecoin and holding it in my wallet and when needed I exchange it through P2P trading.

[o48o]

Sometimes I begin to imagine instead of transferring my money into the bank to keep for a number of days or months before usage in form of savings that nothing will add up instead it remains stagnant or the bank charges me even more. Is it not better I save them on a stable coin such as the USDT?

Please what do you think? Will I end up losing my funds one day if I do so?
To me I feel it's good way to save.

Please what's your opinion on this?

Where do you live? Because if it's a nation with huge inflation and usdt is more stable then your currency, then it's a good choice. Or if your government is near collapsing usdt would be a safe bet as well. unless you are not a citicen in restricted region, which makes it harder for you to cash out. As you might just get your assets frozen.

If you can handle slight change of losing few % of it, but have a high change to make few %, i would put it on btc or eth. Because you don't want to fomo in when btc goes over 100k or or eth over $10. Then things really get unstable.

If you live in 1st world country, i don't see why a bank would be a bad option. Lots of them won't even charge you if you don't do anything with your money. What ever you do, i wouldn't cash out and keep physical cash. That has several issues, and more you own, more issues you have, starting from security. But you will also face the the problem of proving the origin of that cash if you'll try to re-invest it.

[Die_empty]

Sometimes I begin to imagine instead of transferring my money into the bank to keep for a number of days or months before usage in form of savings that nothing will add up instead it remains stagnant or the bank charges me even more. Is it not better I save them on a stable coin such as the USDT?

Please what do you think? Will I end up losing my funds one day if I do so?
To me I feel it's good way to save.

Please what's your opinion on this?

USDT has been stable for a few years now and many people are using it to save funds. Anyone who holds his funds in USDT in my country will benefit because my country's currency has lost almost a hundred per cent of its value within a few months. However, it is risky to keep your funds in centralised currencies.

For me, it will be better to even buy and keep physical or fiat dollars than to keep them in a centralised platform that you are not sure of. These centralised platforms can be attacked or go bankrupt and you will end up losing your money. Another challenge is that most of these stablecoins are not backed by real-world assets as claimed by these firms. 

[Dunamisx]

Sometimes I begin to imagine instead of transferring my money into the bank to keep for a number of days or months before usage in form of savings that nothing will add up instead it remains stagnant or the bank charges me even more. Is it not better I save them on a stable coin such as the USDT?

Please what do you think? Will I end up losing my funds one day if I do so?
To me I feel it's good way to save.

Please what's your opinion on this?

Its more better having your money in USDT instead of fiat in the banks, but its more profitable to make a decision of leaving it in bitcoin for some period instead of stablecoin, this is the order to their preference, you can only loose your money when its under a centralized exchange or if in banks under the authority of the government, they can choose to seize this asset from you, but when you're making use of a non custodial crypto wallet, you're safe.

[Die_empty]

In my home country I exchanged 1USD=86BDT and now 1USD=125BDT, I kept several thousand dollars worth of money in the bank which has depreciated against the dollar due to inflation. So currently I don't keep my money in the bank to cover up my emergency situation, I am converting it to stablecoin and holding it in my wallet and when needed I exchange it through P2P trading.

In a country that experiences high inflation which leads to depression and the loss of value of local currency, the best option is to keep your funds in a more stable currency like the dollar, Euro or pound. Keeping small funds in exchanges might be ok but I would rather keep it in fiat dollars in banks. Most of the banks in my country are backed by deposit insurance companies, so you can always get your funds back in case of bankruptcy but there is no such assurance in keeping stablecoins in a centralised exchange. But when it comes to keeping high funds for a long time, Bitcoin is the best option. 

Its more better having your money in USDT instead of fiat in the banks, but its more profitable to make a decision of leaving it in bitcoin for some period instead of stablecoin, this is the order to their preference, you can only loose your money when its under a centralized exchange or if in banks under the authority of the government, they can choose to seize this asset from you, but when you're making use of a non custodial crypto wallet, you're safe.

Your suggestion that OP should consider investing in Bitcoin will be okay if he is considering keeping it for a long time. But from the original post, the author is considering keeping his fiat in stablecoins for a short period to avoid bank charges. Bitcoin price is unstable which is why it might not be nice to keep it for a short period. 

[mindrust]

USDT is a good choice if you are staking them on binance. If you do that though, you are not really holding crypto. You are basically holding FIAT in a FIAT savings account and collecting interest. Just because you do it on binance doesn't mean it is any different than what you do with banks. Crypto FIAT is nearly the same thing as real FIAT... I am saying "nearly" because it is all on paper. There are some hidden risks and binance is paying you interest for the risks you carry.

If you don't want to switch one bank for another, then do self-custody. Withdraw everything and hold your own private keys. Be your own bank.

[South Park]

Sometimes I begin to imagine instead of transferring my money into the bank to keep for a number of days or months before usage in form of savings that nothing will add up instead it remains stagnant or the bank charges me even more. Is it not better I save them on a stable coin such as the USDT?

Please what do you think? Will I end up losing my funds one day if I do so?
To me I feel it's good way to save.

Please what's your opinion on this?

It depends on the circumstances that surrounds you, how is the situation of the banks in your country? Does the fiat currency you use experiments a high level of inflation when compared to the US dollar? How much it could cost you to convert your fiat to stable coins? Depending on the answer to those questions, we could tell you if this is a good idea or not, but you do not really add enough details to your post so we can give you the best answer we can.

[kentrolla]

Big No, don't risk it all, as there has been lot of controversies going around Tether and whether they have USD reserve for all the circulating USDT or not since all the audit reports posted are from themselves and not from any third party. It can go down like USTC anytime I am not a fan of USDT as I have seen in the past how it fluctuated in Indian market when there were rumors about banning it and if it really is backed by USD then these news shouldn't bother USDT. Bitcoin would be much better alternative as it could yield decent profit and secure as well.

[livingfree]

Will I end up losing my funds one day if I do so?

No.

If it's on a stable coin then that remains the value of it. But choose only the popular ones with high liquidity because if you don't, then that's the worry that you'll have and might happen. Because it did happened to some uncommon stable coins that has decreased their own value and became volatile.

To me I feel it's good way to save.

If it makes you feel good then do it. Because what works for you might be the best option that you have to do instead of relying on others strategy on what makes them feel nice.

[red4slash]

Storing in stable coins when you are where you use the dollar as your means of payment is no different than storing in a bank except your currency is different from the dollar which is an option .
But if in the end this is used as an investment then in my opinion this is also not a good option because after all we must be aware that investing in stable coins will not get any benefits even though you will also not experience losses if the dollar does not experience a decline in value but in the end if you really want to invest why do it in stable coins because it will only waste time .
There are still many other alternatives, especially for bitcoin that can be used as an option to be used as an investment because you save in stable coin it is the same as saving in a bank only there is no monthly deduction in it.

[Cookdata]

Sometimes I begin to imagine instead of transferring my money into the bank to keep for a number of days or months before usage in form of savings that nothing will add up instead it remains stagnant or the bank charges me even more. Is it not better I save them on a stable coin such as the USDT?

Please what do you think? Will I end up losing my funds one day if I do so?
To me I feel it's good way to save.

Please what's your opinion on this?

I don't want to make it sound like not educated but why are you buying USDT to save? Do you really think it's logical to save money in the bank or USDT just for because you want to save money? I think you need to have a rethink about that decision, you save in the bank you gain nothing and if you save in stablecoin, you don't gain anything either, they are not different from banks and it's the same risk of losing money in banks is the same you might see stablecoins, God forbid if they flag your wallet for reasons you might not even know but that's what you get for using centralized assets.

Here is my advice for you, if your native currency is usd, you better invest that money or you live it their, usd and USDT don't have much difference, you might even have challenge of been depeg in the future, so stay with your banks or invest that money into anything good. Give Bitcoin a trial but don't tell anyone that I told you to buy but trust me, a trial will convince you.

[Luizwalter Crypt]

Nice contributions. I think I've learnt Alot here.

I think making stable coins my savings wallet would just add up to my stress but rather I'll choose to invest percentage of my long term savings on Bitcoin.

[jossiel]

Nice contributions. I think I've learnt Alot here.

I think making stable coins my savings wallet would just add up to my stress but rather I'll choose to invest percentage of my long term savings on Bitcoin.

That's the wisest choice that you can ever do.

If you have that savings that you're doing then, it's best to invest a percentage of it that you can afford for your long term Bitcoin savings that whatever plan you have in the future, you're free to use it.

Just this time, the amount of Bitcoins that you'll be getting is going to be lesser compared to several months and that's because of the price of Bitcoin going up but that's normal and part of the growth.