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

[Assface16678]

Well, its your money, so its up to you what you want to do. If you just want to save it, then better save it in a bank only because USDT, although a steady currency, still has changes over time, so your money could increase or decrease depending on the market value of USDT. Because saving your money in USDT is nothing different from banking, just your money in USDT can change, but not drastically. If you want to invest, it could make your money grow if done correctly, but yeah, if that money is so important to you that you can't afford to lose it, then better save it in a bank than in USDT because there is still a risk there. But I recommend that you don't put all your money in savings because you are letting your money sleep without growth. Well, that's a practical way of life; if you want to have more, then take the risk to invest.

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[Abu-Naim]

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.

Instead of saving your money in the bank, it will be better you save them in stable coin just as you explained.
Although stable coins are also not completely reliable but they are far better than given your money to banks for usage.
You can buy bitcoin with money if you are willing to hold the bitcoin for a while before using the money, you can gain as a result of that instead of keep stable coin that will not add value.

[muncuss]

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

Isn't a good stable coin technically will be centralized? Given that it needs to be always stable.
But the one thing worry me is even the most trusted of them, USDC, can also got depeg.

[AYOBA]

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.

Finding stable coins and saving my money is preferable to me without losing even a single naira when it supposed increase. If you see me saving money in a bank, it means that money does not belong to me, it might been someone given to me to hold for a short time of period and that kind of money person know fit use it to purchase coins because if you use it to purchase coins and the owner of the money says that is needed, you will be completely bewildered.This type of money is better to save inside your bank so that whenever the individual needs it, you can simply withdraw it for him without any constraints.

The only reason most individuals who have enough money do not want to keep it in the bank is because when they need it, such as in an emergency, the bank manager will begin informing clients that there is no money in the ATM. That is why most individuals choose to save their money within their homes, while some may save it in stable coins.

[icalical]

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 think saving money (especially in long term) in a centralized cryptocurrency is safe, there is a risk that Tether stop their supporting USDT or there is some problem like the Terra Luna things. If you talking about the saving that you use to fund your daily needs, then I prefer saving money on the bank it is easier to withdraw it. If you talk about saving money in a long term like to buy house, or education fund and it is  a long term saving, then I would just save it in Bitcoin. I know that there is a risk that Bitcoin will worth less or even zero when no one wants it, but at least I don't depend on single entity.

[ancafe]

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?

It depends on how you see this as accuracy and usually we put money in the bank only for daily or monthly needs. Because even though banks ask for more, sometimes we still need them, especially for those business people who carry out transactions almost every day. If you are able to trade USDT in the short term it will be much better so that the money you have does not need to be placed in the bank. This decision is entirely up to you and I will not try to say anything further because however banks are still quite needed now.

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.

Losing funds like what you mean is because you panicked and sold stablecoin assets in a sharp decline. Stablecoins are quite risky because they are quite speculative, even when you save money in the bank there is a profit sharing from interest and stablecoins may not necessarily give you a profit.

[Don Pedro Dinero]

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.

That's what I think. Stable coins are fine if you have made profits with bitcoin or other cryptocurrencies and want to lock them in, but not to save with them systematically and in the long term. For that it is better to save in fiat, as they devalue the same, they give you interest and the guarantee is given by the state, not a company. Remember how the Luna token, which was also a stable coin, ended up.

[Miles2006]

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.

I actually thought you've forgotten about bitcoin, no one is discouraging you to save or not but if you want this savings or rather investment in long term, bitcoin investment should be recommended and it also serve as a store of wealth so you're not just saving your money but at the same time you're accumulating wealth.
Hope you understand the basic terms of investing and you should read more often on investment threads to help guide with your investment journey, my advice here is buy and hold with the money set aside for savings not for personal needs, don't extend your limit as an investor.

[leonair]

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?

If you save in USDT you will be protected from the inflation of FIAT money. Because the rate of inflation has increased in every country now.  Due to which those who are saving money in the bank, the value of their money is decreasing day by day. so you can save your money in Bitcoin and not USDT if you don't need to spend your money quickly. But in my opinion one thing you can do is keep your money in 50% USDT, 25% FIAT, 25% Bitcoin. Spend FIATs on your daily needs. And USDT and Bitcoin will save for the future. But yes, since crypto is risky, think twice about whether you should invest your money in them. then decide

[LastKiss]

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?

Well it's good when you can sell your asset to USDT when it's on a new ATH after that you can wait to invest at a good entry price, for long term saving on USDT might not be a good idea but if you find an opportunity don't forget to take it. Also saving in a stablecoin has a risk because even a stablecoin backed by fiat with a ratio of 1:1 is able to dump below 0.95$. Crypto world is very risky so we need to prepare for any risk that can happen.

[0t3p0t]

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.

Well yeah I agree, for country like ours that has lesser value of local currency compared to dollar it's on our advantage and saving it into some stablecoins like USDT is a much safer way than converting it to my local currency that is currently losing value. But for now I am still holding Bitcoin alone and will only convert it to USDT when new ATH in 2025 will come then wait for the correction to reverse the process.

[traderethereum]

Yes, you can keep your money in stablecoins instead of keeping it in your bank. You also won't pay any fees for keeping the money in your bank.
But you have to be careful when keeping it in your wallet because you have to be fully responsible for your wallet. Maybe you can store your wallet on a hardware device and only you know where you store it.
You should be able to choose the wallet carefully and not tell many people because it is related to security issues.
But you have another option to save your money by investing it in bitcoin. By investing in bitcoin, at least your money will increase and that is the profit you will get.

[sekalitas]

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?

Are you saving for an emergency fund?

Personally, I believe a bank account is the best option due to its easy access in case of unexpected expenses. While USDT may be a stablecoin, its usability for emergencies depends on how easily it can be converted to cash in your country. In my opinion, the hassle of conversion outweighs the benefits of cryptocurrency for emergencies.

However, investing in cryptocurrency with a full understanding of the risks involved can be a good option for some people. Remember, it's always crucial to choose an investment strategy that aligns with your risk tolerance and financial goals.

[Asuspawer09]

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 mean, it might be a good idea since compared to savings in banks that could easily gain a higher interest compared to just putting your money in some banks that would probably interest probably 0.1 % up to 1% I guess on some banks, But putting money on stablecoin would I think will be an even more higher risk since your for sure going to hold on an exchange or wallets that is offering high interest, Not to be biased but I guess there is a higher risk on putting money on exchanges and wallets compared to banks as well as USDT, In my opinion, it's better just to put it on Bitcoin not just putting it on USDT unless you're just planning to put it on USDT for a while just for short term storage I think it would work perfectly.

There are some E-wallets that are probably better since it is backup by banks that offer a savings interest of up to 15% I guess it is going to be better at least its a liquid funds on your banks and you could easily access it for something like emergency funds. I quit putting and saving USDT unless I'm using it on trading just to convert, start and just accumulate Bitcoin it is better with everything.

[BD Technical]

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?

If you put money in the bank, you can save some money from the bank, but if you buy some token with that money or invest in Kipta, then you will have a chance of losing, and if you invest, you will gain again.  .  In that case you should think about one thing because if you are skilled in this matter then you must invest because in the bank you will not get as much profit as I invested. In the current situation grandpa if you can invest in Bitcoin you will have money or you will lose money.  H will be less likely.

[ultrloa]

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?

Depends on your intention since if you want to be safe without worrying anything then it maybe good for you to save some penny into stable coin. But just think about how many opportunities you provably waste if you select those stable coins since there are volatile coins that are worth to buy since there's huge potential for top coin especially for bitcoin to happen. So if you are also a risk taker then maybe choose bitcoin as your option since who knows once bitcoin gain another hype due to some positive news that might happen then you could potentially stretch up the profit you can get from it.

But its still up to you to decide regarding on what option you choose since there's a lot of suggestion here and for sure that you can learn from multiple opinion posted by people.

If unsure about the future and afraid to lose your money maybe this is not your time to think about that option. So what I suggest is better try to learn more about crypto so that you can figure out or decide for yourself on what are the best thing to do with your money.

[strunberg]

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's no different from saving at the bank. USDT is pegged to the US dollar. By the way are you American? If not then I can recommend you save money in USDT or dollar balance. Other countries' currencies are weak against the dollar. If you are Indonesian with rupiah, or Nigerian with naira or Indian with rupees then I suggest you to save in USDT. That's much better because the exchange rate of other countries' currencies continues to decrease in value every year.

[Lucius]

~snip~
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.

When it comes to the so-called "stablecoins", you should know that most of them are centralized to the extent that it is very easy to "freeze" them even if you "keep" them in your crypto wallet. The only possible advantage is that you can transfer them relatively quickly and cheaply without using your bank and fiat. I advise you to read -> PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

Bitcoin is definitely an interesting investment if you first understand what you are actually investing in, and accordingly keep your private keys in a non-custodial wallet. It's certainly not easy to be your own bank, but then again, it's not as difficult as it seems to some. Whatever you do, remember that it is not wise to keep all your eggs in one basket

[avp2306]

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.

Well yeah I agree, for country like ours that has lesser value of local currency compared to dollar it's on our advantage and saving it into some stablecoins like USDT is a much safer way than converting it to my local currency that is currently losing value. But for now I am still holding Bitcoin alone and will only convert it to USDT when new ATH in 2025 will come then wait for the correction to reverse the process.

That's the advantage for knowing USDT since we can use this as an option if we are not sure on our local currency since somehow this can give us what we want on a currency. But the only problem there if  this stable coin would able to last for many more years since there are cases for some stable coins that they collapsed so maybe this is the risk that we need to watch for especially if we try to choose this option just to have saving that ready to use in future if we need some amount of money. Many prefer bitcoin especially if they asked this here since we all know how great bitcoin is especially for long term hold or investment so provably from this coin we can get more decent result.

[milewilda]

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?

Not to go against with USDT or stablecoin then we do know that depegging could happen. This is why when it comes to security and having that sense of confidence then i would put it on bank. The only
thing that you should really be expecting that you wont really be getting any returns when you do save up your fiat or having that 1-2% annual. So if you could really be able
to deal with that then its your choice but if you are someone whose really that going for some returns then it would be your choice on taking up some risks on dealing with some volatile coins.
If you are really that doesnt want to take up some risks then it would be better to save up your fiat into your own bank, just be able to bare up with the inflation on which i could say
that its inevitable. The longer you do save the lesser value that your money you could have.