Lock your bank balance

[ololajulo]

I think a lot of families do this.

They put in money in a bank account in which they dedicate that to their children usually for their college fund or something like that. I do see the point but honestly I think it would be better if you just put it in to crypto. Even if it is locked, fiat money will still lose value over time unlike in crypto especially in bitcoin.

I am cautious about advising individuals on the long-term retention of Bitcoin for their family or children. Its security vulnerabilities make it susceptible to theft, with little to no possibility of tracing or recovery. Instead, a portion of such investments could be allocated to cryptocurrency, while the rest could be diversified into more stable assets like fiat currency and real estate. Although these alternatives may offer lower returns on investment, they provide easier and safer avenues for wealth preservation

[1715625440]

1715625440

[1715625440]

1715625440

[1715625440]

1715625440

[1715625440]

1715625440

[1715625440]

1715625440

[iv4n]

I think a lot of families do this.

They put in money in a bank account in which they dedicate that to their children usually for their college fund or something like that. I do see the point but honestly I think it would be better if you just put it in to crypto. Even if it is locked, fiat money will still lose value over time unlike in crypto especially in bitcoin.

I am cautious about advising individuals on the long-term retention of Bitcoin for their family or children. Its security vulnerabilities make it susceptible to theft, with little to no possibility of tracing or recovery. Instead, a portion of such investments could be allocated to cryptocurrency, while the rest could be diversified into more stable assets like fiat currency and real estate. Although these alternatives may offer lower returns on investment, they provide easier and safer avenues for wealth preservation

I don't like to give financial advice either, everyone should do their own research before investing in anything. One of the facts is that as time passes, fiat currencies lose value, even when someone keeps money in a bank and earns interest on that amount, that interest does not cover the loss of value. So what the OP is suggesting is a bit strange, why would anyone keep/lock money that will lose value over time? I understand people who keep cash at home and don't want anything to do with banks, they are clear to me... in case things go downhill it's good to have cash with you, banks can lock up and limit withdrawals at any time.

Crypto has proven to be a very good investment, Bitcoin the most but other coins have achieved a lot in the last 10 years, and I think that trend will continue. So I guess it would be easy for anyone to invest in crypto and lock/stake some amount for a longer period, I think it's way better than dealing with banks.

[YOSHIE]

What I would like to ask is whether this product exists in the banking system of your country and why, in your opinion, are there central banks that do not allow it? Also, is this possible on online virtual banks?

From your notes, I can judge the meaning: not all banks operating in certain countries have the same rules, your country has a system like that and my country like this, as far as I know banks in our country really respect their customers, Whatever is done by the bank must have approval from the customer, there is no forcing, let alone issues regarding money, freezing or other things that make the customer unhappy and suffer losses.

Our bank here has a deposit system, meaning that those who make a deposit agreement within a certain period of time, for example six months to one year with a minimum nominal deposit of $15k to $150k will get a percentage of profits from the bank, Of course, the deposit agreement cannot be liquidated before the maturity date, even if the customer dies, but the profit interest will still continue as in the initial agreement, only the customer's family can transfer all of it.

The point is that banks in our area have deposits or funds that are locked for a time agreed upon by both parties, but the bank does not just lock them without approval from the customer and the applicable law.

[tsaroz]

In my country, until the mid-2000s, the Postal institution enabled its savers to partially or completely freeze their balances for a specific period of time, provided that the freeze on the amount would not be lifted regardless of whatever reasons, even in if the person’s death. This product was not available in banks as I recall, but since the 2000s this product has been completely abandoned. When I think about the concept, I find it very useful and it can serve the financial institution and the saver as well, especially those who want to secure their savings so that they never think about using it. I think that there are many reasons that might encourage a person to do this according to his assessment of his needs in the medium and long term. The financial institution will also benefit from the liquidity that it will accumulate from the frozen balances, in addition to the possibility to impose fees for the service.

I know that it is possible to secure a deposit in the bank with any type of asset, but with the possibility of permanent disposal of it, meaning that its owner cannot ask the bank to lock it.
What I would like to ask is whether this product exists in the banking system of your country and why, in your opinion, are there central banks that do not allow it? Also, is this possible on online virtual banks?

My personal expectation is that this will be possible with some small local banks or state postal institutions. I also expect that this is not allowed in other laws because I have not heard of it much.

If I'm not mistaken, you are talking about fixed deposits where you get more interest than saving for locking your money for a fixed frame of time. You can't withdraw that money before the maturation time, in case you do, there's a penalty. Some don't let you withdraw anyway before maturity but allow loan keeping the FD as collateral.
Other similar products are bonds and debentures, some even issued by the central bank. Depending on the type, they are generally longer and has similar interest rate as FD, some even can be traded as stocks on the market.
If you are in for a very long time and don't need liquid cash, you could just do SIP or buy stocks of blue chip companies or curated index and enjoy a better ROI.

[doomloop]

In my country, as far as I know this is possible

It would be so much helpful to be honest for someone
who has a hard time managing finances. Though it might
prove to become an inconvenience since you can’t just
take it out whenever you need something for emergency so it will
be better to just specifically allocate the money to something instead
of putting all your money into it

Some users are saying that it is a time deposit. I already heard it before and the feature is only normal, so I wouldn't wonder anymore if this also existed in your county. Yeah it its like a blessing in disguise if I can describe it in a quoted way, and I remember staking here because in staking, we are also locking our coins until a certain period of time.

I have a better advice than what you gave there, and that is, we only need to allocate small amounts of money here and the rest will be kept as savings, to be used in emergency situations, same thing what most people do when they invest here in cryptos. Another benefit of doing this is we won't feel devasted, in case we lose our money because it was only a small amount anyway, except only if the platform crashed when we are about to harvest our profits, together with our capital.

[KingsDen]

In my country, until the mid-2000s, the Postal institution enabled its savers to partially or completely freeze their balances for a specific period of time, provided that the freeze on the amount would not be lifted regardless of whatever reasons, even in if the person’s death. This product was not available in banks as I recall, but since the 2000s this product has been completely abandoned. When I think about the concept, I find it very useful and it can serve the financial institution and the saver as well, especially those who want to secure their savings so that they never think about using it. I think that there are many reasons that might encourage a person to do this according to his assessment of his needs in the medium and long term. The financial institution will also benefit from the liquidity that it will accumulate from the frozen balances, in addition to the possibility to impose fees for the service.

As the world advances, and civilization is in crescendo, it is expected that some practices will gradually fade away. Everyone is tilting towards freedom and liberty. Even people in the third world countries are beginning to resist centralization. I personally will like to lock my own money and still hold the key than let another man lock it and will not release the key even if I am to die.

I think a lot of families do this.

They put in money in a bank account in which they dedicate that to their children usually for their college fund or something like that. I do see the point but honestly I think it would be better if you just put it in to crypto. Even if it is locked, fiat money will still lose value over time unlike in crypto especially in bitcoin.

I am cautious about advising individuals on the long-term retention of Bitcoin for their family or children. Its security vulnerabilities make it susceptible to theft, with little to no possibility of tracing or recovery. Instead, a portion of such investments could be allocated to cryptocurrency, while the rest could be diversified into more stable assets like fiat currency and real estate. Although these alternatives may offer lower returns on investment, they provide easier and safer avenues for wealth preservation

There's no kind of investment without risk.
Fiat = depreciation and theft
Real Estate = Over price, dispute, natural disasters.
Crypto = Lose of access, hack, etc.
Just diversify and remain calm.

[Kriptogram14]

In my country, until the mid-2000s, the Postal institution enabled its savers to partially or completely freeze their balances for a specific period of time, provided that the freeze on the amount would not be lifted regardless of whatever reasons, even in if the person’s death. This product was not available in banks as I recall, but since the 2000s this product has been completely abandoned. When I think about the concept, I find it very useful and it can serve the financial institution and the saver as well, especially those who want to secure their savings so that they never think about using it. I think that there are many reasons that might encourage a person to do this according to his assessment of his needs in the medium and long term. The financial institution will also benefit from the liquidity that it will accumulate from the frozen balances, in addition to the possibility to impose fees for the service.

As the world advances, and civilization is in crescendo, it is expected that some practices will gradually fade away. Everyone is tilting towards freedom and liberty. Even people in the third world countries are beginning to resist centralization. I personally will like to lock my own money and still hold the key than let another man lock it and will not release the key even if I am to die.

I think a lot of families do this.

They put in money in a bank account in which they dedicate that to their children usually for their college fund or something like that. I do see the point but honestly I think it would be better if you just put it in to crypto. Even if it is locked, fiat money will still lose value over time unlike in crypto especially in bitcoin.

I am cautious about advising individuals on the long-term retention of Bitcoin for their family or children. Its security vulnerabilities make it susceptible to theft, with little to no possibility of tracing or recovery. Instead, a portion of such investments could be allocated to cryptocurrency, while the rest could be diversified into more stable assets like fiat currency and real estate. Although these alternatives may offer lower returns on investment, they provide easier and safer avenues for wealth preservation

There's no kind of investment without risk.
Fiat = depreciation and theft
Real Estate = Over price, dispute, natural disasters.
Crypto = Lose of access, hack, etc.
Just diversify and remain calm.

That's right, bro, it's safer for us to lock and hold the bank balance ourselves rather than having it locked by someone else and it being known by other people, it could be that everything will be hacked by them, when they know everything that's in it, it's not impossible, there's definitely a chance for them to hack it. our bank balance, so before we go any further, we must first secure our own personal possessions, because it is very dangerous if our balance is exposed to other people, it could result in them being compromised in an unreasonable way, because being careful first is better than It's already happened, what else can it be? It's all happened.