Should crypto have a 'savings account' option?

[VicManton]

While the market was dangling and there was a strong fall in the general crypto market, I remembered the traditional bank savings where you could save your money and still get some interests on it. Imagine saving Bitcoin and earning interests on it when it has gone down and when it goes back up, you are in double profits margin, because it will be too risky to not have a way save your assets and your profits from the falling market and waiting for when the market is favourable.

I believe if a carnival like this(https://www.bitget.com/support/articles/12560603808932) can be adopted on crypto avenues, it could go a long way  to help traders safeguard their assets from the volatile nature of the crypto market, becauseI know if things like this were in place, I would not have lost my assets three years back after I made some profits from the massive bull market saw.

[stompix]

Imagine saving Bitcoin and earning interests on it when it has gone down and when it goes back up, you are in double profits margin, because it will be too risky to not have a way save your assets and your profits from the falling market and waiting for when the market is favourable.

Yeah , imagine a money printing machine where everyone gets money by doing nothing, how could that be not a great idea?
Remember Celsius, that was a savings account, you would deposit your coins, get interest on it and then....you would have no more coins.

What part of "be your own bank" did you miss?

[Zaguru12]

While the market was dangling and there was a strong fall in the general crypto market, I remembered the traditional bank savings where you could save your money and still get some interests on it. Imagine saving Bitcoin and earning interests on it when it has gone down and when it goes back up, you are in double profits margin, because it will be too risky to not have a way save your assets and your profits from the falling market and waiting for when the market is favourable.

That’s same thing as staking of cryptocurrency which happens on Altcoins and also on bitcoin using some centralized exchanges. You get some percentage of APR for the time you state the coin with them. But my question is OP do you actually want to trust some entities with your funds for just small percentage of returns which to me isn’t what the risk? That’s simply just using the commercial bank and defeating the idea of having your own total freedom with your money. Should the entity encounter any problems your funds go down with it.

If you ask me I will say holding bitcoin on a non custodial wallet is more or less a way of saving your money and as the price increases you get the profits people who save fiat on banks get. It is somewhat even more better than Fiat because it doesn’t get affects with inflation

[Bitcoin_Arena]

While the market was dangling and there was a strong fall in the general crypto market, I remembered the traditional bank savings where you could save your money and still get some interests on it. Imagine saving Bitcoin and earning interests on it when it has gone down and when it goes back up, you are in double profits margin, because it will be too risky to not have a way save your assets and your profits from the falling market and waiting for when the market is favourable.

I believe if a carnival like this(https://www.bitget.com/support/articles/12560603808932) can be adopted on crypto avenues, it could go a long way  to help traders safeguard their assets from the volatile nature of the crypto market, becauseI know if things like this were in place, I would not have lost my assets three years back after I made some profits from the massive bull market saw.

There is also something called taking profit and then waiting for a perfect buying opportunity (or buying the dip). I think this is far better that keeping my funds in an exchange in the name of staking and DeFi.

Do you know there are people who got burned by the FTX collapse because they were trying to stake and farm some yield?

Yeah , imagine a money printing machine where everyone gets money by doing nothing, how could that be not a great idea?
Remember Celsius, that was a savings account, you would deposit your coins, get interest on it and then....you would have no more coins.

People tend to forget so quickly!

[batang_bitcoin]

It's no longer crypto if you'd ask for that kind of feature. Crypto =! bank. We have to remember that the best thing with crypto is we can own and handle our own finances and unlike the banks, there's no need for any intervention and permission from them when we withdraw. Having a wallet is already your own savings account if you treat it like that.

[hugeblack]

I think we have to stop generating money from money for a bit and start making some investments, such as agriculture and industry, which may achieve profits or losses, but at least they are real money and not more printing. buy and sell Bitcoin at support and resistance points which is a good way to provide liquidity.

[Bournesparks]

Imagine saving Bitcoin and earning interests on it when it has gone down and when it goes back up, you are in double profits margin, because it will be too risky to not have a way save your assets and your profits from the falling market and waiting for when the market is favourable.

Yeah , imagine a money printing machine where everyone gets money by doing nothing, how could that be not a great idea?
Remember Celsius, that was a savings account, you would deposit your coins, get interest on it and then....you would have no more coins.

What part of "be your own bank" did you miss?

Ahah. I think OP means putting your stables & idle assets to work. Went through the link and I think those that meet the requirements can explore. Instead of having an idle USDT or BTC, staking is preferable imo

[Alone055]

If by 'crypto avenues' you mean cryptocurrency exchanges, then they do have savings plans for you to deposit your cryptocurrencies and get a certain percentage of APY or APR based on the coin or token you are using and their decided percentage of APY. As far as I know, every single centralized exchange has this feature including Binance, OKX, Bitget, Coinbase, and every other exchange you can find and think about.

A lot of people use this feature but they mostly use stable coins because they don't lose or gain value and the commission earned will have the same value throughout them having their coins staked. Saving or staking unstable coins, especially altcoins, can be a risky move because you never know what might happen to them, and if you have your coins or tokens locked when their price is crashing, you won't be able to sell them quickly.

So there are actually more cons than pros to it, and most importantly, you won't be holding your cryptocurrencies which is completely against the fact of having self-custody of your money. You could be using fiat and utilizing the bank for the same purpose, what's the point of being in cryptocurrencies then?

[Lucius]

~snip~
What part of "be your own bank" did you miss?

He or, more precisely, they did not miss anything because this topic was created with the intention of advertising the service whose link the OP posted. If you look at his post history, it is quite clear that he and at least one other account that was posted in this topic is a shill for the mentioned company.

When you see what methods they resort to in order to get new clients, then it is clear what kind of service they actually offer.