Should crypto have a 'savings account' option?

[Crackboy68]

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.

In this situation of crypto market, you can also use it for agricultural purposes without keeping money in the bank. Your crops will become liquid when used in agriculture. This is a good way from the bank. You can take expenses as per your need. Regardless, you can make a good savings from your crops. By doing this, you will not have to face any risk.

[bias]

If you have a lot of bitcoin or altcoins, it is not a good idea to keep them on the centralized exchanges and platform to get the interest.Tradional fiat money is different that loses value over time and people put it in banks and get interest on it to get some extra money and also to have an hegde against inflation.

Bitcoin is totally different. You only keep bitcoins for years and years and overtime you bitcoin value will increase. There is no need to put your coins on staking, better just keep them save in hardware wallets and you will just be fine. 

Even if you say it's true, I doubt that somebody doesn't want or wish BTC to have the option of stacking or something similar. I don't say that it is needed, but something that you can get more of if you have it on your wallet. If BTC had such a mechanism, I seriously doubt that anyone would ever put his coins to any exchanger.

[bhadz]

It's better to have that the banks will have that savings account for crypto holders than the opposite. It's hard to comprehend that but a centralized platform having this is a sign that the adoption is growing but even with that, I don't think that many legit Bitcoin holders are going to save that in bank where it's easy if it's in us.

If BTC had such a mechanism, I seriously doubt that anyone would ever put his coins to any exchanger.

I have seen people that are staking their cryptos to exchanges and that's why it won't be surprising to see that even with their BTC, they'd stack it on an exchanger in return of little interest.

[The Cryptovator]

Your idea isn't bad, but in this case you have to trust a third party with your Bitcoin, which is highly risky. A few centralised exchanges offer this option called staking, but it's centralised, and you have to trust them. You may save your funds there like a traditional bank and get some return, but it doesn't guarantee that you will get your funds back. Anything would happen with your funds when it's on centralized platforms.

I prefer save yourself; just follow the DCA strategy and keep it in your wallet. Wallet should be non-custodial, so your funds will be secure. You will not get any monthly return, but at the end if you can hold patiently you can get a good return of course. Also, your funds will be safe, and you don't need to trust anyone else.

[Mr no juice]

Coinbase does this already.

[Porfirii]

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

Take that 15% for example (which is abnormally high), and imagine that you cash out every year. You'd need more or less 7 years to double your deposit (and that's if they don't cut the interest rate during that time), but just a second to lose all your money if sh** happens.

I respect your opinion but to me that risk is not preferrable to having my coins idle (and, btw, not being obliged to pay taxes for them every year).

[Obulis]

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?

Being a junior to crypto market!
Before now i was thinking it's a new idea (saving Bitcoin and earning interest! ). But seeing this post and replys, history has already revealed itself. This means this forum is working and that makes it a golden privilege to be here. For sure others newbies not necessarily newbie to the forum but newbies to crypto in general would express same knowing and gratitude.

BE YOUR OWN BANK!
Here’s what it means;

Being your own bank means being in total charge of your finances. You manage your assets and make independent investment decisions. This gives direct control over your wealth. Empowering yourself through decentralized finance.

Coinbase does this already.

For there to have been history on this which was never favorable to the hard earned assets of individuals, this somehow makes OPs work a kind of bait to uninformed (newbies to crypto). This history can likewise repeat (as in unfavorably).
Guide your assets by being your own bank! If you want your assets to gain more, you take the risk involved. Not a waiting to mostly an unfavorable outcome in the name save and gain interest....

[Mpamaegbu]

OP, I don't know what the situation was when you created this thread concerning that issue across board. Perhaps, that savings feature wasn't there but we do have something of that sort now. I've seen it on some of the exchanges I'm on and it's under Earn or Simple Earn. You've to activate it to enjoy that benefit, anyway. I haven't activated on any yet and my coins are fluid, as in I'm often transacting them and not idle them.

It's the same way some of our Fintech banks work. If you don't activate savings on them, you won't earn the daily interest accruing from keeping cash in your account, except a monthly savings interest which is almost like nothing.

[₿itcoin]

Hey OP if you come again on forum, the idea seems feasible but the best way to execute this now everyone listen to me on this one. Its a community Lightning node right at your city hall and in order to ender the building you have to pay a $10 processin gee into that node directly. Only one door exists in this house so at least one  employee everyday has to clock in and out to even leave I was told some nights she' didnt even get any sleep. Now this happens if trump and elon don't sell the new bitcoin federal reserve to the same ones running it down to zero. Other then that I do not see any good way to do a savings account. An your only pulling out when you need it hence we come with instant withdraws up to $600

[virasog]

Staking is one option where you can place your crypto at a central site and get interest on it. But this is something I would never recommend or do myself. When you deposit your crypto to any exchange or site, you risk your money at the hands of that central place. It violates the most important saying that "Not your keys, not your coins".

Secondly if you want to stake bitcoin you may get some portions of bitcoin (you may resemble it with interest) but if you keep bitcoin in your personal wallet, with the passage of time it will increase its value and you may get more returns as compared to putting your fiat money into any central banks.

[internetional]

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.

Today I was chatting on Telegram with a stablecoin enthusiast, and he was the first person who managed to explain to me why they are even needed. Before that, I thought of them as a useless buffer between Bitcoin and fiat, adding an extra layer of risk (an extra switch to be pulled). I used to think that for those who don’t want to keep their savings in Bitcoin, it’s better to store them in bank accounts. After all, from there you can also spend directly, and the risk of loss comes only from two sides: the government and the bank (without the third party - the stablecoin issuer - who could also contribute to a loss).

But he explained to me that stablecoins are needed in order to enjoy the advantages of a bank (for example, interest-bearing deposits) without the need to actually go to a bank.

So I support this idea: for stablecoins, savings plans really make sense. But for Bitcoin - they don’t. Bitcoin preserves its value without the need for deposit interest.

[tabas]

Staking is one option where you can place your crypto at a central site and get interest on it. But this is something I would never recommend or do myself. When you deposit your crypto to any exchange or site, you risk your money at the hands of that central place. It violates the most important saying that "Not your keys, not your coins".

Even in the decentralized crypto FIs website. I won't take that risk and will not use them either. While some offers are quite decent and attractive, still, they're prone in attacks and bugs and that's why I won't stake to any of them too.

Secondly if you want to stake bitcoin you may get some portions of bitcoin (you may resemble it with interest) but if you keep bitcoin in your personal wallet, with the passage of time it will increase its value and you may get more returns as compared to putting your fiat money into any central banks.

We have to change and inform others that it's depositing bitcoin to earn interest and not staking because it's not a POS. But I agree, that it's better to hold it than to bother yourself putting it into those platforms that shall give you interest, they're risky.

[Alpen]

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.

Where do you think all the Celsius clients' coins went?

From what I recall, creditors were actually paid back in full, except for those who, for some reason, didn't want to complete the KYC process. And you have to wonder why—it's unlikely they were honest people.

Crypto bankruptcies generally end with full repayment of losses, sometimes even more. That’s a fact.

[stompix]

Crypto bankruptcies generally end with full repayment of losses, sometimes even more. That’s a fact.

Celsius users got a 80% paycut, they didn't get paid in full.
MtGox victims get paid more in $ *not counting inflation) because the assets appreciated, if not they would have got 10%.
Ftx? Paycut!
3AC? Recovered less than 1% through chapter 15!

The success stories you hear are just because BTC appreciated 3x or 6x times between the loss and the reimbursement, but the money was always paid in $. How would you feel if your brokerr would pay you back at the price of shares back in the 70s?

[aoluain]

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.

Every 'Bitcoiner' is free to create their own savings account. The steps are
not very complicated.

Step 1. Buy a hardware wallet directly from the manufacturers (not from
a third party)

Step 2. Buy Bitcoin and transfer it to your wallet

Step 3. go to Step 2 and repeat

Step 4. HODL

Step 5. Ensure your Wallet and seed phrase are securely in your possession.

[Alpen]

Celsius users got a 80% paycut, they didn't get paid in full.
MtGox victims get paid more in $ *not counting inflation) because the assets appreciated, if not they would have got 10%.
Ftx? Paycut!
3AC? Recovered less than 1% through chapter 15!

The success stories you hear are just because BTC appreciated 3x or 6x times between the loss and the reimbursement, but the money was always paid in $. How would you feel if your brokerr would pay you back at the price of shares back in the 70s?


[/quote

I'd be more than happy if my broker paid me back all my money, just like what happened with those crypto platforms you're talking about.

It doesn't matter how or why it happened. The fact is, the money was returned. Demanding extra for some kind of "lost profit" in a bankruptcy case is just absurd.]