macson
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September 08, 2024, 01:29:53 AM |
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Your money in the bank is just a number that shows the amount of balance you have saved, it is your money, but it is not entirely yours because the bank has access to manage the money. If you keep it in a small amount to make it easier to make buying and selling transactions, you may still be able to bear the risk if something happens to your bank account, such as a break-in or your account is suddenly closed. Make your bank account a temporary transit place when you make a withdrawal from the Exchange, after that you manage the money yourself to avoid any risks that may occur.
Don't keep too much of your wealth in cash, that's what many successful investors and the world's rich people say so far i only have a little fiat money that i put in the bank, the rest i put in the form of investment assets (crypto, stocks, gold) what i need now is just consistency because if i continue to consistently do my current routine then in the next few years i will get a multiple profit from the capital. however fiat is always affected by inflation so don't keep too much money in the form of fiat that is put in the bank.
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Oluwa-btc
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September 08, 2024, 05:28:11 AM |
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That's why If we talking about "having the money" only if it's cash or crypto stablecoins.
Off course even some crypto exchangers show balance what they actually don't have but crypto exchangers not so scammy like Banks the Banks i remember fanny mae and other ones lent out mortgage deals what they did not have ownership and people in USA just lost homes.
Money in Bank is not like crypto in the wallet , they are both different thi might be serving same purposes but for money it can't be backed up so easily whereas crypto can be backed so you see now the need of having cryptocurrency. If money is backed it shouldn't be difficult to claim withdrawal when the need be but our local Banks always make this worse cause when you put in your funds in the Bank it's easier to do so but mostly when you got to withdraw it especially a huge sum you'll definitely follow some banks long protocols which makes it not suitable to keep putting money in Bank but rather have other modalities of where to save your money aside the Bank. So your money in the bank is 50% backed and it's only real when it's cash and you can get hold of it.
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Coyster
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September 08, 2024, 08:08:01 AM |
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but since bank in itself is also heavily regulated by the government, i think using bank is just as fine as any other means of saving.
Saving only in the bank is not the best way to grow wealth, except if you are at your retirement age and you shouldn't really be taking risks at that time. Possible interest in a savings or fixed deposit account is very low and unattractive. Instead of saving in the bank and watching my money lose value, i will keep only a small amount in the bank for emergencies and other whatnots, whilst the most of my money will be in different assets of varying risks, that's the only way to grow wealth.
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Republikcoin.com
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September 08, 2024, 08:09:36 AM |
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Don't keep too much of your wealth in cash, that's what many successful investors and the world's rich people say
so far i only have a little fiat money that i put in the bank, the rest i put in the form of investment assets (crypto, stocks, gold)
what i need now is just consistency because if i continue to consistently do my current routine then in the next few years i will get a multiple profit from the capital.
agree with your view because keeping too much wealth in cash will not be productive. So it is necessary to have a view of how the money we have should be more productive where investment or running a business is a much better decision. Rich people think about how their money can work to produce multiples and people who like to be in their comfort zone will save money and do nothing. This is a big difference and level of understanding in making money because what is done will determine the results as long as they understand any process that is carried out. If investment is done consistently, the results obtained will also be good as long as people want to learn how to run investments properly.
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CK485
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September 08, 2024, 09:13:44 AM |
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Your money in the bank is just a number that shows the amount of balance you have saved, it is your money, but it is not entirely yours because the bank has access to manage the money. If you keep it in a small amount to make it easier to make buying and selling transactions, you may still be able to bear the risk if something happens to your bank account, such as a break-in or your account is suddenly closed. Make your bank account a temporary transit place when you make a withdrawal from the Exchange, after that you manage the money yourself to avoid any risks that may occur.
Indeed, if we continue to save money in the bank, honestly it is difficult to develop it to be wider in the sense of the potential generated by each nominal amount, and to create a security that we will obtain, there is a need for more effective thinking for the scale of this money storage with things that can produce.
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erep
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September 08, 2024, 05:58:57 PM |
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Don't keep too much of your wealth in cash, that's what many successful investors and the world's rich people say
so far i only have a little fiat money that i put in the bank, the rest i put in the form of investment assets (crypto, stocks, gold)
what i need now is just consistency because if i continue to consistently do my current routine then in the next few years i will get a multiple profit from the capital.
agree with your view because keeping too much wealth in cash will not be productive. So it is necessary to have a view of how the money we have should be more productive where investment or running a business is a much better decision. Rich people think about how their money can work to produce multiples and people who like to be in their comfort zone will save money and do nothing. This is a big difference and level of understanding in making money because what is done will determine the results as long as they understand any process that is carried out. If investment is done consistently, the results obtained will also be good as long as people want to learn how to run investments properly. Saving money for years in a bank account can worsen your financial value from the impact of inflation, even though your money does not decrease from its previous value, the exchange rate of money will be lower due to inflation worsening the price of goods and services, all types of food increase and even some people have to go hungry because the financial conditions they save are not enough to buy daily food needs. We must find other solutions to diversify cash in accounts into several types of parts for assets, gold, crypto and property, investing will be very profitable compared to holding cash in bank accounts. We should utilize the money we have for investments that generate passive income for long-term benefits.
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legendbtc
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September 09, 2024, 01:04:23 PM |
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But stablecoins are issued by centralized organizations, they are not even audited,and they are not strictly controlled. Meanwhile, banks are directly managed and supervised by the government. Although both are assets, centralized institutions, there are still huge differences, so depositing money in banks is still much safer than holding stablecoins on centralized exchanges.
Absolutely, i didn't point out that difference because i think quite a lot of people should know that already, money stored in the bank is far safer than anything one has in a centralized exchange. Money in the bank is also insured up to a certain amount and if the bank fails, the customer gets some, or all of their money back, but that is not always the case in centralized exchanges, and if customers are going to get their money back, it takes a very, very long time, like Mtgox for example. But not everyone knows that as you think. I met some people on our forum, they said that using stablecoins and depositing money on exchanges is more convenient and safer than depositing money in banks. Their reason is that they can freely withdraw large amounts of money without being investigated or having to go through the cumbersome procedures required by the bank. I really don't understand what they are thinking when they say that using stablecoins and exchanges is better than using banks. Honestly, the role of banking is still important in our lives and it is almost impossible to eliminate it from our lives. I believe everyone uses at least 1 bank account but many people like to badmouth it, which is confusing.
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o48o
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September 09, 2024, 05:02:27 PM |
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So If i have money in bank is like i have crypto in my wallet? If i see i have 3000 usdt balance i can take it out send it exchange so i know that its there and real. But in bank my balance might 3000 but bank only got real money the cash or some virtual digits or units 1500. -cut-
Your stablecoins are literally digits on the ledger, just like your fiat money. Banks don't have much cash reserves anymore but they do back their money. Stablecoins back their money also but if you would want them to change it to physical cash, it would cost you way more money, and would be lot slower process then in banks. While banks don't hold lot of cash, i'll sure you that you can get your 3000 out in physical money. Although times are changing and cash as we know it will be out of the picture in maybe 15-20 years. And while this will happen, there will be time where cash money co-exist with cbdc, and also, removing physical cash doesn't affect either cbdc or usdt. Because both of them are just basically just a promise from the issuer that they are worth something.
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Albarq
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September 10, 2024, 07:15:13 AM |
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Don't keep too much of your wealth in cash, that's what many successful investors and the world's rich people say
so far i only have a little fiat money that i put in the bank, the rest i put in the form of investment assets (crypto, stocks, gold)
what i need now is just consistency because if i continue to consistently do my current routine then in the next few years i will get a multiple profit from the capital.
y, reflecting on other people's experiences, I will also do that, to save my money a little bit just for daily needs without saving much in the bank, with the amount of money I have, I invest in several companies and it is very profitable and useful.
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deadsea33
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September 10, 2024, 11:58:15 AM |
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Don't keep too much of your wealth in cash, that's what many successful investors and the world's rich people say so far i only have a little fiat money that i put in the bank, the rest i put in the form of investment assets (crypto, stocks, gold) what i need now is just consistency because if i continue to consistently do my current routine then in the next few years i will get a multiple profit from the capital.
y, reflecting on other people's experiences, I will also do that, to save my money a little bit just for daily needs without saving much in the bank, with the amount of money I have, I invest in several companies and it is very profitable and useful. I don't know how experienced you are in investing. It is true that you can save some money in the bank for your daily life, but the bank has a digital code, but the bank has a very small amount of money. There are many who keep all their money in bank and earn good amount of profit and solve all problems in their daily life with that profit. But if like you they think that they keep only a little money in the bank and spend the rest of the money for free on various projects then it would be better to get it. If you are not experienced in this there is no guarantee that you will benefit. First of all you make an idea about it so that you know and understand all about it then you can earn good amount of money without doing it.
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retreat
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September 10, 2024, 01:52:16 PM |
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You can ask your bank about this whether they really back your money or not. But as far as I know, the most banks back customer money is only 10% of the total assets, because the rest is already a fixed or running asset. That's why when you want to withdraw money from the bank in large amounts, they will reconfirm to their superiors, and you need to wait again until they approve it, because they need to maintain the liquidity of their money and not carelessly give cash to their customers even though it is actually the customer's right.
This is true, from my understanding, bank is utilizing the big money reserve that they have for investment to make additional profit, I think pretty much people who care to read about how bank works will eventually figure out that bank only provide certain percent of money as a liquidity for people to withdraw. if OP somehow don't really believe banks, there's this thing called investing in gold and other high liquidity investment like bitcoin where OP can just sell their investment if he needs some money at some point and call it a day. but since bank in itself is also heavily regulated by the government, i think using bank is just as fine as any other means of saving. Actually, our savings in the bank are insured by the bank to another institution, for example in my country the banking here will insure customer savings below 130k USD to the government, and above that to special insurance, so if at any time the bank goes bankrupt, the customers will still get their rights - and I feel that in other countries this is also the same, but only the system is different. So customers need to make sure that their money is insured by their bank or not because that is more important than discussing whether their money is backed or not.
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Moreno233
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September 10, 2024, 04:16:28 PM |
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but since bank in itself is also heavily regulated by the government, i think using bank is just as fine as any other means of saving.
Saving only in the bank is not the best way to grow wealth, except if you are at your retirement age and you shouldn't really be taking risks at that time. Possible interest in a savings or fixed deposit account is very low and unattractive. Instead of saving in the bank and watching my money lose value, i will keep only a small amount in the bank for emergencies and other whatnots, whilst the most of my money will be in different assets of varying risks, that's the only way to grow wealth. I agree with you because I have not seen anyone that became rich through savings rather it is always through investing and taking informed risk. Money in the bank is just another way of preserving the money to be spent in the future probably at a lower value because by then inflation would have reduced the value of the money. Depending the country, money in the bank do have insurance so that if the bank is liquidated, depositors will get their money back through the capitalization policy that some countries apex banks sets. This means the money in the bank have some level of security but that does not mean it will change the life of the owner unless it will be put to good use through investment. Saving money should be tied to a business or project, that is the way saving becomes useful else money saved in the bank is not just advisable.
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Mame89
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September 10, 2024, 07:29:57 PM |
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I agree with you because I have not seen anyone that became rich through savings rather it is always through investing and taking informed risk. Money in the bank is just another way of preserving the money to be spent in the future probably at a lower value because by then inflation would have reduced the value of the money. Depending the country, money in the bank do have insurance so that if the bank is liquidated, depositors will get their money back through the capitalization policy that some countries apex banks sets. This means the money in the bank have some level of security but that does not mean it will change the life of the owner unless it will be put to good use through investment. Saving money should be tied to a business or project, that is the way saving becomes useful else money saved in the bank is not just advisable.
True. I also rarely see people getting rich by saving in the bank, even the richest people do not save all their money in the bank, they will allocate half of their wealth to business and investment. Because saving in the bank the value of our money will continue to be lost by inflation and bank fees besides the interest rates on savings which are generally very low also make the growth of our money not comparable to the rate of inflation. Because in essence to create wealth in the future we need to invest money, there are many investment options that we can choose and use as the development of our money including gold, property and btc. So, saving in the bank is also not wrong but just enough, this is so that we can do daily transactions and train discipline in managing finances. If you save too much money in the bank with a large amount, try and get cash from the bank, see what they say. Surely the bank will give us time to be able to make cash withdrawals, that means they don't actually have a lot of cash.
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Silberman
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September 10, 2024, 07:52:47 PM |
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So If i have money in bank is like i have crypto in my wallet? If i see i have 3000 usdt balance i can take it out send it exchange so i know that its there and real. But in bank my balance might 3000 but bank only got real money the cash or some virtual digits or units 1500. If they got no equal amount what i actually hold then it's scam. By BASEL 3 New rules capital requirement it's end of scam you can't just show on the balance sheet what you actually don't have. By basel 3 rules small banks goes to bust. So in this case there is a lot questions to ask what is the money and how secure is the system of recording our money. And even some random peace of stone are more as real money currency then money we think we have in the bank.
That's why If we talking about "having the money" only if it's cash or crypto stablecoins.
Off course even some crypto exchangers show balance what they actually don't have but crypto exchangers not so scammy like Banks the Banks i remember fanny mae and other ones lent out mortgage deals what they did not have ownership and people in USA just lost homes.
It is a known fact that banks engage on fractional reserve banking, which means that even if your balance shows that you have a specific amount of money, the reality is that the bank has only 10% or even less of that amount, this is what makes bank runs possible, so you should never store any significant amount of money in a bank as you never know when they may steal it with any kind of excuse and you will have no recourse against it, as most often this is a legal move they can make against you.
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Onyeeze
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September 10, 2024, 08:08:31 PM |
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Money in your bank is just a digital balance of what they owe you. You can never be 100% certain that you won’t get your accounts closed or some kind of worldwide depression causes banks to enforce max withdrawal limits per month or something. Be your own bank, save in Bitcoin.
I disagree with you desperate that we are supporting cryptocurrency mostly Bitcoin that will not make me to see something that is not right and they accept such so I believe that your money in the bank is secured because it is a decentralized currency and then whenever you are looking for a means to sort yourself out from any challenge you have in your bank you have one particular place but you can then buy your report and they will sort out your problem so there is different between investment and the banking someone who is investing in Bitcoin is called investment why someone who is banking it money in the bank is not investment neither it is called saves
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Yatsan
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September 11, 2024, 04:16:34 AM |
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So If i have money in bank is like i have crypto in my wallet? If i see i have 3000 usdt balance i can take it out send it exchange so i know that its there and real. But in bank my balance might 3000 but bank only got real money the cash or some virtual digits or units 1500. If they got no equal amount what i actually hold then it's scam. By BASEL 3 New rules capital requirement it's end of scam you can't just show on the balance sheet what you actually don't have. By basel 3 rules small banks goes to bust. So in this case there is a lot questions to ask what is the money and how secure is the system of recording our money. And even some random peace of stone are more as real money currency then money we think we have in the bank.
That's why If we talking about "having the money" only if it's cash or crypto stablecoins.
Off course even some crypto exchangers show balance what they actually don't have but crypto exchangers not so scammy like Banks the Banks i remember fanny mae and other ones lent out mortgage deals what they did not have ownership and people in USA just lost homes.
You make some very interesting points: on money and its status, the difference between holding cash and digital currency, and having a bank balance. While cryptocurrencies and stablecoins let you self-validate your holdings transparently, traditional banks have a different model that involves bank distribution-meaning, the banks hold only a fraction of the deposits as reserves and lend the rest. Basel III rules seek to try and address some of these issues with higher levels of capital requirements and improved financial stability. Yet, even then, the system requires trust and regulators' control. You talked about how banking in the past had its problems, like the Fannie Mae issue that underlined possible risks and other problems within the banking industry. With crypto exchanges, while there may be issues sometimes, at least they always make it rather simple to glance at your balance. Of course, each has its pros and cons. Understanding these will better prepare you for decision-making on where and how to save your money. Money in your bank is just a digital balance of what they owe you. You can never be 100% certain that you won’t get your accounts closed or some kind of worldwide depression causes banks to enforce max withdrawal limits per month or something. Be your own bank, save in Bitcoin.
I disagree with you desperate that we are supporting cryptocurrency mostly Bitcoin that will not make me to see something that is not right and they accept such so I believe that your money in the bank is secured because it is a decentralized currency and then whenever you are looking for a means to sort yourself out from any challenge you have in your bank you have one particular place but you can then buy your report and they will sort out your problem so there is different between investment and the banking someone who is investing in Bitcoin is called investment why someone who is banking it money in the bank is not investment neither it is called saves For me I get it, in any case, investment with cryptocurrencies such as Bitcoin is different from investing in traditional banking. Additionally, investments in cryptocurrency can be very volatile and are treated mostly as intellectual property. This is particularly true for saving rather than investment. We all knew that the decentralized nature of cryptocurrencies allows for transparency and control. But it also brings risk and uncertainty. Banks, on the other hand, are more systematic. There is usually a guaranteed quota of poupança. It provides a level of security not always available in the encryption space. Both methods have advantages and disadvantages. And understanding those differences can help you make better financial management choices. So If i have money in bank is like i have crypto in my wallet? If i see i have 3000 usdt balance i can take it out send it exchange so i know that its there and real. But in bank my balance might 3000 but bank only got real money the cash or some virtual digits or units 1500. If they got no equal amount what i actually hold then it's scam. By BASEL 3 New rules capital requirement it's end of scam you can't just show on the balance sheet what you actually don't have. By basel 3 rules small banks goes to bust. So in this case there is a lot questions to ask what is the money and how secure is the system of recording our money. And even some random peace of stone are more as real money currency then money we think we have in the bank.
That's why If we talking about "having the money" only if it's cash or crypto stablecoins.
Off course even some crypto exchangers show balance what they actually don't have but crypto exchangers not so scammy like Banks the Banks i remember fanny mae and other ones lent out mortgage deals what they did not have ownership and people in USA just lost homes.
It is a known fact that banks engage on fractional reserve banking, which means that even if your balance shows that you have a specific amount of money, the reality is that the bank has only 10% or even less of that amount, this is what makes bank runs possible, so you should never store any significant amount of money in a bank as you never know when they may steal it with any kind of excuse and you will have no recourse against it, as most often this is a legal move they can make against you. You are pointing to one serious problem that the quasi-reserve bank system contains-the fact that they keep only a part of the actual assets deposited within. The result could be rather risky: for example, enabling bank operations. This, when one wanted to take out money in bulk Of course, this system is based on belief and the assumption that not every investor will withdraw their wealth at a single time. Your fears about the safety of bank deposits are quite legitimate, especially if you happen to fear that the bank might tamper with your money or even find some reason to deny you access to it. Contrasting with this, another direction opened by cryptocurrencies and stablecoins is oriented towards transparency and decentralization. If I add it also carries risks of its own, the possibility of volatility and problems within trading. The risks are a bit lower if diversified and when one understands the strengths and weaknesses for each investment strategy. Whether saving money in the bank or investing in cryptocurrencies, you need to be careful either.
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barisbilgili
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September 11, 2024, 05:10:25 AM |
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agree with your view because keeping too much wealth in cash will not be productive. So it is necessary to have a view of how the money we have should be more productive where investment or running a business is a much better decision. Rich people think about how their money can work to produce multiples and people who like to be in their comfort zone will save money and do nothing. This is a big difference and level of understanding in making money because what is done will determine the results as long as they understand any process that is carried out. If investment is done consistently, the results obtained will also be good as long as people want to learn how to run investments properly.
Not everyone thinks so and dares to invest even though it cannot be denied that saving a lot of money in the bank is a loss for our future. And to invest is for those who understand or want to learn, so it's all about mindset. I used to not want to lose the savings I had so I preferred to save money in the bank, I thought it would be much safer but as my mind and knowledge became more open, investing for the future was much more profitable so that it encouraged me to learn many things about it in order to be able to do what I wanted. We are not only talking about real money that is visible if we put it in the bank, but much more importantly when the money we have can produce or multiply more, I think that is the most important thing now.
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EarnOnVictor
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September 11, 2024, 06:53:21 AM |
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So If i have money in bank is like i have crypto in my wallet? If i see i have 3000 usdt balance i can take it out send it exchange so i know that its there and real. But in bank my balance might 3000 but bank only got real money the cash or some virtual digits or units 1500.
Frankly, I don't see a good reason for this post and perhaps you didn't express yourself well. I wish you had read it with meaning before posting it, trying to downgrade the bank for crypto/exchanges is not smart because the government of your country backs the money you have in the bank through the central bank, which makes it more guaranteed than cryptocurrency. Many would say your money is backed in crypto but in the real sense, if anything happens, your money is gone for good. It is not obvious yet due to how the crypto space is structured, I hope there is no issue for you to know who truly backs your money. And I wonder why you rate exchanges more than your bank, can't you use your money in the digital form through the bank like crypto? Why believe it is your money only when in cash? Can exchanges give you cash? Won't you still transfer it to the bank before you have true access to it? So why downgrading the bank?
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wahyuagung26
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September 11, 2024, 09:09:41 AM |
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Don't keep too much of your wealth in cash, that's what many successful investors and the world's rich people say
so far i only have a little fiat money that i put in the bank, the rest i put in the form of investment assets (crypto, stocks, gold)
what i need now is just consistency because if i continue to consistently do my current routine then in the next few years i will get a multiple profit from the capital.
however fiat is always affected by inflation so don't keep too much money in the form of fiat that is put in the bank.
Actually, saving money in a bank with a category of banks that have very good trust will not be risky, and in contrast to banks with fewer Investor values and enthusiasts, this is likely to have risks. Investors who have crypto assets and they are successful in their Investments will certainly be more involved in cryptocurrency and of course they are prone to choosing to save their money in the form of Investments. Only a portion of Fiat that they save for daily or monthly needs, we also assume that saving money in your bank will only see the nominal balance listed in digital form. Investors will of course continue to speculate to double what they have earned and of course they will continue to choose to invest most of their money.
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September 11, 2024, 09:43:30 AM |
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Saving money for years in a bank account can worsen your financial value from the impact of inflation, even though your money does not decrease from its previous value, the exchange rate of money will be lower due to inflation worsening the price of goods and services, all types of food increase and even some people have to go hungry because the financial conditions they save are not enough to buy daily food needs.
I am also very aware of this so far so that I only save as much as I need in the bank and even then not forever because the money I save in the bank is also often used for other business needs. However, some people in my environment still do not realize this so they still rely on the bank to save more money and this is also very much welcomed by local banks at this time because they are always looking for customers who continue to want to save large amounts of money in the bank. We must find other solutions to diversify cash in accounts into several types of parts for assets, gold, crypto and property, investing will be very profitable compared to holding cash in bank accounts. We should utilize the money we have for investments that generate passive income for long-term benefits.
Gold, Bitcoin, and property are very different assets and all three can still be relied on by everyone who wants to save money and save the value of their own assets. But for now I only save some of my money in Bitcoin and gold, while for property and others I have not thought about having it, maybe one day I will also try to buy some property as my future assets.
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