Bitcoin vs Bank Savings Which Protects,‎ Wealth Better in Today’s Economy

[Queen uloma]

Many people dey save their money for Banks, them dey believe say na the safest option, However, because of how inflation dey rise, currency devaluation, and with low interest rates, bank savings dey lose purchasing power fast fast.
‎Bitcoin, for the other hand get  a fixed supply of 21 million coins, which make am dey  resistant to inflation. While Bitcoin dey  unstable for short term, many people dey argue say Bitcoin dey  preserve value better in the long-term run compared to traditional savings.
‎Make we discuss some point:
‎Those money, way we dey keep for bank, e dey help us protect our wealth?
‎Bitcoin fit serve as better store for value than any bank savings?
‎You believe say Bitcoin too dey risky for those people way dey depend on savings for emergency needs?
‎Wen you mix bank savings and Bitcoin e fit become a smarter approach?
‎Waiting you think? Bank savings or Bitcoin share your thoughts?

[Cypra]

Definitely, saving in Bitcoin offers more potential benefits than saving in banks. While bank FDRs may provide a fixed 9–12% APR, Bitcoin savings come with the possibility of much higher returns, sometimes even 200% over time.
On some platforms, you can also earn around 1–2% APR in Bitcoin.

As purchasing power continues to decline, the numbers on paper money keep increasing. Since Bitcoin has a fixed supply, its price tends to rise against fiat currencies. In many ways, it feels like a race between fiat inflation and Bitcoin’s scarcity.

[SPIDERMAN008]

‎Those money, way we dey keep for bank, e dey help us protect our wealth?

People keep money in banks to achieve their financial security. But inflation is the biggest obstacle here. Due to this, the value of fiat currency will decrease day by day. Money can be kept in the bank for a short time, but there is no benefit in keeping money in the bank for a long time. Suppose the bank gives 5% interest per year, but inflation is 10%. So even though you seem to be in profit at the end of the year, you have lost 5% of your wealth. Even though the amount of your money has increased, its value has decreased.



source
From now on you will understand about our currency inflation last year.

‎Bitcoin fit serve as better store for value than any bank savings?

Personally, I think holding Bitcoin is a much better way to save money than keeping it in the bank for the long term. I hope many people will agree with me. Over time, the supply of fiat currency will increase and its value will continue to decrease. But since the supply of Bitcoin is fixed, its value will continue to increase over time. However, you have to have the mentality of holding Bitcoin for the long term. Seeing that the supply of Bitcoin is fixed, it acts as a kind of inflation resistant. Which we have seen for the last 15 years. If you can overcome the volatility in Bitcoin in the short-term, then you have the potential to make much more profit in the long term.

Source

‎You believe say Bitcoin too dey risky for those people way dey depend on savings for emergency needs?

Bitcoin should never be used as an emergency fund. Rather, you should have an emergency fund for holding and investing in Bitcoin for a long time. Because the price of Bitcoin is known to fluctuate a lot. The price can fall by 30%-40% in a short period of time. So you cannot sell it whenever you want. You should take care that you are never forced to sell during the investment.

‎Wen you mix bank savings and Bitcoin e fit become a smarter approach?

You can keep both bank savings and Bitcoin as assets. But after a few years you will realize that the value of Bitcoin has increased a lot compared to the bank's fiat currency. Then you will change your decision and want to invest in Bitcoin again. But then you may not be able to buy Bitcoin at the previous price. The issue here is which one you give more priority to. But I personally think that if someone really wants to invest in Bitcoin, then he should keep some things in mind. First of all, all the money or assets cannot be invested in Bitcoin. He should invest with his discretionary income following the DCA method. Along with this, a back-up fund should be formed.

‎Waiting you think? Bank savings or Bitcoin share your thoughts?

I have answered this in the above. It is not that easy to get out of the government's economic system. We will need fiat currency for all our daily purchases and expenses. But I think Bitcoin is the best for our future financial security and economic valuation. Now the choice is yours. Different people may have different opinions but I personally think it.

[sokani]

Make I sama you some reasons why e be say, e better to buy and hold Bitcoin for your personal wallet than to put your money for bank.

Naira dey fall everyday and dey lose purchasing power while Bitcoin nah hedge against inflation. The value dey appreciate.

Keeping your money for banks dey attract different yama yama charges like electronic money levy fees, stamp duties, maintenance fees etc, while bitcoin nor get any of those.

When you hold Bitcoin for your wallet, you fit withdraw your fund anytime and any amount. But if you want withdraw your money for banks, dem dey place restrictions and sometimes dem fit completely deny you access to your own money.

When you get the keys to your Bitcoin wallet, nobody fit collet your fund. But when you put money for bank, government fit freeze am anytime.

[Coyster]

Person wey wan dey rich no dey keep too much money for bank. The rich people all around the world wey you dey see, dem dey keep their money in different assets, businesses and investments. Wetin suppose dey bank na very small amount, that is money wey you go dey use run your daily expenditure and for emergencies too.

Bitcoin na hedge against inflation, e dey protect person asset against devaluation and loss of purchasing power. That said, bitcoin also dey volatile, so e dey also lose some of its value very quickly, but that is in the short term. If you look at it in the long term and compare it based on our fiat's movement within the same time, you'd understand that bitcoin is the best option.

[Fiatless]

‎Waiting you think? Bank savings or Bitcoin share your thoughts?

Keeping money that you might need in Bitcoin is not appropriate since the price fluctuates. You need to keep the money needed for daily needs in fiat. Keeping money for a long time in banks is inappropriate because it will lose value over time. The best bet is to convert your money to assets that serve as a hedge against inflation. The Naira lost almost 40% of its value last year, we need to protect our finances. Gold, Bitcoin, real estate, silver, and so on are okay. But you should also have fiat in your account for your daily needs and emergencies.

[Shadiq]

Wen you mix bank savings and Bitcoin e fit become a smarter approach?

Whether we should keep bank savings or not depends entirely on the opinion of an individual. But I can assure you that we should not save our entire wealth in Bitcoin. We should save that part of our wealth in Bitcoin which can take the form of prudent money in the long run.

You should also have savings outside of Bitcoin savings, whether you save it in a bank or build a self-sufficient savings center is completely your freedom. Saving Bitcoin in future plans is very necessary according to the era which will protect us from inflation and work against inflation. We should keep an emergency fund very close so that it is ready for use as soon as needed. You can keep the rest of the reserve fund and other funds in the bank if you want, because the bank will give you some profit. However, for long-term savings, I think it is better to ignore the bank.

[Myleschetty]

Those money, way we dey keep for bank, e dey help us protect our wealth?

No, since Naira dey lose purchasing power every year and it is good to keep moni in BTC.

‎Bitcoin fit serve as better store for value than any bank savings?
‎

Yes now. One of the reason Satoshi create Bitcoin was to be a better store of value.

You believe say Bitcoin too dey risky for those people way dey depend on savings for emergency needs?
‎

No, there's alot of payment platform that provide the service that make the use of Bitcoin as payment seamlessly.

‎

Wen you mix bank savings and Bitcoin e fit become a smarter approach?
‎

Maybe but if you think about the new tax law and others. I go like to go for BTC saving instead.

‎

‎Waiting you think? Bank savings or Bitcoin share your thoughts?

Bitcoin share? Hope no be say nah those BlackRock Bitcoin ETF you dey talk about which nah the thing wey dey treat Bitcoin like jpeg.

[Jamestown70]

You can’t compare Bitcoin saving to bank savings, your savings in the bank is going through a lot I’ll say, Lol . Your money is under the centralized protection of the government, which are responsible for your fiat, whatever they say goes. Your money in the bank is being devalued as time goes on by inflation and the government decisions not just that, the banks also take their percentage from your savings for their service charge on a monthly basis or thereabout. Now they’ve implemented compulsory tax on any money you’re being paid or you’re sending to others, though there are some exemptions, the military personnels and those earning less than 800k I guess. Though I don’t have a problem with them collecting taxes, but the issue is where will all this revenue go, so far our natural resources they’ve been extracting and exploiting, what have they done with the revenue that they have generated. But if you should invest in Bitcoin, the government have no say in it, it provides you with a decentralized nature of your coin and also fight against inflation.

[Livingleged]

Waiting you think? Bank savings or Bitcoin share your thoughts?

The way I feel it should be be say for me any money wey na for long time savings, I’m putting it in bitcoin while short time savings I’ll rather keep it in usdt but money for expenditure na him I Dey keep for traditional bank.
Cus the bank they charge based on transactions within getting you any interest but when it’s in bitcoin you tent to get more money as inflation no go fit affect the value of the equivalent money.

[ruykeri]

You can’t compare Bitcoin saving to bank savings, your savings in the bank is going through a lot I’ll say, Lol . Your money is under the centralized protection of the government, which are responsible for your fiat, whatever they say goes. Your money in the bank is being devalued as time goes on by inflation and the government decisions not just that, the banks also take their percentage from your savings for their service charge on a monthly basis or thereabout. Now they’ve implemented compulsory tax on any money you’re being paid or you’re sending to others, though there are some exemptions, the military personnels and those earning less than 800k I guess. Though I don’t have a problem with them collecting taxes, but the issue is where will all this revenue go, so far our natural resources they’ve been extracting and exploiting, what have they done with the revenue that they have generated. But if you should invest in Bitcoin, the government have no say in it, it provides you with a decentralized nature of your coin and also fight against inflation.

You said that Bitcoin cannot be compared to banks. The facts you have given about banks and Bitcoin are true, but another thing is that you cannot get out of the banking system. The purpose of Bitcoin and fiat currency is different. However, I personally do not like to convert fiat currency into stablecoins. It is better to keep what you need in your daily life in the bank or as cash. Because whatever assets you keep on the exchange, you are ultimately leaving it under the control of others.

[Out of mind]

Nowadays, we know that keeping money in the bank is very risky; if you keep money in the bank, there is a possibility of loss when inflation occurs. However, we know that the money we keep in the bank does not protect much in terms of wealth. If you keep money in the bank and keep money, it will not be a good savings at all; rather, it can be risky due to inflation. However, if that money is kept in Bitcoin, I think it will definitely be risk-free, compared to any bank, if you invest in Bitcoin for a long time, it is ready to give much more profit.
Bitcoin has a limited supply, due to which no one can increase it even if they want, which will increase its demand and increase its value, and those who invest will profit. And if money is kept in the bank, the government can increase the money if they want, and inflation can occur, and then of course, the possibility of financial loss for a person is high. We know that the bank is a stable place, but Bitcoin is an independent currency that will provide value in the future and will be profitable.

[Olatundespo]

‎Those money, way we dey keep for bank, e dey help us protect our wealth?

With time and due to inflation the price of every product increases. The main reason for the increase in the price of almost every product everyday is inflation. The amount of money you deposit in the bank is not increasing. Simply put, the money you save in the bank is limited to a certain limit, but the price of every product is increasing. This means that the money kept in the bank is being depleted every day.

Bitcoin fit serve as better store for value than any bank savings?

Surely, accumulation Bitcoin with the DCA strategy can make you much more profitable than saving money in the bank.

‎You believe say Bitcoin too dey risky for those people way dey depend on savings for emergency needs?

The price of Bitcoin is volatile and risky for investment, so you should keep a backup fund (reserve fund) to meet your emergency needs. Long term DCA investment reduces risk and can provide higher returns than expected.

‎Wen you mix bank savings and Bitcoin e fit become a smarter approach?

You need cash funds for your daily needs in real life. It would be reasonable to withdraw the profit after the Bitcoin investment reaches the desired goal and make real assets. You should keep your DCA running.

‎Waiting you think? Bank savings or Bitcoin share your thoughts?

You should Convert excess funds to Bitcoin to prevent asset loss. The money kept in the bank will constantly depreciate.

[Agbamoni]

Many people dey save their money for Banks, them dey believe say na the safest option..

Banks are still safe to save money, and most banks still prioritize security. Security is not the only reason why people prefer to save in Bitcoin; at least they want someone to hold responsible if anything happens to their money. In Bitcoin, if money is lost in a wallet, you can't hold anyone responsible except yourself.

However, value is the main reason why people will prefer Bitcoin over banks. In Bitcoin, you dont loose the value of your money over time, instead you gain more value.

[Dr.Bitcoin_Strange]

We have discussed about a similar topic either on this LB or the general board, the importance of holding Bitcoin can not be overemphasize, people held their money comfortably in the bank during the past years when the fiat currency still holds value but now that devaluation is killing our fiat, people have starts to look for better solution and Bitcoin provides a great solution, it protects your wealth but you have to protect your asset from scammers.

[Skydrill]

‎Those money, way we dey keep for bank, e dey help us protect our wealth?

People keep money in banks to achieve their financial security. But inflation is the biggest obstacle here. Due to this, the value of fiat currency will decrease day by day. Money can be kept in the bank for a short time, but there is no benefit in keeping money in the bank for a long time. Suppose the bank gives 5% interest per year, but inflation is 10%. So even though you seem to be in profit at the end of the year, you have lost 5% of your wealth. Even though the amount of your money has increased, its value has decreased.



source
From now on you will understand about our currency inflation last year.

‎Bitcoin fit serve as better store for value than any bank savings?

Personally, I think holding Bitcoin is a much better way to save money than keeping it in the bank for the long term. I hope many people will agree with me. Over time, the supply of fiat currency will increase and its value will continue to decrease. But since the supply of Bitcoin is fixed, its value will continue to increase over time. However, you have to have the mentality of holding Bitcoin for the long term. Seeing that the supply of Bitcoin is fixed, it acts as a kind of inflation resistant. Which we have seen for the last 15 years. If you can overcome the volatility in Bitcoin in the short-term, then you have the potential to make much more profit in the long term.

Source

‎You believe say Bitcoin too dey risky for those people way dey depend on savings for emergency needs?

Bitcoin should never be used as an emergency fund. Rather, you should have an emergency fund for holding and investing in Bitcoin for a long time. Because the price of Bitcoin is known to fluctuate a lot. The price can fall by 30%-40% in a short period of time. So you cannot sell it whenever you want. You should take care that you are never forced to sell during the investment.

‎Wen you mix bank savings and Bitcoin e fit become a smarter approach?

You can keep both bank savings and Bitcoin as assets. But after a few years you will realize that the value of Bitcoin has increased a lot compared to the bank's fiat currency. Then you will change your decision and want to invest in Bitcoin again. But then you may not be able to buy Bitcoin at the previous price. The issue here is which one you give more priority to. But I personally think that if someone really wants to invest in Bitcoin, then he should keep some things in mind. First of all, all the money or assets cannot be invested in Bitcoin. He should invest with his discretionary income following the DCA method. Along with this, a back-up fund should be formed.

‎Waiting you think? Bank savings or Bitcoin share your thoughts?

I have answered this in the above. It is not that easy to get out of the government's economic system. We will need fiat currency for all our daily purchases and expenses. But I think Bitcoin is the best for our future financial security and economic valuation. Now the choice is yours. Different people may have different opinions but I personally think it.

It all boils down to value, what are the chances that I could make any profit if a keep my money in the bank, but with Bitcoin am very confident that my chance of making profit is at least on the high side which guarantees my financial freedom on the long run, the banking systems are usually influenced by government's policies which includes taxes and levies whenever any transactions are made and this really has its effects on account holder in terms of charges which makes Bitcoin more reliable than the banks.

[SPIDERMAN008]

It all boils down to value, what are the chances that I could make any profit if a keep my money in the bank, but with Bitcoin am very confident that my chance of making profit is at least on the high side which guarantees my financial freedom on the long run, the banking systems are usually influenced by government's policies which includes taxes and levies whenever any transactions are made and this really has its effects on account holder in terms of charges which makes Bitcoin more reliable than the banks.

It is not just about valuation. Not everything can be bought with valuable things all the time. For example, if you have gold, you will not sell gold and buy something that is less valuable than gold. In that sense, to meet your daily expenses and comply with the government's strict regulations, you will have to operate within fiat currency. And you will have to work for future security by meeting all your needs. This does not mean that you will sell all your assets and invest in Bitcoin. Since the price of Bitcoin fluctuates a lot and it is completely unpredictable. That is why even if you invest with a long-term mindset, nothing can be 100% guaranteed in the future. You can invest in Bitcoin to increase the valuation of your assets in the future, but that is definitely with discretionary income money. And the reason behind the increase in the value of any thing depends entirely on the psychological thoughts of people. Many people think that gold and Bitcoin are expensive, so they become valuable. And in the case of fiat currency, the government forces it to be considered valuable. The only difference is here.


https://www.nydig.com/research/comparing-bitcoin-and-gold

[Osiokwudiri]

Bank...As long as Bitcoin is trying to be recognized as the world central visual currency .
Most of the insurance company still have doubt on Bitcoin. Therefore prefer banking system.

[osasshem]

The rewards for saving in Bitcoin de much more higher than saving for banks. I no oh fit talk for other countries, but we know say for this our own country, the deductions from banks big pass the benefits way any customer fit get from any Nigerian banks. Bitcoin over a long term holding, you go find out say the money de get appreciation on every bullish market.

Bank...As long as Bitcoin is trying to be recognized as the world central visual currency .
Most of the insurance company still have doubt on Bitcoin. Therefore prefer banking system.

These insurance Companies, are they Nigerian based companies or foreign and are you a Nigerian based citizen as well? Cause e get why I ask.

[Hustle2025]

Saving in bitcoin provides more potential then Saving money in traditional banks, it provides higher profit and it is not stressful.
Bitcoin as a store of value have a limited supply of 21 million coin, therefore it is not subject to inflation and it is decentralised which means it is not subject to government policy or controll. Saving in bitcoin protects wealth better and provides higher profit, it protects and increase the value of the money saved because it is free from inflation.

Saving in traditional bank can not guarantee the protection of wealth in today's economy,  because it faces some challenges such as inflation,  currency devaluation,  government policy and taxation. This issues put together hinders wealth protection in traditional banks