It is better to invest in Bitcoin rather than keeping fiat currency in the bank.

[Issa56]

Just divide it into several parts, some percentage in fiat and put it in the bank, and some percentage in Bitcoin as an investment, because although holding Bitcoin is better, the fiat portion still dominates in our usage for many transactions since fiat is still the primary form accepted.

You are not suppose to leave the money which you will be using for daily transactions in bitcoin, you just have to leave that kind of money in banks, because if you decide to leave it in bitcoin, then you won’t just have choice than to be selling your bitcoin on a daily basis just to take care of things which you need.

Before you invest, make sure you have money which you will be using to take care of daily needs, the money which you are suppose to invest with is the amount which you won’t be using for long term. If you going to use the money with you in the next few weeks, then leave it in your bank, the charges isn’t so much that’s going to affect you so much.

[fuguebtc]

I want to correct am impression here, you don't save money in Bitcoin, you invest money in Bitcoin, Bitcoin is not a bank to save money, it's where you invest your money. Because it's a long term investment, is not a place where your save money you will need tomorrow or in few months, you will regret it. It's a place where you invest your money, that's why we advised you don't invest your  business capital in Bitcoin, you invest your profit and hold for very long time for you to benefit from the investment. That's the difference

Exactly, putting money into Bitcoin means we are investing, not saving.

Bitcoin is a highly volatile asset, returns come with risk, making it unsuitable as a savings option. Meanwhile, banks are places to save and maintain liquidity, not places to seek high return.

I have noticed many people are confusing these two concept, or they try to compare them despite their incompatibility for their own purposes

If we want to compare investing in Bitcoin, we should compare it to investing in gold or stocks for a more objective perspective

[michellee]

I don't save much money in the bank account, but just for my daily life and needs. I lost my confident to save my money there just because I see the profit is long gone. I only see the charges to pay their services is too much high compare to the interest that I got.

I prefer to invests in Bitcoin and keeps in there. I feels that is safer because I can controls my own money and I don't have to pay the service fees to the banks.

Your plan are good so you can starts anytime you want. But you should determine how much money you use to invests in Bitcoin.

You need discipline to run your plan and that is the hardest thing you should do. Not many people can discipline with their plan to invest in Bitcoin.

[dunfida]

I want to correct am impression here, you don't save money in Bitcoin, you invest money in Bitcoin, Bitcoin is not a bank to save money, it's where you invest your money. Because it's a long term investment, is not a place where your save money you will need tomorrow or in few months, you will regret it. It's a place where you invest your money, that's why we advised you don't invest your  business capital in Bitcoin, you invest your profit and hold for very long time for you to benefit from the investment. That's the difference

Exactly, putting money into Bitcoin means we are investing, not saving.

Bitcoin is a highly volatile asset, returns come with risk, making it unsuitable as a savings option. Meanwhile, banks are places to save and maintain liquidity, not places to seek high return.

I have noticed many people are confusing these two concept, or they try to compare them despite their incompatibility for their own purposes

If we want to compare investing in Bitcoin, we should compare it to investing in gold or stocks for a more objective perspective

But you should be that investing into the amount you can afford to lose and thats why you should be that still thinking up about on the risks rather than on going all in. It would be that too impossible that you wouldnt be able to distinguish when we do speak about the risks involved because we dont know on what the future holds but if we do speak about potential then we can definitely say that Bitcoin does have a bright future but of course just like been said that there's no guarantee when it comes into this manner and its always been recommended that you should be that still have that other options so that you wouldnt be able to just that solely depending into Bitcoin or crypto investment. We do know that more the better but of course you should be that only allocating a portion and not putting up that 100% on which we know that this is very risky.

In order for you to fight inflation then you should be that making use of those savings sitting on your bank account to be used or should be rolled specially on making up some business or investment.

[Ishicryptic]

Of what use is keeping your savings in Bitcoin when you will spend them within a short period of time, beside price fluctuates which automatically means the value per coin will depreciate before the original need for that coin arises. It's best to withdraw all savings and hold them as paper money instead to avoid all bank charges. I will rather advise keeping long term investment in Bitcoin where it yields huge returns over time than saving few coins that will spent over a short period of time.

There is absolutely no reason to save your money in Bitcoin that you intend to spend within one year because it is a volatile currency and asset, perhaps by the time you will need it to spend it might have dipped which will be a loss for you. Proper financial management is important for everybody that earns money, you need to have budget and from it you will determine how much to save on the long and short term. For your long term savings that you don't plan to spend for many years it is wise to buy Bitcoin with it, for short term savings you can trade your fiat to a stablecoins or leave it in the bank. If you are worried about bank charges then you can hold the money in physical cash that won't attract any unnecessary bank charges in your hands.

[Danica22]

I don't save much money in the bank account, but just for my daily life and needs. I lost my confident to save my money there just because I see the profit is long gone. I only see the charges to pay their services is too much high compare to the interest that I got.

I prefer to invests in Bitcoin and keeps in there. I feels that is safer because I can controls my own money and I don't have to pay the service fees to the banks.

Most of us have lost faith in banks, and that is why we chose bitcoin. However, we need to acknowledge that the main reason we choose Bitcoin is because of its enormous profit potential, not just because we have complete control over our money. Service fees are not a reason either, as they are insignificant compared to the services the bank provides us
Banks are also businesses. They provide financial services to us, so it is normal for them to charge fees.

Additionally, Im not sure if you have any emergency fund because you did not mention it But I think that in addition to money for daily need, an emergency fund should also be deposited in a bank instead of bitcoin or any other asset.

[Pandu Geddon]

So I think that keeping money in the bank is not very profitable, but there is a high possibility of further loss due to inflation. That is why it is much more profitable to invest in Bitcoin instead of keeping money in the bank, anyway, the amount of money I have left in the bank, when the price of Bitcoin starts to fall, I will buy Bitcoin with my savings.

You may need to distinguish between saving money and investing. You can still keep money in the bank for your needs, especially if in your country, few people accept Bitcoin payments. Keeping money in the bank can be for savings or emergency funds. If you keep it in Bitcoin, treat it as an investment. Using Bitcoin is possible, but in the short term, of course, you should not expect large profits. If the issue is the many fees charged by the bank, the information regarding the deductions should have been communicated when the bank account was initially opened.

[Hewlet]

I don't save much money in the bank account, but just for my daily life and needs. I lost my confident to save my money there just because I see the profit is long gone. I only see the charges to pay their services is too much high compare to the interest that I got.

No one keeps money in the bank for the sake of the interest that comes with keeping money in the bank. overtime, we have all comes to terms with the fact that the bank is just a temporary place one keeps his money either for the sake of spending or because he intends moving the money from one point to another.  the right word one can use while keeping his money in the bank can even be that you are storing your money in the bank because at the end of time, nothing much actually adds to your money far beyond what it has been like.

On a normal even with the way bitcoin can be volatile sometimes, it is not even logical to compare saving in the bank to actually investing in bitcoin because in terms of profitability, there is no way we can say that fiat is anywhere at the level of bitcoin.

[hyudien]

Now banks are no longer a viable place to save money in the long run, they are no longer trusted, in terms of cutting service fees, they have hurt customers too much.
What happened to you OP is almost the same as me, I used to have savings in the bank, just because I wanted to keep my money intact, because it was 'cold money', and I didn't check it, (my mistake) and boom! when I checked the savings, yes I was very disappointed. From there I learned to only save for short-term needs and divert 'cold funds' to assets, until I discovered bitcoin.

[Bitcoin_people]

So I think that keeping money in the bank is not very profitable, but there is a high possibility of further loss due to inflation. That is why it is much more profitable to invest in Bitcoin instead of keeping money in the bank, anyway, the amount of money I have left in the bank, when the price of Bitcoin starts to fall, I will buy Bitcoin with my savings.

You may need to distinguish between saving money and investing. You can still keep money in the bank for your needs, especially if in your country, few people accept Bitcoin payments. Keeping money in the bank can be for savings or emergency funds. If you keep it in Bitcoin, treat it as an investment. Using Bitcoin is possible, but in the short term, of course, you should not expect large profits. If the issue is the many fees charged by the bank, the information regarding the deductions should have been communicated when the bank account was initially opened.

Yes, of course I need to keep some emergency funds and invest the rest in Bitcoin. I am very happy to get your advice. Of course, I want to invest in Bitcoin for the long term. Since currently it is not very safe for me to keep money in the bank in my country, I will save some of my money and buy the rest in Bitcoin. But I want to wait for some time since the market is still at a high level and we know that the Bitcoin market will fall further according to the cycle. Accordingly, I want to plan to invest for the long term and buy Bitcoin from deep and keep them away. Although I have already made such a plan to invest using the DCA method, I think it may benefit me a lot.

[Accardo]

But I want to wait for some time since the market is still at a high level and we know that the Bitcoin market will fall further according to the cycle. Accordingly, I want to plan to invest for the long term and buy Bitcoin from deep and keep them away. Although I have already made such a plan to invest using the DCA method, I think it may benefit me a lot.

While you wait, instead of holding money in the bank, buy stable coins, then track the market for however long is suitable before you shift them into bitcoin for profits. Bank is a common place for monthly charges, which isn't great to customers, even worse for a bitcoiner, don't let them beat you into trusting their service charges.

[aylabadia05]

Recently, I have kept some of my savings in a bank account, although I do not get much profit from it, but after a few days, various charges are deducted. Today, I went into my bank account and checked the statement and saw that a lot of money has been deducted in various charges in just a few days from the end of December to the present. Seeing this, I was really disappointed and started thinking that if I had deposited my savings in Bitcoin instead of keeping them in the bank, I would have benefited a lot. If I had invested in Bitcoin, I would not have had to pay any charges here, but I could have benefited a lot from this, but unfortunately, I think I made a big mistake by keeping my savings in the bank.
So I think that keeping money in the bank is not very profitable, but there is a high possibility of further loss due to inflation. That is why it is much more profitable to invest in Bitcoin instead of keeping money in the bank, anyway, the amount of money I have left in the bank, when the price of Bitcoin starts to fall, I will buy Bitcoin with my savings.
Will my plan be good? Share your experiences.

Monthly deductions occur with descriptions such as administrative fees. Therefore, I have decided to keep fiat money in my bank account only for necessary expenses and not more than what I keep in investment assets such as gold and Bitcoin.

Keeping all money in fiat form in the bank only allows the money to remain idle, and if the duration is long, its value will not last over time. People only think about the interest they earn on the money they deposit, unaware that this is just their classic strategy. Large entrepreneurs with substantial assets only use banks to borrow money, which they then put to work and use the profits to purchase other valuable assets such as gold, Bitcoin, and other assets whose value will continue to fluctuate.

[Republikcoin.com]

~~~

While you wait, instead of holding money in the bank, buy stable coins, then track the market for however long is suitable before you shift them into bitcoin for profits. Bank is a common place for monthly charges, which isn't great to customers, even worse for a bitcoiner, don't let them beat you into trusting their service charges.

Your idea does seem brilliant, as it can at least preserve the value of your money and potentially generate a small profit since stablecoins don't fluctuate as much as other coins. However, compared to storing your money in a bank, it's clearly much better to temporarily store it in a personal wallet in stablecoins before converting it back to Bitcoin. However, if the timing is right, I think simply converting it directly to Bitcoin is also fine, as stablecoins are also only temporarily chosen.

[Accardo]

Your idea does seem brilliant, as it can at least preserve the value of your money and potentially generate a small profit since stablecoins don't fluctuate as much as other coins. However, compared to storing your money in a bank, it's clearly much better to temporarily store it in a personal wallet in stablecoins before converting it back to Bitcoin. However, if the timing is right, I think simply converting it directly to Bitcoin is also fine, as stablecoins are also only temporarily chosen.

Hundreds of stable coins to choose in the market, the right stables won't be bad and doesn't seem temporary depending on the type he chose; USDC and USDT, could offer a rest of mind, he also has to know the moment to trade for Bitcoin, buying at the current price isn't bad too, if it drops, it'll rise back above this price.

[Jegileman]

So I think that keeping money in the bank is not very profitable, but there is a high possibility of further loss due to inflation. That is why it is much more profitable to invest in Bitcoin instead of keeping money in the bank, anyway, the amount of money I have left in the bank, when the price of Bitcoin starts to fall, I will buy Bitcoin with my savings.
Will my plan be good? Share your experiences.

Starting off a Bitcoin investment is never an idea to be disregarded. It may feel very hard to kick off but maintaining your investment plans and achieving them is the best thing you can do to yourself in this technologically driven era. Bitcoin investment also requires one to have some savings meant for emergency purposes, this should not be in Bitcoin but in your fiat currency which you use for your daily expenditures. The Bitcoin market is very volatile and it’ll not be nice to actually see that you’re taken from your investments when the market is facing a downturn, so basically one should stick to them not using their bitcoin investments as a place to save emergency funds.

[Samlucky O]

Surely the way bank charges their customers tis days Is alarming. I know that we can completely stay away from bank but there is a limit to how we use them. It is good after we get our source of income we divide it by using settling our basics needs, sort out our top priority and invest in Bitcoin,  then we can use the remaining and set aside for emergency and or reserved fund, so that this will help us not lose much to bank charges. You know bank charges high when they save more for you or when you did more transaction with them
 So Bitcoin is the best place to save. But don't also forget that Bitcoin is volatile, this implies that the price may drop from the original price you once bought. It will be better you invest for longer time if not the fall in price may be worst than transaction fee and tax.

[Shinpako09]

Of course, btc is an investment and clearly has a good future. But keep in mind, don’t put all your eggs in one basket. It’s better to leave some extra cash in your bank in case of emergencies. Also, if the price falls, the losses might be bigger compared to your expenses. But the good thing is, you can still recover as long as you don’t sell at a lower price than when you bought it, because eventually the price will go up again. Unlike those expenses, that money won’t come back no matter how long you keep your money in the bank.

[AmaGold70]

I don't keep money in my Fiat account for it to add value because we all know that Fiat doesn't add value but it debits you for nothing reasonable so regardless I still need to keep money in my Fiat by easy usage and I can't abandon Fiat currency as it has always been there even before Bitcoin was introduced to the world. Bitcoin and Fiat actually have one thing in common and that's reducing it's value but Bitcoin is better to rely on because it may reduce in price but there's hope for you to still recover and have more added interest to it if you don't sell at it's lowest so basically what I'm saying is you shouldn't put all your finances in Bitcoin alone, also keep a little amount of it in your Fiat too for emergency.

[yixichloro2xx]

‎That is a normal thing everybody face. Banks always charge people's transactions and inflation also play a part by downgrading the value of savings. Sometimes it feels awkward when watching your money losing value without doing anything wrong. Bitcoin is still the best option to save in because there are no charges attached, not under any governmental control and always rewards long term holders. But you need patience for that to work. But still it's not good to move all your money into Bitcoin at least keep some Inside bank to be for emergency and other expenses .

[asriloni]

Your plan seems good to cv your cash into the hedging asset such as Bitcoin. However, i only remind you be patient before trying to put your money in Bitcoin. If you're planning to DCA Bitcoin for long term, that's fine. Yet Bitcoin's pattern is clearly forming a local top, which can lead into the death cross pattern.

If i were you, i would have some patience to put my money into the staking platforms while waiting for Bitcoin goes lower may be at the middle of this year.

I know the choice is yours but try to minimize the risk by entering at the deeper price is good tho. It can also let you to get profit faster instead of buying early, then dump and it takes longer time just to BEP.