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

[Minor Miner]

There is nothing wrong with holding stablecoins, and that is what most investors do before investing in bitcoin. But do not think they are any safer than fiat and banks.

Stable is pegged at 1 USD and drops by a range of 0.01% to 0.04% a small fraction of the whole, then normalizes at 0.99 at most. The benefit of the digital fiat is to escape steady deductions, like Op complained, lost value on stable coin isn't bothersome. Except for the centralized nature of stable it's fine to hold around for months or even few years.

As I said, stablecoin are no different from fiat and they also depreciate over time. Because the USD is also depreciating, not just the currencies of other countries. So it would be ridiculous for you to complain that depositing money in the bank is causing your money to lose value due to inflation, the devaluation of the currency. But you are satisfied and believe that your money is safe when it is deposited in the form of stablecoin. LOl

Another point to note is that fiat will depreciate over time, but it will not collapse easily. But for stablecoin pegged to the USD that have unclear and non transparent reserve, such as USDT. They could collapse at any moment

Holding stablecoin for years on centralized exchanges is an extremely bad idea, and far worse than depositing money in a bank.

[Iranus]

Being with you on these topics and comparing it to the current situation of bank transactions, i prefer buying Bitcoin aggressively as much as income can carry me than saving money in the bank, the rate in which bank charges is really going on right now is so alarming that customers are finding very difficult to run transactions because the charges are too high in such away that every transaction is being charged high in my country currently, so it is very adviseable to invest with your income and benefits in future than receiving debts in all transactions you make in the bank.

Just out of curiosity, could you tell me how much the bank charges for each transaction? What are the monthly or annual service maintenance fees? Because, as far as I remember, the annual fee for the bank Im using is under $5/year, and most domestic transactions are free. That fee is not alarming enough to warrant stopping all deposit at the bank

Between depositing money long term in a bank and investing in Bitcoin, I would also recommend investing because it helps us cope with the devaluation of currency. But I disagree with the assertion that bank fees are too high and that we should not deposit money solely for that reason.

[Gozie51]

I have the same experience like you with bank accounts. The banking system is built with different levels of charges on holder's account by compulsion. Depending on the account someone is operating, service bill is charged on those different accounts and not just that, there are other charges that look minor but they are not actually when you calculate them on a long term. Keeping money in bitcoin is better because you have opportunity of increasing the worth or value of it but inflation will reduce the value of your fiat.

Charges are being deducted from each customer's account differently. I don't see any problem with it. Because it has been happening for a long time. When we deposit our money in bank and they provide security of money by deducting some charges from it. And to say that no problem is faced in the long run. But it is possible to make money by investing in Bitcoin. However, a slight change in the market can actually result in a lot of money loss, compared to which the bank charges are very small. Moreover, full responsibility rests with oneself and is under one's control.Which is not possible by saving money through banks.

Are you now implying that it is better to keep money in the bank because according to your analysis, the bank charges are even small compared to "the security that they provide on the money". But, do you know when you keep your money in the bank that the bank loan it to other customers and collect profit percentage on the same money? Do you also know that inflation hit your money and when you bring it out, you can't buy same product with same amount previously? It depreciates. If you put same money in btc, you are likely going to get a profit than giving it to banks to charge you for security, maintenance etc.

[Just Say]

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.

Of course you are right that keeping money in the bank is not very profitable because you need to know that if you keep money in the bank, it will be affected by the inflation trend. Moreover, I have evidence that fiat currency is very depreciated and its value suddenly drops a lot, for example, the value of the local currency of Iran (IRR) has now dropped a lot so it is needless to say that the value of the money that the citizens of that country had deposited in their central bank has also decreased.

At this point it seems to me that if the citizens of Iran could deposit their Iranian currency in this BTC instead of keeping it in the bank, it would act as an alternative against inflation and they would be financially well-organized. In fact, one of our goals in accumulating fiat currency is to keep it for sustenance and keep it for emergency funds but with the remaining FIAT, one should definitely invest in BTC for a few cycles.

[Swordsoffreedom]

Of course you are right that keeping money in the bank is not very profitable because you need to know that if you keep money in the bank, it will be affected by the inflation trend. Moreover, I have evidence that fiat currency is very depreciated and its value suddenly drops a lot, for example, the value of the local currency of Iran (IRR) has now dropped a lot so it is needless to say that the value of the money that the citizens of that country had deposited in their central bank has also decreased.

At this point it seems to me that if the citizens of Iran could deposit their Iranian currency in this BTC instead of keeping it in the bank, it would act as an alternative against inflation and they would be financially well-organized. In fact, one of our goals in accumulating fiat currency is to keep it for sustenance and keep it for emergency funds but with the remaining FIAT, one should definitely invest in BTC for a few cycles.

What happen to IRR is not only a consequence of inflation, but also due to geopolitical instability, sanction and isolation from the global financial system

It is not just with the IRR, inflation is causing all currencies of every country to depreciate over time, including the USD. Therefore, it is not advisable to deposit large sums of money into a bank for the long term, regardless of where you are from, not just in Iran. Instead, invest in bitcoin, or assets with the potential to appreciate over time, such as gold or stocks

[Oshio-man]

It depends the kind of bank you are operating in your country because there are some  government officials that is monitoring every transaction that is going on in all banks and their deductions that is going on in all banks and if anyone disobey any central bank rules and regulations, such bank will face the law, there are many banks who have been closed down because of wrong deductions from their customers, now that many investors have heard about bitcoin investment and they have seen results from other bitcoiners, it will be good if they can invest what they can afford to lose in bitcoin because the price of bitcoin is not control by the government, and it increase and decrease by the power of supply and demand in the market.

[EarnOnVictor]

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

Perhaps you are ignorant of how banks works, especially if your purpose is to save. But in the end, you will earn, not lose. No country can have more charges in bank than my country, yet savings is a good bargain when it comes to added value, though little, but for this context. You might be charged the SMS money and withholding tax on interest  accrued majorly, and these are far lesser than interest that will accrue on the savings in a week, month, etc.

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.

Don't forget that Bitcoin will not spare you the to and fro fees. These charges are far more than all the charges possible by my bank in most cases. Again, Bitcoin is not an automatic gain, you might see your money depreciated as well, especially if you have a target/timing for the liquidation.

For instance, if your target was to keep the money in my country in Bitcoin for one year and started last year, you would have suffered double losses. You would have lost in Bitcoin depreciation and also lost in exchange value, because my country currency appreciated about 25% against the USD.

Careful planning and timing make Bitcoin win, so it's not automatic.

[SOKO-DEKE]

Saving money in a bank is not a way of investing, but when our money is being invested, is the best. Like investing in Bitcoin, but let it be known that the money that should be invested should not be the money that we would like to use in a short period of time. Money that should be invested in Bitcoin should be money that we are not going to use for a long period of time. But if we mistakenly invest money that we plan to use in the short term, it is very possible that we will regret it. Bitcoin is volatile in nature, and the price is always going up and down. It is possible that when we need the money, the price may be down, which can lead to selling at a loss. So, money that we would like to use in the short term should not be invested.

[Proty]

Saving money in a bank is not a way of investing, but when our money is being invested, is the best. Like investing in Bitcoin, but let it be known that the money that should be invested should not be the money that we would like to use in a short period of time. Money that should be invested in Bitcoin should be money that we are not going to use for a long period of time. But if we mistakenly invest money that we plan to use in the short term, it is very possible that we will regret it. Bitcoin is volatile in nature, and the price is always going up and down. It is possible that when we need the money, the price may be down, which can lead to selling at a loss. So, money that we would like to use in the short term should not be invested.

yes Saving money in the bank isn't an investment because inflation can still have an effect on it. But in the case of investment it won't be possible for inflation to affect it. However investing in bitcoin shouldn't stop anyone from saving money in the bank Moreover emergency funds is supposed to be in fiat and not in bitcoin incase of there is emergency, it can easily be accessible to be used.

[Asiska02]

The right time to invest in bitcoin is now, so asking if investing in bitcoin is the best approach to take now, your answer is yes and you should not hesitate to do that. Money saved in banks will incur for you more charges unless if that money is invested into something through the bank and you get to profit timely. Yes, banks also offer investment opportunities but how transparent theirs is what I cannot vouch for now. So just keeping money in your bank account as savings will only make you lose the value of your money more. Inflation is mostly at the peak, so there’s no way you can escape that when you’re ready to withdraw your money from the bank. Focus more on bitcoin investment, the transparency and stability of investment is top notch and matched to none now.

[hyudien]

yes Saving money in the bank isn't an investment because inflation can still have an effect on it. But in the case of investment it won't be possible for inflation to affect it. However investing in bitcoin shouldn't stop anyone from saving money in the bank Moreover emergency funds is supposed to be in fiat and not in bitcoin incase of there is emergency, it can easily be accessible to be used.

The point remains to be balanced, I personally do it, saving in the bank and saving fiat at home, this is intended so that my bitcoin investment is not disturbed, I put the two savings as and emergency, because as you said, when I need funds quickly, I can use savings in the bank or fiat savings at home, so there is no need to wait to sell bitcoin first, which will affect investment, because we will not know the price of bitcoin will be at which point when facing this emergency. The most important thing is not to put savings in the bank as a long term.

[Orpichukwu]

yes Saving money in the bank isn't an investment because inflation can still have an effect on it. But in the case of investment it won't be possible for inflation to affect it. However investing in bitcoin shouldn't stop anyone from saving money in the bank Moreover emergency funds is supposed to be in fiat and not in bitcoin incase of there is emergency, it can easily be accessible to be used.

If you are getting a small profit from your bank savings, that is also an investment if you ask me. As long as you stake the money to get something in return, inflation might take more than the bank is offering you, but that does not still take it away from being an investment, and Bitcoin is affected by inflation too, but not as heavily as it hits local currencies. Since the value of Bitcoin keeps increasing, it appears like inflation does not affect it.

[DanWalker]

If you are getting a small profit from your bank savings, that is also an investment if you ask me. As long as you stake the money to get something in return, inflation might take more than the bank is offering you, but that does not still take it away from being an investment, and Bitcoin is affected by inflation too, but not as heavily as it hits local currencies. Since the value of Bitcoin keeps increasing, it appears like inflation does not affect it.

Depositing money in a bank has never been considered an investment. When you deposit money into a bank, it means you prioritize safety, do not want to take risks. Meanwhile, investing alway involve risk in exchange for value appreciation.

Depositing money in a bank is a form of saving and a defensive measure, while investing is a form of attack, we accept volatility and risk in order to seek profit.

To me, comparing depositing money in a bank and investing is like comparing apples to oranges.

[rezakurnia66]

You can learn more from my simple comparison the benefit earn when investing money trough fiat in the bank and cryptocurrency in bitcoin,

• You save $1000 in the bank the amount keep the same until three or four years later maybe get several deduction of bank fees administration for monthly
• You save $1000 in bitcoin possibility increase up to $1500 or possibility get lower under $1500 depend the moment you entry to buy bitcoin at lower or higher price but saving bitcoin you don't need to pay fees administration

Absolutely I won't save my fiat in the bank only for deduction of fees administration and better to all in for bitcoin but entry on the right time to buy bitcoin, in my opinion entry at the right moment you have bigger chance increasing the assets values around 10% easily by investing in bitcoin.

[free-bit.co.in]

Absolutely I won't save my fiat in the bank only for deduction of fees administration and better to all in for bitcoin but entry on the right time to buy bitcoin, in my opinion entry at the right moment you have bigger chance increasing the assets values around 10% easily by investing in bitcoin.

Investing in Bitcoin is a wiser decision than depositing money in a bank, but going all in on Bitcoin is no longer a good idea. Because, as you said, Bitcoin is volatile and it could go down instead of up. Imagine what would happen if you urgently needed money and your Bitcoin investment was temporarily losing money? Therefore, despite its many shortcomings, banking still play an essential role in our lives

Additionally, you should have a broad and long term perspective when investing in bitcoin. Do not let short term profits of 10% or 20% cloud your judgment and cause you to miss out on bigger opportunities