We are near our path to achieving an ever amazing grace through our crypto holdings because of the current bullish Bitcoin season
To say the least, it is quite refreshing to our eyes about seeing Bitcoin price appreciation and I am only hearing about good news about it where some people that I listen to is saying this and that about why Bitcoin is rising in value. Well for me it is about the demand and the fact that Bitcoin is a limited digital resource and is a safe haven for people and institutions to park their money in order to save its value from the effects of inflation.
It is not good to have our money to just sit in the bank because it will soon lose its purchasing power in the long run. It is better to save it in interest-yielding banks because at least your money can earn a small amount to cut the effects of devaluing local currency against the dollar.
That is why I am holding most of my wealth via cryptocurrency and it includes my savings and my emergency fund. I plan to if I would "cash-out" to put some of my FIAT money on my e-wallets that offers interests and enjoy the earnings in a daily basis. Luckily we have digital banks here in my country that does just that and because there are many of them, they are competing now in offering the best services and in turn, it is for the win of their customers as these digital banks would offer the best interest in favor of their customers.
Anyway, I am seeing that the value of my local FIAT currency is getting weaker than the dollar. In a way it is good for me because I am somewhat earning dollar through my crypto holdings which is why I would tend to earn more when my local currency is affected by inflation. However, the price of local goods and everything here in my country would tend to increase and what I would earn extra if my local currency gets weaker tends to get used-up because the purchasing power of my hard cash also goes weaker when I buy things that I needed and wanted.
So it pays a lot when you would earn dollars particularly through cryptocurrency because of the dynamic way of earning through this rather peculiar digital currency which many people are still not using. It is because when you are involved in using cryptocurrency, you tend to be given many chances of buying at low prices and with some little patience and of course with a little bit of research on how things work in the realm of cryptocurrency world, you will learn that there is a point in time that you can sell in profit and that is a certain fact.
Thanks to Bitcoin cycle of boom and bust, it feeds the engine of opportunities of when to sell and when to invest in especially in Bitcoin which is a sure way of profiting if you just look at the charts, then you will determine on how you would plan in making your financial moves in order for you to have an assurance of making more use of the digital assets that you had invested in all because of the force of Bitcoin's fundamentals which is the life blood of all cryptocurrencies out there because all of the Altcoins are just dependent on how their value would appreciate and depreciate.
Many people say that the volatility of the prices of cryptocurrencies including Bitcoin is one big factor on why they are staying out of it. Little that these people know that volatility is our friend because again like I mentioned above, the medium term volatility in particular would allow us to buy at a cheaper prices. It will then also allow us to sell when prices would pick-up particularly from cryptocurrencies with good use cases because Bitcoin will again pave a way for another price jump because of its bull run which is inevitable to happen after its supply would get cut in half every four years or so.
The price of Altcoins would mirror the price action of BTC but more often in a more pronounced way because the altcoin prices tends to move bigger within the final months of Bitcoin bull season. That is why there are also many investors in Altcoins as they tend to get their return in investment (ROI) faster compared to if they would invest in Bitcoin. However investing in Bitcoin is a safer "bet" because your money will perpetually grow in value in long-term even if you don't trade it and it will only take a little time until you see the value of it grow because of the growing demand for it while its supply dwindle which makes it more valuable than anything else in this world.
Disclaimer: All of my statements here are just my opinions and personal belief and must not be taken ad facts. You should do your own research (DYOR) before involving yourself in the volatile nature of cryptocurrencies in order to avoid potential financial losses.
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Just like you I have Bitcoin and keep it because it os limited. Unlike you we don't have many oine banks and a part is not even Dutch which causes issues if yiu pay your rent or only habe a debit/credit card the payment tools don't accept. Also taken cash is punished amd interest? I can not remember receiving it for at least 10 years if not longer. Also the costs for a bankaccount, use of the app, debit card, every payment can be high.
I changed to a foreign bank though this might be a risk.
We have digital banks here which supports cryptocurrencies and is approved by our country's central bank. Their digital wallet can be used to pay anything from mobile loads to actually investing in stocks lie the number 1 digital wallet called "GCash" which can be used by citizens here in other countries to remit or receive cash and cryptos too.
Some digital banks also pays decent interest if you save your cash in them which is much better than a regular banks. The amount is also insured but only to a fixed amount.
It pays when the government and the central bank encourages people to use such things like digital ways and means of transactions because both parties wins for the reason that it gives people convenience in buying, paying, and doing their own businesses bug or small.
It sounds you are far ahead of us. Digital banks here are common banks without an office. It's do yourself while you pay for it. The only online bank I know where you can buy a few crypto is Revolut but you are not able to use it for a payment or send/transfere crypto to that wallet or other wallets. Also what they charge is expensive so I will not use it.
The only "wallet" the banks will introduce is the one meant for the digital euro which means the Central Bank will decide if you receive and if I may believe the WEF plans they will also decide in time on what to spend it and savings are not allowed (Like Klaus Schwab preached: We all will own nothing and be happy).
all as in the plebs
Since banks are private institutions or reigned by a few wealthy families I doubt we will ever earn interest except for a short time where we all will be tricked into using it. For sure that will work since Dutch people are raised to save and be happy with 10 cents plus they still save stamps with the groceries to exchange them for money once they need it (so am I and if you ask me this is the only interesting interest system better than any bank offers except perhaps for Wise an exchange online service offering international bankaccounts and online payment/transfers (they became very expensive this year).
I wrote the bank you mentioned down who knows one day I find info or a way to check it out.
Thanks for the information. It's appreciated.
Upvoted! Thank you for supporting witness @jswit.