Fact: Crypto Savings Are Far Better Than Bank Savings.
Alright, my Steemit ladies and gentlemen, I trust you are doing well and having a nice time with your loved ones. Today is another interesting day here for us all to look out for the reasons why crypto savings is better than bank savings.
Cryptocurrency is now the talk of the day in our society when discussing investments due to the opportunities that cryptocurrency offers investors and traders. Nowadays everyone is afraid of inflation, which is the reason why people are now looking for a way to invest their money in other ways to avoid inflation, just like in the case of Nigeria, where the naira keeps failing against the dollar. As of the time of writing this post, $1 = 850 naira, which was 710 naira 3 days ago.
In regards to that, our banks and other traditional financial institutions have lost their trust due to the charges and low-interest rates that customers get on their savings. In a traditional banking system, you can only earn interest on your savings and fixed deposit accounts if you don't make a withdrawal in a month, which is not fair.
You can as well imagine having $5000 in your bank account to receive an interest rate of 0.5% monthly and $5,000 in your crypto wallet, such as Binance Flexible Savings, for a daily interest rate of 0.5%. This simply means that at the end of the month, you will earn a higher interest rate from saving $5,000 in crypto than from saving the money in the bank.
Having said that, Crypto Savings is a type of savings account that is categorized into flexible, fixed, locked savings, etc., which allows traders and Investors to deposit cryptocurrencies to earn interest. In a crypto savings account, you get paid interest on your deposit daily, weekly, or monthly, depending on the type of savings plan you choose to subscribe to, unlike traditional bank savings accounts, where you can only earn interest at the end of the month if you didn't make a withdrawal.
Having discussed that above, below are the reasons why crypto savings are far better than bank savings.
- IT IS DECENTRALIZED.
Cryptocurrencies are decentralized assets, which means you have control over your assets, which means you can decide to withdraw your money and make use of it at any point in time without filling out forms or involving third parties, unlike in the traditional banking system, where you have to notify your bank first.
- YOU ENJOY HIGH RETURNS.
Crypto Savings offer you a higher return, which you can earn daily, than traditional bank savings. In crypto savings, no matter how small your Investment is, you will still be earning interest, which is much higher than what banks offer, and the volatility of crypto can make your money multiply when prices rise.
- YOU ENJOY FREEDOM.
As a crypto trader, you enjoy the freedom to access your money at any time, unlike bank savings accounts, where you don't have the freedom to access your money. With crypto investment, you can decide to buy and sell at any time, so you don't need to worry about working hours or restrictions on when you should withdraw your money.
- YOU ENJOY THE GROWTH POTENTIAL.
Every cryptocurrency has potential growth, which means holding a cryptocurrency that is worth $0.5 today can be worth $3 in the future as people keep buying. In a savings account, it is only the interest that will make your money increase.
- YOU ENJOY SECURITY.
Crypto savings offer us better security than our traditional banking system. In a crypto savings account, our digital assets are stored using encryption, which is accessible using private keys, which makes it difficult for hackers to hack, whereas in a traditional banking system, our money is open to fraud, and in the case where you lose your debit card or credit card, you may likely lose your money to an internet fraudster.
Conclusion
When it comes to savings, what Investors or customers are interested in is the return on investment (ROI), and crypto savings offer us more opportunities to earn interest from savings than the traditional banking system, which we have learned about in this post.
However, it is good to know that cryptocurrencies are subject to volatility, which makes it very important for you to do your research before investing. This post is not meant for financial or business advice but serves as educational purposes. For more of this, you can read from the reference link below where I did some researched.
Reference
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there are 3 points that I like about us saving crypto.
nice review guys.
Thank you sir, for stopping by.
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Where is twitter promotion?
I have just shared it now on Twitter. Thanks for the reminder.
https://twitter.com/AkwajiAfen/status/1682405333614952448?s=20
Dear @josepha ,
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You have explained why savings in cryptocurrency is better than bank savings and I agree with you on this, however, you gave a shallow explanation on the reasons crypto saving is better than bank savings.
There is always room for more content, please improve the quality of your post!
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Thank You.
Thank you sir, for your reviewed.