Steemit as a Savings Account?
A short little blurb to point out the benefits of using Steemit as a savings account.
Spending sometime in my Steem wallet late last night, I never noticed the APR(annual percentage rate) interest on the steemit dollar held in my account is 10%, no bank offers this savings rate.
Many of us can agree the banking system is completely corrupt, the big ponzi scheme in the world! Hence crypto-currency is born. Anywhooooooo, I like the idea of being able to travel, buy groceries and many other things, so naturally, any way to make my money grow is very appealing to me.
Looking into the five big banks in Canada, I can see they all offer the same low interest rates. These rates as far as I can tell don't generate much profit. Let me point out, I'm in no way a financial guru and you should really look into this yourself, my opinion could be so way out in left field it could ruin your life! Okay, I'm a drama queen but seriously, it is only my observation and opinion!!!
Original images, Personal trainer, not financial advisor
Interesting idea - I have to admit I was surprised to see such a high interest rate here when I first joined! I do agree with @aggroed's comment, though - since the value of Steem can fluctuate a lot, it's best not to rely on it too much, though it can be an advantage to you depending on how you make use of it.
steem goes up and down in value depending on what the whales do that hold 95% of it. It will probably be profitable in the long run, but I wouldn't put money you think you might need in the short run in.
Thanks for the tip! :)
great post!
Thank you :)
Great post. Thanks for sharing. Up-voted, now following & looking forward to reading more of your stuff. I posted a piece earlier about the potential valuation of Steemit that you and your followers may find interesting. If you get a minute have a read. It has certainly got my Twitter followers thinking!!
“STEEMIT is no ordinary Social Media site, it’s pure GOLD..!!”
https://steemit.com/steemit/@stephenkendal/steemit-is-no-ordinary-social-media-site-it-s-pure-gold
Cheers.
Stephen
Thank you for your support :) and enjoyed your post! Upvoted and now following you.
Thanks, I appreciate it. Stephen
you are very right! I just get worried incase you make it all the way to nearly a year with the APR and steemit disappears or something similar. I know steemit may just be extra added bonus money, but if you totalled a lot of money in your wallet that would be such a blow! whats your opinion on this?
It does seem to be a risk, but with banks pushing for bail ins how safe is it to keep a savings account with them? Crypto currency appears to be the future and worth the gamble imo. Turning any currency into life saving tangible items may be the only way to ensure there is no real loss of "wealth"!
Good observation. Better to keep $ in here. up voted. Appreciate your up voting my blog. Following you too.
Thank you :) Followed back!
APR currently is 0% APR