Good day friends hope you enjoying your weekend.
My discussion to is about saving money in cryptocurrency better than than banks.
Saving money in cryptocurrency is better than saving in the bank. With the abundance of scams, frauds and theft in this space you need a good system to keep your funds safe. This guide will teach you how to secure your coins, as well as how to avoid getting hacked in the first place
There are many reasons why saving money in cryptocurrency is better than saving it in a bank. First of all, banks charge fees for holding your money. For example, if you were to earn $5000 in interest from your savings account and the bank takes away $500 of it as fees, then you have actually earned $5000-$500 or $4500 in interest. On the other hand, some cryptocurrencies do not charge any transaction fee at all which means that your earnings increase by 100%! Second of all, when you save money with a traditional banker they charge you interest in addition to taking something called a 'spread' (the amount they make by borrowing money at lower rates than what they lend it out). This spread can be between 1% and 5%. However, when you invest in crypto there will be no markup on prices so even though you may be loosing 20% due to the market price going down over time, when the price increases 10x times over two years the profit will still be far higher than if you had invested in traditional currencies like USD or EUR where during that same period the value may only increase 1%.
The reason for saving money in cryptocurrency is better than saving in the bank is that institutions set interest rates based on their own business goals, not customer needs. With a savings account, you deposit your money and receive interest on it. However, the banks can change that rate at any time, effectively reducing your returns. On top of this, it takes you an average of 14 days to actually access the money you deposited – think about how much interest your losing out on during that period!
Banks are good to keep your money but for me, I prefer cryptocurrency. So everyone have to make there own choice.