The following is a post from my blog at www.learntotradebitcoins.com
Being a student, money is often a top priority. From rent, food, books, loans and other expenses you will be looking for the best bang for your buck at opportunity. This is no different when it comes to savings bank accounts for students. Even though banks often offer students better rates In the hopes that they will stay with them later in their adult years, the interest rates on your savings will be low.
For the US I found interest rates as low as 0.06% annually while in the UK interest rates of 1-2% are the norm with higher interests for a so called fixed-rate savings accounts whereby you cannot access your money for 2-3 years.
Why is a Savings Account such a Bad Idea?
Since savings accounts have such a low rate of interest you are actually losing money by keeping your money in the bank. Inflation rates are between 5-7% and depending on where you live they could even be more. This means that every year your loses 5-7% of its value. Let’s say you had $2,000 in a savings account. That’s a whopping loss of $140. You now essentially have $1,860 of purchasing power.
Where can you go for Better Deals?
You simply will not find better deals within the banking industry. Your best bet is at the Bank of Satoshi. Satoshi Nakamoto the creator of Bitcoin that is.
If you had Bought Bitcoin in 2016
Imagine you had bought Bitcoin on 20th June 2016 at $763 per bitcoin. You would have been able to buy 2.62 Bitcoin for $1999.06. On 28th September 2017 that same amount of Bitcoin would be worth $10,871.83.
Buying Bitcoin is Still a good Idea
With price rises like these you may think that you have missed the boat on Bitcoin but this is not the case. You can investment in Bitcoin. The supply of Bitcoin is limited at 21 million therefore, as demand for Bitcoin increases so will the price. Also, even if you think the price of one whole Bitcoin is too much for you to buy in one go you can buy a fraction of a Bitcoin. You can start with a little as you want. You can even buy $5 worth.
