• Please note to have a link in an article you must first request permission from the administrator and pay a fee. You can read more information here.

Bank saving versus bitcoin wallet

Kamon c4

Madly Diligent
5000+ Posts Club
USD
$0.0000USD
Biznotes
0
Bitcoin wallet isn’t secure to save money. Cryptocurrency can be subjected to cyber attack and money can be lost in the process. Bank is the most secure way of saving money and valuables. Not only money can be saved in the bank, even golds, diamonds, silver and many other valuables can be saved in the bank and it’ll be safe there
 

Vladv26

Seasoned Veteran
1000 Posts Club
USD
$1.0000USD
Biznotes
0
Keeping your money in banks is the safer option because there is no volatility there and you'll also earn some interest annually. Saving your money in bitcoin is more dangerous but comes with its own advantages
 

Damscooguns73

Seasoned Veteran
1000 Posts Club
USD
$0.0000USD
Biznotes
0
Comparing bank to a bitcoin wallet, well, nowadays bank is only meant for saving your money with little interest after month end, some banks even deduct some charges in your account while bitcoin wallet is a trading wallet
 

zagzagi

Up-and-Coming Sensation
100 Posts Club
USD
$0.0000USD
Biznotes
0
31 percent of the world's population, that is, one out of every 3 adults (1.7 billion) has no bank account. But of these 1.7 billion people, 2 out of 3 have mobile phones. It is also crucial for global financial inclusion, for overcoming poverty. Bank account and cell phone duo; It provides access to financial applications, digital services such as bank (payment) cards and mobile money.

When we make an EFT from our bank account, we transfer the money of a bank in its central bank account to another bank in our favor. Crypto money, on the other hand, means that we, as an individual of monetary size created by the central bank, directly control that money without any intermediaries. It can be transferred from individual to individual, from individual to company, without an intermediary bank.
 

chicnthin

Seasoned Veteran
1000 Posts Club
USD
$0.0000USD
Biznotes
0
What you meant with bank savings I assume is, storing your money in there, right,? Well, I think, bank saving have less risk compared to bitcoin wallets. Although bitcoin wallet or any other cryptocurrency wallet would give you more profit. But it's riskier and the profits you would make depends on the price of the certain crypto.
 

mahdi304

Resident Member
500 Posts Club
USD
$0.0000USD
Biznotes
0
on top of the profits and/or the losses you might make with bitcoin, bitcoins transactions are irreversible and more importantly, if you forget or lose your seed phrase, then there's no way to recover your wallet whatsoever.
 

Dylinks

Resident Member
500 Posts Club
USD
$0.0000USD
Biznotes
0
Bank savings is a risk free system and it is small in terms of returns while Bitcoin savings is violatile in nature i.e it can increase or decrease anytime but the returns is always greater compared to bank savings.
 

Ojonuyo

Seasoned Veteran
1000 Posts Club
USD
$0.0000USD
Biznotes
0
From my personal experience with savings so far, you can safe your money in your bitcoin wallet and wait till the price is high,once it raise withdraw your money quickly before the price fall again. It is better in your bank account than in your bitcoin wallet.
 

Harkinz

Familiar Face
USD
$0.0000USD
Biznotes
0
I have sat and wonder in search for answers but could not find any answer to my question.
What is the difference or in what way is bank better off than bitcoin wallet or vice versa?
Banks will keep deducting your savings but bitcoin wallet, no matter how it fall, it shall rise strongly again.
 

btaliat

Ledgendary Member
5000+ Posts Club
USD
$0.0000USD
Biznotes
0
When it comes to saving, having bitcoin wallet is better than keeping money in bank. Your money in bank is idle and may not even increase in value but when your crypto increases, its value increases and you will make huge profit.
 

Richard92

Ledgendary Member
5000+ Posts Club
USD
$0.0000USD
Biznotes
0
I prefer bitcon wallet than bank savings because of the interest accumulation on your Bitcon wallet. These days bank do not really add interest to your money in the bank, what they do is to remove interest charges from your money every month. Bitcoin wallet is some how an investment because when bitcon rises your money increases.
 

Tinaconcept

Paragon Member
1000 Posts Club
USD
$0.0000USD
Biznotes
0
Bitcoin savings is better to bank savings not necessarily only bitcoin you can buy other alt coins and hold till of rises to certain percentage of your choice but on bank savings no much interest just that you have access to your money anytime hike in bitcoin where you have get a buyer first in order to get cash
 

Nicklas22

Seasoned Veteran
1000 Posts Club
USD
$5.0000USD
Biznotes
0
Putting your money in a bank keeps it in its original fiat currency. If you put dollars in, the contents of your bank account will remain dollars. Investing in bitcoin transfers your money into a bitcoin token. If you purchase bitcoins, the contents of your wallet will be bitcoins.
 

Omonijo01

Reputable
100 Posts Club
USD
$0.0000USD
Biznotes
0
Bitcoin wallets is far better than bank saving because if you save in a Nigeria back expect the remover of charges and federal government have also signed a new law that will enable them to borrow money form your account if.....
[automerge]1610111093[/automerge]
Bitcoin wallets is far better than bank saving because if you save in a Nigeria back expect the remover of charges and federal government have also signed a new law that will enable them to borrow money form your account if.....
 
Last edited:

Alexandoy

Ledgendary Member
5000+ Posts Club
USD
$0.0000USD
Biznotes
0
Maybe I have to agree that the weakest investment in terms of interest and profit is the savings in the bank. Especially now that the interest rate of banks are so minimal that I cannot feel it. With the crypto wallet I have a read many times that the value of Bitcoin is now rising again so those with funds in their crypto wallet would be having a heyday with the profit of their funds. However, the downside is that the value of crypto currency can fluctuate wildly that now it is high and tomorrow it is very low.
 

Heatman

Valued Contributor
Valued Contributor
40,000 Post Club
USD
$0.0000USD
Biznotes
0
I have sat and wonder in search for answers but could not find any answer to my question.
What is the difference or in what way is bank better off than bitcoin wallet or vice versa?

You have full control over your cash or money in your wallet unlike when it's just in the bank account. Banks can mess up with your money with unnecessary fees unlike your wallet where you don't get charged any penny.
 

MarieArie

Paragon Member
1000 Posts Club
USD
$0.0000USD
Biznotes
0
I have sat and wonder in search for answers but could not find any answer to my question.
What is the difference or in what way is bank better off than bitcoin wallet or vice versa?
Saving in bitcoin seems the best option nowadays. You money tend to multiply when you channel your money into bitcoin chain. If you save in bank, you money will just be used for some other investment and you will get little commission in the name of interest.
 

GIFTMICHAEL

Ledgendary Member
5000+ Posts Club
USD
$-349.0000USD
Biznotes
0
If I'm t to choose between the two I rather go for bitcoins investment because investing in bitcoins is like investing in something that will have value in the future I will not be surprised that the $500 I invested in bitcoins now might worth up to $2000 in the next 2 years,sometimes there are alot of points to consider if you don't think of using the money immediately then you can go for bitcoin but if you are using the money immediately then don't go for bitcoins because that's a long-term investment.
I will completely agree with you on this because Bitcoin has tremendously transform so many lives. Bitcoin wallet can not be compared to bank saving.

Bank saving does not yield any interest you will at the end see your money saved way you left it or still be charged with some bank service charge or administrative charges.
 

Afoskalex

Reputable
100 Posts Club
USD
$0.0000USD
Biznotes
0
The question is somehow dicey. The best thing is bitcoin wallet. Assuming some dropped bitcoin worth $1000 in wallet two months ago, you have have had more money now which you can't get on saving the money in bank.
 

Khezo

Seasoned Veteran
1000 Posts Club
USD
$0.0000USD
Biznotes
0
I think in bank savings there is no risk at all, because tour money cant decrease, he can only increase although on a lower rate while bitcoin is more risky you money sometimes might no find favorable market
Well I do think when your money is in the bank, there is no risk. Your money can reduce in the bank but increases at a lower rate. Engaging in bitcoin can increase your earnings but can also reduce it if there is a loss. So its your choice really but I would still go for bitcoin
 
Back
Top