Keep money in bank or invest in Bitcoin?

[Sotherefore]

It depends on how urgent I will needs the money. This is what will determine.i personally would avoid investing or savings In the bank if I have other options. Banks is not profitable

 

[Alisco]

saving your money in cryptocurrencies is not safe either. Imagine people who invested into Terra Luna by now they would have lost a lot of money. The same thing with FTX token.

Exactly, keeping money in cryto currency is not safe , agreed but it's profitable when successful than bank saving. It's all about risk taking

 

[Chibson]

Exactly, keeping money in cryto currency is not safe , agreed but it's profitable when successful than bank saving. It's all about risk taking

if you want to keep cryptocurrency for a long time, i think using a cold wallet is the best for you to do. Using cryptocurrency exchange platforms maybe very risky.

 

[Alisco]

I don't even know know what cold wallet is all I know is the exchange plartform.Can you please shade more light on the cold wallet? So that I can have an idea on how it works?

 

[LaptopCoreI7]

It's not a good idea to keep your money in a bank; instead, if you have experience investing, I think you should do that. If you keep your money in a bank, the bank will use it and make good returns on it.

 

[Bbwoy95]

Keep in the bank. For bitcoin, it is short term or intermediate term business. It is volatile and probably not sustainable for long. It is also decentralised so if across the world , large amounts of it is removed, its value is affected keeping your money on the bank might be safer because it won't be volatile.

Cryptocurrency technology facilitate faster payments at lower fees than banks. This decentralized nature minimizes human interactions, which makes them free from biases

 

[Immilash]

saving your money in cryptocurrencies is not safe either. Imagine people who invested into Terra Luna by now they would have lost a lot of money. The same thing with FTX token.

I don't really know much about those kinds of cryptocurrencies, if you are investing your money on something that is going down I don't think you can make profits with it.

 

[Chibson]

I don't even know know what cold wallet is all I know is the exchange plartform.Can you please shade more light on the cold wallet? So that I can have an idea on how it works?

A cold wallet is an offline bitcoin wallet in which you can use to store your cryptocurrency. The major advantage of a cold wallet is that it cannot be hacked but you need money to purchase it unlike online wallets like trust wallet.

 

[Rosey]

Keeping money in bank might be save for the fact that it is not volatile. But when we save our money in bitcoin, it can be seen as Investment because after some years, the worth of that fund will increase massively.

 

[Sincerem]

I don't save all my money in the bank, I have some money that are purely dedicated for investment purposes. I would invest as long as I have taken proper calculation on how to do it safely.

 

[Emmy]

Though Bitcoin would have been a coin to save money rather than bank but the current situation made me doubt. The price has continued to decrease for while and nothing has been done about definitely someone needs to be patient about Bitcoin.

 

[GIFTMICHAEL]

Keep in the bank. For bitcoin, it is short term or intermediate term business. It is volatile and probably not sustainable for long. It is also decentralised so if across the world , large amounts of it is removed, its value is affected keeping your money on the bank might be safer because it won't be volatile.

I think it would be more profitable for you if you invest your money in any business instead of keeping in bank. In bank your currency will be useless and not good so try to invest to gain more profit.

 

[Bizil Polo]

It's not a smart idea to store your money in a bank; instead, if you have experience investing, I think you should do it. If you keep your money in a bank, the bank will use it and make big returns on it.

 

[Syldan]

Actually keeping money in the bank is good but it's not profitable to some extent simply because it won't generate to you more income like investment in bitcoin even though it's risky.

 

[eenya00]

it would go down in worth due to the rate of inflation that would reduce the value of the money in the bank, but before investing on bitcoin or any other form of crypto currencies, try to understand the risk involved.

 

[Chibson]

Keeping money in bank might be save for the fact that it is not volatile. But when we save our money in bitcoin, it can be seen as Investment because after some years, the worth of that fund will increase massively.

keeping money in Bitcoin is not a bad idea but you must have knowledge of what you are about to do. Your money can go up and it can also go extremely down.

 

[Syldan]

Actually our choice to invest in bitcoin or save in the bank, depends on the skills we have. if I have the skills, I will prefer to invest rather than savings in the bank because it's not reproducing.

 

[Chibson]

Actually our choice to invest in bitcoin or save in the bank, depends on the skills we have. if I have the skills, I will prefer to invest rather than savings in the bank because it's not reproducing.

even if you have skills and knowledge you don't need to invest all your money because no investment is hundred percent certain. You can keep some percentage in the bank and invest some percentage but it depends on the amount of money you have.

 

[Syldan]

Both bank savings and bitcoin investment, has both advantages and disadvantages depending on how we undergo the process. banks can give you interest in your savings but bitcoin can do if it runs successfully.

 

[eenya00]

Actually our choice to invest in bitcoin or save in the bank, depends on the skills we have. if I have the skills, I will prefer to invest rather than savings in the bank because it's not reproducing.

Investing is quite logical than saving in any bank, but this should only be done if you have the required skills and expertise needed to become an investor