Saving money in crypto vs fiat currencies

[Naz Noshin]

We all have money we don't spend. We either save the money in our local banks and can get interest on it over a period of time.
However, we have experienced a boom in crypto this year. Considering that major crypto currencies like Bitcoin, Ethereum, ripples have crossed 100% yield since the beginning of this year.
Bitcoin was the highest big name gainer this year. Even cryptos like xrp,Bitcoin cash and Tron has achieved above 30% return so far.
Crypto is volatile unlike fiat currencies so would you save your money in major cryptos or local banks from next year?

Saving money in the shape of cryptocurrencies is also a risk because we don't know when the cryptocurrencies' prices will drop. I recently invested some money in bitcoins when the price of bitcoin was more than 40k. But after that price of bitcoin decreased , it means I got loss but I am not worried ,I want to save my money for long term and I am sure,it's price will increase again and definitely I will get good profit. Just want to give this example to tell that you must know this thing that Investment in cryptocurrencies also involves risk. So if you don't want to face risk them don't save money in the shape of cryptocurrencies.

 

[Abibatabosede]

I can not save a lot of money in the bank knowing the advantages I stand to gain if I invest in crypto currency. The bank may claim paying interest on money saved but compared to the rate at which crypto will multiply my capital, I can't save much in the bank.

 

[Hassan14]

We all have money we don't spend. We either save the money in our local banks and can get interest on it over a period of time.
However, we have experienced a boom in crypto this year. Considering that major crypto currencies like Bitcoin, Ethereum, ripples have crossed 100% yield since the beginning of this year.
Bitcoin was the highest big name gainer this year. Even cryptos like xrp,Bitcoin cash and Tron has achieved above 30% return so far.
Crypto is volatile unlike fiat currencies so would you save your money in major cryptos or local banks from next year?

Nowadays investing in cryptocurrency is very good and profitable because nowadays its rate is increasing a lot and I think these are the days in which investment can be made and maximum profit can be made. You can get a lot of money by investing in it.

 

[Heatman]

Saving money in the shape of cryptocurrencies is also a risk because we don't know when the cryptocurrencies' prices will drop. I recently invested some money in bitcoins when the price of bitcoin was more than 40k. But after that price of bitcoin decreased , it means I got loss but I am not worried ,I want to save my money for long term and I am sure,it's price will increase again and definitely I will get good profit. Just want to give this example to tell that you must know this thing that Investment in cryptocurrencies also involves risk. So if you don't want to face risk them don't save money in the shape of cryptocurrencies.

I'm sorry for your first experience with investing in bitcoin before the price dropped from $41k to $37k now. It's one of the ups and down in cryptocurrency investment. The good thing is that you understand how it works with the nature of such coins and didn't sell off your investment. It will definitely increase soon.

 

[Sammyesx]

I think when you have an investment in bitcoin, you are bound to look for a way to keep increasing your investment and in such essence you are already saving money in cryptocurrency. It's true the price of cryptocurrencies fluctuate from time to time, but in the end it's always going up rather than going down.

You are right though but I believe saving is different from investment, in a scenario where by you need a particular amount less say in exactly one month time and you invest it in Crypto, what if at that exact date the price has already drop, you won't get the full amount of your investment

 

[Ehtisham memon]

I think this currency is saving in our bitcoin and crypto wallet as well that currency Bussiness is increase day to day up and down but in future is beside that currency prize is increase so that which time invest and earning more and more but this time to invest you decide save and invest

 

[Heatman]

You are right though but I believe saving is different from investment, in a scenario where by you need a particular amount less say in exactly one month time and you invest it in Crypto, what if at that exact date the price has already drop, you won't get the full amount of your investment

Yes, you are correct in this session when the event of the cryptocurrency fall caves in on your investment at such time. If I say that I haven't been a victim of such cases, I would be lying but it's not the end, so that's what matters the most.

 

[Sammy01]

We all have money we don't spend. We either save the money in our local banks and can get interest on it over a period of time.
However, we have experienced a boom in crypto this year. Considering that major crypto currencies like Bitcoin, Ethereum, ripples have crossed 100% yield since the beginning of this year.
Bitcoin was the highest big name gainer this year. Even cryptos like xrp,Bitcoin cash and Tron has achieved above 30% return so far.
Crypto is volatile unlike fiat currencies so would you save your money in major cryptos or local banks from next year?

I think saving in crypto currency is way safer and has a lot of benefits.... unlike fiat currency, crypto currency jump up in terms of market value. So it is advisable to change your crypto to fiat currency be it dollars or euros.

 

[Heatman]

I think saving in crypto currency is way safer and has a lot of benefits.... unlike fiat currency, crypto currency jump up in terms of market value. So it is advisable to change your crypto to fiat currency be it dollars or euros.

If you have a way to monitor the price changes in cryptocurrency, then you may know when do sells and when to buy. This is how people make money in crypto investments but in fiat currency, you can't even sell it easily.

 

[gammarays]

It's all good you know, saving in fiat and crypto it depends on the economic ecosystem. I could be in my country and save my money in a foreign currency while the currency appreciate and I could also save it in crypto with bright prospects. But sure crypto is more profitable.

Yes,you're very correct. Saving in USD in my country is profitable because it appreciates more than our local currency but nothing beats crypto investment because it's more flexible and gives you a better return. I plan to split some of my little funds on these new tokens with potentials. They're cheaper and can rise with time.

 

[Heatman]

Yes,you're very correct. Saving in USD in my country is profitable because it appreciates more than our local currency but nothing beats crypto investment because it's more flexible and gives you a better return. I plan to split some of my little funds on these new tokens with potentials. They're cheaper and can rise with time.

The reason why some people are not comfortable with investing in cryptocurrencies is that they don't have the heart to withstand the volatility of the blockchain technology. Any slight change in the rates on cryptocurrencies, they will panic sell. So, such people way of having an investment is using USD.

 

[gammarays]

The reason why some people are not comfortable with investing in cryptocurrencies is that they don't have the heart to withstand the volatility of the blockchain technology. Any slight change in the rates on cryptocurrencies, they will panic sell. So, such people way of having an investment is using USD.

Yes that's the inherent nature of crypto. However, there are major tokens that can't go below average. Coins like Bitcoin, Ethereum, litecoin, Bnb, Bitcoincash are worthy examples. There demands are high and the supply is reducing every year. Investment is a risk and I don't see those coins remaining stagnant by the end of the year.

 

[Heatman]

Yes that's the inherent nature of crypto. However, there are major tokens that can't go below average. Coins like Bitcoin, Ethereum, litecoin, Bnb, Bitcoincash are worthy examples. There demands are high and the supply is reducing every year. Investment is a risk and I don't see those coins remaining stagnant by the end of the year.

Exactly. Those cryptocurrencies have broken all barriers that may hinder their growth so far and as a result of their importance to the world usage, they will keep on rising even after falling for a while. BTC was at $15k one time in the past, now it's $37k.

 

[gammarays]

Exactly. Those cryptocurrencies have broken all barriers that may hinder their growth so far and as a result of their importance to the world usage, they will keep on rising even after falling for a while. BTC was at $15k one time in the past, now it's $37k.

Yes bro,Bitcoin was around 3k February last year, Ethereum was $200,Ltc $36 and so on. One thing common with them is that their circulating supply is becoming limited and demand is growing higher so their value will definitely grow. My target coin is binance Bnb coin,Zen,waves token because they have same potentials and will double in value before the year runs out.

 

[Heatman]

Yes bro,Bitcoin was around 3k February last year, Ethereum was $200,Ltc $36 and so on. One thing common with them is that their circulating supply is becoming limited and demand is growing higher so their value will definitely grow. My target coin is binance Bnb coin,Zen,waves token because they have same potentials and will double in value before the year runs out.

I have been hearing about Binance Bnb for a while now, it seems like a good option of cryptocurrency to move investment into but I just haven't come to the conclusion of making a decision yet on it. My mind is moving hard on getting some of Ripple and 90% of the time my instincts are never wrong.

 

[gammarays]

I have been hearing about Binance Bnb for a while now, it seems like a good option of cryptocurrency to move investment into but I just haven't come to the conclusion of making a decision yet on it. My mind is moving hard on getting some of Ripple and 90% of the time my instincts are never wrong.

There's nothing bad with ripple. Aside their court case,everything was about going on well for them and it's one of the old coins with good potentials. Binance Bnb is a very good coin to invest in. The binance smartchain is becoming a popular platform for minting new tokens. It's also the official coin of top coin exchange binance. The demand for it is increasing making it add in value.

 

[Heatman]

There's nothing bad with ripple. Aside their court case,everything was about going on well for them and it's one of the old coins with good potentials. Binance Bnb is a very good coin to invest in. The binance smartchain is becoming a popular platform for minting new tokens. It's also the official coin of top coin exchange binance. The demand for it is increasing making it add in value.

That's what I think about Ripple. I know so many people who have given up on the cryptocurrency because of the court case with, believing that it will mark the end of the coin thereby making investors to lose their money. Hopefully, such won't be the case.

 

[Sake]

I would rather save on Cryptocurrencies but saving on both is not that bad. Since we can earn a lot from saving in crypto it's great but there's also some risks. Saving on banks is quite useful though because you can get the money whenever you need and want it. I can't say the same on Crypto

 

[Heatman]

I would rather save on Cryptocurrencies but saving on both is not that bad. Since we can earn a lot from saving in crypto it's great but there's also some risks. Saving on banks is quite useful though because you can get the money whenever you need and want it. I can't say the same on Crypto

That's the simple and honest truth as it it. Yes, it's true that cryptocurrency is far more better for saving money than just keeping in the bank, you should take risk. Some people will keep money in the bank and won't know when they finish the money because of always taking it.

 

[Sake]

That's the simple and honest truth as it it. Yes, it's true that cryptocurrency is far more better for saving money than just keeping in the bank, you should take risk. Some people will keep money in the bank and won't know when they finish the money because of always taking it.

Yeah and just think about it.. we are lucky to have crypto currency exist to us because before crypto you can only store your money in banks which doesn't yield much. Now we're given a chance to earn a lot while we save. We should take advantage of it.