My Wallet My Money
Most people in the crypto world have a crypto wallet and a bank account; this applies to me as well. The big difference between these two methods of storing money is how centralized it is. A bank account would be centralized while a crypto wallet would be on the other spectrum of decentralized. Today, I will be covering which method I prefer to store money and of course with the reasons why.
Now this is my wallet but just imagine it as a crypto wallet thank you
Between a bank account or a crypto wallet, I would prefer the crypto wallet to store my money. I actually have more money in my crypto wallet in cryptocurrency and NFTS than I do in my bank account. Ideally, if I could just keep all my money in a crypto wallet I would but the world hasn't reached to the point where we can make payments for anything that we need to with crypto. I'm forced to have a bank account to make payments for whatever I need in real life and I don't see that changing anytime soon. I think crypto is still far away from mass adoption as people still fear what they don't understand. They just see what's on the news which is mostly bad news. We have cases like FTX and Terra Luna that probably just made people not even think about crypto. The rich don't want the masses to come into crypto but that's just what @aruchard and I believe. The only time they come in is when he news is saying oh BTC all time high and that's when they FOMO (Fear of missing out) and buy in. Then the people that bought in earlier will all sell to these retail investors which make them further reinforce their belief that crypto is bad.
I think most people would like to have control over their own money. They wouldn't want to be questioned or rejected on what they were buying. My friend, @aruchard told me his story about having trouble with the bank. He had a fair amount of money in the bank but he told me how they wouldn't let him short the market because he knew it was crashing. He also needed permission to make purchases for crypto especially if it was in fairly big amounts. This is the bad part about centralization. If it's our money, the bank shouldn't be worrying too much unless it was stolen money or something.
Another thing is banks are generally safe but there are cases where they can go down. A great example of this that happened not too long ago was Silicon Valley Bank. It must be scary to see on the news that everyone is withdrawing from your bank right. This won't happen in crypto because only you have access to your own wallet unless you got hacked or something.
I feel in the future all banks will adopt blockchain technology fully and even now some are already in the progress or have implemented partially. We will probably soon have a digital dollar or digital currency for a country. This is already happening in China with the digital Yuan. I believe this is foreshadowing the future. A world with just digital currency and cashless everywhere for payments.
Once people wake up and realize how great storing value in crypto is, I think crypto will be one of the places to save money. If one of the richest financial institutions CEO Larry Fink is calling BTC digital gold, I don't know how you can't be bullish on the future of crypto. With all that being said, everything I said here is my opinion please do your research on crypto if you are new to crypto. Feel free to argue any of my points in the comments.
Thank you so much for reading. Comment below your honest take on this topic. Would you prefer a crypto wallet or a bank account?
At least we have digital dollar here on Hive (HBD), It's just need to be known by all people. Some people are afraid of entering into crypto because of one sided claim they have seen about it which makes them conclude it is bad. When they come in, they will realize It's all a lie. Crypto is decentralized and you are in control of your funds.
Hey Princess. Thanks for stopping by. When I meant digital dollar I meant like a digital dollar that would be created by the govt so in a sense it would be centralized :x. So basically the US govt creating a US dollar and not what we know as USDC USDT HBD.
Exactly we have the control. just have to be careful not to get scammed etc. There's some bad players around andt ehres definitely people that don't want people to enter crypto. It's all part of the rich peoples plan. The moneys going to come here once the next financial crisis happens O.O at least that's what I believe
Oh... now I get your clarity on digital dollar (centralized) but I doubt it. Hehehe
why do you doubt it? China has digital yuan already. It's happening as we know it. As for the rest of the world, I think they are in the process of making it and figuring out how to implement
Click on the badge to view your board.
Thank you to our sponsors. Please consider supporting them.
Check out our last posts:
Have you even seem some situations whereby banks will just deduct your money for no specific reason? That happens very well. They will just remove charges that are not reasonable too
I would have preferred banks but they make things hard for their customers and that's why I go with cryptocurrency saving...
Woah. I did not have that. I would call the bank to ask about those. Did you not? What did they tell you D:. That sounds horrible to have charges like that. I didn't have this issue. only charge i would get is like a maintenance charge but it wasnt much
Everyone wants to have control over their money. It's kinda annoying when you have money but can't access it because the bank is refusing to hand it over. Crypto gets rid of all those barriers with its decentralised nature.
Yes Bruno! I know right did you have problems getting your own money from the bank or spending it? We just need crypto mass adoption but places need to accept crypto as payment then we good. It'd be good for govt too. all the transactions could be seen; maybe we would just need to get kycd to make purchases in real life or something on a payment wallet but i guess we could lose privacy since they would be able to track our crypto wallet so hmm
Well, it seems we will always hear some lurid version of what others have suffered in their savings and investments. While they probably have some truth to them, sometimes it's a challenge trying to figure out what is exaggeration and unnecessary drama. And let's face it, a bank can close, a currency can drop in price and an exchange or wallet can simply go offline and we can be left with nothing. This is all part of the show if we have decided to keep our savings somewhere other than under the mattress. Regards @shawnnft
Woah that's true. No my friend doesn't exaggerate he's pretty straight like me xD because we Virgo. We give the real no fake shit or unnecessary drama. The thing about keeping it under the mattress would probably be better than a bank unless i guess your house burn down or something. It wouldn't be good either since the currency keeps getting devalued after govt keeps printing.
A wallet I don't think can go offline especially if you have a cold wallet. You shouldnt be storing money in exchange. That's not a place to store money; only for trading or exchanging crypto
In the end both sides have pros and cons the biggest question is do you want others to have control of your money or do you want control of your own money?
Main hurdle is goverment also. They don't want the crypto to be implemented in many countries because they will lost the power and control over others.
To crypto is progressing slowly but their will be a time when everyone will be on same time and adopt the changes.
hey bro i was out all day. Only able to reply now. Yes govt is huge issue as exactly as you said. but people will be sick soon of not having the control. I think a lot of gen z like to have control of their own life. we could see crypto progressing soon enough to everyone it will happen eventually.
Click on the badge to view your board.
Thank you to our sponsors. Please consider supporting them.
Check out our last posts:
Click on the badge to view your board.
Thank you to our sponsors. Please consider supporting them.
Check out our last posts:
The only issue I have with putting more of my overall money into digital wallets is that it takes some time to get it out, at least the way that I have things set up. I don't have any reliable apps at the moment to make point of sale purchases with these wallets, so a conversion into cash is necessary at some point. I keep about 90's of my investments in wallets because of my fear of "The man" arbitrarily deciding I can't spend my own money one day. I also have half a dozen bank accounts because of this even though there is very little money in any of them.
Ya this is why :/ i dont want to put too mmuch money in bank. is it necessary to have so many bank accounts? i think i only have 2 but i only mainly use one.
Yes digital wallets take time usually you have to go CEX and do p2p or if you have friends in real life u can just do with them. that would be easiest way i think.
Who knows maybe in future world most places or best all places can accept payments thru our crypto wallets. that would be the best.