Be a Part of this Revolution Join Crypto Bank Today
If you have wandered from one bank to another to know their interest rates on the savings accounts then you must be disappointed to know that banks are only giving 0.06% to a maximum of 1% interest.
You can also check online and you will find that very few countries are giving more than that.
There are also some private platforms that are better than these savings accounts and give interest at around 2.6%.
However, the story gets upside-down when we change the type of currency we are planning to save.
In this article, we are trying to explain to you the difference Crypto Saving VS traditional Saving Accounts with a story of a crypto trader who multiplied his crypto holding in six months and shared his method as well.
Check his story below and understand the difference as well as the process to utilize the benefits of a crypto saving account.
Isn’t Cryptocurrency Super Risky?
Yes, cryptocurrencies are very volatile, making them very difficult to trust and hold for a long period of time.
You can observe the level of volatility by observing the changes in the value of Bitcoin this year alone. Bitcoin traded between $3,000 and $12,500 this year and as can be easily seen the difference is huge.
There are several stable cryptocurrencies that trade on a 1-to-1 ratio with the US dollar. These are the currencies you can hold and earn interest.
Even if these currencies are synced to the US dollar (i.e. 1 stablecoin = $1 USD), it does not mean that there is no risk involved with them.
Market forces can convert a stable coin worth less in sync with a dollar, which is similar to the “broke the buck” phenomenon of the money market.
That’s all to say: Just because this account has the word “savings account” attached to it, it doesn’t mean it’s an FDIC, U.S. account holder or a U.S. dollar savings account at a regulated bank.
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