I hope people understand that not every cryptocurrency you purchase can be called saving because not all coins are stablecoins. What I mean by stablecoin, is a digital currency that is pegged to a “stable” reserve asset like the U.S. dollar or gold just like the USDT and others compared to the bitcoin, doge, Ethereum, bnb and a lot more which are not stablecoin. Just for instance if you purchase a stable coin here in Nigeria at the rate of #500 to 1$, if tomorrow, the dollar rate is #900 to $1, just like we have the fixed deposit, whereby you put your money in the bank and it appreciates too.
If I were honest saving in crypto is what I would choose and just like I said earlier that when you use your money to purchase stablecoin, it means you are saving just because its value is always equal to the fiat currency it is pegged with and mostly it's dollar because have not come across anyone that is euro or pound. Which is beneficiary to you, if you are staying in a country where the dollar rate is higher than your country's currency, that way you get to benefit any time it increases and who wouldn't support saving and earning? While looking at the brighter side, don't let us forget one day dollar can also lose value just like the law of gravity, whatever goes up must surely come down but in recent years, it just keeps appreciating. I remember when the dollar was #150 to $1 many years ago and it kept on appreciating till this moment that is #800 and studies keep showing that it will increase more so I don't think there should be trouble saving.
I'm well aware that we have fixed deposits for the bank which also generate some interest but still yet if you kept a certain amount of money in the bank some years ago regardless of the interest, that sum of money has depreciated more than half of what you kept there and this is as a result of the inflation in market price which as affected the money.
Another thing to consider is the safety of my money, well thank God we haven't had the issue of bank folding up now just like it happened in the early 20s and the '90s and I saw that Skye Bank folded up which made it turn to Polaris bank but people felt like it was a takeover and as a result of this people lost their account and I was victim too but I didn't save any money there unlike your crypto wallet, as long as your wallet keys are safe you can't lose your wallet and if you are worried you can set up an offline wallet which this give you the benefit of not saving your crypto private keys on a physical device like the FLASH DRIVE and that is also saver.
Just these few reasons I mention are enough to make me go for cryptocurrency saving.
