Almost everything nowadays has gone digital including the financial world, we are in the era of technology in which the decentralized system is making those that use it to be the sole controller of whatsoever they own. Been an owner of crypto wallet is good but the stability of the coin is the problem.
Based on the little knowledge I have in crypto, the coin isn't stable, it tends to rise or fall at any time without giving prior notice. So for me, it's only advisible for people that have full knowledge of how it works to go into it.
Although, I'm new to the crypto world and I haven't catch a full glimpse of how it's works, that's the main reason I still maintain my traditional banking saving method cause I understand it better than the crypto savings for now. Well, both centralized and decentralized saving methods have their merits and demerit, but those that are crypto guru knows their way around the system.
Presently in Nigeria, no one prays to have issues with his or her bank account because to have access to any Nigeria bank to lodge complain is now a tug of war since the time of cashless policy early this year.
Ever since I've opened my bank accounts, I haven't have any major issues with it but just a minor case. Sometimes last year, I initiated a withdrawal through my ATM at the nearest bank close to my house, although the card wasn't for the bank I intend to withdraw from. So before the money could dispense, I've received a debit alert and along the line the machine had a network error, which makes it unable to dispense the cash I initiated. I waited for like 30mins for a reversal but nothing happened, so I went to my bank after 24 hours to lodge a complain for the error.
Having access to the bank was very difficult cause there are lots of people with different issues here and there at the bank vicinity, luckily for me I saw one of the bank security and I told him the issue. He was the one that gave me a withdrawal reversal form to fill and told me that my money will be refunded at most in 7 working days. Well, I don't have choice than to wait. On the long run it was rectified after 3 days and my money was reversed. Apart from having withdrawal issue, I've been somehow luck with my bank account.
Though, different type of things happens in banks like unnecessary chargings, deduction of ones money which can frustrate ones life but I still prefer it as my methods of savings for now than the decentralized system, because I'm able to have quick access to my savings and when I encounter any challenges with my account, I can easily access the bank to lodge complaint.
Unlike with the crypto wallet where you are on your own if anything happens to your wallet. Anyone that want to make use of cryptocurrency as a saving method must know how the crypto world works, he or she must be smart and as well have it in mind that no matter the outcome of the coin stability, he or she can bear both the gain or loss cause cryptocurrency is not for the faint hearted at all.
Another disadvantage of having a crypto wallet is the high rate at which scammers defraud others, someone that doesn't have a full knowledge of how crypto works will have him or herself to blame if the person dive in without full knowledge of the system.
However, I still have long desire to have a crypto wallet so as to save, stake and also trade on it but for now I opt for what I've understand better which is the centralised saving method.
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