Cryptocurrency is now the babble out of the day in our society when discussing investments undefined to the opportunities that cryptocurrency offers investors and traders. present everyone is afraid of inflation, which is the conclude why people are now looking for a way to invest their money in strange ways to keep off inflation, simply like in the case of Nigeria, where the naira keeps weakness against the dollar. As of the time of writing this post, $1 = 850 naira, which was 710 naira 3 years ago.
In regards to that, our banks and unusual traditional financial institutions have lost their trust due to the charges and low-interest rates that customers get on their savings. In a traditional banking system, you can only earn matter to on your savings and fixed deposit accounts if you don't make a secession in a month, which is not fair.
You put up as well imagine having $5000 in your rely account to receive an matter to rate of 0.5% monthly and $5,000 in your crypto wallet, such as Binance elastic Savings, for a daily matter to rate of 0.5%. This plainly means that at the end of the month, you will garner a higher matter to value from saving $5,000 in crypto than from saving the money in the bank.
Having said that, Crypto nest egg is a type of savings report that is classified into flexible, fixed, locked savings, etc., which allows traders and Investors to deposit cryptocurrencies to earn interest. In a crypto savings account, you get paid interest on your deposit daily, weekly, or monthly, depending on the type of savings plan you choose to subscribe to, unlike traditional bank savings accounts, where you put up only earn matter to at the end of the month if you didn't make a withdrawal.
Having discussed that above, below are the reasons wherefore crypto nest egg are ALIR improve than bank savings.
IT IS DECENTRALIZED.
Cryptocurrencies are decentralized assets, which means you have control over your assets, which means you can settle to take back your money and make use of it at any point in time without weft out forms or involving third parties, unequal in the traditional banking system, where you have to give notice your bank first.
YOU ENJOY HIGH RETURNS.
Crypto Savings offer you a higher return, which you can earn daily, than traditional bank savings. In crypto savings, atomic number 102 matter how small your Investment is, you wish hush up be earning interest, which is much higher than what Banks offer, and the volatility of crypto can work your money multiply when prices rise.
YOU undefined FREEDOM.
As a crypto trader, you enjoy the freedom to access your money at any time, unlike swear savings accounts, where you don't have the freedom to access your money. With crypto investment, you can decide to buy and trade at any time, so you don't want to worry near workings hours or restrictions on when you should withdraw your money.
YOU ENJOY THE GROWTH POTENTIAL.
Every cryptocurrency has potential growth, which means holding a cryptocurrency that is Worth $0.5 today put up be worth $3 in the time to come as people keep buying. In a savings account, it is only if the interest that will make your money increase.
YOU undefined SECURITY.
Crypto savings offer us better surety than our traditional banking system. In a crypto savings account, our whole number assets are stored victimisation encryption, which is accessible using private keys, which makes it difficult for hackers to hack, whereas in a orthodox banking system, our money is open to fraud, and in the case where you lose your debit card or credit card, you may likely turn a loss your money to an internet fraudster.