Banks Vs Crypto Wallets - Decentralizing My Saving Methods
Before I got to learn about Cryptocurrency and it's decentralized mode, I was already frustrated with the drama scenes I had to bear with while using the bank for my savings. I can still remember the first day I entered a bank to get an account since I'll be leaving home soon, they made me hate bank that very day too. From the time delay to the long processes to get an account, I knew that place wasn't the best but it was the only available way to save my money without much fear.
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At this point in my life now, that is after discovering the opportunities in Cryptocurrency, I rarely use the offline banks anymore. I'm a regular customer to online banks now as they seem faster to transact with and I don't get to queue up at the bank or even at the atm, life's been easier but I know there would always be something that will take me to offline banks in one way or the other later. Until then, I'm choosing the benefits of saving with Cryptocurrency wallets than with the banks.
Choosing to save with Cryptocurrency wallets doesn't rule out totally the use of online banks for me as I need them to make use of my country's currency. Finding Hive and saving my money in form of HP, HBD and other second layer token seem to be the best way as I get to earn more from what I have saved unlike offline banks where I even get debited from my own savings... It is frustrating really.
Why I Choose Cryptocurrency Wallets for my savings?
Even though there are some disadvantages to saving with Cryptocurrency wallets, I've experienced more advantages and benefits as I have learned more on how to keep safe with them. There are risk in everything money related so I don't fret much with crypto wallets that I may lose my money, it's same feeling with using the banks but considering how more often it has become with offline banks and no profits using them, I figured crypto wallet saving mode is better.
I get to save my money in crypto wallets like Hive and earn daily with it, second layer tokens are also good investments as I get to see increase no matter how little from saving my money in it. Crypto Wallets have also taught me complexity, responsibility over my own money and keeps giving more opportunities to grow my money, banks don't do all that for me or maybe I've never tried it lol.
What the banks should do better?
I wouldn't say banks are the worse as there are some good reasons to save with them but I think they need to do better with their processes and customer care support. I can't start stating out my experiences with the banks I've visited but it all has a lot to do with the too much processes and time consuming factors. The banks can definitely do better with that and I think that has to do with the employees one way or the other so I'm guessing there should be more employees for the banks or faster machines to fasten the processes.
The banks also need to do better with the charges and cuts they take from individuals account, they may seem little for one individual but combined together, they are taking way too much especially with the fact that they don't give much explanation to why they do it. One only have to face coin price changes while using the Crypto Wallet savings mode but with the bank, money without profits get even deducted without explanations.
I'm not promising that I'll use the banks more if things are being modified for customers use without worries but it will feel much better for those who are yet to embrace Cryptocurrency and it's opportunities. I'll recommend online banking as it seem better than offline banks in terms of speed and network but the risk is higher especially with the stories heard, an offline bank will be there when you'd need to lay a complain and get a response but online banks don't.
And crypto wallets are for you to take full responsibility of, you lose your keys and you lose your money... Risky but I'm still choosing it over banks.
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BEER.Hey @merit.ahama, here is a little bit of
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BEER.Those charges from banks are damn so annoying, I just git one this morning termed as card maintenance fees, I didn't even get to use the card in a long while.
It crypto wallet all the way now, just getting aware of this knowledge not too long and I'm going to explore it to the fullest. And most importantly or should I say importanter😂 Keep your keys safe!
😂😂😂
Don't mind them, card that I'm not using, I'm paying for maintenance 🥲
Yes o, keep those keys safe always!
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I mean, the centralized system is so stressful. I don't know if is the bankers or is just normal. The kinda of attitude the workers display, the unnecessary drama, time wastage, so many countless ugly encounters.
The only many I save in my local bank account is just money I reserve for miscellaneous. The charges are just too much and unnecessary. Saving in wallet is just the easy and convinent.
My dear, we are in the same category regarding this
The centralized system is something else 🤦♀️
It's just so good, we are left with a good alternative.
90% of Nigerians have ran to micro finance bank and even them still have their little problems . I told someone one day that bank use their accumulated charges to pay bankers because why will you take 200 or more for SMS charge 😂😂 and imagine how many account they do same
Omo! It's very reasonable to think that, I've wondered a lot of time about that
😂😂😂😂
Bank is a whole lot of stress for me. During that cash scarcity I was so thankful that I have an account with wema bank. They have lesser crowd and that was what saved me. If not, nothing will make me to stand on all those long queues in other banks just to withdraw money.
Haha lucky you! Those queue one meet at the banks are the worse really!
Banks are very frustrating. I like the decentralized method very well but my fear of loosing my money is what i am keen at. Thanks for sharing with us.
Yeah, that's why we need to be very careful with our keys 🥲
So true,I still prefer saving my money on crypto wallets than in banks,it's still a safe method for me
Indeed 🙂
I think bank create various kind of complications and it really demotivate us very much. I believe that banking system should be more easier for user and provide best facility to attract user. As I love to control my asset, I will go for crypto 🙂.
Haha yeah, same here 😊
To be honest ,some banks are the worst and I keep wondering why people still bank with them. And the charges are sometimes outrageous but we have no choice I guess.😂
As in ehn, it's even becoming something else recently 🥲
😅😂 it’s even funny sometimes
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It is interesting that banks and as you described - Nigerian banks - can be frustrating and costly and definitely lead it customers to choosing a better option via cryptos. Hive and its blockchain offers very attractive rates but as you pointed out banks are needed to cash out as crypto is not used in every day life.
Yeah, the attractive rates Hive offers has made a lot of us choose it over banks here.
Sorry for the late reply, Momo
You have analyzed each saving mode perfectly, each of them has its pros and cons for me, the cryptocurrency wallet is even faster and more secure than the banking system, however, everybody doesn't have Hive, so we still need the banking system to carry out some transactions. I love how well you write and thanks for sharing.
#dreemerforlife.
Yeah, we will still have use of the banks at least until crypto can be used as exchange hehe
Thanks for acknowledging my writing dear ❤️
Offline banking these days has been frustrating. When you receive an alert you will charge when you withdraw you will also be charged for it.
Imagine, needing #10000 and someone sent it to me.
I saw the #10000 alert but my balance was #9989 by the time I withdrew the money I collected #9800. I have to look for another means to complete the money.
I have been thinking of how to invest my money on hive. Thank God I have the opportunity to read your post.
I will need your help on how to do the investment.
I popped in from #dreemport.
I am a #dreemerforlife.
That is the exact frustration I'm talking about, the deductions are just too much 🤦♀️
You're always welcome to my DM, I don't have much to offer though but I think I can give some tips for you to research on your own and make a few investments yourself.
Ok, thanks so much.👏
While I cannot promise to invest in cryptocurrency, I am confident that utilizing this platform for my earnings will serve as a superior form of savings compared to traditional banks or local cooperatives.
💛Made my way here through #dreemport. #Dreemerforlife
Haha yeah, that is it my dear
Thanks for stopping by 😊
That's it about banks . It is suppose to be safer saving money there but it isn't. Crypto is just the way forward.
I waltzed in from #dreemport for I am an amazing #dreemer. An awesomely made #dreemerforlife.
Yes o my dear 🥲
God help our country banks.
Seriously, if traditional banks will work on their customer care and also reduce their unnecessary charges it will do them good because as it is right now, a lot of people are already getting to know about crypto and they are running with speed towards it.
#dreemerforlife #dreemport
Lol that is it o
They had better do better 😅
I have always taught that keeping "money" in crypto wallets, what if the coin kept reduces in value? But I see your point and understand it better. I still use offline banks though and I never queue, thanks to mobile transactions and POS. However, this post is an eye opener and the idea is worthy of consideration. Thanks.
From dreemport I landed 😃
Haha yeah, I still use offline bank too. I mean, we can't buy and transact without our currency anyways at least for now
Honestly, the charges our local banks take are just unnecessary most times and it could be so annoying. Well, at least you got a better means. #dreemer 4life #dreemport