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The bank savings account has been a way that America likes to raise funds. Deposit some of your salary to your savings account every payday. Generate interest up to 3% (or more) and pay attention to growing. However, the more sophisticated times make people want more and more. Therefore, developers are competing to make technology that can answer their complaints. One example of banking that began to switch to practical crypto technology.

Oh, but that is in the past. The banking model has changed to be more modern. Namely, banking wants to try to practical Crypto as the method used. Not only did the cute little blue passbook look nothing like a VCR tape anymore. But the 3% interest rate also disappeared. See the average yield on today’s savings account.

Deposit of 100,000 USD only requires interest of 0.04%. The banking system as we know has undergone a complete transformation in the last two decades. Especially next banking wants to try to present new ways to make a transaction. Banking was practical crypto as a breakthrough after this period of moving.

The bad reputation Bitcoin is a thought attached to the community. Bitcoin has solved this problem. Supported by various aspects to solve this problem and also takes a lot of time and money. It is not impossible that in the near future everything will become a reality.

Price Appreciation

Bitcoin is one of the few asset classes that offer interest income and price appreciation potential. This may be the perfect choice for long-term savers who don’t have an immediate need for a principal. The price of Bitcoin has increased by an average of 200% per year in the last 12 years, despite large fluctuations.

If depositors do not have an immediate demand for their money and can withstand some volatility, then they must receive a sizeable interest rate and return on rising prices over time.

Also, if the depositor does not want to take any principal risks.

Increasingly Sophisticated technology

Bitcoin and cryptocurrency is basically banking on your phone, 24 hours a day, electronic transactions, no travel or human contact.

Drive to the bank (9am to 4pm on weekdays) (Between points), remember your passbook, and when in line, give your deposit to the teller, fill out the deposit slip, and then receive a postal report once a month.

This is the background of the revolution that must apply to future life. Change life to be faster and more flexible. Because the developers feel that what is now being done is very time-consuming to run just one transaction. While the bank every day serves a lot of transactions. And here is the BEST SOLUTION.

Interest Rate of Return

Although old savings accounts pay 3%, fees paid for certificates of deposit and money market accounts are much higher. In the 1980s, yields of 10% to 12% were not uncommon. As noted above, there is virtually no interest on bank savings accounts, money market accounts, or CDs. 

This is not the case with crypto income accounts. Most cryptocurrency exchanges offer account holders the option to earn interest on Bitcoin and other cryptocurrency balances. Bitcoin interest rates range from 1.65% per annum to as high as 8.6%. 

For some other altcoins, the rates may be higher. Some exchanges that work with financial companies are even eligible for FDIC insurance with balances up to $250,000. 

Stabilize High Yield

The so-called stable currency i.e., a digital coin that is linked to the US dollar, will not fluctuate in price but will stabilize at $1.00 in value. Therefore, there is no potential for price appreciation, but there is a large interest rate. For example, Gemini Exchange provides 7.4% interest on the Gemini Dollar stablecoin. 

In addition, the exchange platform usually does not charge any fees or commissions for the purchase of stablecoins. It should be noted that, as with money market accounts, no one ever loses a dollar of principal in a stable currency account that earns interest. As people become increasingly satisfied with these assets, much of the savings seem to flow into them for security and interest income.

The Future:

For many of the same reasons as above, it is certainly possible that Bitcoin will replace gold as the preferred store of value. It is generally believed that Bitcoin is better than gold. sometimes referred to as gold 2.0. You may also conclude that Bitcoin is more suitable as a savings account than any bank savings account. 

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