Image source by adrian vieriu edited on Canva
Some months ago, we had to deal with the issue of not being able to withdraw, even doing transfers was impossible at some point due to network failure. It was a tough time as we couldn't spend our own money which was in our accounts. It turned into something we need to pay higher for because of the little amount we were getting out. Let's say you want to withdraw $5, you will be paying almost $2 for it. That was how frustrating the issue was. It got harder when some people couldn't find the means to prepare meals and were starving. I regretted having my money in the bank and also blamed the government for not allowing crypto as a means of exchange.
There was a time our government decided to ban crypto and they tried their best but unfortunately, they couldn't except for stopping transactions through the banking system. Whenever I am selling through P2P on Binance, the seller would strictly tell me not to add anything crypto in the memo area so that banks wouldn't detect it. They thought they were wise, but crypto cannot be controlled by any government.
I want to believe the centralised and decentralised methods of saving are good but the latter is what I would prefer because of its advantages. The dangers in saving in a crypto wallet are when you lose your keys, phrase words and the like. It is when you mistakenly send to the wrong address, when you have exposed your wallet to different sites especially when you do not know the real or fake sites all in the quest for airdrops to make you wealthy overnight. With these, your wallet is prone to be hacked and your funds are irrecoverable. The best is to protect your wallet and store your keys which is your password more safely.
For bank accounts, I don't like putting my money there except for the ones I would be needing immediately to settle my needs and responsibilities. The issue with banks is how they deduct unnecessary fees from your account with the caption "maintenance fee", they have slow transactions most times, having control over your money and this is where you will see banks questioning you on how you got your money which is not ideal. Owning a bank account means you aren't in full control of your funds as it can be locked and denied access at any time which will then make you keep visiting the bank to get it resolved, and in most cases, your account could be lost forever and your money is gone.
There was a time I lost some amounts when I was doing a transfer to another account, the other person said she didn't get any money but I was already deducted, I went to complain at the bank but they couldn't do anything to provide my money. I felt so sad and bad about how the banking system has turned out. Now, I am always scared whenever I do transfers and would be praying in my mind it should be successful. Can you imagine?
Another thing about bank accounts is that they do not pay interest. We keep our money in the bank, only for them to use it to their advantage and at the end of the day, your money might even be lesser than what you initially kept there because of their constant deducting of fees for different purposes. Don't forget inflation too which could make your money valueless at the end of the day.
It is why I prefer saving in a crypto wallet like Hive where you get higher interest compared to banks. Saving Hbd gives you a 20% interest rate and your Hive Power gives you 3% where you also earn curation rewards for doing some activities. Though the only problem with crypto wallets is that the prices go up and down due to changes in the market but it cannot be compared to keeping your money where you aren't in control. Crypto is decentralised and it gives one the freedom over their money, the transactions are always smooth and faster, and in some cases, you are only charged a little fee when sending crypto like Bitcoin, Ethereum and others.
Crypto wallet is safer but you must keep your passwords safe and if one can do this, your wallet will always be there without any authority sitting on it. You can move your fund anytime anywhere without being questioned. No one would try locking your account for whatsoever reason and that is the beauty of having a decentralised way through crypto.
I believe if our banks would succeed, they need to be able to solve the issues of unnecessary charges and slow transactions. Banks should have a way of settling issues regarding complaints online instead of having people come over to the banks. Some people including myself are always unhappy when they would need to complain and would then travel miles to their desired bank and later, they might be told to come back next time which would make them waste transport fare. These things should be done digitally to ease the stress on people. Also, those who save in the bank should be given higher interest and be assured their money is safe with them.
Thanks for your time on my blog.
