Reasons why i will choose crypto wallets over banks
The Adaptation and acceptance of cryptocurrency changed a lot of things for people...
I could remember during one of the protests our citizens had against the government, some of the famous protester's bank account was frozen because the government have access to banks that controls the citizen's fund, unlike crypto wallet where no one has access to your wallet unless your password got into the wrong hands.
This is one of the reasons why the government frowns upon cryptocurrency because it renders them powerless.
Nothing beat decentralization, it offers freedom.
Many reasons contribute to why I will choose a crypto wallet to save my funds rather than the banks.
Interest rate: To be fair, not all crypto wallet offers an interest rate for savings but I know hive wallet and it offers 20 percent apr and no banks can ever give such huge interest on money saved with them.
Freedom against the government: There is this peace of mind when you are against the government and you know they can't freeze your account because you didn't support their tyranny.
Charges: Banks will charge you for saving money with them even without making transactions, they call it a maintenance fee but crypto doesn't charge such unless you make a transaction and some even offer almost free trx fees like hive blockchain.
Inflation: The Naira is losing its value, if you saved 1 000 000 Naira in the bank 2 years ago when the conversion rate of Naira to the dollar was 590, you will have $1694 but now your 1 million Naira would be worth $1162, see the difference, our money is only losing value in the banks.
I don't keep money in the banks except for money that I want to use, so it is only when I need cash that I always process the funds, Nigeria banks can be funny, there would be some amount of money you will have in your bank accounts that they will call you in for questioning to ask about the source of your wealth.
Zenith Bank ban my account with the little money I have inside because I did arbitrage which is related to crypto, they did not leave an option to retrieve the money in the account either, they want me to open another account instead and forget the old one...
Just imagine having a huge amount and they ask you to explain to them how you got it, you can't mention cryptocurrency without them banning it because crypto is not legalized in my country.
There are many cases of fraud going on now, people complain about withdrawals from their bank accounts without their consent, and sometimes it is due to Pos withdrawal that the person use, that is where they got the info of card details and the owner's password for them to carry out the fraud, so it is risky to have a huge amount in the banks now to avoid stories that touch the heart.
Just call me Burl.
I am a gamer, motivational speaker and a crypto enthusiast
Discord: burlarj#8326
Twitter id: burlarj1
Telegram: burlarj
God exist, i am a living testimony
Giving up is not an option, every hustler has a payday
Don't wish for it, Make it happen
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating to @indiaunited. We share more than 100 % of the curation rewards with the delegators in the form of IUC tokens. HP delegators and IUC token holders also get upto 20% additional vote weight.
Here are some handy links for delegations: 100HP, 250HP, 500HP, 1000HP.
100% of the rewards from this comment goes to the curator for their manual curation efforts. Please encourage the curator @bhattg by upvoting this comment and support the community by voting the posts made by @indiaunited.
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.
100% of the rewards from this comment goes to the curator for their manual curation efforts. Please encourage the curator @bhattg by upvoting this comment and support the community by voting the posts made by @indiaunited.
Hehehe Nigerian banks can be pretty crazy bro but sometimes we just can’t help but take it as it comes bro, to some people it is still the best like the ones who don’t know about crypto wallets and such, the reason why I go use bank is Incase if my account get coma, I go get person to hold unlike 👎 loosing my wallet and no one to blame lol , this was a good one bro 😎
if your bank funds get compromised, nothing can be done than for them to help you block your account til they rectify the issue, the money is gone...
if your crypto wallet is compromised too, no one to hold but this is why you must make sure to save your crypto password very well and not click on any links, especially those airdrop links
Heheh either way both have its own advantages and disadvantages but overall crypto wallet is still the best hehe
yea you are right
Interest rate, freedom and less charges than banks make crypto more effective. I don't like banking system even for my personal use. Thank you boss for sharing this wonderful post with us.
Yes, no freezing of wallets by the government, decentralized chain give us the freedom we crave for
!PIMP that crypto
You must be killin' it out here!
@wearelegion just slapped you with 1.000 PIMP, @burlarj.
You earned 1.000 PIMP for the strong hand.
They're getting a workout and slapped 1/4 possible people today.
Read about some PIMP Shit or Look for the PIMP District
This is the reason why I felt young people should go for a government that would appreciate and inculcate Crypto into the Nigerian system. Zenith bank is what I use too, they use to be crypto friendly until Buhari and the CBN happened. Nigeria will only be crypto friendly when all these bans are removed
I don't think the ban will be lifted anytime soon but their ban won't stop us either, there will always be a way
Would you believe that I now save in cryptocurrency? And when I need money, I'll just sell to my dealer. It is as simple as that so I don't have to start going through bank transfer problems...
uhm we still need the bank to spread the funds we need to buy stuffs like provisions and other little things
I will definitely choose crypto wallet over bank over and over again juts because I have direct access to my money unlike bank that government have power over all our money
The thing even scares me sometimes, and I pity those who have their banks frozen all because they said their mind and fighting for their right
Nice article brother, wallet is the best compared to what banks do to our money this days. Even the rateyou get from banks cant be compared to what you will get from wallet savings.
Yes definitely, banks interest can never be compared to what some crypto saving wallet offers
Yeah, that is why i sometimes encourage saving with wallet because banks are just there to gain from us and we gain little or nothing in the long run.
Honestly, left for me they should eradicate all these banks from the face of this earth... Most of their staffs and the way the bank works are really doing a nasty job at that.
Crypto, anyday anytime
Yes I will admit scammers are now working for banks too, this is why most of the fraud cases are being perpetrated easily but we still need the banks somehow
No doubt we do
Just imagine banks asking you questions on how you got such a huge amount in your account... that is how it is with accounts that are controlled by the government. With crypto wallet, who dare question you? Lol
I also put money I am using immediately in my bank account because I don't want to keep getting mad at their nonsense charges.
If there was an option that we can use crypto for everything, trust me, banks would be forgotten
Yes oo. That is what I am telling Edy now. Banks won't see customers if crypto is legally accepted by the government.
Banks have shown alot of people shege, having debit alert without making any transaction...
That maintenance fee get to crazy aswell, like who does that lols I don't know what they're maintaining.
Sorry about your money with zenith bank, hmm it's well.
I was smart enough to have withdraw my main funds before they ban the account so I only lose a small amount to them.. werey bank lol
Ohh lucky you... Dem dey ment big time 😃
Decentralized wallet is better than centralised wallet in every cases and decentralized give us full freedom of our asset which is the very important for us. Why I would choose centralized wallet over decentralized wallet 🤔?
No reason..
Infact, why would the government watch my financial transaction? This is not the best method.