Embracing crypto wallets for true Financial Freedom
Being on Hive for this long has taught me a lot of things about the world of finance. One of them is the slavery that the traditional banking system had put us through for the longest years now. This made all of us reach for the decentralized system once it showed up. It was a breath of fresh air to discover that we can finally have control over our money.
And that we no longer needed anyone's permission to move money around the world. Imagine being able to send money to @nhaji01 & @depressedfuckup without needing to pass through certain restrictions or KYC to get the money to them in Ghana, that's an experience that is worth grabbing without hesitation.
Yes, I have bank accounts, lots of them if I must confess, but, I love the savings that comes with decentralization. It puts me in charge of my funds, and I don't always have to worry about inflation eating deep into my earnings nor do I have to worry about the various data bridges that exist in a typical centralized saving platform.
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I'll choose a crypto wallet for my savings any day, any time because I can see all of the transactions and other people can too, so verification is possible through transaction histories and no one will play a fast one on us for any reason. Unlike the centralized saving platforms where we barely know how much they are charging for certain transactions but we keep getting debit alerts hours after a transaction has gone through. We barely understand the hidden cost of our savings or loans because none of these is publicly present for us to see.
I'll still choose to save in a crypto wallet because there's always a high potential for great returns. We have attractive interest rates like our HBD is offering 20% for saving on the chain. The traditional system of banking does not offer such juicy returns instead their interest rates are often so drastic that we risk letting inflation affect our savings and leave us in losses by the end of the saving duration.
The idea that crypto is an hedge against inflation is not far-fetched because the supply of Bitcoin for instance is limited, whereas, centralized banking constantly prints more money which defeats the purpose of supply and demand. We now have a lot of money chasing after fewer goods and the value keeps dwindling as the day goes by.
The centralized saving platforms might be there for us to save a small portion of the money we need for daily routines, but in the long term, it's not an ideal model for anyone looking to create wealth for themselves. Even though it's a convenient and widely accepted mode of transactions, they do need a lot of reshuffling to lure me to take saving with them seriously.
They can start by being transparent and accountable, the annoying part of always getting charged by my bank without understanding the reason should be stopped or reduced. Their interest rates should be higher, their lending practices should be looked into and all of those hidden fees should be curtailed.
The mere fact that we can send money all over the world without restrictions or limitations is a plus to crypto. So if the centralized saving platforms are looking for more customers like me they should try to lift those boundaries that stop us from catering to our loved ones in distant places. Location, income, or even identification should be scrapped out of the requirements for successful access to the banking system and savings.
Most importantly, they should stop messing with our data. Our privacy is very important especially when it has to do with our money. They should invest in better cyber security methods so that our data can be protected from attacks and breaches. The decentralized platforms protect our data and are never exposed to danger the way the centralized saving platforms do.
There are more things they should look into such as transaction speed and costs. Cryptocurrency transaction is fast and not costly. But the fiat currency transactions are slow and extremely costly especially when the transfers are meant to cross borders. Why would I want to send fiat currency to @yahuzah when I could just transfer Hive to him at the speed of light?
Finally, banks give lower interest rates than the rates at which inflation is eating out the value of our earnings. if they improve on the rates, I'll consider them, because I can't be using them when I know that I'll be losing my purchasing power over time. Keeping up with inflation is something that will interest me and anyone who understands the role of financial stability out there so they have a lot of work to do.
You're right about inflation not being able to catch up with crypto due to Bitcoin's limit. I'll choose DEX also over CEX
And I'll do the same. Thank you for your support.
You're welcome
Let's even forget cross-border transactions for a second and look at the transaction fees our Banks charge us for sending certain amounts to even people using the same bank as us. How about even MoMo transactions. It's funny when you look at a concept like Hive - lightning-fast & feeless transaction. In my opinion, in today's world, the people who heavily depend on only systems like banks either do not know about crypto or are just too rich to care.
Do you use Momo? @depressedfuckup
I only created an account and got a free recharge card, I don't even have the app... Lol.
The fees are exorbitant really, indeed, those who aren't concerned about paying such huge fees for transactions have something going on with them.
I hope there will embrace crypto soon enough.
Oh yeah I use it. I don’t like keeping cash on me, so that’s the only alternative to spend in the real world cos I don’t keep my money in Banks.
All what you said here are exactly what I have come to realized , thank God for crypto , many thing has really changed ever since know about crypto world .thanks for sharing
Crypto is an eye opener inlaw, it's a good thing we are all here, embracing decentralization. Thank you for reading
You are welcome
😂 send me that hive Edy.
The centralized platforms do not value our privacy and that’s just why the decentralized ones are the best for me too. We get to control our accounts and do what we want. What more can we ask for?😅
I knew this looter will come and ask for Hive 🤣🤣🤣
Someone cannot play with you again bah 😅😅
We really have nothing more to ask for dear.. decentralization is the best 💪💪
There are so many benefits from using cryptocurrency for savings unlike banks that will frustrate you unnecessarily. You have said it all.
Thank you boss. Banks & Frustration... 5&6 🤦🏿♀️
I agreed, Cryptocurrency has provided us financial freedom but there are many risks linked to it. I also will not favor the banking system that is continuously breaching our privacy. It is nice post with good ideas supporting crypto and its financial freedom.
Thank you @aslamrer. There are risks to everything in this world. All you have to do is understand how much risks you can take on.
Thank you for your support.
Risk evaluation is the only thing that can save us from a huge loss. You are welcome, have a good day.
I'm glad you agree. Have a great day too.
Our privacy is not totally guaranteed with this centralised system and that's why many people lose their hard earned money to yahoo boys but with decentralised, the security is top notch. All we need to do is just to secure our keys and be careful while transacting. The traditional banking system are theives with their secret charges 🤦. Imagine getting charged even when I receive money from people...they indeed have a lot to work on because I can save with them again not when I now know crypto.
Lol. This part is the craziest. Once money gets into your account you already know your bank will be taking a few percentage for not having money in a while for them to loot. 😂
I will also consider them too if they could find solutions to those measures you have listed. Banks can be so frustrating and they make one feel out of control over his own money. I can only save a small amount for my upkeep in banks but for a bulky amount? No!
Exactly. Princess just a few cents for daily expenses. I wish crypto was widely accepted here, we wouldn't even need them, we have made payments with any crypto of our choice. It is well 🥺
Yes oo. I don't think our government would want to accept crypto as a legal payment here. This will definitely cause chaos in the banking sector when there are no customers. Well, sha, people will still patronize banks especially those with shallow mindset about crypto.
And those who are too lazy to learn how it works 🥲
For the fact that I have total control over my savings makes me prefer decentralized system a thousand times. I hope to see a time when local transactions will be accepting crypto. I will say byebye to centralized system finally. The third party interference, the exorbitant changes and what have you. Centralized system is exploitative and with quantum of risk.
I’m still waiting for the money my dear.😂
Personally, I think banks are outdated but our old folks still need them. Everything is even more easier today with crypto.
Hahaha.. don't wait for this money... I have scam you 🤣🤣
You are right, banks will mostly be for the older folks who still need them.
Thank you for reading dear. No money for you 😝😝
I will report you.😂 I’m still waiting for that money.😅❤️
Haha.. report to who ooo 🤣🏃🏾♀️
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