When banking establishments first came to light, they offered only a simple option to their verified users to keep their money in their accounts as opposed to under their mattresses. Decades later and this idea has churned so many times over that innovation has brought about possibly some of the most technologically advanced features in banking to this day.
From AI (Artificial Intelligence) to digital accounts, the world is seeing new and improved ways of doing business and banking, now more than ever and this won’t be stopping anytime soon.
Soon we won’t need the traditional establishments of a brick and mortar bank and everything will be online and via digital means. This article has some fascinating information regarding this and 5 of the hottest technologies that the traditional banking system has leaped over to. But wait!
The thing is, in some aspects, were already there. Enter – BitCoin
Protecting Your Finances – What’s the Deal?
As with any type of financial product, protecting it should be your number priority. This is one of the reasons why banking systems have one of the highest security protocols of most businesses, so they can make sure they protect your money. Even though times are changing so is the idea of security, and intelligent individuals such as hackers can get through any firewall, even that of the financial industries.
Suffice to say, there are other ways to protect your funds, and one that is becoming a common trend is to convert it into a digital currency such as Cryptocurrency coupled with a hardware wallet, as a viable combination of keeping your precious hard-earned money safe from cyber attacks and malware.
Bitcoin exists today not because it is a cool way to become rich, but also because its technology helps protect your funds, but also does something even better – shields your stash against the devaluation of the US Dollar. So, it’s not just a matter of physically keeping it safe from harm, but also financially keeping it away from being degraded, and losing your money that way.
Statistics show that in 2020 alone, the combination of the dollar devaluation coupled with inflation has reached over 7% worldwide. What this means is the value of the dollar has gone down by this number and is continuing to go down, and someday may be very far into the future, it won’t be worth much. This is why having another source of income or financial aid is recommended and reputable advisors vote for digital currency like Bitcoin: https://www.bbc.co.uk/newsround/25622442, that’s where the future of money is heading.
Your Main Goal
What was your main goal when you stashed your savings into the bank, besides keeping it away from your mattress? Once you understand the above, you will also understand, that it’s not about moving the goalposts, but more about leveraging what’s already there. So, for example, you understand the above and now choose to invest in this cryptocurrency, either bitcoin or any of the others like Etherium, Litecoin, etc
You set up an account on one of the many reputable platforms where you get to verify yourself, and have your own “account” per se, where you can buy, sell, and trade crypto for crypto or crypto for cash and vice versa. All the checks are done and you’re ready to go! What now?
Coming back to the question we asked earlier about your main goal – having currency stashed anywhere, won’t do you any good. However, having it stashed in a space where it will grow, now that’s the special ingredient right there!
Before you frown and think to yourself, you can only do this with tangible cash, think again. First, there was bitcoin, and now there is the option of earning interest on it. So, there is a way for you to earn more bitcoins without having to pay for them. Is that exciting or what? We show you how.
How to Passively Earn Interest on Your Digital Currency
There are many ways to do this but we shall discuss one easy one.
Banking on Bitcoin. A typical savings account will pay you, at most, if your lucky, 0.3% monthly interest. Anyone who knows this knows how little that is… pennies. However, high interest savings account for your crypto can offer you up to 8.6%. an example of this is the BlockFi platform where you can join (they pay you a bonus when you do so), and you can get free Bitcoins upon registering yourself.
This method has been regarded as a highly sought-after option for many due to various beneficial reasons. Let’s look at a few of these below:
- Great for all levels of investors from beginners to the more advanced.
- It pays compound interest every month and offers rates of between 5.5% and 8.6% APY on both Bitcoin and Ethereum.
- It has a loan service that lets you apply for a loan in digital currency. The main advantage of this is you save on taxes.
- There may be a minimal fee for contingencies however no fee for general services.
- It is a very safe and secure platform where you can deposit and withdraw money and also has a 2-step verification option. Some of them also have a Google Authenticator application for added security. All these added layers of security check can sometimes be annoying however if you don’t want your money to get stolen, they are a necessary evil.
- The good ones are usually SEC Approved – which means the platforms are obligated to protect their investors from any fraudulent activities and in most cases, also monitor user activity to make sure there is nothing suspicious going on. In other words, they monitor everything.
So, the next time you decide to invest in this form of income or savings, make sure you don’t just buy it and leave it in your “digital wallet”. If you open a bank account to deposit cash so it can grow in time and you can save for retirement or your children’s college fund, why wouldn’t you do that with a digital version of your cash?