I’m looking to buy a truck either this year or next year since I need one for one of my hobbies. Obviously, the banks suck ass and I’m losing money just letting it sit there. So I’ve been thinking about putting the money I save up into stable coins but haven’t dipped my toes in yet. I know there are obvious risks in doing this but I think it’s more risky keeping it in a savings account that earns 0.005% at best.
So lemme hear your pros and cons of doing so. Experiences in this stable coin vs that stable coin. Maybe something other than stablecoins. I’m all ears.
My savings account is for emergency funds. Everyone should always have an emergency fund in case of the unexpected.
Cryptocurrency is our risky investments fund. We know the upside and we’re aware of the extreme low. So anything placed in digital assets will stay untouched for a very long time – minimum another 5 years. If it’s all wiped out, it’ll be sad but would never harm our family.
Put it in USDC on Crypto.com and you earn 10%. That’ll keep the money relatively safe, I wouldn’t put any money in anything but a stable coin if you’re planning to use it in the next 1-2 years.
Gemini is considered to be a safe exchange, but you only get 8% on their stable coin.
Depends on the day I guess, some days are just great & other days it’s like catching your wife being drilled by another man 🤷♂️
Best $5 I’ve ever saved
The only crypto I use as a “savings” account are stablecoins that earn a bit of interest that I trust. Even then, I have a ~3 month emergency fund in a regular HYS at a bank, and now contribute to building up a GUSD fund that earns 8.05% since Gemini is regularly audited and seems like the safest bet. I’m hoping to pull this out later to either buy a new car or put down a house payment, but you also have the benefit of trading for other crytpo if there’s a dip you want to buy. USDC should also be safe, just stay away from Tether.
All other crytpo should def not be used as a savings because it’s an investment, if you’re backed into a corner and have to sell at the bottom then you’re only hurting yourself
I wouldn’t go all in but it’s a great idea to put a portion in Anchor for that 19% interest
I’m down more than 40%
Don’t put all your money in crypto, have some emergency funds in saving account
Didn’t buy shitcoins. Stacking since 2016. 10/10 would reccomend.
Thats kind of what I do, but with staking its difficult to get the money out quickly so its only for absolute emergencies and so far Ive never needed to use it.
My suggestion would be to not keep fiat in crypto that you’ll potentially need for up to 4 years
A crash has historically taken up to 4 years to recover from
If you have fiat you can tie up in crypto for 4+ years then historically you should be ok
But nothing is certain
DYOR
🙂
Every intelligent person saves for himself to use it when necessary
Staked up and making passive income!!! Fuck a bank savings account…i only use banks for their fiat to pump into crypto…
The issue for me is the taxing of crypto “swapping”. Since crypto swapping is a taxable event, using crypto as a savings account can be an organizable nightmare when it’s time to file taxes. If I lived in a location with clear guidance and friendly swapping rules, I’d probably have a portion of my savings in stablecoins that I’d use occasionally.
That being said always have an emergency fund in your local currency. If you have to pay for an unforeseen expense quickly, then it’s much easier to have that cash in a shitty savings account instead of selling crypto, transferring fiat to an account, then finally being able to pay your expense (this process takes longer due to processing crap).
I failed the first step, which is to have savings.
Use Terra if you want to use defi. Use crypto.com if you want to use cefi
Not all my saving but around 40% of it goes to my crypto portfolio for long term like 10 years, mostly in BTC and ETH.
Lost money, hbu?
I wouldn’t.
Crypto Is risky, well used can give you a lot of liquidity but also does a business.
Would use a saving account and a safe net account in bank or bonds.
It is nonexistent exactly like my savings.
It’s more of a 401k than a savings account. I don’t treat crypto as liquid funds. Bank savings is my emergency fund (currently not contributing enough), career 401k for basic retirement, and crypto as a Hail Mary 401k. As far as performance comparison, the crypto account is out performing anything else I have.
Part of it is mental. Thinking of my crypto as a long term investment means the dips don’t bother me one bit. Being able to move funds around to take advantage of good apr’s without a penalty is amazing.
Open an account with Celsius. Purchase or transfer usdc, get 8.5% APY.
I use crypto.com to hold my savings at 10% APY in stablecoins. The risk is that crypto.com goes bust or gets hacked… but… well… I’m game.
According to coin tracker I’m up 27% so I would say pretty good.
Not good, I’m down.
I have an emergency fund to survive 8-10 months without income. The other amount is in crypto and stocks. Having an emergency fund should be a must before investing in crypto but it depends the risk you want to take.
If it isn’t stablecoins then using crypto as a savings account is the dumbest shit I know. I have stables on Hyperdex giving me 15% apy and that’s the only crypto I consider saving, all others I consider gambling
I’ve been earning a nice passive income from lending stables – Celsius, Hodlnaut, Midas.investments, Stablegains 8.5-19% APY. I spread it across several platforms to mitigate risk. Use USDC. Stay away from USDT. Let me know if you have any questions
Yeah crypto.com gets my vote. Can earn 8-10% on USDC or USDT when you stake it. I like to take profits and put them there.
My savings account is crypto, but I do have an emergency fund
I only leave enough cash in my checking account to pay my monthly bills. All my remaining savings sits in USDC collecting 9% interest with no lockup period. (Of course I also leave an allotment for gambling money)
Depending on how much money you have now and your risk appetite.
Buy $4,000 of CRO, lock it for 6 months, get the Jade/Indigo card for 3% cash back plus additional if using Spotify etc.
Remainder of money buy USDC in small tranches over the next few weeks months. Lock them in 3 months earn each, so they come free again at different times. Each of these earn 12% each.
Buy more USDC for emergencies and lock in flexible so you have this at 8% earn but you can recover at anytime of your choosing to supplement where you might need quick access.
Your original $4,000 is at risk to the market and CRO fluctuations, everything else is relatively safe and it’s a cash builder. Additionally, you’ll receive CRO every time you use your CDC card, accumulate and change to USDC as you implement your tranches for the various 3 month earn programs you’ve implemented.
Nexo is my savings. If I need to withdraw money I take out a tax free AND interest free loan against my crypto and they deposit it super fast in my checking account.