Should cryptocurrencies offer a 'savings account' feature?

[Megamind]

I couldn't help but think of traditional bank savings accounts at a time of market volatility and a notable decline in the entire cryptocurrency market, where money could be deposited and still earn interest. Imagine being able to save Bitcoin during a downturn, receive interest on it, and then profit twice over when it rises. It's far too dangerous to wait for ideal circumstances and then not have a way to protect your money and investments during market downturns.

Putting in place programs similar to Bitget's May Savings Carnival on all cryptocurrency platforms might be a big help to traders shielding their assets from the erratic nature of the cryptocurrency market. Having such options available could have saved me from losing my investments three years ago, just after I made profits during the enormous bull market surge, as I can personally attest to.

[Muhaammaadd]

DeFi functionalities like savings are exactly what CEXs need to grab the attention of the non crypto users... Plus using blockchain will further enhance the trust of customers. 

Bitget's are going about it the right way and savings are actually a good idea 

[KPSingh]

From the investor's perspective it seems a fantastic idea but I don't think it could happen. Even if it happens, it would be like a gimmick in which they reduce your own money from investment and then add them back and show them as if it's the interest on your original investment.

Crypto is not meant to be a stable investment option and it seems very unlikely that such a thing could be possible. I don't have too much knowledge of economics but I can say that such a thing is not feasible.

[TheGuru12]

How would that work exactly? 

[gandalf03]

On 02/05/2024 at 18:31, Megamind said:

I couldn't help but think of traditional bank savings accounts at a time of market volatility and a notable decline in the entire cryptocurrency market, where money could be deposited and still earn interest. Imagine being able to save Bitcoin during a downturn, receive interest on it, and then profit twice over when it rises. It's far too dangerous to wait for ideal circumstances and then not have a way to protect your money and investments during market downturns.

Putting in place programs similar to Bitget's May Savings Carnival on all cryptocurrency platforms might be a big help to traders shielding their assets from the erratic nature of the cryptocurrency market. Having such options available could have saved me from losing my investments three years ago, just after I made profits during the enormous bull market surge, as I can personally attest to.

In my years of experience navigating various ways to earn in a passive esp during the period you mentioned, I always look for something like the savings carnival cos it do add some good bucks to my pf. Would be looking forward to take part in it.

[Wakanda]

On 03/05/2024 at 13:03, KPSingh said:

From the investor's perspective it seems a fantastic idea but I don't think it could happen. Even if it happens, it would be like a gimmick in which they reduce your own money from investment and then add them back and show them as if it's the interest on your original investment.

Crypto is not meant to be a stable investment option and it seems very unlikely that such a thing could be possible. I don't have too much knowledge of economics but I can say that such a thing is not feasible.

Well you have a point  but i disagree with you. The crypto space is evolving and in this space "never say never" first of all, there are lots of platforms for lending and borrowing where the users are asked to collaterize their borrowing with other assets using an existing smart contract protocol and this borrowing comes with interests for the platforms and the lender just like it's happening in the traditional banking system. Also some platforms may choose to invest your staked crypto in during market downturn for example use them to trade futures with experts which could bring decent returns... It goes on and on so i think it is quite possible but it may take some time to execute on major cryptocurrency exchanges.

[CryptoAlphas]

On 04/05/2024 at 18:00, TheGuru12 said:

How would that work exactly? 

Is something similar to staking, i.e. locking your token for a particular period to earn APR. In Bitget Saving, you can unlock at anytime and still earn the reward. Considering the campaign the OP talked about, I suggest you check it out on the exchange. 

[antoniettek]

This sounds like staking or subscribing to crypto-earn products. It allows you to get a return on your crypto savings. If the said May Saving Carnival follows this concept, I would love to know which cryptos can be used and the expected APR.

[XTRAVAGANZA]

On 03/05/2024 at 13:03, KPSingh said:

From the investor's perspective it seems a fantastic idea but I don't think it could happen. Even if it happens, it would be like a gimmick in which they reduce your own money from investment and then add them back and show them as if it's the interest on your original investment.

Crypto is not meant to be a stable investment option and it seems very unlikely that such a thing could be possible. I don't have too much knowledge of economics but I can say that such a thing is not feasible.

True, crypto is still volatile, but adoption is increasing at a high rate. Even with the Bitcoin ETF, it's not risk-free. Maybe consider some for long-term growth alongside stablecoins for a more balanced approach.

Moreso, the innovative approach of Bitget May Savings will go a long way to further spread awareness, don't you think so? 

[TheGuru12]

On 06/05/2024 at 00:27, CryptoAlphas said:

Is something similar to staking, i.e. locking your token for a particular period to earn APR. In Bitget Saving, you can unlock at anytime and still earn the reward. Considering the campaign the OP talked about, I suggest you check it out on the exchange. 

But what happens if those token's don't go up in value? How are those APR's paid? 

[BashJasper]

On 07/05/2024 at 09:07, TheGuru12 said:

But what happens if those token's don't go up in value? How are those APR's paid? 

My understanding of staking APR is; when users lock their tokens for a certain period of time, these tokens are drained into providing liquidity for the market for traders to trade which will eventually generate more income for the exchange through trading fees. Also, part of these staked assets can be used to provide LP on web 3 wallets and DEX where borrowers can access using collateral that would be inturn used to provide liquidity on the exchange and generate more income too.