Hive Wallet vs Chinese Banks - Holding Your Finance
News is out. Banks are keeping the savings of Chinese Citizens hostage to survive the internal recession and liquidity issues. Now the issue is more profound than most people know outside china.
This made me think why we holding the HBD and Hive in the wallet are more secure than an average Chinese citizen. What are some benefits of holding the Hive wallet with the funds?
Let us discuss how holding the crypto in the Hive wallet is more secure and offers freedom than holding money in the Chinese Banks?
Chinese Bank Deposits and Savings Accounts
Currently, Chinese banks are allowing the deposit but there is no way you can get the money out. Be it digital or the cash, all the money is locked in. Everything at this point is nothing but a number in the account. So there is nothing good going on with the banks over there.
They want the citizens to believe that the funds are nothing but the future investments. They can burn the forex reserves but for some reason they are not burning the forex reserves and releasing the account access for the users.
This is a sign that the government controls the citizens and makes a case in favor of the crypto that without it you are helpless. That being said, it would be an excellent option to get any crypto wallet and start moving some funds there if you are from China.
Holding Your Money in Hive Wallet
Hive offers much benefit over any traditional banks. First, you earn the tribe tokens and some of the frontends offer you to view those tokens side by side your Hive wallet. You also get to hold the Hive and Hive dollar in the savings.
These savings earns you 20% APY which I am sure Chinese banks will not be offering in these times. You are also free from government and military control when you hold the funds in the Hive wallet.
Everybody would know how much you hold the funds in the wallet. However only you get the access to move them. Not even the govt and the authorities would do that unless they get access to your private keys.
Staking HP Tokens and HP instead of Chinese Bank Deposits
When you stake some tokens in the tribe, you get some returns weekly for them. In case of the Hive Power, you can stake it and earn the rewards daily. That seems like a good option especially when the market turns strong. Which is something many people want to see.
Take the example of Chinese banks, you deposit money there, it gets locked, you may or may not earn any returns. Moreover, in the name of nationalism, your funds are locked with the Chinese banks. You are locked on that front.
If you want freedom shortly, start investing into the Hive ecosystem, start making your future secure by diversifying in crypto. You would be more robust with your investment with crypto than your Chinese bank savings account.
What is your point against Chinese Banks?
I feel Chinese banks have reached the height of the manipulation with the tanks guarding them. I mean the govt is in panic, and so do the rich people in their banks board trying to save it from the ordinary people.
Do you think Hive is better than having funds in the Chinese banks?
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A very simply but valid point:
You Hive wallet cannot be closed down. The only way to have you money inaccessible is if you lose the private key.
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In 1989 it was a lone person against a tank. In 2022, it is a column of tanks versus the people's yuan.
Between the Evergrande scandal and the overly-aggressive official overreactions to COVID-19, the PRC will have its own version of the 2008 Great Recession. While the PRC was seen as the global economy's savior in 2008 and 2009, this time it will implode before going supernova. After that, we're doomed.
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