I know that many of you would say that it's not easy because as of now crypto is not good enough to replace banks because of various reasons including regulations as well in many countries. I completely agree with your thoughts but my point of his slightly different and it's about investment. I have gone through some of the examples and sharing them here so I would like to know which one would you choose when it comes to investment over banks or in crypto.
Here in India banks are paying an interest of 5 to 6% approx per annum on the fixed deposits which is quite less as compared to what we are getting with crypto and that too with stable coins.
Here is the table showing the rate of interest as per tenure and the highest you can earn is 5.4% when you go for deposits above 5 years. Banks are paying slightly higher interest to senior citizens so if you fall in the category of senior citizens then you can earn a maximum of 6.2% else 5.4% is the max.
I checked out in one of the indian exchange known as Bitbnsa and it pays return of 10-20% on Bitcoin and Ethereum. This exchnage lauch these plans every friday with lock in period of 30 days and after the maturity interest along with the invested funds gets credited back to users account. I have been availing this facility for last many months and I'm very happy that this is a fantastic product which is available and I am getting quite a good amount of return on monthly basis.
I do understand that I have to lock up my funds for a fixed period but I would like to mention that with bank deposits also I had to lock up my funds so this criteria does not make any difference to me as long as I get a better return and I'm very happy with this plan.
Blockfi is also very good option where they offer a PY of up to 10% with the stable coins and slightly lower with BitCoin however this is not so great so I think if I ever need to choose this platform then I will go with stable coins only. After going through various platforms I realise that bitch BNS is the best one offering quite a good retunrs on BitCoin and ether deposits.
Usually some platforms are offering interest rate of more than 10% on stable coins but this indien exchange has been offering the rate of 10 to 20% with certain criteria and this is something makes me not to look for another platform.
I have NO reason to look for the banks for my deposit requirements instead I'll be happy to invest more on the crypto and will deposit here for better returns. If I buy their native token BNS then I can get an APY of 20% on the stadium which is almost 4 time of what I can get with the deposit with banks in India.
So I can say that I have choose in crypto over banks for my investment needs and I use banks only for payment purpose because payment through crypto is not available as of now in the country however I'm not sure if there could be great innovation in future in this segment as well.
What are your opinion and thoughts about this with banks or the crypto, I would love to know about it.
Thank you so much.
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