A gentle reminder that bank "savings" and checking accounts are where your purchasing power goes to die.
Discussion
The “interest” they offer is criminal.
I think this was one of my first lessons about bitcoin before I even knew about bitcoin.
I closed my traditional BOA savings account and was like why tf am I letting cash melt away here for like 0.00025%??
💯 and read The Bitcoin Standard if you don't understand.
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If you are interested in alternatives that are disrupting the old model, check these out.
River let's you store USD in an FDIC insured bank but earn interest in sats. It is also setting the standard in new security features with its forcefield tech. You can also setup a recurring BTC purchase down to an hour which has no fees after a few days. The first few days fee is minimal at 1%.
https://river.com/signup?r=QV3LZ4NG
Fold allows you to direct deposit paychecks to BTC (or not), get sats back on purchases with the a debit card (some bills are eligible) and is currently rolling out a credit card with sats back. You also get a few sats for your referrals using their debit card for purchases.
https://use.foldapp.com/r/7WUEFHY3
These are referral links which means we would both benefit from using it. My understanding is we will never know about each other. I don't know who of the few friends I invited signed up but received some Sats for the referral.
Use them if you want the benefit or strip the referral link if not.
#Bitcoin #BTC #PersonalFinance
Does it require KYC?
It does. It isn't a maxi solution but I believe both are great challengers to the traditional personal finance options. I see it as a great option to help people push to the next leg of their BTC journey. I personally use both and push sats out to my self-custody. I haven't quite figured out how to get completely away from USD. But I would sure as hell rather earn cash back in sats than USD and push those earnings to self-custody. I hope this helps contribute to the conversation Great question.
And its a decent rate
I know someone with over 10k in their checkingretiresd, no bills or house payments)... I tried to explain why that was retarded.... They didn't get it.. Some people have more money than sense. She does at least DCA bitcoin now.
And they use your money to make investments. Bad Banks!