Hello, everyone.
Welcome to my blog and another wonderful edition of the Hive Learners' featured post. I am really glad I got exposed to the advantages of saving using a decentralized platform; centralized platforms really mess with one's finances and savings plans. Sometime ago, I had my last money in my bank account but did not want to spend it as I had plans to get a gift for my mom for Mother's Day.
designed on canva.
Two days before Mother's Day, I visited the automated teller machine gallery to make a withdrawal, only for insufficient funds to be displayed on the screen. I almost lost my mind because I had high hopes for the money and wanted to surprise my mom. I immediately rushed to my bank app to check my transaction history since no debit alert was sent, only to see the bank charging 1,720 naira for SMS alerts and ATM maintenance.
I grumbled and murmured, but there was nothing I could do about it other than withdraw what was left and get what it could afford for my mom as a Mother's Day gift. I was pained because my plans got disrupted, and it's all thanks to the centralized banks. No doubt, saving in a decentralized or centralized firm has both advantages and disadvantages, but I think the disadvantages of the centralized firm outweigh the advantages.
Imagine seeking the consent of a third party before you gain access to the money you worked for; it's quite disheartening. Sometimes the third party decides to let you have your money, and sometimes they won't let you have it. A few months ago, we had limited cash flow, and the banks made fun of people. I visited the bank for about two weeks just to get cash but got nothing, and I spent my last cash on transportation.
No doubt if I wasn't exposed to cryptocurrency, I'd still choose our centralized banks over a decentralized saving system, but for the fact that I know about Cryptocurrency and the benefits I stand to enjoy if I save with it, I'd like to let everyone know I prefer saving with Cryptocurrency to centralized banks. Currently gone are the days where you saved with a bank and stood a chance to enjoy interest; now you come back and meet a lesser amount as they continue to deduct the money for different reasons with no interest at all.
Taking the hive platform as an example, we can save our money on the hive-backed dollar, which is a stable coin. This simply means that our money will not lose its value over time as the price of stable coins does not fluctuate, and instead we stand a chance to earn interest. Our centralized banks cannot give a customer interest at the rate that the Hive platform does.
Anyone who has experienced Cryptocurrency will not wish to let it go; instead, they will stick with it and continue to enjoy the benefits that come with it.
Good interest rates; a typical example is saving HBD with the Give platform to earn a lot of interest, unlike saving with our centralized banks.
Safety of funds: Cryptocurrencies are nearly impossible to hack, which makes them safer compared to our centralized banks. I lost about 10,000 naira in December with no trace; they claim it was a POS transaction. Such things never happen when we save with Cryptocurrency.
Zero or no charges: our centralized banks now enjoy extorting customers at every given opportunity; they charge so much that most of their services are not even necessary.
Thanks for reading my post.