Celsius, Youhodler, Nexo,...

The number of platforms in which you can stake cryptocurrencies, and earn an interest is becoming bigger and bigger by the day. The most of these platforms work with loans, in which you are the credit provider, and the network takes a cut of the interest. Some work differently, but that is not the point of this post. Are these the new savings accounts?

I think they are, or at least they will become as popular. We all know the days in which a savings account brought people interest, and that interest used to be quite substantial, it used to beat the inflation. I remember having a savings account around 2005 that brought me 4.5 % interest per year. That was a good deal, as the money was always available for withdrawal, and it still brought me a reward. But those days are long gone. The quantitative easing and zero interest rate policies of the world's biggest central banks have killed the savings account. And people are losing money when they deposit it on a savings account.

The crypto future

And that is why I think this will be the reason why crypto is going to become completely mainstream. Not the anonimity of transactions, not the decentralisation, but because it brings them return, and besides bonds and stocks, there is no alternative. Gold and silver, stocks, all have the downside risks of dropping value, but no real certain returns. Dividends can be halted in the case of stocks, and gold and silver have no real return, if it doesn't rise in value. Crypto platforms with peer to peer lending, bring immediate returns daily, and the possibility of withdrawal at the same time.

Not your keys, not your crypto

But there is a downside, like there is with banks. When you deposit your crypto at such platform, there is no guarantee you will get it back it they go rogue or bankrupt. Just like there is with banks. So beware, do your due diligence before you deposit your coins somewhere!

Sincerely,

Pele23

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