Is It Wise To Store Life Savings Into Tether Wallet?

Good-Guy

VIP Contributor
Cryptocurrencies are highly volatile and we all know this. The fact of the matter is that almost all the cryptocurrencies are volatile and there is a risk involved when it comes to holding crypto coins. However, now I am considering holding all of my life savings into crypto coin called tether. I have saved my life saving in a payment processor but the big problem is that we cannot trust payment process either. In the past, many payment processors like Solid Trust pay, Payza, Liberty Reserve, E-Gold got shutdown by the government and probably a good number of people lost money. However, is it wise to save money in Tether cryptocurrency, as Tether is decentralized and cannot be controlled by anyone? Since tether cannot be controlled by anyone, would it be a wise decision to store life saving to store in Tether wallet?
 

Augusta

VIP Contributor
Life savings I wouldn’t advise anyone to store life savings in just a wallet. Even offline one shouldn’t leave life savings in just an account. I think for safety reasons it isn’t a bad idea to have at least 2 accounts to store money. But for me I prefer assets than having physical cash
 

funmi

Verified member
Storing up all your life saving? That is very unwise to me. Nothing in this world is one hundred percent correct or right. Life is filled so many uncertainties, you can never be sure of everything. This decision is very risky and dangerous, what if something bad happens along the line. We are talking about life savings here. Please, I will not advice anybody to do so.
 

Sotherefore

VIP Contributor
if you're thinking of investing in cryptocurrency you should consider the best type of cryptocurrency with the highest volatility and potential, there is no problem with investing your money in the stable currency but don't expect to make a reasonable profit both on short-term or long-term.
 

Good-Guy

VIP Contributor
Storing up all your life saving? That is very unwise to me. Nothing in this world is one hundred percent correct or right. Life is filled so many uncertainties, you can never be sure of everything. This decision is very risky and dangerous, what if something bad happens along the line. We are talking about life savings here. Please, I will not advice anybody to do so.

I think crypto are decentralized. However, I have seen that some people are stating that tether is not a decentralized crypto. If this is the case, then I think storing coins in Tether wallet might be risky. However, Tether is still as much reliable or even more reliable as many online payment processor because Tether has been online for almost seven years as of now.
 

Chibson

VIP Contributor
I think that's a good idea especially if you are from a country a bad economy. It's better because you can access it anytime it's needed. But before doing this, make sure it's a safe wallet you are storing it in. Even at that as someone has said here, it's not wise to store all your savings in one wallet.
 

btaliat

VIP Contributor
Life savings I wouldn’t advise anyone to store life savings in just a wallet. Even offline one shouldn’t leave life savings in just an account. I think for safety reasons it isn’t a bad idea to have at least 2 accounts to store money. But for me I prefer assets than having physical cash
You have spoken well. Life saving should not be saved be saved in a single document. Not only that government policy may affect the saving by rendering it useless, the wallet may even be folded up whether by mismanagement or any other reason. But having physical asset will give a small relief. Afterall, person can easily point out at investment rather than online money stored somewhere.
 

Razor1911

Active member
Why you would invest that in Tether? Investing in other investment schemes will be better I think. The price of tether won't appreciate with time, it will remain same even after 10 years. It is better that you should invest it in markets or govt bonds where the money you invest will appreciate with time.
 

Shaf

Verified member
It's too risky to keep your life savings in just one place or investment strategy. The tether stablecoin has been subject to scrutiny over time by the SEC.

Also, some analysts believe that the concerns raised by the SEC is not really unfounded and would look for alternatives to it.

It would be best to diversify, have some tangible assets and also have some like gold or cryptocurrency. This would help if one of them is affected and you wouldn't lose a lot.
 

Suba

Moderator
Staff member
I think it's good if you buy Tether from fiat money
for store life saving into Tether wallet, but I think it's not good if you exchange crypto for stablecoin (Tether), because currently crypto prices are going down. To save Tether, choose a well-known exchange that gives interest so that you will benefit.
 

Skysaint

Verified member
The USDT coin is actually a very stable coin and while all the coins where being bearish from last year, the coin remained fixed in its value and never depreciated but still I wouldn't advice anyone to save their life savings or earnings on the coin because many things could go wrong.
There's just a possibility that the wallet you saved your coin in will get folded sometime in the future maybe due to one thing or the other.
The wallet can even turn out to scam you of your earnings as u have experienced with a wallet I had invested in. After investing my money on the platform, I couldn't withdraw my earnings even till date and you wouldn't want to experience that with your life savings into such wallet.
With all these being said, there will also be psychological consequences attached to it because your mind won't be at rest and you will always be afraid of the unknown. So you can store part of your wealth in cryptocurrency and probably use it to acquire more wealth but never invest everything you have to it.
Starting up something offline to yield you back your money and to earn you more profits could be a better option to this.
 
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