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Piggy banks are small containers used in saving money. It has been in use from time immemorial and people still use it even in the face of so much technological advancements due to its advantages and help to quickly reach a savings goal. It was used by children but even adults adopted and started using it.
It was traditionally used to store coin but it is currently being used to store both coin and paper bills since there's a less percentage use of coin today and paper currency is dominating. Piggy bank has a hole which allows the entrance of a coin or a folded bill but does not include an access to get it out which is the sole purpose of using it. Savings could only be accessed by smashing it. Though there are piggy banks designed in such a way that savings could be accessed without destroying the bank itself but they are rare.
It was mostly made of ceramic and designed to look like a pig bit nowadays, there are piggy banks made of different material like wood, rubber and even cartons.
Reasons for using piggy bank
When I was younger, I used to save my extra cash in my piggy bank pending December when I would have my parents broke it for me. I do buy myself Christmas presence and other adoring gifts. I do buy gifts for my parents with those savings too. That was a part of my childhood that I really enjoyed. The joy that comes to me whenever I see all I have saved over the years in one place could not be compared to any other thing. Children use piggy banks to save their extra cashes for future use.
But it goes beyond children saving as even adults use piggy banks to save money for a particular purpose. People save money in piggy banks when aiming to accumulate up to a particular amount within a specified period probably for a particular goal.
Some people save the money they ought to have spent on non-essentials in piggy bank which at the end amount to something tangible.
I have heard of a woman who was saving money in a piggy bank little by little for over a period of about 6 years and when she finally decided to break it, she already saved a good amount that served as capital for her business.
People have used funds saved in piggy banks to pay important bills, settle loans, buy essentials, pay children school fees and many more. Piggy bank has literally saved lives as it has been used to accumulate enough money for medical treatments.
Yes that's right! Bitcoincash wallet can serve as a piggy bank. After all, we would all agree that the world is currently shifting attention towards Digital currencies which includes bitcoincash.
We all do experience the situation where we have a particular amount of money either in cash or in the bank which we do not have plans for yet or it's to small to execute the big plans we have. But if we can be saving that little money somewhere, it would definitely amount to something. And that is the use of a piggy bank.
So, considering BCH wallet as a piggy bank, that means, you have to keep the tiny fraction of BCH that is currently not worth much there. You can also use the fiat with you which you currently do not need, to buy BCH and send to that same wallet.
I have also seen a challenge currently going on here on read.cash about saving $1 Worth of BCH per day which many people have joined already. The fund that would be realized from that saving goal within the intended period would be used for a particular purpose. That's one of the best use cases of BCH wallet as a piggy bank.
For this to be successful, you have to stick to the rule of not peeping to check the amount. So, you would need to write down your seed phrase and keep it somewhere very safe.
Keeping the volatility of the crypto market in mind, you could easily loose out on that goal if the time comes and BCH price dips. I think this would be the only major problem one could encounter using BCH wallet as a piggy bank. Though, you won't loose the money but the goal would lost.
You could also loose your seed phrase and totally loose access to your savings but I believe that would be rare unless one is just totally care free.
We talked about the price going down right? What if the price started pumping and before the time to use your savings, it had already multiplied to about ×100? This is a great possibility in the cryptoshere especially with BCH which the future is looking very bright. This could not be possible with traditional piggy banks since you only get what you put. You would not only buy what you want but have a lot of extra money to use for other things.
One of the major issues with traditional piggy banks is the case of theft. You could be saving and a friend or family member would be siphoning it without you noticing. I had experienced that long time a ago. Thiefs also could just break in and make away with the whole bank.
But with BCH wallet as your piggy bank, no one could access it but you. Once you protect your seed phrase, your funds are safe.
No too many denominations
With BCH wallet as your piggy bank, you get only BCH once you are ready to use it. Unlike traditional piggy bank where you would have different denomination of fiat which could sometimes be found irritating.
As you must have known, it takes discipline to maintain a piggy bank without you turning into the bugler yourself. So would be the case with a BCH wallet as your piggy bank. You could be tempted to go get your seed phrase and check your balance and that may lead to you selling the coin. It is the goal that would be your motivation.
Like you know, this is not a financial advise but just a thought that might be useful in the long run. Feel very free to adopt or abort.
BCH is here to give us freedom, so feel free to use it as you like!