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Why Use a Piggy Bank When Crypto Can Be Your Digi Bank?

The days of traditional finance might begin to be left in the dust with the new digital revolution in payment systems and fund management. Most of the Millenials might be nostalgically familiar with the term "piggy bank", but for different reasons. That's because they come from a blend of eras. They experienced a taste of '80s and '90s items like vinyl, baseball cards, Walkman cassette players, CD players, polaroid cameras, and microcars. They also became accustomed to rapid advances in tech from the wonky computer boxes to the trendy tablets and iPhones. Some millennials I've talked to thought of this as a 'bragging right' when comparing themselves to the newer 'Gen Z' generation.

During the 'early' years of the millennial era, you might have thought "oh gee, I gotta get one of those baseball cards. That'd be so rad"! Then, you might have dropped a coin or two into your small piggy bank and went along on your merry way until you found another coin on the street. Or maybe you would exchange one of your beloved "Box Tops" for an extra set of coins so that you could fill up that piggy. Then, when the pig couldn't take it anymore, it might crack open. But, if it didn't you might convince it a little to get all of your savings out of it.

Now, let's think about how the world of crypto could change this notion (especially for Gen Z). Let's say that, in the hypothetical futuristic world where everything was done using crypto, you wanted to get that trendy smartwatch you've always wanted for your 18th birthday. The only problem is that you are 12 years old. Your parents might say, "tsk, aww sweetie, you can get sooner if you save. Tell you what, we'll drop a little somethin' into the crypto 'digi bank' every time you do your chores". You somehow manage to clean your room and do your chores diligently for three whole years. In the meantime, the existing balance within that 'digi bank' earns compounding interest at a rate of 30% APY. That's the equivalent of magically growing new coins in a piggy bank while you add to the existing principal amount.

Even though a 12-year old might not fully grasp the concept of compounding interest, annual percentage yields, time horizons, and constant principal deposits, what they will probably see (first) is that they can get their smartwatch sooner than they thought. That's something that would probably be unheard of in the 'early' millennial era unless you had access to a wonderful, magical, children's unicorn bank that offered 30% APY interest. What are your thoughts on the new piggy bank of the future?

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Hello everyone, I am an avid reader of various news articles on science, technology, nature, lifestyle, and more. I mostly enjoy writing creative content about what I observe from reading, watching, and experiencing life.

Golden Perspectives on Global Topics
Golden Perspectives on Global Topics

This blog focuses on providing you with my thoughtful perspectives and opinions on various topics which include science, nature, technology, cryptocurrency, economics, and more! In each post, I will take and expound on a particular topic with my own perspective. Each post is meant to inspire readers to reflect on their own perspectives about a certain topic of discussion.

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