Apple Pay….and Save 👍
Doesn’t that sound nice! 😃
And to you decentralize-everything, crypto-fanatics…
We’re not there yet. We still need fiat.
Maybe one day we will be paid in Dai.
At the moment, let’s finesse the best way we could.
First, let’s start with some boring 😴 but important statistics.
You can skip this section if you start getting sleepy.
(https://www.usinflationcalculator.com/inflation/current-inflation-rates/)
The U.S. inflation rate for January 2020 was 2.5 % , an increase from the 2019 average of 1.8%.
The highest U.S. savings rate as of March 18, 2020 is 1.92% APY.
Even though online savings accounts have much higher rates, the majority of people use the larger and more traditional banks. This puts the average savings account rate among U.S. banks at just about 0.09 % APY.
Yes. We know that online savings accounts are able to provide a higher annual percentage yield than traditional banks.
Guess what? We also know something much better than that. 🤫
Introducing Dai Savings Rate (DSR)
Ryan Sean Adams, founder of Mythos Capital, wrote on Bankless:
My Bank of America savings account earns 0.03% right now. I just checked.
Bank of America is a larger bank with a traditional brick-and-mortar business model. These are the banks used by a majority of U.S. citizens.
We want to take you a step further from the online savings accounts. This goes beyond brick-and-mortar and traditional banking; it involves using stablecoins, cryptocurrencies that have close to zero volatility. Since stablecoins exist on crypto networks like Ethereum, they inherit the properties of other Ethereum tokens. They’re global, borderless, peer-to-peer, and can be used inside the crypto banks and DeFi ecosystem.
One of our favorite stablecoins is Dai.
According to Brendan Forster, Co-founder and COO of Dharma Labs:
Dharma is the easiest place to save your money from anywhere in the world.
What is Dharma?
Dharma is a user-friendly layer that allows you to earn interest on stablecoins.
They have raised $7 million from big investors such as Coinbase Ventures.
Dharma wouldn’t be possible without Compound Finance:
Why do we need it?
We need to beat inflation and our current banks aren’t providing us with the needed interest rates for our savings. This is something we may need NOW to protect us from the economic effects of the Coronavirus pandemic.
Let’s Apple Pay and Save with Dharma. The mobile application can be downloaded on both IOS and Android.
(Note: We are using the Dharma IOS mobile application for this post.)
Once downloaded select Create Account.
Fill in the required information to setup your account and select continue to proceed.
Don’t forget to verify your email!
You now have a mobile savings account with a 5% - 7% APR. 😯
Next, add your debit card to deposit money from your bank to your Dharma savings account.
You may also add your bank account information to withdraw your savings back to your bank account.
(Note: withdrawals may take up to two weeks to be available after purchase.)
You can deposit $250 daily to your Dharma savings account from your card WITHOUT PAYING any fees.
If you’re a more advanced cryptocurrency investor, you’re able to deposit any amount of Dai to your Dharma savings account.
Furthermore, select Apple Pay and pick the amount you would like to deposit.
Then continue. Now select Pay with Apple Pay.
(Note: If you didn’t notice, we’re using our Crypto.com card with Apple Pay 😉. )
Congrats!!! You have now deposited money into your Dharma savings account without paying any fees.
Beat the recession and earn 5% - 7% APR on your money.
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