We started saving in Bitcoins the minute we transferred money and bought Bitcoins for our wallet. We have become our own bank. We will not gather interest by just holding Bitcoins in our wallets, but we will probably see the value of our Bitcoins rise every year on average (versus our national currency).
When using Bitcoins, our expectations for how we receive, save and spend money has to change slightly. We have all the power of a bank with our Bitcoin wallet. We do not depend on a bank for confirming that there is money in our account. Bitcoin handles this automatically. We are completely free of the government FDIC system and the banking system, for the better according to most Bitcoin supporters.
What about collecting interest such as banks, credit unions, and financial institutions offer?
There are Bitcoin banks popping up that offer Bitcoin interest: Flexcoin.com offers an unknown quantity of Bitcoins monthly based on average account balances. It also acts as a Bitcoin wallet.
By now, a reader could be understandably confused about the difference between having a Bitcoin wallet and some of the services for Bitcoin. Confusion is a hallmark of any new technology. For now, the important tip is that we Bitcoin users will have multiple Bitcoin wallets, with multiple Bitcoin addresses at different sites for different wallets, and use different exchanges (mtgox.com, localBitcoin.com, etc.) as we wish.
Unlike the challenge of opening new accounts forced on us by banks, Bitcoin allows us to have as many wallet addresses as we wish. This helps maintain our anonymity. One Bitcoin wallet can have many Bitcoin addresses. The Bitcoin applications we decide to use keeps track of all of this for us.
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