Bitcoin Forum

Just wondering...

Yes. What's your doubt, exactly?

Interesting putting in that kind of perspective,you are trying to compare two entirely different things,putting cash in a swiss account is secure because the economic system in Switzerland is pretty stable,one of the best.If you want your cash to be available and not lose any of it's worth then putting it in an account in Switzerland is a good option.However,BTC can pay you much higher dividents because it is an investment rather than a secure deposit.

In the most beggining of bitcoin that services, where it was holded, were not so safe as today. Now hacking happens more seldom, but with the growth of the price, growing the value of stolen bitcoins and it's very big money. I think today Swiss bank stays more protected than bitcoin. And I think it will stay so for many years.

It is a lot  more secure, because the Bitcoin network is decentralized. Most banks have a centralized system that can be taken out quickly if some

hackers gets through to their data. It is a whole other story if you make use of third party services to make transactions, because they are some

times the weak point, because they too are centralized.  >:(

Good answer.  Bitcoin is still a highly speculative investment.  It could turn out that Bitcoin will lose value, and so while your coins may be secure, your wealth won't.
Also, we are all trusting in cryptography experts who are telling us that the elliptic curve cryptography is strong, but unless we are experts ourselves, we don't know.

That being said, bitcoin has proven itself to be secure and we control our own funds.

Banks/central banks/financial institutions/money related organizations and all are backed by physical gold/paper cash, one significant advantages of bitcoin that is virtual in nature there is nothing physically attached to it and everything just depends on the security of private key, it is a cryptography method that keeps everything a secret which goes back to ancient Greece times.

This question of yours is incorrect because bitcoin is the first of it's kind, it's a currency and a bank at the same levels, actually there is no bitcoin outside of a private key's vault it's more like a mobile Swiss bank also you need to have the money first to deposit in a bank but with BTC you are supposed to mine it and create money by doing so.
If you do something that the world powers don't like they can easily block/freeze your funds while no one can touch your coins and if a miner/attacker wants to steal/give away/change anything of your bitcoins they'd need to first invest more than what you have to be able to manipulate the blockchain and even keep raising their hash power in order to stay with the longest chain in other words it is impossible or not worth trying financially and those with great hash power already operating have more than any body else to lose if they ever try to damage the network.

So when I say bitcoin is something unique because of the statement above.

Are you asking about security or stability? From a stability standpoint, the Swiss bank account gets my vote simply because
currency values aren't in constant flux like they are with bitcoin. From a security standpoint? Depends on what you are doing.

If you're keeping them in a 3rd party online wallet or an unencrypted offline wallet, then the Swiss bank again gets my vote.
On the other hand, if you're taking every available precaution to protect your bitcoin, then I'd say they are comparable.

Technically speaking, under the right conditions and when done properly, Bitcoin is a lot more safe than a Swiss bank account (especially now that some new rules have some into effect, but that's more for account ID and not really compromising security at all).

The main things you have to look out for are, mostly, just viruses and storing your Bitcoin on an external drive. Make a few copies of that, replicate that, and you're mostly good to go and do whatever.

Yes because bitcoin is decentralized not under any single entity or person.Nobody can force bitcoin to disclose anyones identity because bitcoin is not managed by anyone.Although it is possible to track bitcoin transactions but that is very difficult job

Yes they are most secure currency you ever had.
Even if you have all the computer power on the earth, it would take 100's of years to crack even a single bitcoin address.

That totally depends on how you store your bitcoins. Are you an idiot and store everything in a web wallet? Then no. Bitcoins (to you) are not safer than... anything. A stack of twenties in a drawer if saver than you. If you use a paper wallet and hide it well then yes, bitcoins are much safer. Now in terms of price we're all over the map but we did see a 100% increase last year so I'm not complaining.

Of course Bitcoin is a reverse public ledger where all transactions are made visible to every interested party whereas the Swiss banks will keep every transaction details to themselves as confidential information and so they are more likely to run away with your money than Bitcoin and it's blockchain technology.

When talking about security of your money i can say that bitcoin got this one since you do have the full control of your money on which you cant  do in traditional banks but people do always still prefer to use banks because they know its being regulated by the government and people do always thinks that as long its regulated then its safe.

Bitcoin's network is inherently very secure.  So the only thing that matters is how you are holding your Bitcoin.

A swiss bank is just holding your fiat currency for you, as is any bank.  We know that it's possible for banks to collapse, and while unlikely, Bitcoin is only held by you and only you are responsible for it, so while the third parties associated with banks and with fiat can never be 100% reliable, Bitcoin allows freedom on the Internet which is what makes it so secure.

So basically, if you actually own your private keys and don't rely on any third party (e.g. run a full node), you'll be far more secure than any fiat holder could make you.  But it gives you a lot of responsibility which you have to take seriously, and a lot of Bitcoin has been lost before.

 

Sure, but it all depends on how secure you make your wallet. A cold wallet can't be hacked. But a private key can be be forgotten, misplaced, or lost.

Of course leaving your money in a Swiss bank doesn't mean you "own" the money...you just own the IOU. Same as keeping your bitcoin with an online wallet.

haha, i don't know if OP is asking this because of what i think or what but i remember the first time i heard bitcoin being compared to a Swiss bank account was from Obama last year where he said something like "...everyone is walking around with a Swiss bank account in their pockets..."

and yeah if you aren't concerned about the price then bitcoin is much more secure than a "centralized" Swiss bank account which is apparently supposed to give your account details back to your government automatically and before they even ask for it.

If you are asking about the security between the two, both of them should be secure on their own merits. Bitcoin provides you anonymous identity and will provide you utmost security if you know what you're doing about it (i.e. how to take care of your wallet and private key. how to protect your device from malware or virus). On the other hand, Swiss bank will also provide you security because of their banking system but they will require you to provide additional personal information.

Ofcourse it is.

With a Swiss bank some considerations:
1) Counterparty risk - the swiss bank may default or something goes wrong with its operations
2) High fees - somewhere else in the world and need your money? Do you know how much international remittances/currency exchanges cost?
3) Geographic risk - if the Swiss had crazy riots, or bombings, or act of godly natural disaster on its streets, operations would be put on hold for that Swiss bank.

Bitcoin is a global, established, decentralized store of value where all you need is a communications channel.

Bitcoins are more secure than swiss bank. Bitcoin is popular due to the decentralized nature, swiss bank to have got the same features. Recent days Switzerland is focussing towards entire digitalization. I believe only with proper security research bitcoin is given importance by Switzerland government.

As far as our identity is considered,Bitcoin may be secure than swiss bank because if any government requests swiss bank to give details of its citizens who hold account in their bank,then your personal data may be compromised.But it is not the case in bitcoins as you hold your wallet's private key and the governments could not trace you easily.But when value is considered,bitcoins are highly volatile and has high price fluctuations.

well in my opinion the comparison of the two is wrong!
with Swiss bank you get fiat and that will always be valid with more or less the same value but you are again putting your money in a bank which is going to be centralized and although it promises high privacy but you can never know the truth.

with bitcoin you get the privacy and anonymity to some extent and you have it on your own since it is decentralized and also with highest security only if you know what you are doing and use a cold storage. but the problem will be price which is volatile which makes bitcoin more of an investment.

Of course yes, bitcoin is more secure then any other Banks not Swiss bank only, we have control our bitcoin we are the Banks
we just need knowledge​ to save bitcoin with good way
 there is not decreasing of values in bitcoin is like put money on the Banks because of inflation
 bitcoin is save to protecting us from inflation.

yeah...What's your uncertainty, precisely?

Well, not so sure, but I think bitcoin still have a better Security settings, because bitcoin is a tool that is used in international transactions, and it must have a high level of security. Well, maybe just a few people who want to penetrate the Swiss banks, but almost all hackers want to take bitcoin.

Well, I think you can't really compare bitcoins with Swiss banks. That would be a little unfair.
Bitcoin is an ecurrency with value and banks are ?! banks.
Yes the Swiss economy is one of the most stable ever but let's look at it from another side.
Bitcoins are decentralized i.e, no one holds your money and is of a volaitle price which makes us consider it as an investment as it has a lot of potential in the coming future.

It really depends on whether or not you want to invest.

Moreover a bank will always remain a bank regardless it is sited in Swiss or New York. In terms of security, there are a number of ways to have one's coins secured and even though Bitcoin is highly speculative, over time its value can be expected to appreciate, because of its unprecedented and very appealing fundamentals. Interestingly, inflation is not a thing to keep a bitcoiner sleepless nights as does any fiat out there.

I don't think so , because I think we should not compare these two Because Swiss is directly connected with the Fiat money in practical world but bitcoin is virtual and we can use only through online market deals .
Still here I will say that bitcoin is more secure than swis bank Money Because the money in your wallet is only your and in your own hand but in swis bank the money is in another hand .

it depend here what you refer to secure, if you refer to local wallet versus website wallet it's entirely on the owner of the wallet to make it secure versus, instead the website could be hacked without the possibility for you to do nothing

if you mean secure as encryption speaking, bitcoin is the most secure, on par with any system that use 256 bit, you can also compare swiss bank to xapo, which is more right here and not to bitcoin itself, since bitcoin is not a bank but a decentralized system

This. The most profound testament of how secure bitcoin really is. Thank you Dr.Osh

I think both of them offered a great and secure protection, however I think bitcoin is a bit more secure than bank, I have heard so many attempts on breaching bitcoin but up until now still no success, but for bank I heard somebody success in breaking the system but not the Swiss bank, so personally thought that bitcoin is more secure

Ofcourse bitcoin is more secure then swis bank .
I am not only in favour of the bitcoin Because I am making money .I am supoorting the bitcoin more than swis bank because the bitcoin is own hand bank and your money in your hand and you are only the owner and no one can access ( but condition is that you should remain wiseful Because if you need to made everything secret , I mean not to expose your private key or password for your wallet ) .
So ease of access and unlimited money store in our wallet without any ristrictions is directly saying that which is more better and secure than anything .

I can't understand how you can to compare bank's and bitcoin's security? Banks are two type at the same time, internet banking and simply banks in the street. Their system is different from bitcoin, banks hire team of developers to keep their users security safe and also.they fix any issue in transactions. So banks in real life are highly protected to keep gold 100% safe because it's behind money and money is nothing without it. And bitcoin is virtual cryptocurrency which has absolutely different system and transactions here are confirmed by miners on blockchain, also there is nothing behind bitcoin like gold behind money and if we talk security, yes, bitcoin is secure with it's system but wallet security depends on you, you need to keep keys and etc safe area, plus the greatest thing that bitcoin has is that you can keep bitcoins on flash or etc things very safe and to my mind it's the safest method of keeping money, simply there isn't chanse of stoling money.

Well, I think OP is trying to compare as far as security is concerned only and not any other thing in relation to Bitcoin and having a Swiss bank account. There is no question, a Swiss bank account can be more secure as they usually will hide your asset away from the prying eyes of any government or institution. All the policies and guidelines are always laid down when you open a Swiss bank account and they are usually not subject to change except in some minor cases. Bitcoin is still evolving and since it is digital they can possibly be hacked most especially on our side. Plus you need a good amount of money to be able to open an account in a secretive Swiss bank.

many people who hide their wealth and their money. sometimes some politicians also wiping their money in Swiss banks. This is a public secret mate
but I see in the film the last stand. that swiss bank right now is not seceret as before bank ? is that true?

bitcoins and swiss bank are two different things . if you dont want to loose your cash then swiss bank is the best ,well if you want to get value in your investment then bitcoin is the best way to invest in it .

I think it would be our foolness to compare the both these two beca they have difference like the sky and the ground .
The swis bank is in practical life and we can handle them practically and needed more verification procedures .
And a big thing that I don't like that our own money remain in the hand of the swis bank .
But all of that opposite , the money in bitcoin wallet we can use anytime anywhere without any big verification  .
Here no doubt that bitcoin bitcoin is more secure than swis Because no one can enter in the network of the bitcoin algorithm .

I agree, bitcoin and Swiss bank are completely different things and each one of them has its own domain, bitcoin is a cryptocurrency meant for people to use in their everyday online shopping, and banks are meant for people to put their fiat money in, the good thing about bitcoin is that your money keeps on growing instead of putting passively in a bank.

'Bitcoin is safe, if you use it appropriately as a medium of exchange. Its algorithms have been extensively reviewed and it has a reasonable track record in practice, albeit with some hiccups along the way'.
You can trust in bitcoin, btw, Swiss bank is not bad. In my opinion, you can use both of them without be worry about hacking, threating,... I strongly recommend bitcoin when you have an anonymous trading.

But, still both of things can be compared to each other based on its safety from many or various perspective, so, it's still comparable even though both bitcoin and bank is really a different thing whereas bitcoin is a currency and bank is the place where people often save their currencies.

Bitcoins are more secure I guess, it cant be easily raid by bank robbers. It cant be easily hack by hackers as they need to hack the whole blockchain.

Just make sure you save your bitcoin properly, dont lose your password paraphrase.

Each one has its advantages and disadvantages, but if you're talking security as in your money will always be useful then definitely a Swiss bank. A Swiss bank has that proven reputation and security. Bitcoin hasn't been around as long and anyone can hack into your computer or steal your hardware wallet with enough effort except you won't have professional security guarding it. Bitcoin is also very unstable pricewise and not as many real life places accept it as payment. For now, having your fiat in a nice Swiss bank is more secure in terms of real life application.

This is tantamount to comparing volume of forex trading and trade bitcoin/altcoin in regulatory differences and beliefs. So far it has many bitcoin wallet always get development solutions of bugs found, bitcoin victory is anonymity, but security still have a gap, and the main thing isn't recognized by government. Swiss bank is official place with high level of security and privacy that's remarkable, it is definitely legal of course, so deposit entrusted from one person alone could reach billions.

Bitcoin has its drawbacks. And at the moment there are many ways to steal the bitcoins. Similarly, there are ways to steal the national currency from the bank.

i think bitcoin is very much secure than Swiss bank we know that bitcoin is very much secure currency and we feel secure in bitcoin and bitcoin charging fees is very much low and if you keep your money in bitcoin then you will be already in profit because bitcoin increasing its price too much faster.

Despite your optimism, you need to remember about the risks. Crypto currency is very unstable and you always need to be careful when using it. Scammers can take everything they want

ii agree with you and i will choose bitcoin because bitcoin is very much profitable currency for everyone and if we store our money in bitcoin then our money can be double in bitcoin when bitcoin price increase to double value.

Apples and Oranges type of comparison really...

Bitcoin is an investment that has high potential but is volatile.

The swiss bank is a more established, accepted system of fiat currency.

Bitcoin is technically that, but it is not treated that way at the current time.

Both are good for their purposes. I'd have some investment in both to be honest.  8)

It's a bit more than that. I doubt OP is interested in the volatility and looking at Bitcoin as an investment. The question is strictly about security and this is much better with Bitcoin. A bank is still managed by a third person and you never know what that person might do. There might be a bombing in Switzerland that disrupts the network or power in the area and you won';t be able to use your money for a time. With Bitcoin it's all in your hands.

i personally have no idea about the swiss bank security, but i can conform that bitcoin is too mch secure as i am using bitcoin for loas few months.

You can't basically just decide that as there are so many ways to protect your bitcoin weather it is an online wallet by 2FA or your desktop wallet by hiding your private key and stuff. But i do think that swiss bank is more secure as they are a bank after all and if they lose your money they are liable to pay you unless they are bankrupt  ::)

They are also more private with the US getting access to Swiss banks in recently years. The rich now store their money on islands like Barbados

The Swiss Bank isn't that secure to be honest. If there money in the Swiss Banks was really secure then there would be people all over the world trying to use it instead of any other Banks. I've been reading that more Banks are trying to enhance their security because of them getting bad situations happening to them.
It may seem like they are trying to help the community though I'm pretty sure that Banks could find a solution if they really wanted to.

In term of stability i wouldn't say bitcoins are more secure then Swiss bank. The value of bitcoin can decrase easy while in banks the risk is smaller. In term of security it's depend how you see it. A hacker can hijack your wallet in a way or other then it will be a total lost for you. While if your bank get hacked then you get refunded as the bank is responsible  ;D

Bitcoins more secure than all bank! But may be you lose all you have when no one "" like "" BTC

I think in terms of security the same applies, advantage for the swiss bank. Bitcoin is more vulnerable to hacker attacks and has less guarantees. But the point of bitcoins is to have a new technology that allows us to use a new way to make online transactions and to earn money online.
And there isn't any bank offering us chances like this to make fast profit and money online. What I mean is: Without a lot of initial money, swiss bank is worthless for you. Without money, bitcoin extend a welcome to you!

Yes bitcoin is far more secure than any bank's centralized network. Bitcoin is decentralized, it is encrypted, the one who have private key only have full control over that bitcoin address this all makes bitcoin more secure than swiss bank or any other banks.

Bitcoin server/network can never go down so you will always have access to your bitcoin.

It is precisely why banks have not completely crumbled yet.  They (the banks) insure your funds up to $250,000 in USA in the case of financial crisis.  It's the thing bitcoin can't offer, insurance.  A whole scam of its own, a whole topic too. 

That is not completely true because not a thing in the world isn't 100% secure and free of attacks and breaches. And so it's the case with Bitcoins too. So far we can't claim that Bitcoin network could never go down or be attacked and your coins lost. I never take anything just as it seems, there is always a danger.

Satisfying your curiosity, I will disappoint you but the Swiss banks are not the safest in the world. In reality the classification index changes every year or strictly speaking this index changes since one or more of the Big Three credit rating agencies  Fitch, S&P, and Moody's  The 17 safest banks in the world (http://www.businessinsider.com/safest-banks-2015-7/#17-national-australia-bank-1) decide to change the rating of any financial institution. But for your information according to the link the 1st, 3rd and 4th banks with higher rating are located in Germany and only the 2nd one in Switzerland.

Bitcoin has security level that's more secure, but sometimes we feel the anxiety to manage personal, then banking institutions necessary for it. For your reason, we need to believe in development of their systems and allow system to run smoothly, if you always say 100% is not safe, your mind will not calm down and one step down from person who always thinks positive.

There is no doubt about that, bitcoin is much better than Swiss banks because it allows us to make money, but just to clear things out Swiss bank allows you to store gold.

So, you can exchange your money into gold and store it while the price getting higher and then exchange it back to money when the time is right, but that is still not better than bitcoin because you are going have to pay for the time it is stored.

If you talk about anonymity.

Swiss banks were secure. But those days are long gone. Originally they gave you a numbered account and asked for no identification. Now, you get a named account which is identifiable back to you.

Bitcoin only provides pseudonymity, not anonymity. All bitcoin transactions are linkable, and so once you identify a single point, you can follow it through every transaction (which is stored on every node) to follow the money.

Swiss banks offers more security than  bitcoin since it is free from hacks and is very strict in keeping your wealth stored in their system. But even though swiss bank is more secured than bitcoin its tight security sometimes becomes an advantage to swiss accounts. Just imagine if you place a deposit in swiss bank and an emergency occurs right at the moment you cannot claim it instantly like bitcoin does. In the end bitcoin is much better to swiss bank since it is more accessible.

Of course robbers can't get into your house and steal your laptop or your phone or whatever you have your wallets on.
And good luck claiming afterwards that you had so many bitcoins when the police comes.

The problems with bitcoins is that once the security fails there is no chance of getting them back.

Just look how people are getting their bitcoins back.... not.

No, swiss bank more then bitcoin. we know many corruptor,drug dealer,mafia,politican,etc save their money at swiss bank because no way for anyone touched their account if not by hand the owner of account so why i think bitcoin not safe?? due until now i still hear many bitcoin user get hack by hacker.