Banks are WAY MORE secure then Bitcoin

[Smack That Ace]

- Most branches won't let you withdraw a large amount of money unless you call or make arrangements in advance. That is because there's simply not enough cash in the vault.

This is true because bank branches are not allowed to store too much cash for security reasons. However, if we give them a 2–3 day notice, we can even withdraw billions of dollars, no one will hold the money or prevents us from withdrawing what is ours.

- Mobile banking apps are usually riddled with bugs and weird technical issues when managing your account, and in some instances they last longer than it takes for a single Bitcoin confirmation on average.

This will depend on the infrastructure of each country and each banking system.

 

I have heard (not experienced myself) reports of outgoing transactions being blocked until the account holder explains where the funds are being sent.

Banking is a centralized system. They comply with AML and risk control regulations, not because they want to keep our money.

 

- Sometimes wires take hours or even days to reach your account.

Some of my bitcoin transactions are taking 3-5 days to complete when BRC20 and RUNES come to the bitcoin network in 2024.

I guess it's because we've used Bitcoin too much, but I'm so spoiled by its efficiency, I sometimes forget what the real world is like.

Bitcoin is really good, but it's not absolutely perfect, and we get obsessed with it and hype it up way too much.

[philipma1957]

While I do love and am fascinated by the concept of bitcoin, I have one HUGE problem with bitcoin that nobody seems to talk about: If you hold bitcoin and a single person finds out about your wealth, you are at risk of losing everything.

For example say we have person A and person B. Person A has all their wealth invested in the stock market and person B has all his wealth invested in Bitcoin. Both are extremely wealthy and a gang knows about the wealth of both guys.

If a gang wanted to steal Person A's money, they would have to kidnap the victim and then force him to sell his stocks. Then they would have to wait 2 whole business days for the funds to settle before withdrawing out of a brokerage account. Then once the funds hit the victim's chequing account they would only be able to send a limited amount of money before reaching a sending limit of like 3000-5000. The only way for a gang to steal a large amount of money would be if they forced the victim to walk into a PHYSICAL bank and request a big withdrawal which no gang would risk. The way banks are set up it takes such a long time to withdraw large amounts of money so for gangs it's virtually impossible to steal a persons life savings through stock market investments.

Now if a gang wanted to steal person B's money it's a walk in the park. Once a gang gets in Person B's house, all they have to do is torture the victim until eventually the victim gives up his cold wallet and pin. Then all the gangs have to do is transfer the bitcoin to a different cold wallet and then boom in 30 minutes they have successfully stolen a mans life savings.

This is by far the biggest flaw about bitcoin. One person knowing that you own large amounts of bitcoin is all that's needed to lose your life savings. In order to steal a persons stock market investments, it takes WEEKS and tons of in person verification making it virtually impossible and too risky for gangs to pursue. In order to steal a persons bitcoin it takes about 30 minutes.

If the entire world adopted Bitcoin and ditched fiat currency, the amount of robbings, hacks and killings would increase 100 times because it's so much easier for criminals to steal a man's life savings and get away with it.

All it takes is one bitter ex wife, one greedy son to lose everything. Bitcoin is not safe in this regard.

A lot depends on where you live.
Different countries have different rules.

I can easily move 20 to 30k a day from 1 PayPal account to another, but other countries will not let a PayPal account do that.

If you have real wealth say 100 BTC it is easy to have 10 wallets of btc

15 btc
15 btc
15 btc
15 btc
15 btc
15 btc

90 btc all locked in a safe in a bank.

and in your house

a 6 coin
a 2 coin
a 1 coin
a 1 coin

10 btc  so you are pretty safe from all coins lost.

You do run into issues if you have  1 or 2 coins as you will likely not protect those coins as well as you would 100 coins.

[CryptoBuds]

Fiat would still be there, one way or another..

BTC isn't there to demolish it and take its place...

Lovely put! This is the part maximalists miss or intentionally ignore. Fiat isn't going to be like cowries or barter to Bitcoin. I guess that's how a lot of people imagine it that fiat will fade out completely like cowries did. No, it won't happen. My stance is hinged on the fact that it will be near impossible even several decades from now for the entire globe to have access to the internet and be literate enough to understand how to transact in cryptos. Fiat will be here to complement Bitcoin/cryptos.

Even if in just a few decades the whole world has access to the internet and everyone can make cryptocurrency transactions. That also won't make government fiat disappear or lose its status. The government will not let that happen for any reason because fiat is the tool they use to manage and regulate the national economy. If fiat disappears or is replaced by something they don't control, it means they lose power too. Can the government let that happen? Definitely not.

Even Satoshi was aware of that and he said Bitcoin was created to be an alternative to fiat, not to replace fiat. Maximalists know this well, but they willfully ignore it.

[harapan]

Banks where simply forced on you but you have a chance and choice to choose with Bitcoin. Do not be stupid about it.

Banks are secured with the help of military,  the Bitcoin blocks chain is the most secure invention in the last decade with a touch of transparency and consistency

Centralised exchanges are not different from banks but they are well rated above banks today. It makes mo sense to compare banks with bitcoin. The financial experts who give you such advice should distanced. It's difficult to be your own bank with bitcoin but you should know it is your safest route to freedom

[Marvell1]

Banks where simply forced on you but you have a chance and choice to choose with Bitcoin. Do not be stupid about it.

Banks are secured with the help of military,  the Bitcoin blocks chain is the most secure invention in the last decade with a touch of transparency and consistency

Centralised exchanges are not different from banks but they are well rated above banks today. It makes mo sense to compare banks with bitcoin. The financial experts who give you such advice should distanced. It's difficult to be your own bank with bitcoin but you should know it is your safest route to freedom

Exchanges and banks have one thing in common, they are both centralized. However, it would be a mistake to say CEXs are like banks and it would be an even more serious mistake to say they are more highly regarded and trustworthy than banks.

Banks are safer because they are owned and controlled directly by the government. Meanwhile, most exchanges lack oversight, are vulnerable to hacks, and even collapse. That is why it is very rare for someone to lose money when depositing money in a bank, even if they go bankrupt. But as is often the case with CEX, investors have almost no chance of getting their money back and being protected if the CEX goes bankrupt.

[Mikky02]

Comparing the Bank and Bitcoin we have to understand they both operate differently and all are secure despite Bitcoin being a decentralized exchange still trying in the terms of security the bank only keeps your money they will perfume basic functions to keep your money secure is left for you to also perform your own role by not disclosing some vital information to people mostly those who you don't seem to trust we just have to be careful the fault isn't coming from us because the bank is not to be blamed if we allow ourselves to fall into the hands of scammers

[ThemePen]

Exchanges and banks have one thing in common, they are both centralized. However, it would be a mistake to say CEXs are like banks and it would be an even more serious mistake to say they are more highly regarded and trustworthy than banks.

Banks are safer because they are owned and controlled directly by the government. Meanwhile, most exchanges lack oversight, are vulnerable to hacks, and even collapse. That is why it is very rare for someone to lose money when depositing money in a bank, even if they go bankrupt. But as is often the case with CEX, investors have almost no chance of getting their money back and being protected if the CEX goes bankrupt.

It is fact that safety and trust of people of most main crypto exchanges is much lower than that of normal banks since banks are highly connected with government rules. Even when banks become bankrupt they are mostly insured by government whereby money of customers up to certain amount will be given back, reducing risk of customers losing their money. On other hand, although most good CEXs have strict identity checks and anti money laundering rules and strong security, they have less complete and less developed rules than those of banks. This is not full, normal investor protection and deposit insurance, and so, in case of CEX being hacked, running badly, or going out of business, money that is held by exchange is at risk, and investors have had trouble to recover their funds easily or at all in either case.