Bank or Bitcoin Wallet?

[jeffthebaker]

For storing your money?

Let's not fool ourselves. Banks are infinitely safer at this point in time. Sure, we can all spread FUD about how evil and insecure they are, but in a bank, our money is Federally ensured regardless of the circumstance.

Tell that to Cypriot or Greek

My apologies, sometimes I forget this is a global forum.

I cannot speak for everyone on earth, but in the United States, your money deposited into banks are Federally ensured (up to $250,000 I believe). This is infinitely more secure than the 0 insurance associated with a Bitcoin wallet.

And when the banks introduce negative interest rates to save themselves again?

I was not aware this has ever taken place in the US? Of course, there were a lot of banking/credit issues that led to the Great Depression in the 40s, but in response a lot of regulations and safety nets were added in order for the public to regain faith in the banking system. And I do believe that there has not been anything in the form of negative interest rate since that depression.

[Zverev]

For storing your money?

Let's not fool ourselves. Banks are infinitely safer at this point in time. Sure, we can all spread FUD about how evil and insecure they are, but in a bank, our money is Federally ensured regardless of the circumstance.

Tell that to Cypriot or Greek

My apologies, sometimes I forget this is a global forum.

I cannot speak for everyone on earth, but in the United States, your money deposited into banks are Federally ensured (up to $250,000 I believe). This is infinitely more secure than the 0 insurance associated with a Bitcoin wallet.

And when the banks introduce negative interest rates to save themselves again?

I was not aware this has ever taken place in the US? Of course, there were a lot of banking/credit issues that led to the Great Depression in the 40s, but in response a lot of regulations and safety nets were added in order for the public to regain faith in the banking system. And I do believe that there has not been anything in the form of negative interest rate since that depression.

You are correct - but negative interest rates are spreading across Europe - and there has been much talk of "banning cash", from both the European and American sides of the Atlantic.  It is a real risk - as is inflation. Of course BTC hasn't shown that is an effective hedge against inflation yet, even though it was designed that way.  I can tell you this much however, fiat money kept in a bank account deflates more than what you earn in interest. 

[addy boy]

Both, you still need banks to live your life and pay the bills and everyday things but you can keep Bitcoin as a long term investment.

is botcoon is just an investment for you..?

For storing your money?

Let's not fool ourselves. Banks are infinitely safer at this point in time. Sure, we can all spread FUD about how evil and insecure they are, but in a bank, our money is Federally ensured regardless of the circumstance.

I don't think banks are safer place to invest our monet from any oint because they are taking our monet by the deposition method or fixed deposit method and using those funds for trading and loning purpose.they are making huge profits every month but paying us just a little penney frpm thay those profits

[Mickeyb]

For storing your money?

Let's not fool ourselves. Banks are infinitely safer at this point in time. Sure, we can all spread FUD about how evil and insecure they are, but in a bank, our money is Federally ensured regardless of the circumstance.

Tell that to Cypriot or Greek

My apologies, sometimes I forget this is a global forum.

I cannot speak for everyone on earth, but in the United States, your money deposited into banks are Federally ensured (up to $250,000 I believe). This is infinitely more secure than the 0 insurance associated with a Bitcoin wallet.

And when the banks introduce negative interest rates to save themselves again?

I was not aware this has ever taken place in the US? Of course, there were a lot of banking/credit issues that led to the Great Depression in the 40s, but in response a lot of regulations and safety nets were added in order for the public to regain faith in the banking system. And I do believe that there has not been anything in the form of negative interest rate since that depression.

You are correct - but negative interest rates are spreading across Europe - and there has been much talk of "banning cash", from both the European and American sides of the Atlantic.  It is a real risk - as is inflation. Of course BTC hasn't shown that is an effective hedge against inflation yet, even though it was designed that way.  I can tell you this much however, fiat money kept in a bank account deflates more than what you earn in interest. 

Yes, negative interest rates have really taken swing in Europe. I can't believe that this time has come. However, it's still a bit early to get all of my savings converted to Bitcoin. Bitcoin is still very volatile and way to risky for something like this. I hope this will change soon enough though.

[eyeknock]

what you will chose amomg them.

Bitcoin wallet by far, after you understand how things works with bank vs bitcoin i have no doubt in choosing it.

and why do the banks are afraid of bitcoin.

they are trying to find the way to leverage with it.

why banks are not much smooth and faster like bitcoin.

better for them and  obsolete tecnology, thats why banks are talking so much in last months about blockchain and not about bitcoin.

if banks start accepting bitcoin as payments then will it became a revolutionary for us?

not after people realize how bitcoin work, when they do it, they will not search for banks anymore.

can bank can solve our mining or money curculation probems.

who know, but atm i dont think so.

[TibanneCat]

I think OP misses the point. Bitcoin was created so that money would be decentralized.
People would be in full control of their funds and not rely on banks or other financial institutions for storing, sending or receiving regardless of the amount.
Satoshi famously included this comment on the very first bitcoin transaction

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

Banks operate on a basis of fractional-reserve banking, which allows for reckless lending that lead to fun events such as the subprime mortgage crisis.
They create money from thin air, lend out at high interest rates while paying a much lower interest rate for deposits.

As seen in Cyprus and Greece recently, when financial institutions get into trouble people panic and do "bank runs". Since there is not enough money due to the fractional-reserve system, banks resort to limiting or freezing your money. Governments and even services like Paypal can freeze your funds at will.
Yep, your money is not truly yours.

Meanwhile the government might start desperately printing more money and your savings will be wiped out by inflation. Classical examples are Argentina and Zimbabwe

With bitcoins, fractional-reserve banking and mass money printing simply wouldn't be possible.
And with the advance of hardware wallets, online vaults, multisig and so on, keeping bitcoins safe is getting easier so banks would only be useful for keeping fiat currency.

Essentially, if bitcoins really reach mass adoption, banks would drastically loose their importance and would be forced to change their modus operandi.

Oh yeah, no more billions of tax-payer money for bank bailouts either  

[Galangeka]

I prefer bank of course 

[Djisamsoe]

i think,if i have many $$,i will choose bank account,it more secure. but if my country have a local wallet startup,i will choose it. 

[maokoto]

For the time being, bank. It is far more secure IMO, as there are lots of problems with Bitcoin lately. If you hold an online wallet, all may disappear. If you hold them in your computer, it is not as hard that it is broken losing your bitcoins, etc.

[JeWay]

Obviously, Bitcoin Wallet.
Because Bitcoin Wallet is more freedom, and Bank has so many restrictions.

[n2004al]

I will choose both of them. It will be one day (for sure) when the bitcoin will have its regulation in every country and that day bitcoin will be accepted and adopted by all the banks of every country. Meanwhile the blockchain it is in the way of adopting by at least 22 banks (from the most biggest and importants in the world). See here for more info: http://www.reuters.com/article/2015/09/29/banks-blockchain-idUSL5N11Z2QE20150929

This naturally can be a good sign for bitcoin. Even those tell that are not interested for it but only for the blockchain. This behavior can be changed after the knowledge they will have about the last one.

[Denker]

I will always choose for the one who let me have control over my money.With Bitcoin in my wallet where I hold the private keys I know I have full control.
Money on a bank account or maybe future crypto coin deposited in the banks wallet doesn't allow me to have full control.
So for me the answer which to choose is very easy.

[Amph]

bitcoin client, but i can see that the bank for bitcoin in the future, may become a significant thing for helping the adoption, especially for security, people don't even trust themselves...

everything that help the usage of bitcoin is welcome for him

[Abiky]

I would rather prefer a Bitcoin wallet than a Bank account due to the fact that I would always have control of my own money, without ever having to worry about fees and the government with its regulations. That's why I'd prefer to invest in Bitcoins and store them on a paper wallet for maximum security and control of my money. Never have to worry about greedy banks again! 

[Slark]

what you will chose amomg them.and why do the banks are afraid of bitcoin.why banks are not much smooth and faster like bitcoin.if banks start accepting bitcoin as payments then will it became a revolutionary for us?can bank can solve our mining or money curculation probems.

1. what you will choose among them?

Bitcoin is more safe that Banks, money kept in bank are not totally yours anymore.

2. why do the banks are afraid of bitcoin

They are many things: first - it is not beneficial for them to have instant payment method and currency which does not require fees to be transfered.

3. why banks are not much smooth and faster like bitcoin

They are not using blockchain technology.

4. if banks start accepting bitcoin as payments then will it became a revolutionary for us?

Probably.

5 can bank can solve our mining or money curculation probems.

I don't quite get that one, what problems are you talking about?

[prodigy8]

Corrupt government can seize your bank accounts but can't seize your Bitcoin if you are smart enough.

I don't know if you have seen that a forum member's bitcoin funds has been seized.
As the deal was through localbitcoin and "was not legal" it is a thread here but can't remember right now
He is legendary and you can read his story, i think username burw or similar like that.
But i think bitcoin is much better that banks but both have pros and cons.

Bank is more practical because its the system everything is built around, but Bitcoin solve so many issues and concerns with Fiat and especially country-specific Fiat that it has its place alongside common currency for sure.

Depending on what you plan is for your currency. Bank AND a Bitcoin wallet is probably the way to go. If its something specific like holding over a long time, it is probably best to use cold storage bitcoin wallet.

Bank is almost everywhere, but bitcoin isn't.
But i would not go for one or another one. I use both of them and i don't to focus only on one.
Popular exchanges work in bitcoin but also through the bank to receive/send fiat funds.

[UserVVIP]

I choose wallet because I like to manage my own money.

MY MONEY IS MINE, YOU HEAR ME!

[Pab]

I dont trust most of banks,maybe will be some what will work more like a financial services.For now btc is very strong competition to banks,banks dont want fast,no expencive services

[Meuh6879]

For storing your money?

Let's not fool ourselves. Banks are infinitely safer at this point in time. Sure, we can all spread FUD about how evil and insecure they are, but in a bank, our money is Federally ensured regardless of the circumstance.

Tell that to a Cypriot or Greek

and portugal ans spanish ...
and the 5 US bank bankruptcy ... in 2015

  you can't read this in the news.

[Meuh6879]

And when the banks introduce negative interest rates to save themselves again?

This.