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Author Topic: Are bitcoins more secure then Swiss bank?  (Read 2568 times)
humblealtcoiner
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April 01, 2017, 07:10:34 PM
 #1

Just wondering...
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April 01, 2017, 07:11:12 PM
 #2

Yes. What's your doubt, exactly?
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April 01, 2017, 07:22:53 PM
 #3

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.

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April 01, 2017, 07:24:09 PM
 #4

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.

   
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April 01, 2017, 07:27:14 PM
 #5

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.  Angry

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April 01, 2017, 07:54:16 PM
 #6

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.

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.


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April 01, 2017, 07:56:15 PM
 #7

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.
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April 01, 2017, 07:58:34 PM
 #8

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.

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April 01, 2017, 08:16:05 PM
 #9

Just wondering...
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.














 

 

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April 01, 2017, 08:21:40 PM
 #10

Just wondering...
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

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April 01, 2017, 10:10:13 PM
 #11

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.
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April 01, 2017, 10:14:19 PM
 #12

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.














 

 

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April 02, 2017, 03:53:10 AM
 #13

Just wondering...

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.



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April 02, 2017, 03:57:17 AM
 #14

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.



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April 02, 2017, 04:04:09 AM
 #15

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.

 
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April 02, 2017, 04:10:23 AM
 #16

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.

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April 02, 2017, 04:12:27 AM
 #17

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.

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April 02, 2017, 04:16:55 AM
 #18

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.

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April 02, 2017, 04:20:40 AM
 #19

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.

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April 02, 2017, 04:42:46 AM
 #20

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.

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