Is Your Money Safer In Crypto than at the Bank?

[raffraff85]

If I lost my card, I can go to the bank with my ID and take new one, if I lost my crypto key, well this suck. But I can transfer my crypto everywhere without any problems and calls from bank.

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[sexylady13]

I think the code is safer than the bank. Because banks operate through people, people make mistakes and suffer various influences. Morality is difficult to limit. So it's still safer for math. It is proved by various theories.

Your perception of economic processes is strange. I'm sorry but there's nothing riskier than the cryptocurrency market. It changes several times a day, and at any moment you can lose all your money after one wrong decision. Banks are much more conservative sources for investments!

[secdark]

For me, my money is safer at the bank because it govern by laws and sometimes it has an insurance which in cases you can claim when anything happens. While in crypto is very risky you have nothing to do if your coin has no value anymore! But the nice thing about in terms if investment, in crypto if you invest it, surely it will gain a profitable income compare it to bank.

[Melody2]

No where is safe. The bank is not safe. Keeping money in crypto is also very risky. I will say to do what you feel is more secure for your finances. Splitting your finances between crypto and the bank should not be a bad idea

[hermoine]

I think it is both safer in crypto and at the bank because if you divide your money between these two then if something happens on the other one then you can use the money on the bank.

[Hoxysado]

Tim Draper: More Secure in Bitcoin Than the Money Sitting in Wells Fargo

Venture capitalist Tim Draper is bullish on Bitcoin and believes it will reach $250,000 in the next four years.

During a debate hosted by Intelligence Squared and the Adam Smith Society, Tim Draper was asked how Bitcoin compared with his previous tech investments in Hotmail, Skype, and Tesla. He replied bullishly, saying, “Bitcoin will be bigger than all three combined.” However, Draper didn’t leave it at that — he thinks it will be bigger than the iron age, the Renaissance, and the internet and says that the nascent technology will affect the entire world in a faster and more prevalent way than ever imagined.

The Debate: “Bitcoin is more than a bubble and here to stay.”
Backed up by Patrick Byrne (CEO of overstock), Draper took on Financial Times journalist, Gillian Tett, and Professor of Law, Eric Posner, both of whom argued that Bitcoin is indeed a bubble and strongly contested Draper’s claims. Posner and Tett called into question the “strengths” of Bitcoin, arguing that they could be regarded as weaknesses. Posner suggested that the pseudonymization of identity enabled by the technology makes Bitcoin transactions the perfect vehicle for sophisticated criminal transactions. Tett focused on the risk involved with trusting computers with finance as they can be hacked, are prone to faults, and that Bitcoin is a “terrible store of value.”

These arguments won’t be anything new to anyone who has studied the space, and the rebuttals of Draper and Byrne won’t come as a surprise either. The pair acknowledged that Bitcoin was imperfect and drew attention to the fact the technology was designed to be open source so that unforeseen problems can be managed by the community. Byrne also pointed out that although Bitcoin has been “hacked at” more than anything in history, but unlike banks, it has yet to be defeated.

Draper was more brazen in his responses and implored the crowd to use fiat if they were looking to facilitate their own criminal activity as many Bitcoin criminals get caught. The venture capitalist responded to Tett’s admission that she invests in several different fiat currencies by saying, “I’m so much more secure in my Bitcoin than I am in the money that’s sitting there in Wells Fargo.”

Who is right?
The short answer is it’s far too early to tell, but it is good to see the subject being discussed in this manner. Before the debate, Gillian Tett remarked that if both sides of an argument aren’t heard in the same room, on the same day, then the conversations can “go past one another.” It’s probably safe to say she’s right here because, although there is no shortage of media on either side of the argument, real debate on the subject can be difficult to find.

If crypto is going to head down the road Draper expects, its advocates need to be able to argue their case outside of the crypto community, and debate should be welcome as it not only gives both sides the ability to speak but also the ability to listen.

Draper’s comments are to be expected
As crypto enthusiasts, it’s easy to agree when figures like Draper sing the praises of Bitcoin, but we shouldn’t let confirmation bias get in the way of the issues. Draper is a successful investor, and he hasn’t arrived there without making mistakes. He could be wholly right, wrong, or somewhere in between — the latter is most likely. Draper allegedly owns 30,000 BTC, so he has a vested interest in Bitcoin’s success. That does not mean he is wrong, but it does mean his comments should be taken with a pinch of salt. Well-reasoned arguments are far more convincing than hype and chest beating because they allow people to make up their own minds.

The emergence of DLT might eclipse the impact of other innovations, but for now, the emphasis is not on critics to prove the crypto community wrong. It’s up to those who champion DLT to convince the world they’re right.

Originally published at cryptodisrupt.com

i think that it is hard to answer th9s question, so i believe that you will be able to save your money as you wish

[Hoxysado]

Of course, it's safer in the bank to keep it safer, but the problem is that it's more profitable to invest them in the crypto currency!

there can be a lotnof difficulties in both of this situations, so i th9jk that you will be able to do that, i believe

[boyouporn123]

I think two of them are safe if your in a good project and a good hand in crypto you can have more profits in a week or double the profit just make sure that the project you have is trusted and legit its up to you mate good luck

[atjiat]

I think it is both safer in crypto and at the bank because if you divide your money between these two then if something happens on the other one then you can use the money on the bank.

It seems to me that in any case a person who uses an account in a bank and has such real risks that are very much related to the banking system.

[Chiidynno]

When your money is at the bank it does not depreciate while in crypto it flunctuates

[y_stars]

The guy bought 20,000 Bitcoin, so I of course he's going to say that. Not a trust worthy source. When someone has this much in Bitcoin, I would tend to look at it as though he want to pump it to dump it all on us.

[inyakizuryel]

Obviously, the money thst you own are alot safer to keep in the bank tha here in the industry, because here in the industry we are all anonymous but in the bank we are recognized personally.

[zerocashdev]

At the moment I think it's better to store your money in the bank because there is still no complete and secure procedure for storing your money in the Crypto 

[dangwapo311]

Both are good and have some risk. Cryptocurrencies main risk is volatility and how fast the value changes. But volatility does not mean negative, it has positive effects as well. On the other hand banks has risk to, banks can go bankrupt and you will lose all uour money as well.

[/GeertJohan]

Of course there are risks in the crypto but the value of the money i keep in the bank will remain the same. I have a long running account in the bank, i try to get more valued by keeping some of the money in the crypto.

[MrKubeem]

Cryptocurrency has a feature that makes your money secured and protected as it doesn't need to undergo to many transfers unlike in banks. The transactions made are peer to peer means there is no third person to interfere. I think it's a good mode of transaction but I also think that money will be a bit safer in banks as they can track the transactions made, because of decentralization of crypto, transactions made within its system can't be tracked. So in bank, if there's any malfunction on the transaction, you can still know what happened to your money.

[florinda0602]

Yes, for me my money is more safer in crypto, than in the bank, because if you have a big money in the bank and it happens that the bank goes bankrupt, you are only guaranteed of a percentage amount only, you cannot get a full refund of your money, in crypto just make sure you have safe e wallet and super strong password, your money is 100% safe.

[digitran]

Banks are safe, always money will be safer in the bank than having in hand. If you would like to take little bit of risk then  crypto also good, but take some safety measures.

[kabum21]

When people say crypto is safe they're actually talking about the infrastructure. The system as a whole is hard to control.

Storing crypto is still extremely dangerous. I see it as the wild west. People are storing their gold (crypto) wherever they can. Some in banks (website wallet) some under their pillows (software wallet) and others in a personal safe they paid extra for (hardware wallet). No matter what though there's always crooks and gangs who rob people and banks.

The safest way is to just bury your gold and hope you remember where you buried it (paper wallets).

[19Nov16]

Of course not, every day I need money for a transaction directly, I can not say that my money safer in crypto than at the bank for keeping money in crypto like roller coaster which unfortunately when above I do not have time to sell.