Is Your Money Safer In Crypto than at the Bank?

[kokorotomoto]

I think banks are the safest place to save money, because the number of burglaries in banks is very small. but if you want to double your money with a larger value, crypto is the place to copy it! but here there is no guarantee.

[mostcrack]

Saving money inside crypto or other platforms does not guarantee you 100% safe and crypto is just an investment if you want to benefit from crypto is a good move, not a place to save money you have, better keep it in the bank because it is safer and there are settings from state authorities have been proven if there is a loss of money you have, they will be responsible for things different from crypto sometimes if you lose all the money without any investigation of the case that happened to you, again if you want to get a profit of course just crypto is the master and the bank to save the money you generate from crypto is very safe for me.

[leezay]

These days the banks are really safe places. Especially if you keep under 100000 euro in a single deposit.
Crypto presents a lot of opportunities to invest and have profit, but it is not so safe like the banks.

[catapult]

Although the crypto have many good security precautions, I don't think it is as safe as the traditional bank systems. Unfortunately we see scam and freud news everyday, and I hope that cryptocurrency world be much more safer in the future.

[motionerror]

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

Crypto is a bearer instrument, you own your own value store as an individual, yes you are exposed to market forces, but overall you own it with a 24 word list. Crypto is safer in that sense, it cannot be discarded, taxed or taken from you at all.

Do proceed with caution, I am not saying that all your money should be in crypto, but from the perspective above, it holds true.

[mark1220]

Its more safe your money in bank but it will not moving, in crypto it can make your money double or up to 10x but depends on how market works. In crypto theres always a risk.

[asriloni]

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

Crypto is a bearer instrument, you own your own value store as an individual, yes you are exposed to market forces, but overall you own it with a 24 word list. Crypto is safer in that sense, it cannot be discarded, taxed or taken from you at all.

Do proceed with caution, I am not saying that all your money should be in crypto, but from the perspective above, it holds true.

The problem is crypto was pegged with centralized exchange which will be so easily regulated and manipulated by the regulators by issuing strict regulation. It can be taxed right now and how some countries have already applied that regulation even to the users platform itself. Crypto is only the best as the value store for us. 

[East2011]

For me our money is safer when its on the bank. Because when we put our money in crypto. We don't know what will happen. Cryptos keeps on moving and it is so unpredictable.

[tamango]

I think it's not safer than in the bank simply because if you have less than 100.000 € in your bank account they hava an insurance and you cannot loose even if someone stole them or the bank fail... when there will be such a thing also in crypto then maybe I can consider crypto equally safe..

[cometoft]

Not safer but can earn more as well whereas in the bank you can hardly earn 3% in 1 year whereas in crypto, 3% is just for 1 day or even a few hours.

[DevelopmentBank]

For sure it's safer than keeping it in a bank in terms of assurance that your 5 bitcoin will always be there and will always be 5 bitcoin. The problem is, the volatility of it's VALUE. Your bitcoin may be worth $50000 when you deposit it but may end up being $50 when you withdraw it. Although in reality it will most likely be $5,000,000 if you just HODL.

[Praesidium]

For me it is safe to store money in banks since crypto online wallet are prone to hackers. But investing money, we can all say that crypto will do more profit than in banks.

[vicvicto17]

For me our money is safer when its on the bank. Because when we put our money in crypto. We don't know what will happen. Cryptos keeps on moving and it is so unpredictable.

Crypto is much safer coz they involves in blockchain while banks has their own system and it's very easy to hack. However the crypto price increase and decrease because of the people's demand.

[Purplefinder]

https://i.imgur.com/WXtQOQY.png

[richaerich]

I think it's safer in crypto than at the bank, it's because if we never open phising site or share our private key of wallet, it won't get hack by anyone, but unles bank, they are taking your money from bank interest, and it has the risk to collapse too

[yugyug]

Speaking about security like bank robbery, crypto is more safe when you referring to storing your investment because crypto is not physical and it is harder to transfer cash unlike money in the bank where the physical cash is readily available. Hack proof is a myth, bank and storing crypto online is prone to hackers attack. For insurance like bankruptcy, bank is more secure because it has a depositors' insurance where crypto does not guarantee to have an insurance.

[chocolaty]

No, not really. Keeping your money in a bank is a lot safer but don't expect your money to grow there. Know that keeping your money as cryptpcurrencies have corresponding risks. It may be under a blockchain technology but there are expert hackers out there that can access your wallets. Hacking is more evident in cryptos because most of us just have private keys for our wallets. Not all are into ledgers or trezors. Although hacking can also be possible in banks, it is unlikely that a large group of people get hacked at the same time.

[entemeister]

Crypto is not about safety. If you have your money in a bank, the bank is the custodian of your money and you have legal warranties. If you have your money in crypto you are the only responsible for it. You need to know very well about how to store your crypto securely and even so, you will not be totally safe. However, crypto is about independence and freedom, this is what crypto is about.

[bitcoinvestor]

I think bank is safiest place for my money but i like crypto too because you dont need to bring atm or money if do you have digital wallet then you can buy anything you with out cash and atm cards.

Cryptocurrency is more secure than banks because you need no second person to save your money. You are the banks with your wallet. How much you can save. You can back up your with pharaprase in your mind when you lost all the device. Brain wallet is magic. Back up wallet with your mind. When your asset of hardware burnt, you still can recover with pharaprase.

[c4ptch4]

if talking security to save money then I prefer the bank because in our bank avoid the hack that several months is a lot happening in cryptocurrency but if want to make our money more then I will choose cryptocurrency place most appropriate