Is Your Money Safer In Crypto than at the Bank?

[benjamin11]

I think it still safer to keep your money in a bank compared to crypto. In banks, there are paperworks and signatories, so whatever happens you have physical evidence that you put your money to them. Besides, you can go to your bank anytime you want to check the status of your money. But on the other hand, its more profitable to invest in crypto than in banks.

[Kunlejoe0]

People that are looking for safety are not ready to make  money. They usually play it safe by getting ridiculous return on their investment and by so doing, they remain poor. Safety keeps you in poverty
 Taking risk increase your potential for great wealth.

[sourish]

What is the definition of safe here, for cryptousers have been constantly expounding the benefits of removing the need for banks altogether through cryptocurrencies, and that somehow makes this debate meaningless. That aside in a growing world full of change why would anyone want to secure cash that can be used as investment, and every investment comes with its own share of risks and profits, one that we are all willing to take.

[grifinmch]

very obvious security owned by the bank, the risk is also not there. but the saving in banks won't get a big profit. Save on crypto very risky lot. especially noticeable is the fluctuations. so the bank is safer.

[Herp-a-derp]

On the one hand, the most secure version of the cryptocurrency wallet is cold storage. An incredible level of security. But because of the high volatility and the unknown future of cryptocurrencies, your coins can simply devalue, and in fiat money inflation is not so bulky

[sorrowfulnightcries]

The article and point you presented are quite good reference but again all of these are possibilities and in every financial transaction there's a risk. That's why bank are there to secure money. right now in terms of security banks ofcourse offer it the best, but in terms of the growth of investment crypto does it well. It's just that nothing will assure the safety of your money and you need to be very careful in your online transactions.

[Agrabah]

Here you need to decide what you want to do with your money. Save them that best Bank option is low income and very low risk. If you want to make money and look for a profit, then the cryptocurrency itself

[Inspector2580]

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

There is a difference between safe and investment growth. The banks ensures your Money is safe and the rate of volatility is not effective. But crypto gives you the opportunity to invest your money nd generate better returns.

your bankers use your money to invest in crypto

[Fahim]

There is no unambiguous answer. Banks are also subject to hacker attacks. Money from a bank account can also disappear like coins in a cryptocurrency. The bank may go bankrupt and a crypto project may prove fraudulent. If there is a lot of money, it is better to invest them in different crypto projects and different banks. But I myself keep money in one bank. What I here advise. But the problems related to security are driving me crazy.

[Kate Beckett]

I think my money is safer in crypto. Thanks to the crypto currency, you have the opportunity to personally manage your savings. When it comes to banks, then you essentially give them all their funds relying only on the trust in a particular bank. If the bank goes bankrupt, your savings will be lost. Crypto-currencies are designed to avoid such problems.

[Stimah23]

People tends to put money into cryptos currency just for investment and not for saving mind, so a bank is a place for safeguarding of our money while Crypto is an investment avenue.
Investment carries risks along while saving in bank is the safest way of our money.

[solovalley]

Probably not, but you are a few people who have a chance to secure your financial situation if crypto grows globally in the future.

[lawalganiyu]

To safer money in crypto or bank there is not much different in it but I can advise you that it base on what you want and what ur mind do but as for me I can choose crypto

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[Osiris0]

Defenitely YES. But crypto needs from us better knowledge of what is happening and we need to be responsible for ourselves, because goverments and banks are not responsible for anything anymore...

[deevan]

keeping your money in form of crypto or in the bank both have their pros & cons. If you keep your money in a bank then the bank is responsible for your money if any fraudulent transaction takes place from their servers or if money is stolen from atm still your money will be safe and you can get it anytime. It's bank responsibility to tighten their system security. If you buy something online through credit card & you don't receive the item you can chargeback & bank will reverse the transaction. But this is not the case with crypto you are solely responsible for the security of your private keys & also once you pay through crypto to buy something & in case the seller doesn't send the item, you won't be getting your crypto back the transaction is irreversible. But if you want to earn, then crypto is better as price may shoot up & you can earn a decent amount of profits.

[qtypatuty]

People that are looking for safety are not ready to make  money. They usually play it safe by getting ridiculous return on their investment and by so doing, they remain poor. Safety keeps you in poverty
 Taking risk increase your potential for great wealth.

I think that your money is not quite safe in crypto than in a bank. Cryptocurrencies certainly do not guarantee security for the reason that their values will always change because they are volatile. It is surely much safer in a bank because they guarantee a person a security for their money, and banks are somehow controlled by the government.

[ivrynx]

Personally I would rather bet my money in the crypto market, however, the nature of the market is very volatile, there are times when you win, there are times you loose, but looking at it in a bigger perspective, your money will surely gain profits in time, but that is not a guarantee for all coins. I still keep some of my money in the bank, since we always need a back up plan, I don't always invest all my money in one market, still do diversification, then once the price a coin i like goes down, I buy in bulk, wait for it to recover then sell, then take my profit and repeat.

[Daria_daria1992]

In our country, it is very unprofitable to keep money in the bank. In the bank, the interest rate on the deposit is even lower than the inflation rate. There you can store them only if you want to save on something.  As for safety, it is safer in the bank, of course.  But 100% of guarantees will not be here.

[digitran]

Yes, it is safe enough to have in crypto.
There is a chance to banks may go bankruptcy. There is a chance to lose all the savings from the bank. But here there is no chance.