Is Your Money Safer In Crypto than at the Bank?

[crenfrosck]

This question is difficult to answer. If you put your money in the bank... it is not a bad decision, but remember who is printing banknotes and creating money from nothing (backed by air probably?) and they do not care of their customers if they are in serious problems like they were 10 years ago. In crypto, you are your own bank and you are fully responsible for every step you take. At the moment, I  would not consider it as a safer way to keep your financial resources. It does not mean that you are not able to make something out of it, but it depends on your research and several other factors. In my opinion, after some time when crypto will be more respected and less volatile, it will be widely used and its spread might surprise us, who knows? 

[G14tz87]

If I think Coin bitcoin is stored in Crypto, if money is stored in the Bank?

[AK47-]

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.

You're seriously misinformed. What makes you think that money is safer in cryptos compared to the banks? What are the odds of a bank running away with your money compared to a crypto company scamming you? At least read what you're typing. Even being a Jr Member doesn't justify your stance.

[Xioma]

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.

You're seriously misinformed. What makes you think that money is safer in cryptos compared to the banks? What are the odds of a bank running away with your money compared to a crypto company scamming you? At least read what you're typing. Even being a Jr Member doesn't justify your stance.

I agree 100%. Currently, there are more scams in crypto I think so banks are safer for now.

[manlyxman]

currently they're way safer in the banks, but this might change in the future.

crypto is still very much volatile and unstable, even the exchanges and the ICOs

[Haunebu]

This question is difficult to answer. If you put your money in the bank... it is not a bad decision, but remember who is printing banknotes and creating money from nothing (backed by air probably?) and they do not care of their customers if they are in serious problems like they were 10 years ago. In crypto, you are your own bank and you are fully responsible for every step you take. At the moment, I  would not consider it as a safer way to keep your financial resources. It does not mean that you are not able to make something out of it, but it depends on your research and several other factors. In my opinion, after some time when crypto will be more respected and less volatile, it will be widely used and its spread might surprise us, who knows?  

Well said. I completely agree with you here. Cryptocurrencies have a long way to go in order to be recognized as stable forms of payment due to the extreme volatility involved with this market. FIAT will not be replaced by cryptocurrencies according to me. Instead, crypto will stand next to FIAT currencies as an alternate payment method. In this scenario, FIAT is still the safer route as of today, but cryptocurrencies will most likely stabilize in one way or another in the future. Crypto is already being used on a regular basis these days.

[david0ikari]

I believe the money is not safer in both case. If you own gold or cash at home ( or somewhere ) If financial crash happen, the banking sector will lock your bank account as the did in Malta or Greece few years ago. In our crypto sphere, it could be more secure but the very bad point is wallet and volatility

[stomachgrowls]

This question is difficult to answer. If you put your money in the bank... it is not a bad decision, but remember who is printing banknotes and creating money from nothing (backed by air probably?) and they do not care of their customers if they are in serious problems like they were 10 years ago. In crypto, you are your own bank and you are fully responsible for every step you take. At the moment, I  would not consider it as a safer way to keep your financial resources. It does not mean that you are not able to make something out of it, but it depends on your research and several other factors. In my opinion, after some time when crypto will be more respected and less volatile, it will be widely used and its spread might surprise us, who knows?  

Well said. I completely agree with you here. Cryptocurrencies have a long way to go in order to be recognized as stable forms of payment due to the extreme volatility involved with this market. FIAT will not be replaced by cryptocurrencies according to me. Instead, crypto will stand next to FIAT currencies as an alternate payment method. In this scenario, FIAT is still the safer route as of today, but cryptocurrencies will most likely stabilize in one way or another in the future. Crypto is already being used on a regular basis these days.

Youre absolutely right this is indeed a difficult question because people do believe hardly on crypto and most people do still hardly believe on traditional fiats due to its being backed by the government or simply do have the support.We do see cryptos potential but we cant deny we do still need fiat among all because acceptance of cryptocurrencies would really be just good to be an alternative not to be the main thing which would patch up fiat itself which is really impossible.

[ggg123]

For me, it’s a hard question to answer. I really believe in cryptocurrencies and the market but on the other hand i have to admit that i usually don’t think that crypto is safer. I just don’t know yet..

[Chrisjay]

Will for me bank is more safer than crypto but its more profitable in crypto if hold your saving in there.  Thats why i choose crypto than bank

[sayboo999]

I'm keep the money in the ratio 50 \ 50. Cryptocurrency is more profitable. Bank deposits are not very profitable, but they are useful for credit history and are quite safe...

[ModaFuka1994]

The store money in the bank, of course, will have to be safer in the cryptos because the market exchange rate fluctuations consistently, so the exchange rate will increase abnormally. Maybe this time you profit from the exchange rate increase, but the market can also drop quickly after only 1 night! So to keep your money safe you should store in the bank or invest in buying gold.

[gendang_cinta]

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 both are a good and safe way to save but if we make our money into coins, we have a chance to make a profit because coin prices are always changing but we can also lose anytime because of it while the bank does not offer that potential and risk

[parkraol]

The bank and crypto wallet have different functions and benefits. For me the bank is safer than crypto because of time tested but I do not lose one of them, Why? Without a bank account I can not use a travel visa because of one of the requirements is bank statement. Without crypto I will not be able to store or handle cryptocurrency after trading.

[Tosin12]

Money is safe in the bank but don't really yield any significant interest, your money in the bank is been used by the few privileged for businesses and make more money which bank get substantial interest on but investing in crypto is risky though like every other investments but it's good cause you can get x5 interest which I think is better than keeping money in the bank enriching others indirectly.
I will urge you to endeavor to invest in some good coins

[tinof]

Unfortunately, Banks are safer place to keep your money for now. We have a long way ahead to go before we are absolutely safe in crypto.

[costgranda]

In my opinion banks it is much more reliable than BTC. But the most important advantage of BTC over a bknok that cryptocurrency very vysokodokhodno. But in too time of investment into cryptocurrency have big risks. I think that over time we will understand that from this it is really more reliable.

[Norihiro]

Currently it's probably not safer because a lot of bad scenarios are still possible; however if crypto will continue to dominate, banks will encounter serious problems.

[HoardApp]

For actual security, as long as you're taking the necessary precautions in order to ensure the safety / security of your cryptocurrency (cold storage, 2FA, etc).

The market volatility will settle soon, so it will be safer in other aspects as well.

[kinki32]

I agree with the author but exist the main thing why better buy crypto than to put in the bank it's opportunity increase deposit.