Is Your Money Safer In Crypto than at the Bank?

[bayu7adi]

If the security problem I think in the bank more secure, because to access the money we need a lot of layers of security until finally really withdraw money
But with cryptocurrency one can get all the funds or assets that exist, only with private key only

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[ArabianStars]

Honestly OP, your posting way to many paragraphs in this thread, I bet only a few have read it to the end. Others may just be posting a comment to answer the topic subject. Better post a query with minimal words or lines not a long one.
Anyway, as been posted by purplefinder in a post by Gemcrypto below regarding crytoscared people, it is one of the few honest opinion about fiat we are using. Those fiat don't really have the paper money to support or back their issued checks, this is their way to usher in more investors but they don't really have the cap.
Having said that, in that lens it is then safer to invest in crypto rather than in banks. But we should be aware that there are pros and cons, advantages and disadvantages, crypos also have theirs.
Only that banks have been institutionalized, and cryptos are not. Hence, the more trust in banks.

[megamanexe002]

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

In my own opinion, banks is safer than cryptocurrency because they have your credentials while bitcoins stored only in a wallet that can be penetrated by hacker but the advantage is the market, you can always invest a huge amount and earn profit depending on the state volatility of the market.

[negancoin]

safety in term of what !

If you have bitcoin no one can take that money from as long as you own your private key, but the value of your coin is not save since the price can go up or down (volatility is high ).

If you put money in bank, its value is kinda stable, but for any reason they can take your money.

[CHENIEN]

Majority of people says that the safest way where we want to put our money are on the banks rather than putting our money on crypto. But if we think which are the better one that forms high value of profits returns, without a doubt, the better one is crypto business. So, it depends on how people decide their life which they want to choose to put their money. But for me, it is better to put my money in crypto, because cryptocurrency business is a life changer, and without a doubt many people became millionaire because of investing on crypto. But investing on crypto is not easy, because we must used a good strategies and knowledge with good timing on which the exact time to invest and the exact time to sell our crypto stocks.

[arunakiran]

I don't think Crypto is safer thank bank. I think banks are more safer than ohers. in crypto the money will be doubled or tripled but here the risk is very high. The value may fluctuate.

[PeriKecilkitty]

in my mind. banks are safer than crypto but more profitable in crypto if you keep your savings there .. and on the other hand, I have to admit that I usually do not think that crypto is safer. because I also still do not know.

[sdshd]

In fact, in my country, the fact that funds are placed in banks may not necessarily be safe, but people do not have better choices. I believe that the investment in Bitcoin will be even more profitable, but it is still the most secure and remains to be discussed.

[narukami]

Bank is much more safer tham the crypto but if you want yoir money to double or triple why not go to the crypto itself but keeping your money at a bank is may depend on what country that you are onto

[sircy]

the money will be safe at the bank. Crypto has too much risk to save money. but of course the money in the bank won't be able to accrue, and crypto is a great place to develop the assets even though the risks are also great.

[djscreem01]

ıt is definitely more secure than the banker. you do not have to give a bunch of people extra. and I'm telling you the best part about it. approach: YOU KNOW WHAT YOU HAVE YOURSELF ONLY !!!

[a_t_e_e_b]

it is safe to keep the money in the bank as we can be sure that the amount wont decrease at any (unless and until we withdraw some of it) instead it will increase due to interest given by the bank but if we invest it in crypto the sum becomes dynamic there are chances that it will increase or decrease
that is the reason it is called "investment" we invest in crypto but we "keep" our money in the bank
there is a probability that our sum will increase to a great extent or fall from the original price and we may suffer a loss

[HERMESH KAUR]

There is no comparison between banks and market because, money in the banks seems to be safe and grow slowly and in the opposite, money grows too much fast in the crypto market but always unsafe. Being volatile nature,  market may crash at any time.

[Makinson]

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

In my own opinion, banks is safer than cryptocurrency because they have your credentials while bitcoins stored only in a wallet that can be penetrated by hacker but the advantage is the market, you can always invest a huge amount and earn profit depending on the state volatility of the market.

Until another Currency is built by someone with authority then yes Banks is the safer option for most people. Once the authority plans on not using USD then the whole Banking industry will have to learn how to adapt to the newer system.

[trolpoloto]

It seems to me more reliable to keep money in a good bank.  But if you want to earn more, it is better to invest in coins.

[vike]

It seems to me that it is better to keep your money in the bank because the market of crypto currency is very unstable and also not regulated by many countries.

[xenomorphe1]

Banks are more secure, a crypto blockchain can disappear without leaving any trace. Yes, your coin might still be on the blockchain. But you won't be able to do anything if there is no miners and nodes. If the coin/token can't be exchanged, it is also useless.

[Alexandr Kirichenko]

I don't trust banks or cryptocurrencies. It seems to me that it is safest to keep money in real estate. But if you look at the benefits, it is better to store money in cryptocurrency

[Semen89]

In my opinion, now safest money lies in the bank, as there are a lot of hackers on the market who are looking for how to steal various people's coins and it succeeds, so be careful.

[baiwei]

Your money and your future is safe when you invested on cryptocurrency, because few years from now your money will multiply because of the demand of cryptocurrency. In order for you to be safe on cryptocurrency, you need to learn how to protect your funds by watching some tutorials on youtube or by reading some blogs.

In bank, let say your money is safe but your furure is not safe. So many people would choose on cryptocurrency because of fluctuation of fiat money when they store their money on bank.