Is Your Money Safer In Crypto than at the Bank?

[wissy]

It also depends on where you are from. There are countries with so unstable economic and political situations that it's safer to keep your money under your mattress but in banks.

[lienfaye]

I think it's safer to keep the money in the bank but it's more profitable to invested in the crypto currency market !

Indeed, well it depends on your plan with your money. If you want it to be more safe then leave it in the bank and let it sleep with minimal interest which takes time before you can see additional changes in your account. But if you're planning to make it grow then btc is the answer with possible good return after some time of hodling however its risky, the price of btc is volatile and driven by the market demand. If there's a bad news or FUD circulating this can affect the investors to panic sell and will reflect to the price of btc to drop.

[TorbjornE]

For some countries, it is important, when storing money in a bank, to quickly withdraw money from an account and spend it at the time of a sudden drop in the local currency rate. Far not always so it turns out. Cryptocoins that are stored in your purse can be transferred to the exchange and exchanged at any time. This is one of the advantages of keeping the savings in the crypto.

[PadenoM]

Hi, i don't think money is safer in crypto than in bank, in bank you got inssurance, so if any problem you'll get back your money, in crypto if you are scammed, you can cry

[AndrewBrown]

Putting your money in crypto is more like investing while putting it in the bank is just like giving money to someone to keep from you, they are two totally different things and you should take advantage of both of them. Use the bank as a way and a medium to save and invest some of your money into crypto so you stand to make some profit from it.

[VikAn80]

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

If you consider the fact that when you store in crypto, my savings may increase, then Yes, it is safer. When stored in a Bank, under any percentage, you will lose more on commissions and payments.

[gabmen]

Hi, i don't think money is safer in crypto than in bank, in bank you got inssurance, so if any problem you'll get back your money, in crypto if you are scammed, you can cry

Yeah. Probably the safest way to store money is to place it safely in a bank that is backed by government regulations. Keeping it in crypto expsoses your money to a lot of volatile movements though the volatility could either be good for your money or disastrous.

[no0dlepunk]

"SAFER" is not the perfect thing to describe it, I guess we can say "our money is more profitable in crypto rather than banks". As we all know, banks are the safest place to put your money for these reasons:

• it is secured in a safe
• it is insured
• you can access it offline (ATMs)
• people may steal it, but it's not gonna be your problem.

Therefore, if you are some kind of noob, then you better keep your money in banks. But if you are responsible enough with your assets, then you may choose to put your money in bitcoin and savor the profit in the next 5 years.

[Cilorku]

of course banks are the safest place to save your money, but this depends on your country's regulation of crypto whether it has legalized this industry, of course this is still profitable if you put in the digital world.

[letecia012]

I think it's safer to keep the money in the bank but it's more profitable to invested in the crypto currency market !

I can say our money is more safer in bank than in crypto but for investment perspective putting your money in crypto is much profitable than putting it in bank with the current price of bitcoin i think it is still low risk to enter at this  current price. be sure you are ready to face consequences and pressure once you invest in crypto. volatility of price is very unpredictable.

[Newsky]

I think it is because I keep my private key in a safe place. No one can steal my money, and I think it has room to continue to appreciate. This is a very good choice.

[manlyxman]

For now, definitely in the banks. Crypto is too volatile to be safe I think so I wouldn't really put it there. Maybe in the future though

[morozo]

Hi, i don't think money is safer in crypto than in bank, in bank you got inssurance, so if any problem you'll get back your money, in crypto if you are scammed, you can cry

Do you know what a fractional reserve means? If not then research it. Banks only have 10% of your money. If everyone runs to the banks to get all of their cash, the banks close. Happened a while ago during the great depression and likely at the next crisis.

[clavirda]

Banks are really the safest way to store your money for savings, because the number of thefts here is much less. But wishing to really make money is better to pay attention to crypto.

[AlexAGF]

Hi, i don't think money is safer in crypto than in bank, in bank you got inssurance, so if any problem you'll get back your money, in crypto if you are scammed, you can cry

It is a question of diversification. You should store a part of your funds in more conservative sources, and a small amount of money you'd rather invest in highly risky assets!

[Chopsticks1989]

I think that it is not profitable to store it in the bank, but in the crypt it is dangerous, I think it's better to keep under the pillow ,,,)

[habaratbu]

I dont think cryptocurrencies is the safest place to your wealth,as theres still uncertainty with the market few years from now as theres a lot of regulations and restrictions to these countries,banks arent safe too as theres a lot of processes to be made before you can get your wealthness if you are having  a lot of money.

[cloudproject]

yeah indeed agree with it, saving my money in the crypto is the much way saver than a banks, and when it in the bank i also getting a cut fee for saving my money in their vault, crypto is really for people and can be a good way for economic situation

[ak49er]

I do not trust banks, but on a cryptocurrency wallet I'm the only person who is responsible for their own funds, so I prefer a cryptocurrency wallet

[bidbud]

the bank remains the safest place to save money but crypto is more profitable than saving money in the bank, so the point is banks are the safest place to save money and crypto is the place to invest,