Is Your Money Safer In Crypto than at the Bank?

[martin1221]

Banks and cryptocurrency has different specifications mate.  In banks, our money have a litte bit percentage if profit when we will put it into it while in crypto, prices are volatile because at anytime it will increase or decrease, depends on how markets is now.the good thing in cryptocurrency is, if you have enough knowledge on it, sure that you will gain more profit compared to any banks you will deposit

[cryptosifu]

Your money is definitely safer in the bank than in cryptocurrency wallets.  Banks are insured and you're protected from fraudulent transactions.  However, if you ask, which will give you potential higher gains, the answer will be cryptocurrencies. 

[Papcio77]

If we are talking who is the safest among the two. For sure it is the bank, no hackers can attact your money, if herr is a possibility to loss money it is because of being careless. In crypto is just much profitable than bank but it has a risk because online is full of hackers. Very very pro, look some exchange and myetherwallet that is recently have an attack. Seems these website is full of security but hackers might affect it. And our wallet is just containing privatekey.  Crypto has a big risk to put money

[anakkampung17]

I am in love with Cryptocurrency. All safe, comfortable, and happy in the world of Crypto. While the bank will make me confused. But they have the same thing about security. Just different advantages.

[Lexurdania]

Keeping our money in the bank, we have inflation but more stable in the value and decreasing because banks fee. In Crypto, we can gain profits but we have risk lossing our money because the price very high volatiling.
But potential earning more money in cryptomarket is more bigger because cryptomarket is growing market and the price always increasing

[lukeclick]

i BELIEVE our money is safer in crpto than it is in banks, The crypto system is hack proof guaranteeing security for the coins from theft, a surety that banks cannot guarantee, they are then free from central control which will tax them and re invest them without our acknowledgement. Banks are just exploits who take advantage of the situations and use our money to enrich themselves, i'd rather have my money in crypto where i have complete control over it and can access it anytime too.

[crazycatwoman03]

Your money is definitely safer in the bank than in cryptocurrency wallets.  Banks are insured and you're protected from fraudulent transactions.  However, if you ask, which will give you potential higher gains, the answer will be cryptocurrencies. 

People both want to have their money secured an gain big profit at the same time but I am afraid that neither banks or cryptos can have both.  Just like what they said,  banks are more secured but cryptos give bigger profits. It seems hard to choose but for me I will choose both.  I am managing my money earned from different campaigns by keeping a portion in an online wallet and when I gained something,  I sell it into fiat that will be deposited in a bank.  This way,  I both have the benefits that the two methods are offering.

[oseikuf44]

There is opportunity cost of holding your money at either a bank or storing it in crypto. As a result, I don't keep all my funds in bank neither at crypto. I mostly save what I can afford to lose in crypto and what I need for my daily transactions at banks. I feel safer for bank than crypto, but both can be risky .

[illnino]

I do not go to extremes. It seems to me that you  should keep money in different as they say baskets. Diversification is the basic principle of investing and storing your savings. So keep your money in both banks and cryptocurrencies.

[grknondr]

Of course cryptocurrencies are not safer than banks. The banks guarantess everything to you but there is no such a guarantee in cryptocurrencies. It is possible to lose your asset if you do a mistake

[adekogbe]

I think the answer to this question is largely down to perspective.
In a country like Nigeria where crypto still has strong reservations from the government, your money is safer as fiat than crypto because a regulation can arrive to ban crypto outrightly.
But else where since you have your wallet and most better an hardware wallet, then your money is very safe.

[lasry]

Money is safer in banks, and it will always be. Nothing beats a bank when it comes to security, but if talk about the rate of interest, well money grows real fast in crypto investment. And also, high rate of interest = high risk. So be careful to think first before investing.

[Applechild]

The same amount of money you use for high interest rate account at the bank, if you seriously invest it at the right time in crypto,  you will gain far over the one at the bank.  The only risk involved is that if you suffer any loss,  you don't have anyone to hold responsible for your loss but at the bank anything can be traced. Just that the way banks operate recently is unreliable. You send money,  the recipient does not receive and your account is debited yet for ages no retrieval of fund.  So no where is really safe. You take the risk as it depends on you.

[vilello]

Bank=More Safe, if you lose your money bank can make compensate.
Crypto=More profitable, you money can became double or maybe more.

[Rlyn]

For me it is much safe in bank because internet is too risky and threatening. Tho there is also a disadvantage in bank but there are more way to loss money using internet

[Wilsonong222]

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 entities are safe place for storing our hard earned money. For discussion purpose I think money is safer in banks. Money deposited in banks is secure by insurance on the other hand BTC doesn’t have that features.

[Victorias]

 I think that it is safer to keep money in the bank. With competent and reasonable investment, the crypto currency gives you the opportunity to earn a very high income. You can split equally between the bank and the crypto currency.

[coastbank]

Well sad to say but I don't think that money in crypto currencies is safer than bank. Banks are my number 1 least trusted things in real life but anyways crypto is very dangerous to swim in, you can easly get hacked and police support is weak!

[OuterTech]

Well sad to say but I don't think that money in crypto currencies is safer than bank. Banks are my number 1 least trusted things in real life but anyways crypto is very dangerous to swim in, you can easly get hacked and police support is weak!

Yep. I also agree that bank is safer than crypto but only state bank ). There are so many private banks and a lot of people lost their money in these banks because of so many reasons. In crypto, last month, there was a big amount of cryptocurrency hacked and all of them transferred to 1 ETH wallet ))

[Stavri]

i think so. unless you use a safe and uninfected device and unless you dont share your private key with anyone it is safer than banks. and also crypto is based on a much more user friendly and transparent technology.