Is Your Money Safer In Crypto than at the Bank?

[abel1337]

Bank is safer. And when we lose our money in the banks we can complain to them. But when we lose our money i  crypto where we will complain, there is no regulation.

You have a point , Some of us has their own bank accounts. Personally I have it before but I decided to closed my bank account for a specific reason. Now almost of my moeny are on crypto and I am believing that I can make a good profit from my decision and ofcourse the security.

[Nivelir]

I do not think so, because the crypto currency market today is something very risky in general, so today if we are talking about the preservation of fiat money, it is best to store at home or in a bank that never let you down, but it all depends on the amount .

[gazilla]

I am definitely pro crypto, but if there is one thing we are lacking in cryptocurrency is the security, as almost everyday you hear of different hacks and phishing, and in most of cases funds are never recovered. So in my O it is safer in the bank (though I hate banks)

[Holla123]

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

A lot of stuff that is worrying about the banks. That they got a bailout with taxpayer money, most likely triggered the the invention of bitcoin. Today it looks like the game of the USD as world lead and reserve currency might be up at some stage. Also the US has overspent on everything pretty much since the end of WW2. Also there is rumors, that Deutsche Bank is in trouble. If that turns out to be true, it will be 2008 all over again. The question is, if taxpayers will still be willing to foot the bill for mismanagement in the banks and trust is already low towards banks anyway. It might make crypto with the regards to its currency and value storage function a lot more popular much more quickly. I think the safest places for money right now is crypto, real estate and silver coins.

[jinnyjinny]

I agree with the second topic post.  It is safer to store, STORE,BUT NO MULTIPLY in the Bank - these are different things. But the Bank can also go bankrupt , although, of course, at the moment the chances are lower than that of the cryptocurrency. The Bank Deposit also needs to be insured, otherwise the risk of funds loss is present. But it is more profitable for me to risk in the cryptomarket than just "save" money from inflation in the Bank.

[kakehgilleh]

keep the bank safer than crypto because inside the bank there is responsible and inside crypto no. for example your bank balance suddenly runs out due to hacker, then you will still get your money back because the bank will be responsible for the security of their bank, they will change your balance. but if in the crypto your money is your responsibility. you are in control of your money security because no one is responsible in the crypto.

[terzy]

Concerns about the security of the cryptocurrency have continued to shadow it. Similar to online banking, people need to take care with their crypto account credentials. Whether you secure your bitcoin or any other altcoin, its recommend the safest way to go is to keep your security credentials offline. I think internet security is a real-world issue, not just for bitcoin and altcoins but within any industry that uses technology. If you own bitcoin, you need to make sure you know how to buy, sell and store it properly or you risk losing your entire investment.

[cryptomanspbmgdn]

of course not, the Bank has existed for hundreds of years and cryptocurrency is a novelty for all, there are no clear rules of the game, a lot of risks, but soon everything will change

[MoneyCrafter]

For me it is safe to store money in banks since crypto online wallet are prone to hackers. But investing money, we can all say that crypto will do more profit than in banks.

[coinsontheroad]

It depends on how much. US banks will only insure you up to 250K. If you've got millions, what are you going to do then?

I'd have a large portion of it on hard storage in a bank vault. And then I would argue it is safer because government cannot see your money or transactions. If you place high value on that, then crypto is where your $ should be.

[Boristhecat]

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

If we talk about the danger of inflation, then the money in the Bank is in the greatest risk zone.

[gudvin1988783]

I think the storage of their money in the crypto currency is the place to be. Now more and more control by the banks. More taxation. For large money transfers you have to report to the bank.

[tyuner4]

If you are talking about long term, I find putting money in crypto to be safe than in bank. Inflations cause our money in bank to worth lesser. But looking at crypto trends, our money appreciates from year to year.

[Andruha1993]

In my opinion it is safer to keep money in the bank. But you can not get a big profit from it. It is very risky to store a crypto currency, especially if you store it in an online wallet, but there is a big plus it is investing in it. Having invested in crypto currency you can get a big profit.

[sunnydmd]

in my opinion, I think it is not safer.
cause I never been hack in bank account yet, but I did been in cryptocurrency ( that was my fault to let them control my computer)
but I think, in future, cryptocurrency will be safer, cause it's envolving everyday, hacking an account is nearly impossible if you didn't do anything too silly

[philadey30]

I think bank is the safest place to store money, but saving in cryptos brings about increasing in the money, when one invest money in cryptos there is probability of increasing by 2x within days.

[Mike_Z]

I think that in a bank to keep money safer, I used to think that it's much safer in the crypt, but when the exchange is blocked and I lost some of the money, I finally changed my mind.

[ozols]

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.

[Che454010]

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.

Yes I with you absolutely agree, now crypto is largely instability, and banks are more secure for storage your savings.

[kutangterbang]

If we talk about security, everyone knows that there is no system in the world that is completely safe, so maybe the bank may be safer than crypto, but if we talk about profits, of course crypto is much more profitable than the bank