Is Your Money Safer In Crypto than at the Bank?

[Olalomi]

In both cases my money is safe, however I prefers crypto where I will the opportunity of accruing higher interest when the crypto pumps compared to what is obtainable while banking it. Although I prefers sharing it in a ratio 50:50 to avoid risk.

[oliviancool]

Despite the fact that in the crypt you can earn this is still a risky investment. I do not think that it is more reliable, although banks have their own risks.

[huige007]

yes my money is safer in crypto currency instead of banks. in crypto currency no government are in enter interference and i can do trade easily its my future investment and i safe it fro my children i can easily and fast transfer to an other city but in bank my money is not safe i paid taxes on every year i didn't withdraw my money on holydays from banks in crypto in feel safe.

[Docbee]

Rome was not built in day, bank took time before it get to where it is today, crypto birth was as early as 2009, whereas bank has been in existence for a long time ago. Even at that we have seen occurrences where bank were hacked. In a nutshell i prefer crypto.

[Perfect35]

Based on the experience i have had so far with keeping money in banks, i prefer to keep my money in crypto than i banks. the reason being that, if  my money is the the bank, the rate of  growth is not significant compared to being in cryptocurrency. Also, banks deduct some fees that sometimes are not justifiable. Even if crypto is volatiland has the tendency of dropping in price, i would rather convert it to Tether (USDT), than keep it in the bank. Tether is a cryptocurrency that is fixed in value, so, it is much more preferable to use crypto and save in crypto.

[Razick]

Not really. Cryptos now are more like a way of putting your money into investments in order to make profits instead of putting it a means of savings. Banks are meant to save your money and you should always keep your savings and emergency money in it in case you end up needing the money in the near future. The only money you should have in cryptos, is money that you can afford to lose.

[azzag0000]

There are some risks you need to consider before transferring your fiat into crtocurrency, the value is not stable today you buy it at $ 50 tomorrow it could be $ 5, I think it is safer to save money in the bank but it is more profitable to invest in the crypto currency market but crypto also quite risky.

[jacquelinecr]

I can't say that I would invest all my savings in crypto but I wouldn't feel more uncomfortable than I already do by using banks. At least with crypto no government can gain access to my account any time they wish to.

[Agaton]

For me, the safest place to put our money are on the banks establishments, but talking of income, the best place to put our money are on cryptocurrency business, because it was stated by many people that multiple earnings of putting our money into cryptocurrency business, with the used of good strategy and knowledge.

[nfransisca]

no, it's not. but keep your money in crypto is more profitable than bank. i think it's different because we keep money in crypto for gain profit while bank is just for keep.

[Sapphire9]

Well, bank is one of the safest place to keep money, but it also depends on coutry. For example im my country banks are not safe, not reliable and most of people do not trust them(and this is right decision). Keep money in crypto is risky of course, but for me it is safer than in bank

[ShadowBits]

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

That is a question for yourself. You need to protect your own money and not letting anyone do it for yourself. Just pick a good choice on where you should keep your money in.

[rachelia13]

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 agree with you, saving money in the bank is certainly safer. We can feel safe because our money is kept by a trustworthy and licensed institution, and supervised by the government in it's management. But we can not expect to gain much profit by saving money in the bank because bank give a very small profit.

It is true that if we want to get a better profit, we have to invest our money in crypto currency market, but it's high risk. The risk of investing is huge because the price of the digital currency is so volatile that it could be potentially harmful. If you have a digital currency, you will be an interesting target for cyber criminals, but only yourself can ensure your password security.

Similarly, when we save money in the banks and banks robbed or collapsed because of the economic crisis or miss management, in this case the risk that may occur in investing in bitcoin is if the company Bitcoin Exchange where you save Bitcoin suddenly collapsed or get attacks from hackers who 'steal' Bitcoin property of the customers. So make sure you really understand this risk.

[buofnx9818]

In my opinion, money  is Safer  at the Bank

[Adrin]

Crypto wallet and Bank both are different type of wallet. Crypto wallet is a online wallet. Most of the people use online wallet but some people use hardware wallet so if you use hardware wallet for your crypto currency then it is very safer for your Crypto wallet but if you use Bank it also more secure because if you use offline Bank so it is very safe for everyone or if you use online bank so you feel some problem with it.

[elpsycongro]

Of course not, how can you think about it! Yes, I'm sure that the crypto currency has a great future, but so far the price is very unstable and can fall at any moment! Do not invest in crypto currency that money that you are not ready to lose!

[Friskaadew]

I think the bank seems to be safer today than crypto. Because I often see cases of loss or theft from a hacker in crypto. If such a case is still not resolved, it means that the crypto world is still unsafe compared to the bank.

[judy1409]

I think both of them have their specific disadvantages and advantages. For putting money into banks, banks may go bankruptcy or losing all the savings from the bank. For crypto, crypto is still very much volatile and unstable, even the exchanges and the ICOs and there are more scams in crypto. Thus, depend on your extent of risky acceptance, you can choose the best ways to invest your money.

[trrewqs]

My opinion, it's safer to keep your savings in a bank, but neither does it guarantee that they will not be lost, but the probability of losing is many times lower than that of crypto. But despite this, the cryptocurrency is a very profitable investment

[alient86]

I think it's safer to keep money in the bank. But neither there nor there are 100% guarantees for the safety of your money. As for crypto, it is very risky, but profitable