Is Your Money Safer In Crypto than at the Bank?

[sasisa]

I think it's safer to keep it in the Bank. Crypto is more of a gamble and earnings. And even better and the and another

[londawzen]

In the Bank to keep your money safer! And crypto is a business. There are always risks, but the profit is worth it!

[Bay_Harbour_Butcher]

if looking at crypto in terms of security level of course save money in the form of crypto is very unsafe, but if looking in terms of profit, of course crypto, because bank interest will be far less than crypto, but of course with a high risk too

[X-avier]

No, at the moment it is safer to keep money in the bank than in the cryptocurrency, but the income from your investments in the bank will be very different from those that you make in the cryptocurrencies. I think everyone for himself determines the degree of risk to invest.

[FLHippy]

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

You simply copy paste an article from this site: cryptodisrupt.com, but I do not undersand what do you want to say with that post?

[PetrovichCoinMaster]

I keep my basic savings in the bank, and in the crypt I invest those funds that I'm not afraid to lose. I think this is the right decision.

[Fayamba]

When we talk about safety in the crypto community, then it is down to the individual himself. Your safety is in your own hands.If you let someone play smart on you, then you will be in real trouble and will have no one to blame but your own self. As for keeping it in the bank, you can always hold someone responsible.

[Galley]

In my opinion, no one can provide a complete security guarantee. Therefore, one must follow the saying that eggs must be stored in different baskets. Crypto currency is more convenient for me because I can use its capabilities at any time and more or less anonymously. Yes, and if you want to do trading. And the bank has, as it were, stability and guarantees of the state, but this is not a 100% guarantee.

[ICOBountyPrograms]

Hard to say, I'd say safer in banks for now. Technology is still too new in my opinion

[jhache]

Banks are safer for average people, for the most of the time at least. Average people would rather "buy" BTC from banks, trust their public keys to their hands, because holding your own keys means you are responsible from them, you can't blame your stupidity to someone else.

[Marine8]

When we talk about safety, the bank will probably be the best choice. But of what use will it be when you leave your money in the bank instead of investing it into something that is more profitable? In cryptos too, your safety is equally guaranteed if you are cautious yourself.

[duoworld]

From a security perspective, I think that putting money into banks is more secure. From a profit perspective, I think that investing in cryptocurrencies is more profitable.

[oaks05]

bank is def safer, but whos to say down the road we are still in the early years of crypto.

[sultanali]

For me, banks are safer to keep your money instead of keeping in Crypto because banks take the responsibility for your money but in Crypto, you have to take your responsibility yourself if you are account gets hack you will lose your money.

[kasianov77]

I'd like to believe that. But I understand not. We are waiting for big profits and therefore can buy coins that will be Scam and lose our savings

[crypto2k180]

As in the bank there is a risk. You just need to keep your coins on different purses and stock exchanges.

[weblouartisan]

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

There is no doubt that banks do have better security system more than cryptocurrency but the best thing about bitcoins is that, the growth of your profit is very fast and much better more than placing money on banks.

[Marine8]

When we talk about safety in the crypto community, then it means your own safety depends on your very self and no one else. So comparing yourself and the bank, which one will you go for? The only thing with banks is that you can always hold them responsible for your loss.

[bibitao22]

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.

[bbbbbvm]

In my opinion, money deposited in banks is not necessarily secure. In my country, if banks fail their maximum payout of 100,000 U.S. dollars, I think it is safer to store them in funds.