Is Your Money Safer In Crypto than at the Bank?

[danihaur]

Not at all, it is a question of getting the adequate balance, because many people have been hacked or scammed with their crupto and that has to be factored in when considering the situation.

[FsJsxy]

Your money is safe only in your pocket) I will not give money to the bank, they work there for other people.

[ngocpham1331]

Your money is as safe as your security. I think that a lot of people are getting hacked and they are losing their crypto. This is why the bank is a safer place if you don't know what you are doing.

[Irvinn]

No, if we invest our money in a state bank, our money is transferred to the protection of the state and it is already responsible for their safety. Even in commercial banks, we have guarantees that our investments will be returned to us in the form of deposit guarantee funds, from which certain minimum deposit amounts are returned to investors in the event of bankruptcy of these banks.
In the case of crypto currency, everything is much more complicated. Here we are responsible for the safety of our coins and tokens, and there are a lot of people who want to profit from hackers and others. Therefore, I do not think that the safety of storing crypto currency in our purses is higher than the safety of their storage in banks.

[princeyeboah]

In my opinion the answer is not. When you put money in a bank, you nearly has 100% safety of that. When you put money in crypto, if you lost the private key, hacked, or put in a risk exchange, you have the much more chance to lost your money.

Well, i don't agree with you on this. I know of about three banks in my country which did not meet the requirements of the central bank and were closed down. All forms of transactions with them were ceased and only God knows what has happened to the monies of people.
I do not prefer when my money is idle especially with the banks. I reinvest more than half of my money in crypto and a small portion goes to my savings with which i do it with a decentralized platform, not bank.

[Perka]

Well investment and security, these terms are not compatible at all.As in the Bank and the crypto industry, there is no greater reliability.And cryptocurrency banks and it is generally different tower and it is impossible to compare.It's like comparing an Apple to a tank.

[cryptoman512]

If you want your money to be stable, you could keep it at some stable coins or a bank. But if you put it in crypto, the value might plunge when you needed it the most. So, it's up to you, after all, money management relies on personal preferences of different people. Always set aside emergency funds.

[morozo]

If you want your money to be stable, you could keep it at some stable coins or a bank. But if you put it in crypto, the value might plunge when you needed it the most. So, it's up to you, after all, money management relies on personal preferences of different people. Always set aside emergency funds.

good comment that sums it all up

[martinsidole]

Of course, there is a lot of risk in the crypto-currency sphere, moreover, the ambiguity of the market today as a whole creates very serious risks in order to earn money.

[galinskiydmitriy]

At present, keeping money in a Bank account is certainly a little safer, but this is only because banks adhere to an already established economic system. Once the cryptocurrency economy becomes more advanced, it will become the most secure. Don't waste time invest in the cryptocurrency, while it is in its infancy.

[jyotianand01]

Your money is fully secured in bank but you have limitations of profit as mostly all banks gives a fixed return on your investment but in crypto, you can get unlimited and unexpected profits if your selection of coin is correct and you have long horizon.

[lyndon30]

Based on what happened to some Banks who experienced Bankruptcy and decided to closed their Banks and some people lost their money. Still, we cannot say that crypto is safer than banks when it comes to money savings. But, we hope that our money in crypto will be safe and it won't happened the same with what happened to the Banks.


How about you? What do you think?

[khongthoat01]

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.

[hanadaya]

It's pretty safe to have your assets in cryptocurrancy, but there are some risks you need to consider before transferring your fiat into crptocurrency, the value is not stable today you buy it at 1000 usd tomorrow could be 100 And you better be ready if it happend or you will break. I think Bank is the safest place for your money but you also like cryptocurrancy because you do not need to carry money if you have a digital wallet, then you can buy anything with cash and ATM card.

[Leomarco]

I think banks and crypto have the same level of security. It's just that in the crypto money we have the possibility will increase if the price of coins rise but in the bank our money is stagnant instead it will be reduced because the cost is deducted admin fees every month.

[mboot]

I more trust the cryptowallet with stable coins or altcoins and with private key that only I have. But I don’t trust banks because they can broke and I will not see my money any more.

[33mtanner]

 When  you put money in a bank , you nearly has 100% safety of that. When you put money in crypto, if you lost the private key, hacked, or put in a risk exchange , you have the much more chance to lost your money.

[Rosilito]

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

Well, I guess this decision would probably go to the bank companies. First of all, they do have the biggest trust around the world which is a good image for an individual to lend some money. On the other hand, bank companies do have a permit to run their business with some permission of the people inside the government having that kind of tool could probably be a sign that this business [bank] is trusted and thus, the people could have an assurance that the bank could handle our money whole trustedly, unlike to crypto besides to its price that continuously fluctuates, we don't even have a single assurance that this will continuously running permanently.

[nana2955]

Traditional banks have their advantages as well as disadvantages. But for me cryptos are safer because you have control over your assets at anytime and you can't say that for banks

[AiwaDima]

In my opinion, this market is less protective than banks, since we see how many thefts have been committed over the last years, banks, of course, are robbing, but now less