Is Your Money Safer In Crypto than at the Bank?

[thanhphank34]

The crypto is a good choice for ppl who live in the country has the unstable condition. Bank is a good choice, but not good for investing.

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[amitkumratra]

Obviously Bank is safest place to keep money and it is safer than the cryptos.
When we compare both of them, in term of profit then Banks gives us a certain rate of interest on our savings but on the other hand crypto gives us unexpected return of our investment.
Second when you put our money in banks it is safe in government hand, but when you put money in cryptos, then there are chances that account will be hack and someone takeaway your all fund. And also if you lost your private key or passwords then also you lost your all fund.
So that's why i am saying that banks are more reliable and safe, than the Crypto.

[beleyeleazar]

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

Why would people even argue on this topic? Banks are almost no risk at all (unless you put all your money in one bank account, in which case, has a chance to lose all except the one covered by insurance). And the reason bank deposits are so riskless is because they have so little potential for growth unlike cryptocurrency.

[Luckyji]

if not for sake of scammers i don't think keeping you money in the bank is safer than in crypto because you and you alone have the private key so keeping in crypto is safer to than bank.

[phongz81hng]

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.

[Bitcoin_is_here_to_stay]

all the same, cash and money that are stored in the folder is much more reliable than cryptocurrency. the same Euro dollar and other currencies do not have such drastic price changes. therefore, it is still stable and safe to keep money in the Bank. but not far from the time when the cryptocurrency will replace cash.

[EmJay]

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

Very well said, I agree. It is safer in the bank although it is also safe in here for as long as you know how to take care of your account but sad to say many hackers and scammers here  unlike in the bank. But in your money in here can grown bigger more than double in just a couple of months unlike in the bank its like its interest is really small.

[asd12.123162]

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

[sodiik]

I think investing wherever it always has its own risks. It's just that investing in the bank more secure because there are third parties who will be responsible. But investing in crypto is actually more profitable than investing in a bank.

[Bitcoin+Fi]

This year I decided to transfer my money to the crypto currency. I think that it is more reliable than banks and we can still get additional revenue.

[bahtiy]

Weird question.

If you need to keep money - do it in the bank. It's better than under the pillow

But if it's about investments, then surely that bitcoin and other cryptocurrencies are much more interesting than banks.

[anaivanova726]

You need to understand the difference between a Bank and a cryptocurrency. The Bank is a more reliable way to keep your funds as a type of earnings not good. only it will help not to waste money . but cryptocurrency is a speculative tool but very risky

[buiviet173a]

My money is safer in bank than crypto. Crypto is full of uncertainty and the market can be bearish for a long time without even breaken even to the initial price you purchase your coins. Banks, are safe to keep funds for liquidity purpose, yet the interest is not great as in crypto.

[kaltar]

The history of the cryptocurrency market showed that investments in cryptocurrency are the most profitable. Despite the fact that now six months continues correction, it is necessary to understand that the cryptocurrency market is still young and has a huge potential for further growth. So I'm still sure that crypto is much better than any Bank.

[warning_btc]

Money in Bank safer. I follow the rule more income more risks.
And how we know in bank less income, then less risks

[Images21]

I don't think that crypto is ahead of the banks in terms of security or safety. I think it is quite obvious that there are more risks involved with crypto than with the banks. If your money is deposited in the banks, it comes with an insurance. Even if the bank goes bankrupt, you will still receive your deposit. With crypto, if hacking occurs, you will say good bye for good to your coins. However, the catch is that there is more growth in crypto even if it also involves more risks.

[jpaul]

Well there are quite a number of sectors where crypto outdo the banks  but when it comes to security, there is still lots of work to be done. Time and again we have heard of crypto exchange platforms getting hacked and Millions of dollars worth of cryptos lost to hackers who unfortunately are never traced and the coins never found at all,There are also a number of cases where private wallets have been hacked and individuals lost quite a large amount of cryptos,  We continuously have to worry about such losses, something that one doesn't  have to worry about when dealing with Banks.

[TXCEO]

I don't think my money is safer than the bank. I think the cryptocurrency is not mature enough and the banking system is very mature. But your money on the bank will be devalued by the country. In short, this is an investment game.

[matico]

It looks presently that your money is safer in the bank but when you look at the capitalization of these banks and there debt profile, you will realize that things are not the way they seem! Having control and custody of your fund is safer than having your fund with third party!

[tamango]

I don't think having my money in my wallet is safer than in a bank because bank have insurance if someone stole/hack funds, if some hacker will stole my coins from my wallet I will just loose my coins.