Is Your Money Safer In Crypto than at the Bank?

[CryptoRama]

Meh, I rather have all in crypto, I hate banks and their agenda, like:  - Supporting wars, So don't get me started with that they print it however much they like

[mh6e]

Yeah it safe enough to have your asset in crypto, but there some risk you need to consider before move your fiat into crptocurrency, the value is not stable today you buy it at 100 usd tomorrow it can be 10. And you better ready if that happend or youll be broke af.

For me better not to put all your money in crypto. For now it still so risky its good if you leave some percent of your savings in bank at least there its secure. In crypto in case it will suddenly collapse nowhere to find complain and its difficult to get your money back.

[shollyen]

To be candid, it is better to save your money in the bank, very safe there, I would only say if u have crypto with u, u will be able to make more money over time with it compared to when it is just in the bank..... For safety  I believe it is more safe in the bank

[Kjara]

It is obvious that the main purpose of banks is to store money safely.
And crypto is an asset similar to known financial instruments.

[Raidzin]

It is obvious that the main purpose of banks is to store money safely.
And crypto is an assent similar to known financial instruments.

For banks, the main purpose is not to keep money, but to take possession. Your money is never stored in the Bank, they always work, sometimes in the negative, sometimes in the plus. And you get your money back at the expense of others. It's like a pyramid scheme, only here money is forced to work to pay off customers. And swift helps to be flexible with 1-3% interest rate on loans.

[Uhde]

hard question. if the bank is a governmental bank and you live in a strong europian country your money is very safe in that bank. but crypto wallets are also  very safe if you use paper wallets or hardware wallets.

[Xxxurrrad]

Of course I love cryptocurrencies, but I believe that while the bank is much more reliable right now. So there's a lower percentage rate.

[Semunzix]

According of my knowledge, I suppose  banks are the most secure place to spare cash, on the grounds that the quantity of robberies in banks is little. in any case, on the off chance that you need to twofold your cash with a bigger esteem, crypto is the place to duplicate it! however, here there is no certification.

[SmartIphone]

if we talking about security then it will be safer stored in the bank, because, in the bank, there are guarantees from the state about our money,
whereas in crypto there is no guarantee our money will be safe.
but if we talking about crypto is everything about investment, our money/assets will grow as long as the development of crypto capitalization. but if in the bank, our money cannot grow significantly, only from interest.

[pelumi20]

The safety of your money in this post depends on what you desire. If you are referring to security then your money is safer and easily accessible in the bank than in cryptos. But if you are referring to which is more profitable to keep your money then crypto is the best because you can make a whole lot of profit from it.

[Melnikof]

I ts very difiicult question and i dont think anyone could answer it pefectly but as we all know from 2008 and ealrlier people lost everything just in one day like if they were lost thier private key from wallet i think ,crypto will be much more safer one day.

I think cryptocurrency won't ever be safer perhaps only after many decades when the technology is connected with biology, and digital codes are embedded in the human DNA. Nowadays we use keys which can be lost or forbidden or stolen by hacks. Even large exchanges such as Binance suffer from hacker attacks.

[Ejitty]

My money is safer in crypto than bank not only that
In crypto my money yield interest which cannot be compared to the peanuts banks offer as interest.
putting money in crypto is equivalent to investment, not saving your money alone.

[dammy1988]

No I can't say it's safer than at the bank if can give you a huge gain and your $30000 can also turn to $3000 or even lower so I don't think it's that safe. I am experiencing a huge lost of fund now but I pray the bullish time come again

[leopard2]

Let's see. Suppose Julian Assange, after getting out of political prison, has two things

1. An account at Wells Fargo or any other bank for that matter. He can still remember the account number, internet user name and password.

2. A bitcoin wallet, he can still remember the seed words.

His bank account? Login disabled after a few months. Become dormant/locked shortly thereafter. Finally be seized/forfeited, or simply deleted after several years of dormancy. AAAAND.......IT'S GONE.

His bitcoin wallet? Just download recent version of whatever wallet, restore with seed, money is still there. Probably worth a fortune. Takes minutes, no paperwork, no worries.

Money in the bank is not safe at all, it is only imaginary, a piece of paper or a screen with numbers that can change quickly, and you never truly own it too.

[Bunmi1989]

I think money is only safe when you have it in your purse or jean pocket but when you have it in crypto only the market movement will determine your luck. I think bank is safer for cash crypto is safe if you have the risk taken mind to invest

[Seriousbizz]

Hmm, I think each of them have their Pros and it is not clear to me what you mean by 'safer' in this context. Keeping your money in the bank is easily accessible and most convenient to use, than having your money saved up in a coin. Meanwhile with crypto, there's a possibility that your money might depreciate or appreciate as the case may be.

[Alenas2018]

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

I think for now, its safer in banks because the cryptomarket is full of scammers and hackers and it is a cloud based information that can be.easily cracked.banks are more secure that way and when investing it usually takes time to profit thats why they have stock market

[Palirai]

That's a very difficult question. Banks give guarantee of safety of money. Because of the volatility cryptocurrency, you can lose money. But for the same reason, you can also increase your capital. In any case: The choice is yours.

[Abiky]

hard question. if the bank is a governmental bank and you live in a strong europian country your money is very safe in that bank. but crypto wallets are also  very safe if you use paper wallets or hardware wallets.

Agree. I believe that your money would be a lot safer in cryptocurrencies than in a bank. The reason for this, is because banks are easily manipulated by governments, and they could freeze your assets at will. They're considered a single point of failure and if something undesired happens, then you could easily lose your money. On the other hand, cryptocurrencies are as safe as you want them to be. If you're tech-savvy, you'll know how to properly secure your crypto funds by using hardware wallets and/or paper wallets (cold storage). Staying away from online wallets and making sure that you've generated your keys in an offline fashion will allow you to prevent your crypto funds from being stolen by anyone in the long run.

Therefore, if you keep your money in a cryptocurrency like Bitcoin, and follow the necessary precautions to secure it, then you should have no problem at all. When using a hardware wallet, you'll rest assured that your funds will remain in there as long as the blockchain is up and running. Bitcoin is the wisest option since it's immutable and extremely secure, which will ensure that your money will always be available for years to come. Just my thoughts

[SakuraBSL]

No thanks, I never contacted banks, and I'm not going to get involved, maybe it's only in my country so, but that's how we live