Is Your Money Safer In Crypto than at the Bank?

[argakiig]

Crypto gives you the freedom to control your money. decentralization. But the risk is if the crypto collapses. You will be completely white handed, Do not get anything from it. As for banks. If the crisis occurs or the Bank collapses. You will still get a certain amount of insurance. But it is difficult for a bank to collapse naturally. Money deposited in the bank will be safer. But if you like the freedom of control you should choose crypto

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[shinharu10282016]

Crypto has always its ups and downs. I've been a victim of hacking. I know its merely $200 worth but it scars you for some time. You will be reminded not to trust even the wallet website you are logging into.

The solution I came up with? I bought my own equipment to remind me of being careful about transacting everywhere. Well, it was worth it. Thanks to that. So I guess my opinion is that I believe its a bit 50/50.

[TerrorFromTheDeep]

Agree with the article.
The fact is that the interest on the bank deposit does not cover inflation. Accordingly, the money in the bank is gradually losing its value. Investing in Bitcoin, you have the opportunity to get a profit.

[Helloween]

Invest in crypto currency is more reliable. After all, when I invest in crypto currency, I know for sure that only I have access to my capital. I can not say this about the money in the bank.

[p.solovey]

I am fully confident that the bank's money is more reliable than bitcoins. Crypto currency is a huge risk. Just imagine that at some point all people will want to exchange their coins for money, and you will miss this moment and lose everything!

[vasilvas15]

In kripto very unstable situation, the rate quickly and dramatically changes, in contrast to banks. I believe that it is better to keep money in banks, but to earn money on crypto currency.

[Nasonn]

Though cryptocurrency and blockchain have the potential to offer the best financial security but it hasn't been the case, they are a lot of unchecked hacks going on in the system and they is nobody to report to. This is unlike in banks, at least your funds are insured in the even of theft are hack.

[Prince Malik]

I dont see a big difference between the two ways...everywhere there is hackers and scammers

[natumanya]

When it comes to the safety of the money of course bank is one of the safest.But if you want your money to double or tripple or even more you can put/invest it in crypto but no assurance.

On the Internet, today there are several exchanges, where after registration you can buy both bitcoins and popular altcoyins. The funds can be sold at any time (exchanged for another crypto currency) or withdrawn from the system to a bank account or electronic wallet.

[Silifatmuda]

Not only that your money is safer in crypto than at the bank but it is also a means of investing in a project
In investing in a project you will make your profit in short period of time than saving your money in the bank where you will receive peanuts as profits.

[Rida Zafar]

Computerized wallet and bank are both great yet to safe cash I think the bank is the best choice

[alfs75]

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

Will,i could not say thats my money is safe into become a crypto than a banks ,because i thinks they are both have there own a positive and negaitve impact to the market as a purpose,while in the terms to become a crypto,theres a big possibility that those you converted ,and put in exchange would be los,especially those exchanges sites would been hacked disame also in the banks,theres a tendency its would file a bankcrutpcy.

[xysheeh03]

It is safe as long as you hide your personal wallets at you, but i prefer you a bank, it  is safer.

[batgrzl]

That depends on how to define security. The price of virtual currency is constantly changing, and there is a 50% up and down fluctuation in one day. Is this safe?

[Tosin12]

Its more safe to keep your money in the bank where I am from than have your money in cryptocurrency because there is a policy in place by the Central Bank that makes the banks to have certain fixed amount with Central Bank of Nigeria as a backup to pay their customers if they are out of business which is not happening in cryptocurrency, crypto in it's entirety is full of risk hence it's advisable to invest only what you can afford to lose

[bjmpoker001]

Well, whether your wallet is safer or not is depends on your wallet security.
For example if you use hardwallet like ledger nano as your ETH wallet, then your ETH or tokens will more secure than you using other online wallet.
The most important thing is how you can protect your own wallet.

[engesi]

I don't think the current cryptocurrency will be safer than the bank. Unless you are doing illegal trading. And I am a normal citizen so my money is currently safer on the bank than on the cryptocurrency.

[fathur01]

The money that you invest in cryptocurrencies will not be more secure than in the Bank, but they can bring you more profit than in the Bank.

[Politkiw]

I don't agree , my money will be much safer in the Bank than in crypto . crypto is too unstable

[pivovar]

I am sure that future and even current investments of people will be increasingly inclined towards  Crypto. The old foundations change and society will invariably change with them.