Is Your Money Safer In Crypto than at the Bank?

[ashtray]

My money is safe when they are in my pocket. To keep money in crypto currency is more risky occupation. But the opportunity to get a good profit is also greater. Banks pay scanty interest.

[BitBustah]

Government currency is more likely to lose its value.  We saw what happened in Zimbabwe and Venezuela.  Corrupt governments and hyperinflation ravaged their economy.  Bitcoin inflation rates are set by code and mathematics.  Fiat currency can be created out of thin nair with a few keystrokes.  I feel much safe having my money in crypto instead of government money.

[JoeBriggs]

With ledger nano, yes, but on the exchange/on your wallet/coinbase or another platform not. I still trust more banks, there are very many crypto platforms and I really had the situation that one day one platform just ended and the crypto coins from people just vanished. Or the Bitpaction exchange situation, I had there some Bitcoin too and did not take away to my wallet. My error.

[Wittycoin]

If your in a country which is prone to war, then yes, it is safer to store your money in crypto. But if not, storing your money in the bank is a lot safer than storing your money at crypto.

[abiola4real]

Truth need to be told without been bias, keeping money in the bank is far better safer than crypto. This is bcos if bank got hack the banker will be held responsible but it is bitcoin not body to query

[NoErrorscreenstim]

With ledger nano, yes, but on the exchange/on your wallet/coinbase or another platform not. I still trust more banks, there are very many crypto platforms and I really had the situation that one day one platform just ended and the crypto coins from people just vanished. Or the Bitpaction exchange situation, I had there some Bitcoin too and did not take away to my wallet. My error.

Money is not safer inside of a Bank because they are not keeping the money safe 24/7. Anything could happen.

[sapnu]

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 do still believe that it would be more secure to store your wealth in banks than in crypto given that stability is present when it comes on fiat especially in banks. On the other hand, the market value of cryptos has a tendency to increase, as well as to fall, therefore risk do exist despite of having a chance to earn profit.

[valeria03]

I don't think it would be more secure than a bank because there have been a lot of thefts happening recently, but I believe that my wallet is safe because my private keys are refrigerated and hackers will not steal them

[Underw00d]

Government currency is more likely to lose its value.  We saw what happened in Zimbabwe and Venezuela.  Corrupt governments and hyperinflation ravaged their economy.  Bitcoin inflation rates are set by code and mathematics.  Fiat currency can be created out of thin nair with a few keystrokes.  I feel much safe having my money in crypto instead of government money.

That is why the population trusts the crypto currency more. It seems to me that in these countries crypto-currencies will be widely publicized and popularly recognized. I hope the Crypto-currency will help the population to stabilize its finances.

[viewpaker]

I think on my opinion the banks are safer right now compare to crypto currency securities. The  crypto industry right now need to solve security breach issue since in the previous months there have been major hacking events on major exchanges. that is why it effect investors decision to fully invest in bitcoin.

[Navneet1120]

According to me, banks are the safest to keep your money. However, if you want to make the amount of money you have doubled or tripled, then, you can think of investing that in crypto but there is no guarantee about the same.

[pazzanegro]

No I don't think so, crypto can be stolen easily (you might get phished or hacked) and also you can simply lose your device with private keys or seeds phrases. And with the bank you can loose your funds only if it bankrupted

[acaciosc]

I think that cryptocurrency is a new way of to make savings. It is rather risky than bank deposits, but in the long term investors can multiple their money in at least 2-3 times.

[Marcel555]

Crypto is a safe way of storing assets. And your security is all up to you.
I'm a bank, your money is insured. Even in a case of a robbery. You are still entitled to your assets
Also, due to the volatility in cryptocurrency, it is not suitable as a store of funds.

[Wildskull]

To be honest, I think the bank may be safer. If you keep your own money. No one will compensate you for the loss in the event of a loss. Of course, the biggest advantage of Crypto compared to the bank is not security but privacy.

[Abiky]

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

Unfortunately, since many people don't know how to properly use and/or secure their cryptocurrency funds, they easily become victims of hacks, thefts and fraud. I believe that there needs to be proper education, to prevent such undesired situations from happening. With the use of a hardware wallet, and/or cold storage (like a Paper Wallet), you can stay safe if the specific cryptocurrency's blockchain you've invested into is alive and running.

However, in most cases, it's better to secure your money in a bank if you don't know how to do so with crypto. With banks, there's no knowledge required to secure your funds against theft, or even hacks, since they do all the work for you. Better yet, since it's a regulated entity by the government, you'll achieve peace of mind as your funds will be insured and protected in the case of loss.

Therefore, depending on your needs, you can either secure your money in a bank, or simply do so in a cryptocurrency like Bitcoin which has been alive and running for nearly 10 years now. Just my opinion

[Adeonu]

For now in this current world, i would say, my money is much safer in banks than in crypto.
Reason being than, the world is yet to evovle into using coins to purchase items, so you still would have to convert your coins to cash in order to operate.

[Igopraise]

for now, the banks is just the best place. in as much as crypto is totally digitalized and the world is going digital, we are still yet to get to that level of purchasing items with our coins, so we would still have move this coins to cash and by that, if not careful, there might be some glitch and we could just loose our coins.

[alrose]

If you take out of danger, and take into account just storage - then of course the bank is safer. In the crypto currency, money is not kept just like that, they are used as investments and are trying to multiply due to the high volatility of the crypto currency.

[fokinflor]

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

Both has their own positives and negatives, Bank might be more secure when compared to crypto. But when it comes to profits Crypto's can make you a millionaire at the same time can run into a bigger loss as well. They are at the two extreme ends and cant really do a head-head comparison.