Is Your Money Safer In Crypto than at the Bank?

[nguyennamtien12]

I think at the moment it is more reliable to keep my money in the bank as it is now very often attacked by hackers and therefore I think it is not reliable

[Hr228TT]

I believe that keeping money in the bank is safer. But if you are confident in yourself, then you can invest in the crypto currency!

[Andrey13101991]

You can divide your finances and invest 50% in the crypto currency and put 50% into the bank. I think that 100% guarantee of security can not be provided either by banks or by crypto-currencies. Risks are everywhere.

[EconomydayS]

Definitely, Yes. A lot of advantages to keep your savings in cryptocurrency. Bitcoin has a limited issue, which tells us that inflation is impossible. Fast data transfer. Anywhere in the world. no names. You can transfer huge amounts anywhere in the world without commissions or minimum in minutes.

[trongnghiabui04]

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 keep money in Bank is safer than in Crypto.

[ashaksagnis]

Of course, it's safer to hold in the bank, but I also feel safe crypto. If i want to get out my money from bank, it would be faster then with crypto.  But I'm sure that someday the level of crypto security will be raised to another level.

[Xomukiw]

How might you say that to keep cash in digital currency is more dependable than in a bank. Rubbish. At any rate for now it is a high hazard, as the market for cryptovals is to a great degree shaky. Be that as it may, then again, keeping cash in the digital money you can win commonly more than in the bank. Hence, whoever does not go out on a limb, he doesn't drink champagne.

[Bolyutim]

Conventional banks give you customary advantages FDIC investor protection set up exchange between, liquidity at branches and through platinum card buys. To the extent physically burglary the bank is more secure, generally speaking - cryptographic forms of money become an integral factor at present in those outrageous cases. As far security is concerned it bodes well to send to crypto just in circumstances like - extensive stores being exchanged abroad, inevitable risk of government or familial seizure of record, or expanded worry for protection and lessened perceivability.

[danice15]

In my opinion, I believe bank is more safer than investing in Crypto. We all know the risk in investing in crypto. On how volatile the market is.Though it is more profitable but still it is unpredictable. In bank you can make sure that your funds is secured.

[makerst]

We see what is happening now in the financial market, so I think that your money will be more profitable to invest in crypto currency, in the extreme case, in the short term you will be able to lose a lot of money, but you will understand it when it's too late.

[_BLOCKERA_]

I believe that today neither the Bank nor the cryptocurrency are not reliable custodians of your money. Unfortunately, the economy is unstable.

[alexsandria]

You can divide your finances and invest 50% in the crypto currency and put 50% into the bank. I think that 100% guarantee of security can not be provided either by banks or by crypto-currencies. Risks are everywhere.

Well banks is more trusted by a lot of people that's why i am really sure that my money will be very safe with banks but i am a risk takers, so i put all of my money on a top cryptocurrency and for sure the money i invested on crypto will rise this year.

[atorle]

It is safer for me to keep my money in crypto-currencies, I doubt if I can trust government not to tamper with my money when ever they so desire

[kr105]

It is up to me to take the necessary security precautions in the cryptocurrency, of course i have more legal rights on the bank, it is impossible to get it back if the cryptoda param is stolen.

[Xising]

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

I agree. If you are talking about safety, then cryptocurrency would not offer you that same protection a bank can give; however, since your money is somehow placed in an investment active environment in the cryptocurrency market, it can, at least, have that probability of multiplying and increasing, unlike in banks that could only provide you protected storage. Right now, it is still safer to keep your money in a bank.

[Autocarnet]

my money is safer in the Bank than in cryptocurrency. because wallets or exchange can hack.

[shtorka]

If you keep your money in crypto, it's safer than keeping it in a Bank.

[solkemyu]

I don't have any uncertainty on it, I can plainly observe that Bitcoin and other all coins are substantially more secure and ground-breaking than banks obviously there is an advantage for banks since they deal with the cash in a physical world so they have favorable position of switching the exchange (which incorporates taking cash from a man back) however with Bitcoin we don't have such office since it can be powerless would hackers be able to can exploit from it.

[testadimerlo]

I think that banks are safer to save money but in the crypto space there are better investments. I only hope in a bullish market.

[leacino098]

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.