Is Your Money Safer In Crypto than at the Bank?

[otong]

I believe more in the bank because of the security and also the guarantee that is maintained. in crypto I have been hacked several times and made me unsure of saving big money in my wallet. the bank remains a good security

[Azzam Khalif]

actually better in the bank, because there are guarantees of security. It's just that I do not like the system because it's too dificult. so I think a good idea to keep in the crypto, but be careful.

[Crypton2018]

The fact that keeping money in banks you have ensured their security has long been clear to everyone that this is a myth. First, banks can rob, in the second there is a bank fraud, and in the third, rates on bank deposits do not cover inflation. Crypto-currencies, although they relate to high-risk assets, but can bring a much larger return on investment.

[uDwcHYO]

If volatility does not bother you, then security depends on you

[Folajuwon56]

I think the Bank is safer for money safekeeping than in cryptocurrency, Cryptocurrency my encounter any form of hack at any time where there is no guarantee of getting your money back.

[Psalms23]

Even though I am a big fan of crypto, I still think that my money will be safer in banks than in crytpo wallets. Everything in the banks transactions are documents and you can have the proper place to go to in case you have complaints. And one thing, the money is also insured unlike in crypto.

[Balab01]

In my opinion, our money in the crypto can not be more secure in a bank. Our money apart from the crypto is constantly changing and unstable and changing so fast and its profits are very fast and big and the risk is also higher.

Fiat currencies are more stable than crypto so they are not changing as fast, the crypto market is more volatile because if not tied to oil or gold. For now, at the present state of cryptomarket, the money is safer in the banks. But we need to start somewhere.

[dimon01]

No, I don't think so, I think banks are safer. There are certain risks in the encryption market. Especially in this year's encryption market, investment will face greater risks. Because the price of cryptocurrency has fallen very sharply in this year's market.

The banks are safer for now, you're right. Crypto is not that recognized and accepted. Especially now when the market is experiencing difficulties and more people are leaving and some are gloating and saying "I was right, it is a bubble!"

[bladerunner2121]

The money that is in the bank account does not bring me profit. Money investing in crypto currency can bring me a good profit. That's why I prefer crypto currency.

[Jake Virus]

In my opinion, our money in the crypto can not be more secure in a bank. Our money apart from the crypto is constantly changing and unstable and changing so fast and its profits are very fast and big and the risk is also higher.

Fiat currencies are more stable than crypto so they are not changing as fast, the crypto market is more volatile because if not tied to oil or gold. For now, at the present state of cryptomarket, the money is safer in the banks. But we need to start somewhere.

 I could say that your money is safer in the bank but more profitable in crypto market. Well this is just my oponion. Investment are more profitable than savings. Savings specifically in bank aren’t give high in return. Investment on the other hand, involves risks and  the higher the risk, the higher profit it could earn.

[gigusico]

safer in the bank because I can not worry about their loss, which can not be said about the Crypto currency

[ejhayehm]

safer in the bank because I can not worry about their loss, which can not be said about the Crypto currency

Yes, and if we lose our money in the bank, we can sue the bank to demand refund. But if we lose our crypto, we cannot do anything.

[PurpleTulle]

Safer in the bank.  Crypto is too volatile to be used as a banking system.  There are good days and bad days and one of those bad days may just be when you need funds desperately.  You'll have to sell at a loss.

[adaseb]

There are many factors at play here. First of all it's the variance of Bitcoin. Since it has a crazy volatility it's usually never a good idea to keep all your savings in it because you can lose a large percentage of your wealth after a bad week or month as we have seen in the past.

Now assume that BTC price would find its true value and be less volatile like Gold. Then for some it might be better for them to keep their wealth in the bank because that money is federally insured and Bitcoin is home to many hacks and scams and thefts.

However if you practice your cold storage correctly and use a hardware wallet then BTC is much safer than a bank.

[John Emst]

I certainly trust crypto currency. As their means and their future. But I do not think everyone has come to the conclusion that the virtual world is now ordinary. Many people are afraid to keep money, not in the bank, but in crypto currency.

[bitcoinzen]

crypto currency are for long-term asset building whereas banks are for transactions so we can't completely compare of storing value vs doing payments

[Alex_He]

There are no security in crypto. The question seems to be not on the point. Like is your money safe in a crypto exchange? Is your money safe in crypto wallet? I'm not sure which broad sense you're referring to. Crypto is a decentralized industry. It is you who protect your funds. Let say you're coins are inside your wallet app it is safe as long as you keep it beyond hackers. You should also protect your PK and important key to unlocked it. No one will blame but you if its get stolen. Unlike in bank that if you're money access by someone there's a chance you can recover it as you prove its being access via online. The Bank always have liability if the problem comes from them but in crypto if its your fault it is only yourself to blame. You get what I mean?

[Farhan786]

Keeping money in a bank where your money is protected by laws, it is a lot better then keep in cryptocurrencies. Cause bank has some advantages, especially that you have full control. But if something goes wrong in cryptocurrencies, no one will help you.

[Blinker123]

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 cannot say that your money is safe in crypto but there is a chance to double up, triple up your money. In the bank your money is safe but you will just earn a very small profit. So if i am you i will go invest my money in crypto, high invest, high risk, chances of getting a millions.

[CokeCoin]

You puy your money in crypto and it might fall. You put money in bank in it may collapse. Same thing with any type of investments, so the best way to keep money safe is keep it in your pocket. But if you won't your money to work for you you should risk.