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Author Topic: Is Bitcoin safer than banking?  (Read 2735 times)
coinwizard_
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September 11, 2018, 06:47:16 AM
 #101

Bitcoin security depends entirely on the user, a tech savy person will use both hardware wallets and cold storage for added security, while noobs will probably forget it or email their keys to their friends for extra security. Safer than banks? yes and no

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September 11, 2018, 08:24:51 AM
 #102

Bitcoin is safer than bank when identity and information are strictly confidential. There are a lot of cases that happen when the bank account information is revealed and you do not know the bad day, your property suddenly disappears and you have to wait for the investigation. You worry and nervous when such problems occur.
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September 11, 2018, 08:31:21 AM
 #103

Is bitcoin safer than banking?  Well in my own opinion.  Its your choice if you think bitcoin is safer than banking. But if you ask me I choose  banking I think much safe if my money I'll put in a bank. Well this is my own opinion only.
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September 11, 2018, 08:39:32 AM
 #104

For a separate subject is without a doubt. Bitcoin gives anonymity, independence from the external manager, reliability of preservation. Of the disadvantages while the complexity of the treatment.
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September 11, 2018, 08:49:04 AM
 #105

Well, it highly depends on the particular banking system. For underdeveloped countries, btc-related risks are lower than risks of money no-return by banks. BTC deflation nature also counts.
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September 11, 2018, 09:04:45 AM
 #106

Banks is safer as long as you deposited you money to the most trusted and reputable banks in your place. Banks cannot be easily hacked because they spend lot of money just to hire the most IT experts and to buy the most advance cyber threat security so that our money will not be steal easily but even someone successfully hack the banks but still our money was already insured unlike Bitcoin in which lot of known exchanges are already hacked in spite of their defenses which is sometime i think it was an inside job and our Cryptos are not insured.

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September 11, 2018, 09:10:10 AM
 #107

The fraud examples you stated was a result of being greedy and greediness is the main cause of being scammed either in banking system or with bitcoin. However,  to your post of which is safer between bitcoin and banking system. I wil said with bitcoin you are more safer and less prone to scam if you are careful in your dealings. Bitcoin gives you the opportunity to do your transactions without involving an external control or monetary policy as we have in banking system. Also, nobody can monitor your source of funds with bitcoin unlike banking system and you can't be charged unnecessarily when conducting transactions with bitcoin as it applies in banking system.
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September 11, 2018, 09:14:39 AM
 #108

Banks is safer as long as you deposited you money to the most trusted and reputable banks in your place. Banks cannot be easily hacked because they spend lot of money just to hire the most IT experts and to buy the most advance cyber threat security so that our money will not be steal easily but even someone successfully hack the banks but still our money was already insured unlike Bitcoin in which lot of known exchanges are already hacked in spite of their defenses which is sometime i think it was an inside job and our Cryptos are not insured.
let's say it that the bitcoin is safer than the banking. but it is depend on your set up password if it is strong or not. we know thay the bitcoin have many benefit so many people attract in this thing. but also many people have trauma because the experience they've encounter. but the banking is 90% of security but they put interest on your money for keeping it.

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September 11, 2018, 09:26:16 AM
 #109

Hm. I think it's a same, we must be careful if want safe bitcoin or money in the banking. But bitcoin had a blockchain, it's very impossible if want a hacked Grin
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September 11, 2018, 09:56:55 AM
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To date, I do not think that keeping my investments in bitcoins is safer than in a bank. Just because of the fact that Bitcoin is not the safest currency, many investors are afraid to invest in the cryptocurrency.
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September 11, 2018, 10:03:11 AM
 #111

yes! it is because no one holds or controlls bitcoin , therfor no one will close it . not unlike to banks that they are controlled by people which means there is always a risk that a bank will shut down if the owner decides to pull of a scam but the posibility is only low because almost all banks are still up and running for almost a century . the only difference is that the money you put in bitcoin can always fluctuate from time to time which results for you to earn or loose .  

in banks the money  that you put is fix but you can only earn a verry little incentives annually .
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September 11, 2018, 10:04:48 AM
 #112

Reports have it that bank frauds still continue to happen despite of strict security measures being taken by the banks. Just between January to July 2018, just timeshare fraud alone had 1.155 reported cases. It's when you’re told you can go on a free holiday or get rich by joining an exclusive holiday club or timeshare programme, but you’re eventually forced to pay for it through small print in the contact. That is not to mention other types of fraud like identity theft etc.

This gets me thinking, is it safer to just have bitcoins, or cryptocurrencies for that matter since it's not regulated by banks? What do you think?

In my point of view. In banking your money there is a chances that you lost it because of identity theft, fraud and many more. We can not say that it is also safe to have a bitcoins because you can also lost and be hack inside the internet. Just like in banks there is also a pros and cons of storing bitcoin. There is also a lots of possible reasons to lost bitcoin.

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September 11, 2018, 10:13:30 AM
 #113

Reports have it that bank frauds still continue to happen despite of strict security measures being taken by the banks. Just between January to July 2018, just timeshare fraud alone had 1.155 reported cases. It's when you?re told you can go on a free holiday or get rich by joining an exclusive holiday club or timeshare programme, but you?re eventually forced to pay for it through small print in the contact. That is not to mention other types of fraud like identity theft etc.

This gets me thinking, is it safer to just have bitcoins, or cryptocurrencies for that matter since it's not regulated by banks? What do you think?
I still thinks that banking is more safer than investing in Bitcoin because as we all know that price of bitcoin fluctuates every second
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September 11, 2018, 10:22:02 AM
 #114

Reports have it that bank frauds still continue to happen despite of strict security measures being taken by the banks. Just between January to July 2018, just timeshare fraud alone had 1.155 reported cases. It's when you?re told you can go on a free holiday or get rich by joining an exclusive holiday club or timeshare programme, but you?re eventually forced to pay for it through small print in the contact. That is not to mention other types of fraud like identity theft etc.

This gets me thinking, is it safer to just have bitcoins, or cryptocurrencies for that matter since it's not regulated by banks? What do you think?
I still thinks that banking is more safer than investing in Bitcoin because as we all know that price of bitcoin fluctuates every second

Bitcoin is for risk takers and go getters so we cannot compare it with the traditional banking system.

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September 11, 2018, 10:25:04 AM
 #115

It's hard to say which is safer, because there are flaws and shortcomings everywhere. In both cases, security measures have been taken, but nothing is perfect.
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September 11, 2018, 10:27:22 AM
 #116

Reports have it that bank frauds still continue to happen despite of strict security measures being taken by the banks. Just between January to July 2018, just timeshare fraud alone had 1.155 reported cases. It's when you’re told you can go on a free holiday or get rich by joining an exclusive holiday club or timeshare programme, but you’re eventually forced to pay for it through small print in the contact. That is not to mention other types of fraud like identity theft etc.

This gets me thinking, is it safer to just have bitcoins, or cryptocurrencies for that matter since it's not regulated by banks? What do you think?
Banking does provide us with much better security because Banking has a system that makes us secure, because Bank verification includes all very personal information. But what I want is that the creation of an application of Blockchain technology in the banking system. This will make the Bank have a much more sophisticated, centralized system and certainly has a very high security standard. Government support is also very important because it can make this system implemented in an economic system in a country.

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September 11, 2018, 10:28:12 AM
 #117

I don't think so. Bitcoin price is volatile now. It is hard to predict on it. Banking is a safe method. Though interest rate is lower than bitcoin. If you have good luck then you can get so much money by bitcoin otherwise bank is safer than bitcoin by thinking all the site.      

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September 11, 2018, 10:46:49 AM
 #118

Reports have it that bank frauds still continue to happen despite of strict security measures being taken by the banks. Just between January to July 2018, just timeshare fraud alone had 1.155 reported cases. It's when you’re told you can go on a free holiday or get rich by joining an exclusive holiday club or timeshare programme, but you’re eventually forced to pay for it through small print in the contact. That is not to mention other types of fraud like identity theft etc.

This gets me thinking, is it safer to just have bitcoins, or cryptocurrencies for that matter since it's not regulated by banks? What do you think?
I believe having Bitcoins stored in your wallets is safer than banking as long as you have all that is necessary to protect your wallets from hackers. You are quite sure that no one will just wake up one morning to make deductions from your account.

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September 11, 2018, 11:12:56 AM
 #119

maybe yes if we look in terms of the security system that uses the blokchain system it will be very guaranteed from theft but what is doubtful if there is fraud there will be no party responsible because bitcoin cannot be controlled by the government or the monetary authority
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September 11, 2018, 11:17:06 AM
 #120

i dont know about it, but when i see this i see that bitcoin is used the blockchain system that we know have the high security even they don't use the human resources, and we can see that in the bank, they use the traditional system that still use the human resources to maintenace it, so the blockchain have the good side and bank have the good side too

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