Is Bitcoin safer than banking?

[ShowOffoN]

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?

[mocacinno]

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?

Well, i think the example you give isn't a really good one... Human stupidity is human stupidity wether you're using the traditional banking system or bitcoin.
If you're stupid enough to sign a legally binding timeshare contract, it doesn't matter if you have all your funds in a traditional FIAT bank account or HODL'ing BTC, you'll still be forced to pay up each and every month.

That being said: bitcoin is decentral, there is no central authority, and it's based upon time-tested cryptographic techniques. This means that, if you hold a traditional bank account, a judge can just sign a piece of paper with which the timeshare company can go to your bank and force them to wire your money to their account. In a BTC world, no piece of paper could ever take your BTC behind your back, you'd always have to make a transaction yourself OR you'd have to fork over your private key/seed phrase/HW wallet pin code. That being said: a judge will always have ways to force you to pay your debts... I'd rather pay a timeshare company their dues instead of going to prison.

The big difference lays in de decentralised part: if you use traditional banks, your account details are just a row in a centralised relational database managed by the banking industry. If they get a piece of paper signed by a judge, they can just edit, update or delete your record in their database (with our without your knowledge/aproval).

In the bitcoin world, nobody but you can spend your unspent outputs (unless they have your private keys).

[koincik]

What exactly are you talking about safely? Bitcoin can be safer than banks, especially for high-volume investments. Also, if I make a monetary transaction today, I can transfer money to the other end of the world in maximum 15-20 minutes. Moreover, no matter how much money you have, the transaction fee is fixed. In the future, the spread of bitcoin will increase as it is converted into money or used as a means of payment. Yes, I think it's safer!

[cryptogideon19]

It's depend upon you if you have Trust to BTC and other crypto currencies. It's the matter of self decisions if you rely to other you will not know it's safe or not. Maybe not just rely to the bad news that you read , just believe on your self and to the power of digital currencies.

[o_e_l_e_o]

Well, i think the example you give isn't a really good one... Human stupidity is human stupidity wether you're using the traditional banking system or bitcoin.

Exactly. Having complete control over your funds as you do with Bitcoin is obviously a huge advantage over the fiat bank system, but can also be a disadvantage if you are careless with security.

If your credit card gets cloned, or your account gets hacked, chances are your bank will pick up on suspicious activities and lock your account. Even if they don't, you may be able to claim back money that was stolen. If you are careless with your Bitcoin, using weak passwords or brain wallets or something similar, then tough - the funds are gone and there's nothing you can do about it.

Crypto is perfect if you want to be free of the nanny state overseeing all your transactions, but the buck then stops with you - you can't go crying to some higher power when you mess up your security.

[rakokiller1]

Yes, becouse its based on blockchain. Banks can be off at any moment, but millions of other peoples - cant. I think its more safety

[happistarjp]

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?

Bitcoin is really safe and secure. Paper wallets can be used to store bitcoins offline, which significantly decreases the chances of the cryptocurrency being stolen by hackers or computer viruses.

[al maruf]

I think the use of Bitcoin is more convenient than the bank. Bitcoin Transmission Facility Besides, strict security is used in the exchange of bitcoin. Moreover, if you do not have a solid password. Then there is the possibility of damages. Safe in banking than Bitcoin. Because the bank stole your money, you can get it back. If the bank can open up, then your account will be blocked. But in case of Bitcoin, if your password is weak or hacked it will never be returned. So this is as safe as the banks bitcoin.

[Sublime5446]

God no, you would have to be really low IQ to think that bitcoin is safer than traditional banking

[mensahkkofie]

Bitcoin is really cool if you want to have financial control over your funds, on the other hand, the traditional banking system always want to control hard earned money of customers. There has been some instances where people struggled to withdraw monies from their bank accounts due to technical issues  from their banks but the same cannot be said of bitcoin since everything is decentralized thanks to blockchain technology.

[LindaFallar]

I think Bitcoin is safer than banking. Bitcoin is more accessible than banking. In terms of transferring money.Bitcoin will be transact easily than banking and no need to fill-out forms just to deposit or withdraw. Just think if you want to take risk of your investment. Are you for Bitcoin or are you for banking.

[YuginKadoya]

I don't think all banks would do the same thing their reputation is at stakes here and I really think that it will sure depend on the situation if you would really take that offer, I really think you should read first before making a go with it, It will depend on a person's decision if he's gonna go with the offer, But simply most banks are safer because of the security provided within it, But for me I would simply take both opportunity to take banking on both bank and with Crypto wallet, My mind set would have both fiat currency on the bank and earning profit with bitcoin while using Cryptocurrency wallet because you will never know what may happen in keeping both and having money on both bank and Crypto wallet at the same time.

[DenSamui]

The whole system is decentralized thanks to blockchain technology. And for this I believe that bitcoin is more secure and reliable.

[magneto]

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 think that it's not necessarily safer in terms of the security of your funds per se.

You're probably able to claim compensation from hacks etc. if they do happen with a bank, which means that in most cases you're covered. However, I'd say that a perfectly secured bitcoin wallet is much safer than something like a bank which incur way higher rates of hacks, and fraud, including cheque fraud and credit card fraud.

Think of it this way - would you rather trust a central entity and a central database, or a decentralised system based on cryptography? Probably the latter.

Also this is not taking into account at all the reversibility of normal fiat banking payments, as well as the fact that bitcoin is a much better store of value than fiat. These all add up to give bitcoin the upper edge imho in terms of long term security.

[hachiman13]

Frauds happen in crypto too, especially in bitcoin where newbie investors get scammed all the time. I believe that this is inevitable regardless if its bitcoin or banks we're talking about because there's always one person that will not do due diligence.

Though if we base it only in the system itself, it is without that bitcoin is more secure since information cannot be altered.

[Rupcrypto]

Yeah bitcoin is secure and more reliable because of it's technology and Blockchain technology. It is safer than banking because no one can control your business.

[Korkorjkk]

I think transactions in banks are safer then Bitcoin, because if the bank is legit and collapses, the government can refund your money but if someone hacks your wallet, no one will refund it for you.

[Jolozxc]

I believe bitcoin is safer than bank but if your money is on bitcoin and when the price decrease your money value will going to decrease also now it is up to you what you want if keep it to bank or bitcoin

[Hiroyuki879]

Peer-to-peer technology is placing more power in the hands of individuals and Bitcoin is a serious upgrade to our money.Bitcoin doesn’t have any spending limits which means you can send as much money as you need. Doesn’t this make better sense than being told how much of your hard earned money you’re allowed to spend?

[mikaeltomcruz12]

Bitcoin and bank has a different uses. Bitcoin is not 100% safety because lots of hacker targeting the bitcoin holder like my friend even the coin was in her wallet hacker take's it all. Unlike bank has a many security and safety measures.