Is Bitcoin safer than banking?

[tranle1267]

i think it depend on you. if you manage and protect your password or private key well, the bitcoin and crypto altcoins will be safe.
you should believe in yourself and trust about blockchain technology, they are technology of future

[1715164185]

1715164185

[polyballz]

No one can guarantee 100% security for Bitcoin and banks, Bitcoin and banks have their own strengths and weaknesses, so nothing is truly safe. You can't just put down the banking system because there are some shortcomings in it. and you can't say that bitcoin is 100% safe because there are hackers who can take your Bitcoin.

[beej]

As much as we hope and want Bitcoin to be safe as much as banking, currently
it isn't. It still hasn't reach that kind of stability to be on par with traditional
banking. I believe it's heading to that direction but it's still gonna take some time
and go through a lot of scrutiny and assessments. But for long-term investments
I think in today's market Bitcoin decisively qualifies as a safe choice than traditional
banking. It's a lucrative option that is appealing and is accessible to anyone.

[BitcoinPanther]

Safety is really dependent on your idea of security. There always exist loop holes in terms of security.

But in general terms of digital security (since we are talking of bitcoins), having your transactions kept and saved in an immutable manner is an absolute plus in security. Add to that the honest peers that confirms every transactions that throws out any attempt to append false transactions, i think we have a really safe system there.

And unlike banks where transactions is open to human tampering, bitcoin guarantees no such event shall take place since there is no central power in control of the data.

So yes, i do think that bitcoin is way safer than banks.

[bonammeo]

In my opinion, that is only partially true. Bitcoin is really safe and secure. We can take good control of our finances with one. However, in case you are careless? For example, your password is weak, or your information is stolen. There is no guarantee for your finances. With the bank, when your account is hacked, the bank will detect suspicious things and can help us to prevent timely. Therefore, we should consider using bitcoin or bank.

[Sanjida]

Yes, you right talking bitcoin is safer then banking.and it's depend upon when if you have trust to BTC.i have notcied a lot of projects that were losing amount but bitcoin has many advantage then other coin.so it is protected to stocks our assets in the future.

[wnfakind]

There are many ways to ensure the safety and security of your bitcoin alt coin etc.. it’s as safe as you want it to be if you take the proper steps at protecting your money.. cold storage and paper wallets are a few examples. Take it off your system and use it when needed. Of course here are going to be issues because we’re human and mistakes can happen. Seems like at this point in time it’s not for everyone as a lot of people are claiming hacks and scams etc because they’re not doing their own dudiligence.. it all comes down to the user and people seems to be not ensuring their own security. If you fuck up you will lose your money.

[Dudeperfect]

We must understand the core fundamental work process of both the systems to determine the security. since the traditional banking system is based on the trust of the few people, there is always a chance of losing our money but on the other hand, Bitcoin is based on the blockchain technology which relies on the principle of decentralization and hence if someone is trying to hack the system (which is beyond impossible), he will be losing his resources too. Decentralization makes it transparent and trustworthy over the traditional banking system.

[xIIImaL]

No one can guarantee 100% security for Bitcoin and banks, Bitcoin and banks have their own strengths and weaknesses, so nothing is truly safe. You can't just put down the banking system because there are some shortcomings in it. and you can't say that bitcoin is 100% safe because there are hackers who can take your Bitcoin.

Since both are unsafe you may go with bitcoin as well. This is like asset for investing our own money on gold or real estate. I really do not understand that what the problem on bitcoin for others.
They mostly trolling the others when they thinking to invest on cryptocurrencies.
If you accessing your wallet with correct URL you cannot be hacked by anyone. Follow simple steps given in wallet site itself to secure your wallet.

[anitaraymonds]

It all has to do with security level of the bank or the wallet.Conventional banks try to secure the funds of their customers and they are under the supervision of the country's central bank which forces them to be responsible. Bitcoin may not be safer than bank because if by chance you lose your bitcoin it is gone forever but if the money you have already in the bank is compromised not because of your own fault the bank will pay you back the money because it covered by insurance while crypto is not covered by any insurance. But if you have an adequate security measure for your wallet it will also make your wallet safe.

[kamoto]

Of course bitcoin will be more profitable. Moreover, most likely in the future there will be a situation such that bitcoin will simply displace the banks. The intermediary in the form of a bank will simply not be necessary for anyone. Also worth remembering about the main advantage of bitcoin in the form of decentralization ... so that some advantages in favor of bitcoin

[rjsmith]

Yes bitcoin is safer then bitcoin because its based on blockchain.bitcoin is one of the easiest avenue to earn money and we can barter it countermand immediately.or bitcoin has always many other benefits.

[delinetproject]

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!

I honestly concur with your brilliant piece! The most important thing for bitcoin is adoption. We need more 'real and workable' projects (products and services) around crypto sphere.

[Impulseboy]

As someone who have once fallen prey to this scam before, I say that it just depends on the person/account holder. What happened to me was I did not realized how much I have to pay every month for a real estate investment until I have already paid for a month advance. Fortunately, I managed to cancel it before the second month but I never got my money back anymore. With cryptocurrency it is the same. If you are not careful and smart and are impatient, you could lose your money fast. No matter if it is bitcoin or the traditional banking system, it is you who is responsible for your money and what you do with it.

[nyn8920]

It's rely on you if you have Trust to BTC and other crypto currencies. It's the matter of self decisions if you depend on others you will not know it's safe or not. Just be vigilant and do  depend entirely on the negative news that you found , just believe on your self and to the power of digital currencies.

[Smrt Contract]

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?

Bank fraud and timeshare fraud are two distinct types of fraud. In the case of bank fraud I think of a centralized institution that holds your money (a bank) and the institution or someone in it defrauds you. In that case, bitcoin is arguably superior because nobody can access your bitcoin unless they have your private key. You have much more control, but with that control comes more responsibility for protecting your private key and not losing it.

With timeshare fraud you are essentially being duped by fraudsters into giving them your money. It's kind of like investing in a scam ICO. If you invest your bitcoin into a fraudulent scheme, then arguably ordinary currency is better than bitcoin because you might have insurance or fraud protection (on your credit card for example).

[Scavagers]

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?

obviuosly keeping your money in banks is a much safer decision. Bitcoin and other digital wallet is not as secured as the banks and it can be subject to theft. There is also a possibility that it can be hacked.It is somehow secured and much more profitable when you keep bitcoins than storing money in banks.

[Exuip]

Although highly favored in investment, bitcoin is more worrying. Even though we get access to the server, we have to be brave enough to take the risk.

Of course, slowly it does not rule out the possibility of more and more hackers who are starting to glance at the advantages of bitcoin. So, they could plan to hack a bitcoin system.

While bank security depends on the type of bank we use. Globally, banks are more favored in their credibility and security. Client identity protection is also very well maintained to smooth transactions between users.

[reda]

yeah. Bitcoin is better than cash. Bitcoin is a good investment. So people choose the bitcoin. People get more information form bitcoin. Bitcoin is the best one of the coin. So bitcoin will be given more information and rules and regulation. So people easy to use the bitcoin and handling to easy.
Banking is not good for the people future saving and future growth. The bank is not giving the full information. That the reason affects the people saving. Most of the people use the bank for saving. Some people only know the bitcoin. So most of the people wait for the bitcoin investment.

[Austino1]

Yes of course , if your bank's encryption or firewall are not strong hackers can break in and make away with your money or sometimes bankers themselves do steal peoples money and run away bout bitcoin is not like that you are just the controller of your money with your private keys