Is Bitcoin safer than banking?

[oceantiger]

No bitcoin is not safer compare to conventional banks. Banks are  being supervised by the country central banks and the customers money is covered by insurance. Bitcoin is decentralized and there is no insurance cover for the customers money.The customers are responsible for their security. So if you lose your bitcoin there will be no compensation but if any thing happen to your money in the bank you will be refunded.

[yogeshkale]

Yes, bitcoin is safer than banking no anyone stole your bitcoin. Bank will freeze your money but bitcoin is not frozen. Also, bitcoin prize increases with increasing demand because limited currency and bank use unlimited money printing.

[AristoteI]

Bitcoin is much safer provided that you know how to handle it. Also it can bring you much more profit than the usual deposit in the bank.

[cryptorelax]

Cryptocurrency analyst Chris Burniske believes that bitcoin at the moment" functions as a reserve currency " for investors — this is evidenced by the halved volume of network transactions in the current year.BTC

[crptotrader007]

Nope never and ever would be. Banking is a institution where everything is in discipline and well manner.But here Bitcoin is not institute,it's a open market for all in world without knowing there identity so the risk is more as the money is more.So banking any day is more safer than Bitcoin.

[Cryptotissue]

it depends on your definition of the word safe, with both there is still a risk involved. both the traditional way of banking and that of blockchain have their own problem. the only difference with blockchain an individual total and actual power over their own money than that of the traditional one, it means the safety of one's own money lies in his or her hand than the former

[topsyze]

Outright no, there are a lot of risk involved in keeping digital asset like bitcoin, issues of hacking is no1.

[endut15]

Bitcoin is much safer provided that you know how to handle it. Also it can bring you much more profit than the usual deposit in the bank.

anything that relates to financial funds I think has a risk. whether it's high risk or not. surely all have risks. especially at this time of banking since there was bitcoin like being eliminated. because bitcoin is more attractive to many people and paerbank'an is interested but not like bitcoin

[Kimi80]

By my opinion, neither is enough safe. Hackers are always looking for their chance, always developing new skills, getting new ideas. Even if we are extra careful it doesn't mean that we are not going to be scammed. But all people should know that they should never fall on that free holiday etc sh.. frauds

[dewi91]

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.

Both of them have it's own risk and both of them are different. We use bank for saving our money but we use bitcoin for investment, Bank is more safer than Bitcoin because Bank is under control by the government but bitcoin is control by it's users. If you can't protect your wallet, you can loss your bitcoin by hacker.

[belimblink]

Yes, of course, Bitcoin is safer than banking. Many people aren’t aware that the money in their bank accounts is credited that represents a promise to pay. The entire fractional reserve banking system is one massive debt bubble that resembles some sort of elaborate Ponzi scheme.

With Bitcoin, your money is cryptographically locked on a public ledger and each coin represents an actual unit of value and not just a promise to pay value at a future date.

[Vickyrichy]

In terms of  security, bitcoin is far secure than banks. Once you keep your private key free from everyone, your bitcoin will be in your wallet for as long as you want. But with banks, they can be fraud and your money will be affected. Moreover, with bitcoin you can make transactions with lesser charges compared with the fees banks charge for the transactions you make..

[beurk]

Well, it's safer and more dangerous. Safer in matter of security. You and you alone keep the key to unlock it, you're the only master of your money. More dangerous because of market fluctuation, some day, you'll feel like a king, some other day, you'll feel like a fool.

[abiola4real]

There is no one among that is safer. Nonetheless, bank is safer than bitcoin because if you make a payment into your account in the bank and anything happen to your money it will be on the bank and the bank employee. But if it bitcoin it will be self problem.

[classictee]

As for bitcoin the loss and the gain arise from your fund will be bear by the owner of the wallet. But as for bank, when ever anything happenshappens to your fund it is on the bank but your money is safe

[KXC247]

In my own understanding, I believe that banking is more safer than bitcoin as bitcoin wallets and exchanges are all prone to hacks but bank would likely safeguard your money in the bank

[Tszone]

Fiat operates through fractional reserve banking which means that not everyone can access their money at the same time. For this reason banks need to limit purchases and withdrawals with daily spending limits. 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?

[gusnulyadi]

It's a matter of self-determination if you depend on others you don't know are safe or not. Maybe you don't just rely on the bad news you read, just trust yourself and the power of the digital currency.

[Bardman]

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.

Even if you aren't careless with it, many other websites that are not under your control can scam you. You might try to buy something with bitcoin and get scammed, something that wont happen with paypal for example or your bank for that matter, at least you would have certain legal options. What about exchanges? Once you deposit your coins there you could lose everything even if you used the best passwords. Cryptocurrencies in theory are great but in practice not so much.

[Ronaldcoin2017]

I think it depends upon how you used or do some profitable action on the crypto feild. Bitcoin is safe but we can also loss on it if we don't have a big patience to wait for the very best time to sell our holdings. And sometimes it's price really dropping like it is been through a very huge dip that is really the main reason why we panic and sell which lead as to lose.