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Author Topic: Is Bitcoin safer than banking?  (Read 2771 times)
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September 12, 2018, 01:19:17 PM
 #161

I believe bank is safer than bitcoin because the security system of banking is visible and also controllable but bitcoins security system is hard but invisible.
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September 12, 2018, 01:23:42 PM
 #162

The whole system is decentralized thanks to blockchain technology. And for this I believe that bitcoin is more secure and reliable.
i totally agree with you. For me, bitcoin is worth trusting and safer than bank
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September 12, 2018, 01:29:07 PM
 #163

I strongly disagree with this. No matter how secured we say Btc is, it cannot be too safe than banking. Have you considered the numerous hacking incidences. The least mistake you make to let your private key out, the end for you. We can even misplaced our private keys and I have seen several threads asking how to recover private keys.

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September 12, 2018, 01:55:09 PM
 #164

Both are risky. But if I have to choose, I'll prefer in bitcoin because of no bankruptcy unlike in the banks. And besides, if you are saving money in the banks, the annual interest is too little and you can't even withdraw it right away if you need cash in emergency cases especially you are in a time deposit savings. And in terms of convenience, bitcoin is more convenient than the banks.
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September 12, 2018, 01:56:06 PM
 #165

If you want to invest low profit but stable you can send money to the bank if you want to invest high profits then you should invest in the cryptocurency market.
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September 12, 2018, 01:58:41 PM
 #166

Trusted someone is very important by knowing the person very well it's just the cases bitcoin and banking we trust each other but people use this to scam people the only way to avoid scammer is to research and base on my observation it's more safer with a good profit the bitcoin instead of bank
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September 12, 2018, 02:02:27 PM
 #167

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, maybe on safety, he concedes, but as for convenience and use, the bitcoin on the up, as currently all stroitsa it is on the left cryptowall, and on the cryptocurrency market.

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September 12, 2018, 02:06:00 PM
 #168

Yes, one of the advantages of Bitcoin than Banking is that Bitcoin has stronger security, but even so it does not mean that Bitcoin has no risk, we must remain vigilant and carefully guard our bitcoin wallets.
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September 12, 2018, 02:19:16 PM
 #169

Bitcoin is safe in terms of hackability and counterfeiting. What makes bitcoin less safe is that it is not regulated and widely traded in unregulated exchanges that makes its price volatile.
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September 12, 2018, 03:09:24 PM
 #170

Bank is still save and btc is also, only that both have their own back side to but bank should take charge of your funds and will pay for any thing within there hand ,only if the fault is from you and btc also can be cool if save and if otherwise then you bear the lost, btc only have advantage of growing while your bank account only remain the balance you put or might even reduce with some charges and save if your details are not compromise .

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September 12, 2018, 03:39:14 PM
 #171

Banking is well regulated and there is no anonymity. Therefore, the level of accountability required from the players in the banking industry is high which means that financial crimes can be prevented. Cryptocurrency is not regulated and it is anonymous. This makes it easy for criminal to carryout all manner of crimes. Banking is safer.

But there remains a lot of fraudulent activities within the banking sector. It is among the reasons why each country submits to AMLA since the possibility of Money Laundering has not been squashed til date.

Though true, the banking sector has proven over time that they remain to be the safest form of transacting with security checks in place. There still lies plot holes that are taken advantage of for criminal activities just as much as many thinks bitcoin is largely used for the same offending activity.

So i guess in this regard, the safety against criminal activities remain to be nearly the same between banks and bitcoin.




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September 12, 2018, 03:40:30 PM
 #172

I think  investing in money or investing in bitcoin or altcoin market are equally good we can invest at the bank and into the altcoin or bitcoin
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September 12, 2018, 04:05:40 PM
 #173

As far as I know, bitcoin is safer that the bank because they profile in bitcoin is anonymous or did not show your identity but there are some disadvantages like many of users used their wrong identity or anonymously identity to strive with fellow human beings and thereby tread those who are under it. (those who are not familiar with this field). And beside for that bank is safe also but they have many cases of bank that can hack by the hackers or programmers. For clearly state, two of them(bitcoin and bank) is safe.
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September 12, 2018, 04:19:29 PM
 #174

Everywhere there are risks that can lead to collapse, but if you do not take any risks in your life, there will not be anything.
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September 12, 2018, 04:23:20 PM
 #175

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?


Both have their own specific features. Each one has their benefits and securites. Banking system is so opt to fiats, blockchain technology is so opt for crypto currencies. The invention of crypto is mainly to eradicate banking system and to reduce energy in going out to banks for crypto currencies. Lets not inter link banks into crypto currencies. I would better choose crypto currencies and wallets rather than fiats and banks down the line. I find wallets, exchanges, transaction with blockchain protection are much better than banking systems.

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September 12, 2018, 05:02:04 PM
 #176

Well at least with Bitcoin you can't have your credit or debit card stolen and bills racked up in your name. But that is a completely different story entirely because Bitcoin doesn't offer credit or credit-backed services (fake money). However, right now I would say that there is a greater risk of your Bitcoins being hacked from you than your bank account, but it's still early days yet, the tech needs to mature with more robust security measure placed on the client side.


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Roboabhishek
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September 12, 2018, 05:19:32 PM
 #177

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?

No we cannot say this today but I think we can say that definitely with full trust in future as it's been ( Bitcoin ) under development to cope up with the younger generation altcoin . So there are some few years still left for us to say that bitcoin is safer than banking.
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September 12, 2018, 05:22:15 PM
 #178

Yes, I think it's safer! Bitcoin can be safer than banks, especially for high-volume investments. 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.
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September 12, 2018, 05:37:11 PM
 #179

Investment in bitcoin is more unpredictable but in turn more profitable if everything is correctly calculated and buy bitcoin at a favorable price ! In the Bank interest rates of course it is cheaper and they have a lot of fraud schemes as they can deceive you and even about it do not know !
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September 12, 2018, 05:41:57 PM
 #180

I think bitcoin is safest than banking and there a a lot of reasons behind this among them I think the best one is bitcoin is run on blockchain.
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