Is Bitcoin safer than banking?

[letzdodiz]

I don't think so on the grounds that bitcoin's hazard is higher than any advantages that you can have. It's unpredictability drove such a significant number of to contribute on it a year ago when it rises definitely until the point when it achieved 20,000$ but on the other hand is the motivation behind why so a few people likewise loathe it when their venture has diminished so much and even as of recently, the battle of bitcoin proceeds.

[coinholic]

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).

Couldn't have said it any better. The traditional banking system is controlled/manipulated by people. Meaning, these people can do whatever they want with any account in their records. I always say that the people behind these banks are silent thieves because they use other people's money to gain so much! They are wolves in sheep's clothes! But apparently, people are still drawn into the banking system due to minimal options. This is where decentralised currencies come in. The beauty of being able to have full control of your own money without the intervention of banks or governments. But of course, risks will always be present. It's up to us to minimize those risks.

[liseff3]

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).

I think what the OP asked has answered by mocacinno correctly because this is a fact. Bitcoin and other cryptocurrencies pure without being regulated by a third party or the authority that interferes. In its use, we don't need to worry because bitcoin's very safe compared to fiat.

When it comes to the safety, both hve risk.

Whatever action we do, basically there's a risk of each, and we cannot avoid it just like that.

There are points that it is safer when our money is in bank because bank is allowed all over the world while bitcoin is just starting to be legalized worldwide.

Of course throughout the world, because banks are always supervised by authorities, which can also function as financial relations between countries. But make no mistake, bitcoin's also the same it can be accepted by users all over the world in peer to peer.

[ghiehhhh101]

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.

yes your right it is still depends on us, where to invest, but i think the bank is more safer than the digital currencies, even though the increase or the interest in the banks are slow, admit it, it is safer, digital currencies are risky because there are a lot of scammer, we do not know they are, so we can be a victim anytime, we do not expect.

[SistaFista]

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?

The bank is secure because there are peoples who control it in centralized system database, it is different with bitcoin.
Bitcoin has decentralized system, the one who must protect the wallet is the holders of the wallet itself.

[vixcious]

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?

Bitcoins are not as safe as in a bank. I think investing in Bitcoin is risky because the manipulation in the Crypto market is strong. So if you do not understand the Crypto market, you should not invest in Bitcoin. You should send in the bank to be safe.

[ayodeji01]

Bitcoin through the blockchain technology is much safer than the traditional banking system since there is easy access to your savings, no hidden charges and there is absolute control over all your funds unlike the traditional  banking system..

[cryptofeel]

At the moment, no it is not. There is a serious work to be done technologically and in other areas like security and regulations that should harmonise and bring to conformity all the crypto dealing platforms so as to increase trust and strengthen beliefs and argument for the bitcoin and crypto in general. For now the banking system is relatively safer than the bitcoin.

[Pedro18]

For me yes because Bitcoin is really decentralized, Bitcoin is one of the best where to store our money, BItcoin is the best payment over the internet, you just need your personal Bitcoin wallet, you don't need anymore go to bank to send money to everyone, that is the power of decentralization.

[carlou]

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?

Most of the cases bitcoin is a lot better and more secure than the banks If you are about to engage in any contract please be cautious and seek for a legal advice.

[Viperziper]

In some ways, yes, BTC is a lot safer than banking. However, these two phenomena have their own both pros and cons. Here's my non-exhaustive list just to show what I mean:

BTC:

pros
✓anonymous
✓low transaction fees
✓no fees for storing
✓nontaxable

cons
✓volatile
✓vulnerable to hacker attacks
✓unregulated
✓not accepted as a legal tender
✓heavily dependent on Internet access availability (always)

Banking:

pros
✓regulated
✓fiat is accepted as a legal tender
✓fiat is available even where there's no Internet access at all
✓fiat is far more stable

cons
✓commissions and fees a lot higher as compared to BTC
✓(often depending on a country)
✓vulnerable to hacker attacks (online e-banking accounts)
✓heavily dependent on Internet access availability (only for card or e-banking accounts)

[ksupriya94]

bitcoin is more secure than most existing financial services, including legacy banking platforms like SWIFT, which has been compromised repeatedly by hackers, technically bitcoin is more secure than banking where you can control all your fund.

[gilangIDR]

There are several different types of security. If discussing about financial transactions guaranteed by the government, banking has a much better thing. But when we discuss about a matter related to the personal information we have, bitcoin is very superior. The implementation of the financial system on bitcoin will also allow us to make transactions whenever and wherever we are.

[nestorjacob]

for now the  answer is a big no because the cryptocurrency industry is subjected to so much manipulation and that one has caused the industry so much.Even SEC has sited some of these concerns as a reason for rejecting the btc ETF proposal.The manipulation of the market  by certain unseen forces makes it riskier than any other industry now.The cryptocurrency industry is not yet safer than banks .we may get there one day but we are not there yet.

[anhhungxadieu0402]

In my opinion, I think the Bank is safer than Bitcoin. Since the Bank has a stable interest rate and a partnership with the state, the state can help if it goes bankrupt. As for Bitcoin is up and down uncertain, it is difficult to predict its value. If anyone has the idle money to venture to get rich, then invest in Bitcoin, also want to receive money every month should send the Bank.

[Baronggot]

I believe that with the volatility being one of the major attributes of bitcoin, i can say that bitcoin is more risky than bank. It's risky as its market price may fall down so hard so as your investment too. Your digital wallet can also be a target to cyber criminals and once you fall from their trap, it's already over.

[Shtamm_oval]

Well, I will not say, in our time, all the atki Bank is more stable and stronger, well, everything is already provided and security is above all in this case, and with bitcoin you can still cheat and catch inattention.

[yatogami]

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?

The practice shows that having btc in one's wallet can also be rather unsafe, especially when one has only a slightest notion of what cybersecurity is.
Though yes, if talking about cryptocurrencies one is fully responsible for his funds, and this brings a greater confidence if comparing the same financial activities in banks.

[qwerty12]

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?

To be honest, the global cryptocurrency market is still in its infancy. However, the growth rate is extraordinary and I understand why you are interested in getting involved. To briefly answer your first question, yes, Bitcoin is safer than the world banking system over time.

However, that does not mean it is safer to only have bitcoin or cryptocurrency because the market is unpredictable. Therefore, if you decide to invest in Bitcoin then you need to pay attention to every major event that can affect the value of Bitcoin.

[NelfiNovita]

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?

saving money or investing in crypto is more profitable than saving money in a bank. I have long invested in crypto currencies and until now my bitcoin wallet has never been stolen. if you want to store bitcoin and altcoin I recommend storing in a wallet that is often used by people or wallets that are already known in the crypto world.