Is Bitcoin safer than banking?

[Kim Addington]

 Short answer: No it isn’t. It isn’t even a currency so the comparison is pointless. See, the thing about currency is that they need to be printed indefinitely as economy grows. That alone invalidates Bitcoin usage as currency.
 BTC is an asset, a speculation, trade median, or whatever you call it, but it definitely is not a currency. Lots of people hype about using Bitcoin as payment. They praise anonymity, speed, transparency and all the yadda yadda they can think of. But Bitcoin is slow and simple cannot handle the volume of, say, VISA or Paypal. Another bunch of people criticize Bitcoin as a currency because of volatility, acceptance and cost to produce. Well, they are wrong as well. Just like how sculptures and paintings get assigned values, Bitcoin value is what people perceive it at, simple as that.
 So is Bitcoin better than normal currency? No. Is Bitcoin having a future? Yes

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[Zalura]

Transfers with bitcoin even between countries average administrative costs close to zero. Obviously more profitable than banking transactions, the administrative costs of which are still expensive.

bitcoin is able to be more transparent in transactions and cut clearing time as happened to banks, banks are also not wrong because they only follow the provisions regarding the system of transactions between countries.

For security, banks are safer in this case because they can account for various transaction errors and account security, security in bitcoin is only determined by the user and this is dangerous for people who accidentally make mistakes.

[Daniel91]

Banking is to general term.
Deposits are usually protected by the state, so they are safe 100 %.
Other kind of investments are risky, the same as investing in btc.
Everything depends on your investment strategy, how much you can afford to risk based on your own finance.  

[Labay]

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.

True, because if you know some of the process and info about bitcoin then you know that you can sure the safeness of bitcoin.  There are a lot of process about this world of crypto but if you understand then you can take a risk easily.

We know that the wallet can be hacked so we need to take a risk because we cannot get outcome when we do not take risk.

[peacefulpeace]

in my own oppinion i think having crypto currency is more safer than holding money in a bank account. My reasons
1: bitcoin or cryptocurrency are not subject to economic activities like inflation or deflation, when you hodl cryptocurrency, the idea is for it to double within the next few years but you cannot say such about the money in one's savings account that looses value during inflation.
2: a not completely exonorating risk factor from crypto currency, but the banking sector faces more risk of liquidation, and during liquidation, only preference share holders get reimbursed, rest are left with nothing.

[mojo2208]

I think it's difficult to single out one thing. It all depends on how much the person thinks about the security of their accounts.

[ajiejot]

For me YES, as long as you have your private keys safe. Some banks are very trash, specially here in our country, they will just force your account to be frozen. You need your attorney and accountant to defend your account, really trash. I already don't use banks now here in our country.

[zheniasom]

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!!!! 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.   

[yamete kudasai]

It only depends on you if have a trust to Bitcoin and other cryptocurrencies. 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 and know other ideas on it not only those people who say about it.

[fishball]

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?

We can not really say that either of the two is safe or it could be neither of the two is unsafe so relying on oneself is definitely your best and affordable weapon. But human error can not also be avoided. So i think it depends on you what strategy you will take.

[Jombrangs]

For me yes but somewhat no. Yes, because surely your money will profit without any interest cutting of by any system. Instant profit, meaning if you invest now tomorrow it will profit and if the value is low it will be lowered. No bankruptcy, meaning the money safe since it is invested in the blockchain or rather crypto market. No, because the value of a particular coin and token cannot be determine. In some matter you will lose dollars if it will be lowered so you must work on it. 

[mmo_online_1981]

Keeping bitcoin as you directly hold your money, the bank then you send the money and get them the trust. But bitcoin price fluctuations can not be said to be safe, depending on how you use it!

[florianuhlemann]

if you are confident in the sender, they can be equivalent, in other cases, you need to pay attention to the situation of the transaction

[Bardman]

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!!!! 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.   

It's honestly not better at all. Having control of your money is only as good as that. Money has to be spent and that's where trouble comes in. If you get scammed or you make any mistake, your bitcoins are gone and no one can help you. We are still far away from massive adoption just because of this. I never fear paying with my credit card, with bitcoin, however, it's far riskier and even well known websites can be hacked and you can still lose everything.

[KKH84]

If in my opinion all have their own weaknesses and shortcomings but for now, security is definitely in Crypto, because if you lose your crypto (not in the market) it is an individual's fault without interference from other people, different from the BANK, lots of interference others so cheating can occur.

[Debu]

For me yes but not totally agree. But of course Bitcoin as well other cryptocurrencies were more secure than the banking system. And  surely your money will profit without any interest cutting of by any system that what happen if you keep money in bank. Bitcoin being decentralized has made people have trust over banking than cryptocurrency which is completely backed by technology and it provides with an efficiency in functioning.

[Sarastiche]

I am convince the banking sector is still quit much safe compare to the Bitcon commmunity, fraud/ scam can still be easily trace compare to Bitcoin where you can not trace the perpetrators easily, as there is no much Identification for investors, this is still a major short coming for Bitcoin.

[jerrison]

they both of them a=can not be compared at all. the differences are much. first is the scalability and then the time taken for a transaction to be executed and another is the immutable  record feature of the blockchain technology making it impossible for one to alter or even doctor the ledger and make assumptions for transactions

[Joeyvicky]

For me i always comments that life as we live is about risk and those who endures it enjoys the best fruit. Investing with both bank and in bitcoin is a risk and to me will prefer the risk that will yield me much than the one with less and to me that makes me think bitcoin is much safer than banks.

[BitcoinPanther]

I am convince the banking sector is still quit much safe compare to the Bitcon commmunity, fraud/ scam can still be easily trace compare to Bitcoin where you can not trace the perpetrators easily, as there is no much Identification for investors, this is still a major short coming for Bitcoin.

Bitcoin and Banks both have pros and cons on their usage and security offerings. And as of the moment, anyone would definitely feel safer with the banks in the scenario you cited.

With banks coordinating with one another and is under an international agreement of Anti-Money Laundering and fraud detection, banks can track down fraudulent activities and trace the origin and the recipient's real world identities to held them liable for their actions.

And remember, with banks, the full force of the government can be implored to arrest such individuals, something that bitcoin do not have right now due to lack of government backing.