Is Bitcoin safer than banking?

[Harrisonimo]

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?

Frauds are everywhere; both in the banks, cryptocurrency and other financial institutions. The help I think the blockchain should really do with its advanced technology is to really curb any form of losses through hackings of wallet funds; this will really create an edge over the banking sector.

[Burogh]

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?

Better not put all money in cryptocurrency. Cryptocurrency always high fluctuation, indeed crypto is good investment but i think we should diversify our investment in still keep paper money in bank account for emergency

[burdagol12345]

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?

I don't think Bitcoin is safer than banking, because everything related to money must be sought by thieves. but in general, Bitcoin is more preferable, but the reality is that there is often a theft of digital cryptocurrency assets including Bitcoin in the wallet. that means we still have to be careful if we save money either at the Bank or in the Cryptocurrency wallet.

[jyotianand01]

Bitcoin is blockchain based technology and it is more safer then banks as banks data can be hacked but blockchain technology is not possible to break. Blockchain is decentralized and no one have control on it and you can transect any amount in minutes with a fixed fee through this technology but that is not possible in banks. Your funds can only be stolen if someone have access of your private key or password otherwise it is full proof technology.

[MbakNarti]

Both bitcoin and banking both have their own advantages and disadvantages. If we discuss the security issue between bitcoin and banking, I still believe that banking is much safer than bitcoin. Banking is protected by the state and has rules that guarantee the security of customer funds, while bitcoin is not the case, but of course everyone has a purpose for the money they will save, and if the main goal is to get big profits, of course bitcoin is the best place. For this reason, what I want to say is that between banks and bitcoin has their advantages and disadvantages, and we can choose which one we think is more appropriate to save the money we have in accordance with the goals we want to achieve.

[nebiki]

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?

Better not put all money in cryptocurrency. Cryptocurrency always high fluctuation, indeed crypto is good investment but i think we should diversify our investment in still keep paper money in bank account for emergency

yes of course cryptocurrency as a place to invest us to make money. whereas the bank is a place to save our money to be safer. actually the security of our money depends on how each of us how we secure it.

[SilverCup08]

Actually, both have flaws and are prone to scams and fraud. The advantage of banks over Bitcoin is that if you become a victim of fraud, you will get your money back unlike bitcoins. You lose your key and it's the end of story for you. On the other hand, since it's not regulated, you have full control and democracy over it.

[Natnat213]

It depends on you if you have a high volume but both of it is prone to scam. Both of this has their own negative and positive and there are some cases about banking that hacked.

[ynclksnr321]

In fact, you can make it safer if you can safely use it in a more risky way, but in a logical way. What you need to do here absolutely nothing you do not trust the process, including people and sites.

[bryle10]

i think it is both the same , imagine that scammmers can enter crypto how long the bitcoin is? i think it depends on you how you manage youre income and how you proctect it from losing it.

[riskarcher]

honestly bitcoin is not something to save your money, of course everyone will choose a bank and most importantly a state owned or private bank whose existence is quite good in the long term. Bitcoin is an investment that is not static, it is certainly risky to save your money in the crypto currency. the bank has been trusted for a long time ago before bitcoin

[bitcoindusts]

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?

I think those small fine prints were never really created for fraudulent engagments by the banks. It just so happened that many will not take the time to read and understand them either because of much trust with the bank or out of sheer laziness.

One might think that the bank is exploiting this characteristics of their customer, but not all does. There are still banks out there that thrives on transparency on conditions and regulations and is not merely after for the sell of bank products and services.

Yet, on this note, cryptocurrency remains the best choice for a non-hazy, direct and transparent approach for keeping your assets free from such fraudulent activities as no one will be calling you to avail any promo or ask you to join an exclusive membership club that have fine prints too small for anyone to pay attention to.

[Dikarama7]

Bitcoin is risky and if you want a sense of security then you better save your money in the bank. Crypto is like an investment in which every investment has advantages and risks.

[111RONY]

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.

[L lawliet]

This depends on you if you have a Trust to BTC and other crypto currencies. 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.


The report states that bank fraud still continues despite strict security measures taken by banks. Only between January to July 2018, timeshare fraud alone has 1,155 cases reported

[BitcoinPanther]

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.

There's a good point stressed by a newbie (and i commend you for that).

What is pretty obvious  here is that both banks and bitcoin have their  strength and weaknesses when it comes to safe keeping our money or assets.

But as to which is safer? The answer would really depend on your purpose of safe keeping and how long do you plan to keep it in storage.

From there, we could slowly discuss and find out the pros and cons of both for your intended purpose.

[Tduty]

In my point of view blockchain system and traditional banking system both have some advantages and disadvantages. In traditional banking system people have to follow specific mandatory rules to deposit money and withdrawal, besides these account holder needs to maintain their transaction up to a certain limit of transaction. If the bank got robbed authority must refund to accounts holder. So in this sense bank is safer than Bitcoin. On the other hand in blockchain system an account holder can transaction unlimited amount of money and its way of transferring currency is too easy than bank .They don't need to maintain specific rules of regulations to operate their individual account but it has some disadvantages too such as if someone loses password or private keys they must lost their funds, hackers may hacks your account and snatch away all of your earning money or scammer may scam if all these things happened then there is no chance to get back your funds again. so in this case Bitcoin isn't safer than Bank. Otherwise Blockchain system/crypto is more better than banks as Bitcoin has no complexity like banking system as well as it's a wonderful a place to earn plenty of money just need to focus to make secure their private keys and passwords for not being hacked.

[prashanta]

Everyone knows that always banking device preferred so fiats, blockchain technology so choose crypto overseas cash. crypto discovery, specially to exclude the banking device and to lessen the strength to go to banks for the crypto forex. we couldn't distinguish among crypto foreign money hyperlink financial institution. i have to well choose crypto cash and wallets on the road and banks beneath the economic group.

[sngwinner]

What exactly are you talking about: Bitcoin safer than banks???
 I can't see how this can be possible. There may be some risks with saving at banks but there is no way that can be anywhere closer to the risks involve with investing in Btc.

[pat4cryptoreal]

There is no route of escape in life. There is non of them that have 100% assurance of safety. I and my friends have experience being hack in bitcoin world. We have also seen bank debit alert that we have never initiate.