Is Bitcoin safer than banking?

[iAleff]

All that I know about Bitcoin proof me that it's a very strong system almost impossible to be broke through, I absolutely trust on Bitcoin, I dont care with negative speculation.

[redbullusa]

Because bitcoin isn't part of any organization's management, it avoids the inflation that banks make, and when conducting e-transactions, it is more secure than money. traditional transactions.

[spadaccino]

For sure safer ! That's the main reason they believed in something different that you can really owe and not to depend on someone central banker that wakes up one morning quite angry and decides to stop the withdrals from your account so you cannot longer take your own deposit ! Because now they control them, so you can't access in anyway. Just look what happend in Argentina in 2000 or early day  in Greek crack  where peolple are waintitg in the line on closed banks and try to get THEIR money. Bankers are thieves !

[Bella Thorne]

yes, of course, bitcoin is safer than banking because with bitcoin transactions can be easy to see because all blockchain systems record everything so that the entry and exit of assets can be seen.

I will not say that bitcoin is safer than banking because  banks is also safe and very secured that's why many people are still putting there money in banks but unlike in putting our money in bitcoin, it have a chance to rise very high.

[rommelo24]

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?

For me banks are still the safest in terms of saving your money but this has a very low interest rates. Currenty i prefer both to have a bank savings and a bitcoin investments.

[seoincorporation]

Nope Bitcoin is not safe like banks cause if we send payments we don't have actually sending info's too but only address and transaction id not like in banks we should have complete details first before making any transactions other than that depositing bitcoin in any exchanges is risky too cause is could be hack and lose all your bitcoins.

So, for you bank is safer because it ask you all your info to let you do the transaction, what if the bank get hacked and now the bad guys have not only your name, they have you phone number and your addy. So, that doesn't make it safer.

i will tell you why bitcoin is safer... if bank decide to freeze and lock your account, they can do it, but that is impossible to happen with bitcoin.

Let me explain this with a nice meme:

[pozmu]

Bitcoin is cash.
Yeah, kind of digital/ electronic one.
Is cash safer than banking?
On some occurrences it is, on others it isn't.
Same for bitcoin.
If I would be selling car or home then bitcoin is much safer than bank. The whole agreement could be posted to the blockchain, you could see money travelling in real time in your wallet and after x confirmations you can be sure you really received money.
But for everyday use I think banks are still better, because 1$ = 1$ and you never know how much BTC is worth a the given moment.
Maybe there is/ will be wallet that will lock your BTC $ value for given time, so you can go out with $100 in bitcoins knowing it'll be always $100 for that day. Such wallet would be funded by getting cut of BTC rises and will use these funds to fund wallets with BTCs locked to $. Basically: you're risking part of possible rises in order to secure against potential downs.

[tadung8790]

i think with the bank you will safer than bitcoin. Because at lease the bank need to pay back for you if you lost money in case the security of the bank has issue

[GhostWithin]

Theoretically, bitcoin is safer, but in practice everything is completely different

Your wallet is protected by an antivirus (maybe even a free version)
And there is a whole department in the bank that ensures security with the use of expensive equipment and software systems. In addition, as already mentioned above, there is insurance.

[Chrisjay29]

For me crypto or bitcoin is not surely safe to put all your money but bitcoin or crypto is the best in term of saving. Because each year bitcoin will always grow here price and it give sometimes chances to invest in a good price. Banking cannot do that because there interest is so low.

[cfif123]

if I don't think so, because there is a lot of news that has lost bitcoin because it was hacked or stolen, it is safer to keep our assets in the bank. because the security is guaranteed

[Shresherya]

it's up to you if you have confidence in the BTC and other crypto currencies here. Doing these things we should decide ourselves if you need to rely on others that you do not really know that you are safe or not. we should not only believe in the bad news you are reading, and we need to believe in ourselves and just have to trust the power of digital money in our world.

[surfer43]

I think bitcoins are much secure than banks/fiat currencies. The transactions for bitcoins are anonymous but it does not play any negative role for bitcoins to make them less secure. Infact cold storages, hardware wallets, paper wallets, etc are a way much secure than any of the app used by the bank.

[Peashooter]

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.

Right in banks your investment is legit and well secured your money and the transaction are safe than crypto investment cause when banks is getting bankruptcy the government or agencies will refund your investment and we know investing in cryptocurrency and hackers, hack your account there is no one will refund your investment.

[#Paul]

Obviously,  Bitcoins transactions are recorded in the ledgera which is secured by mathematical analogs so that no one can hack it but in case of bank its not like that  its totally different

[kuto]

Obviously,  Bitcoins transactions are recorded in the ledgera which is secured by mathematical analogs so that no one can hack it but in case of bank its not like that  its totally different

Well as for me mate, this two organisation has individual  differences and concepts. Banks offers safer funds while bitcoin offers a profitable funds once you invested projects in the market. I know taht bitcoin is recorded and centralized but we cant really sure the safety of each account because of hackers and might we forgot the important details then we can't access our account while banks has establishments that we can visit every time we lost control of our accounts. I hope you identify the differences but the two are good its just up to which you think more convenient and friendly.

[thunderbitz2717]

Nope Bitcoin is not safe like banks cause if we send payments we don't have actually sending info's too but only address and transaction id not like in banks we should have complete details first before making any transactions other than that depositing bitcoin in any exchanges is risky too cause is could be hack and lose all your bitcoins.

I respect your reasons though you also have a point in that matter.  But remember you may not able to hack your account savings in bank but they are prone to bank robbery which is once it happens it can never be refund at all if the bank declare bankruptcy. Unlike in bitcoin, once you have the private key, password, and seed phrase I don't think that you prone to hacker or even in the exchange as long as you past the kyc and activate 2FA hacker can't able to hack your account there too.

[Maricel2017]

For me it is safe since only the owner can access the account that holding your money in bitcoin but its not 100% sure that it will grow because all possibility good or bad can happen that is why you need to know how big the risk on investing in bitcoin. No risk no income but invest the amount that you can afford to lose

[ecnalubma]

Crypto and banking defers in meters of risk, Banking system offers secured and insured policy while Bitcoin offers transparency since everything is recorded on the ledger. These two characteristics of banking and blockchain is a good combination to rapid financial transactions. Traditional banking is much more convenient to most of the people nowadays but once the crypto and banking technology combines, it will be more convenient to transact without worries. Of course banking system is still the best option to store cash since its too scary for some people to get involved in crypto due series of hacks, but I think the key to educate them regarding this financial revolution.

[BitcoinPanther]

Crypto and banking defers in meters of risk, Banking system offers secured and insured policy while Bitcoin offers transparency since everything is recorded on the ledger. These two characteristics of banking and blockchain is a good combination to rapid financial transactions. Traditional banking is much more convenient to most of the people nowadays but once the crypto and banking technology combines, it will be more convenient to transact without worries.

Yes indeed, there is a huge different between banks and bitcoin in terms of risks.

With banks, one can somehow sleep through a crisis where bitcoin might keep you up 24/7. When banks offer a certain percentage of guaranteed recovery in cases of a war, a national disaster or merely a bankruptcy, bitcoin offers none. Meaning, when the whole system of bitcoin somehow collapses, we are not guaranteed anything, not even the smallest percentage of our bitcoin asset is insured and could be recoverable.

That is why till date, people like the idea of traditional banking. Moreover, when the bank account holder dies, the next of kin can claim the outstanding balance of the bank account. Unfortunately, bitcoin does not offer such official treatment. Though, one can entrust all his crypto access to a person and trust that it will be in good hands till our sad demise.