Blockchain or Banks: Which has a Better Security for Financial Transactions?

[sell100]

Blockchain or Banks: Which has a Better Security for Financial Transactions?

By now, it’s highly likely that most of us understand how Blockchain technology has dramatically changed and how the world operates considerably. The Blockchain system is an openly distributed digital ledger technology behind the cryptocurrency industry. According to Alex Tapscott, the co-author of the Blockchain Revolution, the Blockchain technology is changing the concept of banking […]The post Blockchain or Banks: Which has a Better Security for Financial Transactions?


Read more: https://www.trackcoinmarket.com/en/crypto-news/33301/blockchain-banks-security-financial-transactions

[Infinixhot1996]

Blockchain or Banks: Which has a Better Security for Financial Transactions?

By now, it’s highly likely that most of us understand how Blockchain technology has dramatically changed and how the world operates considerably. The Blockchain system is an openly distributed digital ledger technology behind the cryptocurrency industry. According to Alex Tapscott, the co-author of the Blockchain Revolution, the Blockchain technology is changing the concept of banking […]The post Blockchain or Banks: Which has a Better Security for Financial Transactions?


Read more: https://www.trackcoinmarket.com/en/crypto-news/33301/blockchain-banks-security-financial-transactions

No system abounds without it's different flaws,with that being said we've all been using and still use our conventional banking system when storing our finances,and how many of us have lost our money through it???.. Only maybe a handful, the traditional banking system is safe,secure and almost impossible to fall prey to hackers

What the blockchain brings to the party is more transparency,as it operates on a public distributed ledger,open for everyone to see.
It also stores information in them that are unalterable,informations of every transactions undergone since day one
But the system is not also without it's various flaws,due to anonymity,scams are the other of the day in the system,though there are numerous ways to avoid them

As regards which is safer I'll have to go with the banking system,due to its age long presence and stability,but the blockchain is coming along pretty fast and hopefully they both can work side by side for far more effective and efficient transactions

[stayeduptolate]

Blockchain or Banks: Which has a Better Security for Financial Transactions?

By now, it’s highly likely that most of us understand how Blockchain technology has dramatically changed and how the world operates considerably. The Blockchain system is an openly distributed digital ledger technology behind the cryptocurrency industry. According to Alex Tapscott, the co-author of the Blockchain Revolution, the Blockchain technology is changing the concept of banking […]The post Blockchain or Banks: Which has a Better Security for Financial Transactions?


Read more: https://www.trackcoinmarket.com/en/crypto-news/33301/blockchain-banks-security-financial-transactions

If we talk about the present scenario then no doubt that banks has better services and security methods that can satisfy a customer easily as in present time, bank is the most common place where people make their investment and get profit in terms of interest rate and moreover bitcoin is still decentralised crypto currency in almost every part of the world but we never no the future, as once bitcoin get centralised all over the world, no currency or investment can match the frequency of bitcoin.

[Yantoaja]

I think for the moment the fact is that bank transactions are still much safer than the blockchain, where if our money is taken in a bank or someone hacking, we can still track who hacked it and many big banks that helped our case to completion, unlike blockchain which is anonymous then it will be very difficult to track where our coin coin is going, and moreover blockchain is not regulated by the government so it will be difficult if it moves with the law

[Globalbitcoinl]

it depends who will use the services. because if you need security and guarantees, in this case, banks, and if the speed and irrevocable transactions, with a low Commission, then cryptocurrencies

[Marcel555]

Both systems has put a lot of effort at ensuring security of transactions, as money is a commodity no one wants to lose.

There are also other aspects of a transaction, cost, speed, reliability.

I would not like to draw comparisons as both systems has its own flaws and strengths.

[giantrobot]

Banks have proven themselves to be the top position, Blockchain wants to overcome must be very difficult. Bank than Blockchain in terms of reliability, security, convenience, popularity.
Bitcoin is a decentralized currency, so trust is not high. In addition, some people who do not know about electronic money transactions can be completely deceived by hackers. Because, Bitcoin trading and daily use need high level of education.

[TopT3ns]

Vote on bank, i mean, bitcoin yes have security for transaction. But bank have regulation that can protect it 's user for now. At least what we still used now is bank, and if abuse happen or bad thing happen with transaction, it can easy to trace if with bank.

[randythered]

In terms of security blockchain technology is more secure but you're much safer transacting with a bank than on the blockchain, that's because you're far more protected with a bank whereas with the blockchain if you make a mistake or get scammed etc there's no one to recover your losses for you.

[franky1]

blockchain is more secure. sorry guys above, but its true

what you dont realise is if you take away the politics and just concentrate on the actual funds security. you will see it more clearly.
the reasons banks need security guards that are usually contracted in, thus not part of "the bank". the reasons banks need governments again not part of "the bank" and why they need authorities and auditors and other third parties is because banks security is bad

its why banks are looking into DLT(closed network blockchains) so they can sack the security guards, sack the auditors reduce the political bureaucracy and just let their DLT do it all more efficiently and cheaper

banks are just a service provider offering something of a convenience. not security. these days with "tap to pay" are handled by third parties (visa, mastercard, applepay) which are not "banks" and so while convenient.. banks are starting to refuse fraud refunds and instead blame users for not securing their payment tool(nfc card) properly.

what people dont know is that banks dont actually "getback" peoples funds from a thief/ scammer. instead they just add balance into victims account. and then take it off their allocation of accepted loss account. this is not security. its creative accounting for convenience.
why waste a bankers labour time investigating loss whn they can just give a victim the money far cheaper. think about it the time to locate theives, get lawyers involved file court claims always costs mor than the average victims amount lost.

but bitcoin is self securing. you dont have to worry about target, sony, apple leaking people credit card details. you dont have to worry about identity theft to get access to accounts.. the only issue bitcoin has is its less convenient than using these third party services

[idham29]

blockchain can be adapted personally and security levels are taken into account by the people concerned, but the world's human resources today are still fixated on capitalism that is accustomed to conventional bank systems, they are not ready to do everything independently.

the process of adapting the bank system to blockchain is still too complicated because it crashes into certain procedures, the blokchain transaction cannot be canceled or returned if there is a user error, this is still dangerous and there are still virus loopholes that can go directly to the user. The bank system is still better at this.

[AGD]

All depends on which Blockchain you are talking about. If you mean the Bitcoin Blockchain, then yes, it has a lot more security. If you are talking about a small shitcoin with a shitty code, then a bank might be more secure.

[Dudeperfect]

Any system is based on a point where there is a need for human interaction at some level. When it comes to the banking system, there are few people to deal with the whole system but on the other hand, blockchain is based on decentralization where the number is high. Completely eliminating human interaction is almost impossible and so that the possibility of hack/scam/mistake. However, certain precautions can definitely help to reduce such possibilities.

[Jansaa]

Security and legal guarantee will probably be the Bank, Peer trading will be safe and when the way of payment is serious, no fraud!

[BrewMaster]

this again is one of those false comparisons that people make between bitcoin and something else. you really can't compare bitcoin and blockchain technology in general with much else because it is one of a kind.

in this case the security is different. when using banks there is certain security since bank, as a financial institute, is responsible for handling your money and in case of any security issues they are obligated by the law to compensate you. but at the same time there are other security risks such as numerous cases of credit card frauds,... using bitcoin you gain a different kind of security but then again it is decentralized and has irreversible transactions. if your money (bitcoin) is stolen, it is most probably gone for good and there is nobody to go to and cry for help!

[Huskarls]

Blockchain or Banks: Which has a Better Security for Financial Transactions?

By now, it’s highly likely that most of us understand how Blockchain technology has dramatically changed and how the world operates considerably. The Blockchain system is an openly distributed digital ledger technology behind the cryptocurrency industry. According to Alex Tapscott, the co-author of the Blockchain Revolution, the Blockchain technology is changing the concept of banking […]The post Blockchain or Banks: Which has a Better Security for Financial Transactions?


Read more: https://www.trackcoinmarket.com/en/crypto-news/33301/blockchain-banks-security-financial-transactions

for now, of course the most reliable security transaction is the Bank. actually this is simple. depending on the platform and the currency we use for transactions.

why is blockchain still unable to handle this ?
because in it there are still many problems that can be considered "vital" so when this issue is exposed, this will also be a loss for blockchain.

[geminiboy]

Blockchain or Banks: Which has a Better Security for Financial Transactions?

By now, it’s highly likely that most of us understand how Blockchain technology has dramatically changed and how the world operates considerably. The Blockchain system is an openly distributed digital ledger technology behind the cryptocurrency industry. According to Alex Tapscott, the co-author of the Blockchain Revolution, the Blockchain technology is changing the concept of banking […]The post Blockchain or Banks: Which has a Better Security for Financial Transactions?


Read more: https://www.trackcoinmarket.com/en/crypto-news/33301/blockchain-banks-security-financial-transactions

in blokchain transactions are superior and cheaper than banks, and in terms of security, I think everything is safe, if we don't do carelessness in financial transactions, whether it is a blockchain or a bank, then both have been tested for security, Blokchain also has a market source in financial transactions that can be trusted. like a bank in general

[Olayinka225]

Yes....I will say blockchain has the better security for financial transactions because ever since I know about cryptocurrency, I haven't heard about blockchain been hacked though some wallets maybe hacked but not blockchain. And as we all know, banks are many times hacked and reasonable funds transferred to an unknown offshore account.

[tunapa]

To me I think we will have more better security with blockchain later in future. As soon as the hacking problem is solved, and users judiciously safe guard their wallet details, then the blockchain will be more safer.

[Nurshazwani]

Blockchain technology can change how financial firms do business compared to bank systems, the blockchain system is more efficient and accurate but if the bank adopted this methodology, we can expect to see more secure, reliable, and fascinating ways of transferring funds and important information. So I think blockchain is better in security for financial transactions.