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

[libert19]

In Blockchain, if you mistakenly send your transaction to other party than the intended one then you are on sole mercy of that party to return your funds. Here, even though you know where funds went but still can't do thing about it.

On the other hand, with banks you can complain about transaction and reversal can be processed.

[bdc2343]

In this regard, I choose the absolute security blockchain that can trust no one can get their money without my consent. The banks are controlled by them and I can only give them money to keep them instead of the ones I hold, and if the bank happens to have my money,It will do fly right away.

[project_delta]

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

Theoretically its bitcoin blockchain but it will only happen once it has some sort of legal grounds!
Because you never know when it gets completely ban by certain country. Also there are two contexts to these things.
1) if you are talking about the inherent security as in what attribute one holds, it definitely is blockchain,bitcoin specifically.
2) if its about the security as in stability and legality of this issue, and will your asset would have any value later on then it definitely is bank.
Period.

[gajebo]

for now the bank is still the best in terms of security, although bitcoin also has pretty good security but bitcoin does not have a regulation that protects its users, the bank has a regulation that protects its users at the time of transaction, so if an error occurs at the time of the bank transaction can directly track his.

[coinwizard_]

It completely depends on the user as the blockchain is only safer if the user is capable of securing their own wallets, newbies would be better off just going to a bank

[Dominic_Johnson]

Given the forum in which this question is posed, you will likely have more people than most arenas argue that blockchain is more secure however I believe, in the current circumstances, banks are more secure. They are many, many years ahead of blockchain when it comes to security of money and, besides that, most people are satisfied with the security their bank offers (they may be unhappy with other components but not the security aspect).

[Mandarava]

Banks are archaic structures. And they have a lot of disadvantages compared to the blockchain. Bank can be hacked - blockchain can not be hacked. The bank may close and stop working. Blockchain is something that can never be destroyed because it is duplicated on thousands of other servers.

[palle11]

I will look at it from a very simple but deeper perspective. Blockchain security is in the individual's hand while bank is a third party security. So if one does hate the banking system, then they might likely fall to the blockchain. The blockchain to me is very risky if you are not the careful type, a figure off your code, your coins are gone for good 

[MAJICOIN]

I am not being in blockchain for a very long time period but for banks i can say that after the industrial revolution the financial system is completely changed and the security and value of banks are more because they have physical existence of value and money and banks are doing very big decisions and they invested in different multinational companies which provide them a good outcome over it, Crypto is not stable this is the biggest reason due to which banks are not ready to accept it.

[Dexion]

Blockchain technology is a technology that is feared by some banks.
everyone already knows about the benefits of banks, banks are not anonymous, so I doubt the security of the bank, in 2016 hackers succeed to steal $ 81 million in money from the central bank of Bangladesh.
hacking money in each bank account using the skimming method, some developing countries become their target.

even though blockchain is transparent and everything can be checked by everyone. but all transactions and data are stored securely, hackers cannot change data every block.

[giantrobot]

Each transaction has security holes. However, between Blockchain and the bank there are various holes.
First, we will talk about banks. Traditional banks are places where money is kept and transactions. The security of the bank is closed, we can transact by identity card and some identification. Therefore, the vulnerability to hackers seems to be impossible.
Blockchain is an online trading platform, every transaction is decided by the individual user. Therefore, mistakes in transactions will create opportunities for hackers to penetrate.

[dablatair]

Hello,

I think it depends of the user. For common people that are not familiar with crypto and the potential threats that could happen without taking all the possible securities bank is the best solution even if fees are higher. For rained people that carefully use crypto with all the careful needed then crypto is best.

[bravehearth0319]

Currently, banks are perform better than blockchain in terms of security. These banks are centralized and every transaction is being kept by highly secured system that not open to the public. While blockchain being a decentralized system, its security is not that effective especially against hackers.

[pakhitheboss]

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

Both have their own Pros and Cons.

I prefer Blockchain as it is an open ledger and nothing is hidden within its network. Blockchain is the future and many Big companies and banks are working on this technology. It has some loopholes, but that can be taken care of.

[zolfa]

I think, everyone who understands blockchain will answer that blockchain is safer, faster and very simple.

the bank will become a secondary service, and the blockchain will be a primary service, bitcoin and other altcoins will be used for all sectors of our lives in the future.

[joebrook]

I think, everyone who understands blockchain will answer that blockchain is safer, faster and very simple.

the bank will become a secondary service, and the blockchain will be a primary service, bitcoin and other altcoins will be used for all sectors of our lives in the future.

With how the ledger for Blockchain is open for anyone to see and yet so that no one is able to manipulate it, I think it’s the ideal platform for a better security transaction.

[The_Tick]

As of now, banks offer better security because they guarantee your funds, whereas if money is lost or stolen in crypto, no one is backing it so it's gone for good.

Also the need for exchanges makes using crypto risky. Once distributed exchange networks and other security measures are put in place you won't be able to depend on crypto for security.

[EmmaBen]

Some coins do not have strong security, but I am sure of bitcoin security feature to be a difficult-to-be-surmounted top notch one because when you evaluate hack attempts to success rate for both bitcoin and the banks, you will see bitcoin indisputably wins

[PointHope]

The term 'blockchain' is kinda generic and missleading.
You got networks like Bitcoin (the strongest and most secure) and various others ETH, DASH, ZEC, XMR. With some security issues.
Then you got EOS with great ideas but no network yet. I'm not sure how that's going to work.

Then you got layers like LN which builds on the existing network of Bitcoin.

I'm not sure exactly how it will all work but it seems more layers for other types of contracts and applications are being thought of and designed right now.

All with Bitcoin being the foundation network.
That's how I understand it anyway.
 

[VanityWallets2015]

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

The most characteristic and the most important reason why millions of people are investing into bitcoin is that bitcoin promises its investors to provide safest and the most confidential transactions and this is the reason why millions of people around the world are investing into bitcoin as they know that they are investing their money at right and safe place as bitcoin transactions does not involve any third party seizure so no third person has the right to see the transaction between two and thus provide user anonymity while on the other hand banks are lacking somewhere in this.