Perfect Money safe to store big money or not ?

[judeafante]

Hello guys do u think Perfect money is safe to store big amounts of money like 50000$ - 100000$ or not ?
what is the best and safe bank or wallet to store USD ?

It's not and it will never be Perfect money is a centralized bank and favorite of Ponzi schemes and MLM it may end up like what happened to LibertyReserve a once-popular payment processor that is very much involved in the investment schemes until the authorities raided them and stopped their business.

If you want to keep that huge money then it's better than you diversify on various coins in the market, use a noncustodial wallet and ledger
like Trezor, that amount of money is enough for you to become a whale.

[Assface16678]

Still, it depends on you

If you want to make it store only why not on the bank this is a hundred percent sure that you will not lose any money.

If you make a profit why not make an investment the market of the bitcoin is volatile and this is not quite good if you don't want to lose a large amount of money by that amount you can earn a lot of profit if you got the correct market movement prediction but if you lose that prediction there is a consequence you will lose a large amount too.

[Saisher]

Still, it depends on you

If you want to make it store only why not on the bank this is a hundred percent sure that you will not lose any money.

It's sure is the safest way but that will not yield you profit, if he has no plan or motivation to earn big interest then bank is the option or he can do diversification, money earn money or it takes money to earn money he can take half of it and invest in Cryptocurrency the top 10 coins in the market will give him a good profit if he chooses to do that.

[The Cryptovator]

Internet centralized wallets are riskier than a centralized bank in your country. They would block your account for any reason. I had been used the Perfect money wallet for a long time previously. Lately, I am only involved with crypto and not using Perfect money. But before few days noticed a user's account has blocked. So he can't move the funds to another account. Rather than store a big amount on Perfect money it's better to store fiat into the bank.

Store USD also quite risky, they could even freeze your address. Only a safe way to store huge funds with Bitcoin. As some other users already said, just buy a hardware wallet and store your fund for a long time. Doesn't matter what is the amount.

[nakamura12]

I'd rather buy a hardware wallet which are trusted. Take ledger as an example for storing your bitcoin and buy stable coins if you want to store your stable coins without worrying about the price fluctuations. I am using myetherwallet for storing eth and other crypto that are supported in MEW and keep it safe yourself rather than storing it on exchange site which is risky.

[Bitcoinislife09]

Hello guys do u think Perfect money is safe to store big amounts of money like 50000$ - 100000$ or not ?
what is the best and safe bank or wallet to store USD ?

I think having a hardware wallet is safe where you could put your money if you are planning to invest in cryptocurrency but if you're not going to invest you could easily just put that money in your bank and I think it is a safe move compared to putting it in cryptocurrency that is risky. Do not use a custodial wallet because you don't have the control over your funds there are issues where accounts are frozen in some custodial wallet and if your unlock get a scam custodial wallet you might actually lose it all. One thing that you could do is invest it already in something where you could already earn a profit like a passive investment something like a business.

[LTU_btc]

I didn't think you would keep your savings in a paper box under the bed - but on some slightly more sophisticated solutions in the form of hidden safes that should be fire and water resistant. I know people still trust banks more because it's much easier to shift responsibility to someone else - but when banks close their doors and run out of money at ATMs, it's good to have some cash on hand.

Agree, having some cash at home for extra cases is must have thing. You don't know what could happen next day.
But I'm sceptical about keeping savings at home because I have heard so many bad stories about it and for me it seems that minority of people keep money at home in place which is actually safe. Most simply keep it in envelope under bed or somewhere in attic. I even heard stories that people keep money buried in their garden .
But probably it mostly applies to elderly people. They are more sceptical about banks. For example in my country there was some bad stories about banks 25-20 years ago and now they are afraid to keep money there.

[NavI_027]

Do not use a custodial wallet because you don't have the control over your funds there are issues where accounts are frozen in some custodial wallet and if your unlock get a scam custodial wallet you might actually lose it all.

You have a good point in there. Yeah! I agree that cold storages are safer than custodial wallets but it doesn't necessarily mean that the latter one is untrustworthy anymore. Actually, I'm using a custodial wallet right now for 4 yrs. already. Take note, I don't encounter money loss or any problems that seems sketchy until now. Plus I'm enjoying their perks and services so it's more fun to use . See? Such kind of wallets are not totally. What I'm only telling you is that you only need to pick the right wallet to feel safe.

[CryptopreneurBrainboss]

I'd rather buy a hardware wallet which are trusted. Take ledger as an example for storing your bitcoin and buy stable coins if you want to store your stable coins without worrying about the price fluctuations.

Which stablecoin does ledger support? Still would be best if the advice is he stored them in bitcoin instead of some worthless piece of shit disguise as stablecoin having no real backing. USDT which is obviously one of the most supported is shitty in their operation and I don't think it would be best to suggest them been used, they are no different than the digital currency the OP is inquiring about. Also never forget, your stablecoin can be frozen while in your custody.

Most stablecoin are centralized meaning the pose the same threat as digital currency, they were never intended to be used as a store of value instead just a means of preventing losses incase of market price volatility.

[boyptc]

I'd rather buy a hardware wallet which are trusted. Take ledger as an example for storing your bitcoin and buy stable coins if you want to store your stable coins without worrying about the price fluctuations.

Which stablecoin does ledger support?

On ledger, I've seen first USDT and Paxos. They also have others but I didn't dig more of it.

-->https://www.ledger.com/supported-crypto-assets

USDT which is obviously one of the most supported is shitty in their operation and I don't think it would be best to suggest them been used, they are no different than the digital currency the OP is inquiring about. Also never forget, your stablecoin can be frozen while in your custody.

This is also my worry. I wouldn't store that huge amount with USDT after hearing that freezing of funds. I will not also recommend it to convert into a centralized stable coin with that huge amount.

[cheezcarls]

Ah Perfect Money. The old times like the defunct Liberty Reserve, Payza and other small centralized payment processors out there. When I was in college, I was looking for easy money and not educated very well about HYIPs. At first, I did make money. But then, I started getting greedy and getting all out investing some of my savings using Liberty Reserve (which of course it was a complicated way of exchanging from Paypal to Liberty Reserve balance, good thing I wasn't scammed by the exchanger and it's still risky).

In the end, HYIPs and paid autosurfs vanished to dust snapped by Thanos' fingers. I don't use Perfect Money anymore because I can't trust them. Much better to stick with my Ledger Nano S hardware wallet (and Trust Wallet).

[lovesmayfamilis]

Ah Perfect Money. The old times like the defunct Liberty Reserve, Payza and other small centralized payment processors out there.

How all is right and right said. I, like you, was a fan of Liberty Reserve and Perfect Money. But at one point I lost a fairly large amount when Liberty Reserve was banned. Also, I have repeatedly encountered the unstable work of the Perfect Money site itself. Payments that had to be paid instantly were often deferred in pending. Moreover, in order for transfers of large sums to be available, it was required to go through KYC, including the provision of receipts for payment of utilities. It annoyed me.

Therefore, today for me the only means of storing money in digital assets is bitcoin. But you always need to understand that there are certain risks here too. Perhaps it is still more profitable to keep a certain amount in banks for the most necessary cases.

[BitSat19]

Still, it depends on you

If you want to make it store only why not on the bank this is a hundred percent sure that you will not lose any money.

If you make a profit why not make an investment the market of the bitcoin is volatile and this is not quite good if you don't want to lose a large amount of money by that amount you can earn a lot of profit if you got the correct market movement prediction but if you lose that prediction there is a consequence you will lose a large amount too.

I am also using this for some time and have never any problem as its really safe but one thing is also need to talk here if you lost your password then you need to pass KYC for restoring your account so be-careful about this issue also once I lost my password then its take nearly 72 hours and all my documents to reopen of this account.

[aioc]

This is a huge amount it should not store in a payment processor because in the first place they are not a bank they are payment processor I don't know how they can guaranty this big amount of money, if you are going to store a big amount of money be sure that it is insured and the only institution that can give you this is a bank, I'm not recommending investing in Cryptocurrency because in the first place you did not ask for investing you asked for storing but it's a good idea to invest a portion of your funds.

[MCDev]

I think if you want to keep a large amount of money then it's best to choose a reputable bank and send them. E-wallets in general and Perfect money in particular are only suitable when you want to invest in something and want transactions to be done quickly.

[masulum]

I think if you want to keep a large amount of money then it's best to choose a reputable bank and send them. E-wallets in general and Perfect money in particular are only suitable when you want to invest in something and want transactions to be done quickly.

Yes, it's true no one online service can be trusted 100% to save our money, Paypal, sometimes user money being frozen if any disputes, payza one of most used service in the past, now turn as scam, Perfect Money is similar service, we don't know what will happen in the future. If we want to safe fiat and no problem with banking, better to safe our money in bank. If we are aware about our anonymity, we can convert it to Bitcoin.

[smyslov]

I don't trust Perfect Money, they are involved in MLM and Ponzi Scheme , there's a risk that they might get raided by the authorities, and this is an online company that deals with  payment it's not a bank to keep that huge money, it should be save in a bank, with a bank it's safe because they are insured and under government regulation, or you can invest half of it, in the top coins in the market, your money is safe and you can also make a good profit.

[boyptc]

I don't trust Perfect Money, they are involved in MLM and Ponzi Scheme

I didn't know about this.

Do they have an issue with these investments? if they do, you're right that they are likely to be raided soon.

Do you have the reference or link that I can read about their link to those?

[Cointikka]

I think it depends on how long you are planning to keep the money in there, If it's for a very long time then i don't think it's a good idea. I am not so familiar with perfect money but in my opinion, I think it would be much better you buy one of those stablecoins like USDT, USDC etc if you are worried about price fluctuations of other cryptos like BTC, and then buy a hardware wallet where you can generate and address to store your coins so that you can have complete control of your funds.

Stable coins are scam do not fall for it. In my opinion the safest option would be to either store that amount of money in a Bank or Invest most of it into Bitcoin and Ethereum and transfer your crypto assets into a hardware wallet.

[Mauser]

Storing money in an hardware wallet is definitely a good idea, but there is no 100% security put there. A little bit of tail risk is always involved. So if you have all your wealth together in one place (like 1 million USD or more) I would still consider storing it a bank.. The thing with banks is that are part of a country, and the biggest banks are very unlikely to just go bust. There will be some sort of safety from the government to protect its banking sector. Also there are usually depository insurance funds in place. I depends on in which country you want to store your money. But there are more safety nets involved.