Is it safe to keep your money in bank?

[Adreman23]

In banks or centralized exchanges, our money isn't secure because we don't personally hold the key to our funds. Entrusting our money to them means placing it in their care. A safer option is to convert it to bitcoin and store our bitcoin in a non custodial cold storage hardware wallet. This ensures it's under our personal care, safeguarding not only our wallet but also shielding it from the effects of fiat money depreciation due to inflation.

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[Habiba Akter]

I'm not richman but i think bank is safe and crypto wallet safe better than bank.

[Makus]

In banks or centralized exchanges, our money isn't secure because we don't personally hold the key to our funds. Entrusting our money to them means placing it in their care. A safer option is to convert it to bitcoin and store our bitcoin in a non custodial cold storage hardware wallet. This ensures it's under our personal care, safeguarding not only our wallet but also shielding it from the effects of fiat money depreciation due to inflation.

Banks and centralized exchange aren't place where we ought to save our money. Especially in centralized exchange, banks could be used to save just very little amount that you'll be using any time sooner and that money could last there for upto months but it's not advisable to keep you funds in a centralized exchange for even 24h due to the fact that it's the major target for hackers and they are working tirelessly to make sure they come up with solutions to crack through the exchange.

[mvdheuvel1983]

Keeping money in the bank might be safe but it is not a good idea because leaving money in the bank for a longtime will definitely lose value. If you want money to be value I think just storing it in the bank is never a good idea. Instead of Me to keep my money in the bank and not knowing what to do with it, i will prefer to invest it in bitcoin that is reliable, this investment will be a long-term investment that will bring profit for me than keeping it in the bank.

It is no longer new that the money that is kept in the banks doesn't appreciate rather it depreciates due to the changes that banks charge but apart from the money used for investment in bitcoin or anything else don't you think that the banks are the best place to keep money? Besides bitcoin isn't generally acceptable for payment in most countries if all the money you have is used for investments how wil you go with your day to day expenses? I think until fiat is totally eradicated it is impossible to survive without banks imho.

[|MINER|]

Banks and centralized exchange aren't place where we ought to save our money. Especially in centralized exchange, banks could be used to save just very little amount that you'll be using any time sooner and that money could last there for upto months but it's not advisable to keep you funds in a centralized exchange for even 24h due to the fact that it's the major target for hackers and they are working tirelessly to make sure they come up with solutions to crack through the exchange.

That's true I also think that centralise exchangers are more unsecure place for saving our money. Like if we remember the ftx incidence then we will got the things. I will say that it is better to holding your fund in bank rather than holding in centralised exchangers. But for saving our fund the best way is holding the fund in a cold or hardware wallet I mean the decentralize wallet. Where we are the owner of our own Bank. No one have control in our money.

[Sophokles]

Keeping money in the bank might be safe but it is not a good idea because leaving money in the bank for a longtime will definitely lose value. If you want money to be value I think just storing it in the bank is never a good idea. Instead of Me to keep my money in the bank and not knowing what to do with it, i will prefer to invest it in bitcoin that is reliable, this investment will be a long-term investment that will bring profit for me than keeping it in the bank.

It is no longer new that the money that is kept in the banks doesn't appreciate rather it depreciates due to the changes that banks charge but apart from the money used for investment in bitcoin or anything else don't you think that the banks are the best place to keep money? Besides bitcoin isn't generally acceptable for payment in most countries if all the money you have is used for investments how wil you go with your day to day expenses? I think until fiat is totally eradicated it is impossible to survive without banks imho.

Every place has its own level of risk. Even keeping your money into your hand can causes loss in some certain scenario like you can be rob or your money can be stolen. So no matter where we are keeping or investing our money we need to learn about its risk part and create a stratgey to secure our money in case we encounters those risky part.

[AnonBitCoiner]

Keeping money in the bank might be safe but it is not a good idea because leaving money in the bank for a longtime will definitely lose value. If you want money to be value I think just storing it in the bank is never a good idea. Instead of Me to keep my money in the bank and not knowing what to do with it, i will prefer to invest it in bitcoin that is reliable, this investment will be a long-term investment that will bring profit for me than keeping it in the bank.

Keeping money in a bank is not so bad but when we talk about the value of money then bank will not allow your money to enhance in its value so it will be better if you save your amount in something that will show an increase with the passage of time like that of investment in Bitcoin, gold and some other desire field.

We need an emergency fund but we also need a strong investment platform that can make our future bright so divide your money as some in bank and some in investment so you will neither be worried about future nor about saving for the immediate needs.

[johnsaributua]

Banks and centralized exchange aren't place where we ought to save our money. Especially in centralized exchange, banks could be used to save just very little amount that you'll be using any time sooner and that money could last there for upto months but it's not advisable to keep you funds in a centralized exchange for even 24h due to the fact that it's the major target for hackers and they are working tirelessly to make sure they come up with solutions to crack through the exchange.

That's true I also think that centralise exchangers are more unsecure place for saving our money. Like if we remember the ftx incidence then we will got the things. I will say that it is better to holding your fund in bank rather than holding in centralised exchangers. But for saving our fund the best way is holding the fund in a cold or hardware wallet I mean the decentralize wallet. Where we are the owner of our own Bank. No one have control in our money.

Indeed, no one knows the lifespan of the cex will be longer even in calm conditions, suddenly there is news of service closures such as some cexes that may be low tier. I grouped several cexes either to capture daily coins or support me in buying certain coins for my work. In my experience, if you have got the price and pair you want, you can just send it to your personal wallet according to your taste. because the most appropriate is to keep it under your own control.

The more time goes by any Cex must have a notification if it collapses and requires taking emergency steps, of course users are allowed to take their assets. Keeping money in the bank has its advantages and disadvantages, including storing crypto as well. The difference is that crypto can increase dramatically when bearish comes.

[Dr.Osh]

Keeping money in the bank might be safe but it is not a good idea because leaving money in the bank for a longtime will definitely lose value. If you want money to be value I think just storing it in the bank is never a good idea. Instead of Me to keep my money in the bank and not knowing what to do with it, i will prefer to invest it in bitcoin that is reliable, this investment will be a long-term investment that will bring profit for me than keeping it in the bank.

Well, inflation is always a problem when saving large amounts of money in the bank. That's why banks always offer a percentage that can be obtained for people who save their money there. However, in terms of security, all along, I thought keeping money in the bank was a safe thing. Because of their centralized nature, and supported by the state, banks are sometimes responsible for returning customers' lost money. This has happened several times in my country. Cases of money theft often occur in bank accounts, but when these people complain about this to the bank, the bank takes responsibility and improves its security system. Personally, I have had no problem-saving money in the bank until now.

[moneystery]

Keeping money in the bank might be safe but it is not a good idea because leaving money in the bank for a longtime will definitely lose value. If you want money to be value I think just storing it in the bank is never a good idea. Instead of Me to keep my money in the bank and not knowing what to do with it, i will prefer to invest it in bitcoin that is reliable, this investment will be a long-term investment that will bring profit for me than keeping it in the bank.

saving money in the bank and investing in bitcoin is a good thing, but i personally prefer to keep more of my money in the bank and some in bitcoin. because after all you need stable money, which can be used as savings, investment, etc. when you invest all your money in bitcoin, it is quite risky that the value of your money will go up and down following market prices and that is not good for backing up your finances.

[strunberg]

Not entirely because banks doesn't need to give back the deposits completely if they go bankrupt and they don't give any kind of financial compensation if your locker stolen in anyway or destroyed in natural calamities. That you obviously knew if you read what you signed while opening your bank account.

But I don't understand those of you who say banks don't have to return all deposits if the money is stolen or damaged. I mean don't we have it saved in our account and we can access it/withdraw it anytime and anywhere? Unless the entire bank is closed due to bankruptcy or a natural disaster that destroys all branches of the bank. But I think it's impossible for that to happen.

If it goes bankrupt, several banks have gone bankrupt, but in my country there is a regulation that all customer money must be insured with a deposit insurance agency. Not all banks have that standard. But the big banks in my country have a kind of insurance that means your money will be safe even if the bank goes bankrupt or is damaged due to natural disasters.

[tengui]

In my opinion, banks are an option for storing money safely. The reason is, the security system at the bank is tighter and more secure than if you keep it at home or under your pillow, and storing money in the bank can also avoid the danger of theft.
Since the question is about keeping money safe, and not for investments or anything like that, I think banks are still a good choice for storing your money.
And if the goal is to invest, I think Bitcoin, ethereum, and some altcoins where you think your money will work and grow are a good way to go.

Keeping hard money in the bank is safer than keeping it with yourself. Those who keep in the bank will get this benefit. But in terms of investment, I think investing in cryptocurrencies is safer than banks. People are now almost anti-banking due to some other reasons especially inflation. They try to hold Bitcoin or other coins they think the bank now holds. It is the safer crypto investment than banks that can increase your confidence.

I think banks are not an investment vehicle but a place to store cash or fiat. You cannot compare banks with any investment (including crypto) because banks are not investment vehicles. I think it is almost impossible to avoid inflation, even if you save assets or invest in crypto you will still be affected by inflation because inflation also affects crypto prices.

[Makus]

That's true I also think that centralise exchangers are more unsecure place for saving our money. Like if we remember the ftx incidence then we will got the things. I will say that it is better to holding your fund in bank rather than holding in centralised exchangers. But for saving our fund the best way is holding the fund in a cold or hardware wallet I mean the decentralize wallet. Where we are the owner of our own Bank. No one have control in our money.

Saving all your cryptocurrency in a non custodial wallet or hardware wallet. But we should not also skip the security part of holding your private keys by your self and keeping it safe for recovery purposes. Irrespective of the fact that non custodial wallet are better than banks or exchanges, it is still very risky especially if you are a careless type that can easily misplace your seed phrase, you'll suffer from loosing all your cryptocurrency. So we also need to be careful with keeping our  seed phrase on one piece.

[Bitco55]

The commercial banks have done a good job keeping people's money safe for ages, and now there's something better. It doesn't just store your wealth but gives you interest over time for keeping your wealth. Cryptocurrency is where most people store their wealth nowadays but it doesn't change the fact that the banking institution did and is probably still doing a great job keeping money.

Commercial banks are a good place to keep your money but isn't the best place. Considering how the value of one's income reduces over time there. Apart from that reason .. the banks are a safe place to keep your money.

[jrrsparkles]

Not entirely because banks doesn't need to give back the deposits completely if they go bankrupt and they don't give any kind of financial compensation if your locker stolen in anyway or destroyed in natural calamities. That you obviously knew if you read what you signed while opening your bank account.

But I don't understand those of you who say banks don't have to return all deposits if the money is stolen or damaged. I mean don't we have it saved in our account and we can access it/withdraw it anytime and anywhere? Unless the entire bank is closed due to bankruptcy or a natural disaster that destroys all branches of the bank. But I think it's impossible for that to happen.

If it goes bankrupt, several banks have gone bankrupt, but in my country there is a regulation that all customer money must be insured with a deposit insurance agency. Not all banks have that standard. But the big banks in my country have a kind of insurance that means your money will be safe even if the bank goes bankrupt or is damaged due to natural disasters.

As I said incase of bankruptcy they don't need to return your entire deposits at all or that's how it works in my country.

Let's say someone has 1 million dollar cash in their bank and the bank shuts down their operation due to bankruptcy then they bank may return that money they insure which is not always the complete value but the minimum value like the insurer will pay up to 100K for everyone but anything beyond if something that we have to burden as loss.

[mich]

It is safe to keep your money in banks. But only if it is a real bank and not a small bank that is not around for many years. But for me I do not like to keep my money in banks.

I am not worried about the bank having my money going to get robbed or something like that. But just having my money and not going to a bank makes me feel more secure with my money.

[leonair]

Keeping money in the bank is safe in some aspects and very risky in some aspects. as each country's bank is under the control of a central bank, so there is less chance of losing the deposit here. But if we look at the inflection, we can see that there is a big inflection every year and because of this, if I deposit money in the bank, the value of that money decreases day by day, in this case it is a risk for us.  So we would be better if we invest the money in a potential asset like real estate, gold, land, bitcoin etc. or it would be better to convert it to dollars to keep the money stable. Because the dollar cannot be touched by inflation

[peter0425]

To avoid the risks of losing your funds, you should find a reliable crypto exchange that provides high security and trustworthiness. And that should be FMCPAY Exchange.

Why FMCPAY is a safe place to store your funds?

FMCPAY Exchange takes security seriously and has put in place a number of safeguards to protect your payments and personal information:

• Two-factor authentication
• KYC
• Email verification

As the most trusted platform for cryptocurrency exchange by digital securities registered in the USA, FMCPAY can ensure your assets will be protected whenever you invest in this exchange.

You're give a misleading information that will trick any newbie who doesn't understand about centralized exchange, they will think it's secure enough to store their coins on centralized exchange rather than on non custodial wallet.

Centralized exchange is worse than bank because there's no insurance company will back up every single customers' coins and it's vulnerable getting hack or going bankrupt like banks.

2FA, KYC and email verification has nothing to do with your coins security, it's just to secure your account. I advice you to correct it and act accordingly.

I doubt he will do it mate because He is promoting His own site here so  he does not care about misleading instead all he aims is users here to use His exchange and that is the sole reason why we must not trust that much those who will try to attack others just to promote  their and that is what this thread is all about. he is accusing banks to be not safe when his own site has the same features almost.

[bakasabo]

A question to those who claim that it isnt safe to keep money in bank, and dont support money diversification between several banks - where do you keep your money then? For example if you are in Europe, and having a «white» salary, you will never get it in form of cash. You will also have limits on the amount of cash you can use, withdraw, deposit. It might be inst something special when you dont have a lot of money and immediately withdraw salary from ATM. Another case if you have for example 10k and want to buy something expensive. Yet still a question - where would you keep a lot of money if you dont trust banks? Under the pillow? In a safe at home?

[Tahid12]

Don't compare Silicon Valley Bank to your FMCPAY Exchange. and not all bank in every country, going to get closed right? And i googled about it. users of Silicon Valley Bank had insurance. all depositors got their money back already. So there's no issue. But exchanges are too much risky. Cause if exchange get attacked by hackers then exchange Owners won't give user money back even a exchange themselve can scam people by pretending they are under attack or hacked. So bank is best than exchanges