Is it safe to keep your money in bank?

[Kristiyana]

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

Yes you're right,in my own opinion I think keeping your money in the bank is very safe and secured more than exchange.reason is because,probably if you get scammed unknowingly you can rush to the bank immediately so as to track the transaction that is been initiated by the scammer,but for exchange if you get scam or maybe your account was hacked as the case may be,I don't think if they can trace the transaction either, because is not safe and secured so in this case I think keeping your money in the bank is the best option.

[1715207156]

1715207156

[1715207156]

1715207156

[1715207156]

1715207156

[AakZaki]

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.

arious kinds of marketing are carried out to deceive beginners who do not fully understand crypto and say that storing money in banks is not safe.
Now, to meet real personal needs, you still need a bank, paying electricity, water, internet bills and other virtual transactions still need a bank. So if you ask whether it is safe or not, it depends on the bank and its users. but if the OP says that saving on Exchange is promoted as safer, that's complete nonsense that won't provide any benefit.

[niall51]

all banks have risks because they don't really keep 100% of our money but only turn over the remaining 20%, that's why big banks can go bankrupt, that's what I learned, correct me if I'm wrong

[xandriel]

Don't compare a bank to a coin exchange because I believe a bank is safer. But what about a bank and a cold wallet?

[Mehedi72]

Its suppose to be misleading. Some banks shutting down and liquidating doesn't mean banks in every country will follow the same. All of us not living in America. Even if so then exchanges also hacked and shutting down with liquidating. So why should people trust on exchange for kept their money in it even FMCPAY Exchange is new name, I'm hearing about first time. I think, banks maybe useless for making profit from money but for security, we should trust bank than others thing like exchanges. Even bank return some money too as much they can afford

[teamsherry]

That's so contradictory, centralized exchanges can never be a better option to safe than through self custody, this exchanges are prone to getting hacked or bad ceo or anything that happens to them and all your funds and assets are lost, and worse they don't offer any guarantee if anything happens to their company like in the case of Mt gox and many others that has suffered from the crash of centralized exchanges.

[bitzizzix]

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.

arious kinds of marketing are carried out to deceive beginners who do not fully understand crypto and say that storing money in banks is not safe.
Now, to meet real personal needs, you still need a bank, paying electricity, water, internet bills and other virtual transactions still need a bank. So if you ask whether it is safe or not, it depends on the bank and its users. but if the OP says that saving on Exchange is promoted as safer, that's complete nonsense that won't provide any benefit.

That's true, but it seems like people have known about banks for a long time so they can understand the function of banks and also don't easily trust places to store money on exchanges or other places if they don't understand and do research. Apart from that, banks that are well-known and trusted and have a good reputation are the choice of many people, so I don't think what the OP said will be easy for the public to follow.
In my opinion, saving in the bank is very safe and also useful and to this day still has an important role for society. And apart from daily needs, transactions are used to pay all bills and other installments. And it can also make it easier to manage personal finances well.

[peter0425]

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.

arious kinds of marketing are carried out to deceive beginners who do not fully understand crypto and say that storing money in banks is not safe.
Now, to meet real personal needs, you still need a bank, paying electricity, water, internet bills and other virtual transactions still need a bank. So if you ask whether it is safe or not, it depends on the bank and its users. but if the OP says that saving on Exchange is promoted as safer, that's complete nonsense that won't provide any benefit.

actually in my country I don't need banks to pay all of those instead our local exchange can be use to pay all our bills but first I need to convert my crypto into fiat before pushing the transactions in which very appropriate and less time consuming.

and about that exchange , I have added them to my black list to never use .

[AnonBitCoiner]

Its suppose to be misleading. Some banks shutting down and liquidating doesn't mean banks in every country will follow the same. All of us not living in America. Even if so then exchanges also hacked and shutting down with liquidating. So why should people trust on exchange for kept their money in it even FMCPAY Exchange is new name, I'm hearing about first time. I think, banks maybe useless for making profit from money but for security, we should trust bank than others thing like exchanges. Even bank return some money too as much they can afford

Banks are not supposed to be compared with exchanges because those two things don't function in the same way or provide the same services. An exchange provides trading services to its customers, you can buy and sell cryptocurrencies and do all sorts of trading and exchange stuff. On the other hand, a bank provides financial storage services which means customers can store their money and funds in a bank.

It's more suitable if banks are compared with wallets because wallets have the same functionalities as banks to store assets for their users. Security for both wallets and banks isn't bad, but if we talk about privacy, a non-custodial cryptocurrency wallet gives you more privacy without a doubt because with banks, your funds are kept and managed by a third-party but with a non-custodial wallet, you are the only one having access to your funds.

[Y3shot]

all banks have risks because they don't really keep 100% of our money but only turn over the remaining 20%, that's why big banks can go bankrupt, that's what I learned, correct me if I'm wrong

Apart from the risk that are their while keeping your money in the bank , keeping money in the bank is not just the best because money doesn't  not add value,  money depreciate with time . Bank is not safe if you want to gain financial height, some people keep their money in the bank for longterm thinking it is safe for them and do them good not knowing thst the bank is a place to lose the value of your money when it is stored for a very longtime.

[Kristiyana]

all banks have risks because they don't really keep 100% of our money but only turn over the remaining 20%, that's why big banks can go bankrupt, that's what I learned, correct me if I'm wrong

Apart from the risk that are their while keeping your money in the bank , keeping money in the bank is not just the best because money doesn't  not add value,  money depreciate with time . Bank is not safe if you want to gain financial height, some people keep their money in the bank for longterm thinking it is safe for them and do them good not knowing thst the bank is a place to lose the value of your money when it is stored for a very longtime.

There are so many risk that is involve when you keep your money in the bank, one thing I don't like about this bank is because they have access to do anything in your account, this world is corrupt to the extent that even those people that work in the bank, most of them are scammers,just imagine opening a bank account after you have gotten your BVN, immediately after receiving your BVN someone called you, telling you that he's calling from customer service and even call the name you use to open the account, and they started asking you to provide your BVN. my question here is that how did this people gat to know your details I mean  your account name,and how did they get to find out that you have gotten your BVN?

[Nazmul012]

I wonder when i heard about that. But I didn't feel safe to keep Money anywhere except banks, but if banks start shutting down then don't know who will give the assurance of return. But Op, Exchange suppose to be more dangerous than Silicon Valley Bank lol. Its hard to believe such new individual organization or I don't have any idea about such thing. Crypto wallets still aren't safe. You have options to invest in asset or somewhere esle but you know what? Sometime you don't have any option rather than trust banks in your country for security. And of course not every banks are going to shut down

[tengui]

all banks have risks because they don't really keep 100% of our money but only turn over the remaining 20%, that's why big banks can go bankrupt, that's what I learned, correct me if I'm wrong

Correct. but banks that have good accreditation have reserve funds, so that if something bad happens they still have savings funds. All companies or business entities have the potential to go bankrupt, therefore we must choose a bank with the best accreditation to minimize risk.

[Jonyshake71]

The first purpose of banks are, to give safety of our money. And because of that the follow many rules and regulations and established many security is so that nobody can steal our money. Even they also have refund policy if something bad happened with yout money. You don't need to worry if bank get on fire or get hacked or something else that cause lost money. This is so rare case where we are seeing a bank shutting down. but they should have insurance where they will get good amount of money give user's money as return.

[Hispo]

Don't compare a bank to a coin exchange because I believe a bank is safer. But what about a bank and a cold wallet?

Actually, it depends much where the bank is located and what kind of laws are applied to it, before calling a financial institution to be safe or not. In countries which we could consider to be developed and free, I could say banks are one of the safest ways to keep money/Fiat. On the other hand, there are countries like mine, where we have very bad precedents on banks freezing our assets or even not allowing people to withdrawal all their money at once. It is what we call a "corralito" here in Latin America.

When comes to Bitcoin and cryptocurrency in general, the best option is always to keep funds in a reliable hardware wallet or even to generate our own entropy and use that entropy to get our own set of private keys.
It baffles me when people around the internet start to share their heartbreaking stories on Lossing millions they had in a hot wallet or a software wallet. It is beyond recklessness.

[teamsherry]

That's so contradictory, centralized exchanges can never be a better option to safe than through self custody, this exchanges are prone to getting hacked or bad ceo or anything that happens to them and all your funds and assets are lost, and worse they don't offer any guarantee if anything happens to their company like in the case of Mt gox and many others that has suffered from the crash of centralized exchanges.

[batang_bitcoin]

That's so contradictory, centralized exchanges can never be a better option to safe than through self custody, this exchanges are prone to getting hacked or bad ceo or anything that happens to them and all your funds and assets are lost, and worse they don't offer any guarantee if anything happens to their company like in the case of Mt gox and many others that has suffered from the crash of centralized exchanges.

Now that you've mentioned about being bad ceo. It's now a factor nowadays as a way to determine on which exchange you should trade. But if it's about keeping your money in the exchange or the assets that you have in crypto, it's never recommended in doing so. But I know that many of us have been staking and joining those launchpools because of the potential reward that we can get. If you are into it, I'll give you a reminder that you should only do that with an amount that you afford to lose because it's still risky, no matter what you do and whatever the name of the exchange that you're trusting.

[cryptoresearchcn]

Banks do not look reliable because they are controlled by the state. But some part of the assets may be kept in the bank.
Keeping everything in cryptocurrency is quite dangerous. Assets need to be diversified.

[sotelorene]

Keeping money in the bank can be safe to an extent but for me I don like keeping money in the bank because bank will be using someone's money to trade and do all sorts of things and at the end of the month they will charge someone for the transactions they do.

However,  somehow I feel that most of the money that scammers do collect from our bank account i think sometimes the bank are responsible for it. Imagine where someone will go to the bank to collect money and on his way coming back he got ambushed by unknown men, most times this is done by banks and sometimes it's done by someone who's monitoring you. Sometimes I use to ask myself, this people that will call you and give you some run down of your account details who are they, are they not former bank workers.

Moreover,  for me I prefer to keep my money in my wallet so that if anything goes wrong I will know is my fault and not where I will entrust my money to bank and at the of the day they can't protect it well.

[Bushdark]

all banks have risks because they don't really keep 100% of our money but only turn over the remaining 20%, that's why big banks can go bankrupt, that's what I learned, correct me if I'm wrong

Why do you think that keep your funds in the bank is very risky? But we have been using banks before the adoption of cryptocurrency so why now you see that disadvantages in putting your funds in a bank. We don't have to put all our eggs in one basket that is why we need to invest also have some funds in the bank so in case anything happens to your crypto portfolio, you can quickly go to the bank and withdraw your funds for anything you intend to do with it. We should not just write because we want to impress some group of people.