Not your keys not your funds Banks

[SmartGold01]

Have you also thought of the potential harm that may occur during this process of trying to control your assets by yourself? Okay, let us also consider the possibility of keeping money in digital currency for instance holding bitcoin or any other altcoin as an alternative to save and secure one's assets or money. Do you also remembered that the painful thing is to completely loss access to your asset because in cryptocurrency all you have is to safe guard your private key, seed phrase or alphanumeric keys or whatever. But with bank you could start the process to have access to your bank account.

[dezoel]

Banks do not physically store all deposited funds but instead utilize them for lending and investment purposes, maintaining only a fraction of the deposited amount as reserves. Keeping you money in a bank is a risky idea even though that is how it has been for a long time. There are other options to pick from rather than keeping all of your money in the bank. Rather than keeping all of your money in the bank, invest a portion of it in bitcoin, invest part of it in starting up a business, put some part in stocks or real estate. A $10000 sitting in your bank for 10 years will not give you the same returns as it would if you put invest it in one of the alternated schemes listed above that you understand.

Even the banks themselves don't idle all the money they have because they know that it is a bad idea. We can learn from them and go for the recommendations that you have there. Some banks are established a long time ago but yeah, this alone is not enough as a definition of being safe because there is still what we called as inflation and its rates are growing from time to time. For those who don't know, it eats up the value of our money over time.

I believe that most people who deposit money in the banks are only doing it for the purpose of saving and it is different from investing. They don't expect too much for it and they also don't hold it for too long there. There is also a risk in investing.

[tabas]

Even keeping your own money in your own vault in your home won't be safe when someone gets to know that you've got a lot of it. So the risk of losing money in the banks, exchanges and even keeping it on your own vault is there. What you must do is to scatter them so that if one of the storage you've been keeping it had got problem then the others won't be affected. The other suggestions might just want you to deposit your money in different banks and have a lot of accounts and as for having Bitcoin, you become your own custodian of your own fund by having your private keys.

I believe that most people who deposit money in the banks are only doing it for the purpose of saving and it is different from investing. They don't expect too much for it and they also don't hold it for too long there. There is also a risk in investing.

It had become a habit and you want to see the balance of how much you have saved already. There's a slight percentage gain for putting it on savings but it's not what you are expecting to have the biggest return upon doing so.

[GeorgeJohn]

What I know is that theirs no way you can invest in bitcoin that you will not make use of bank, the thing is that you have to invest and after investing in cryptocurrency you have to know that investment have to do with advantages and disadvantages so if you know that investing in Bitcoin will be profitable for you, you have to follow the normal procedure

[GbitG]

So you believe them when they say you are going to have self-custody of your funds in the future in a wallet that you own? Don't you think the wallet which they say will be a self-custody wallet will still be under their control and the funds in it wouldn't be completely yours to use without them knowing about it or having any control over it? If that happens, it won't be a centralized system anymore even if it's about a specific percentage of your wealth.

Traditional and central financial institutions will never let you become the owner of your funds and keep them to yourself while you are using their product which you say will be a self-custodial wallet. They wouldn't give you complete access to your funds that way, there will be some way for them to have control or keep an eye on your finances or financial holdings and where you are sending and receiving the funds.

[SatoPrincess]

There's no where that you'll keep your money that it'll be 100% safe, whether it's physical cash, in investment, in the bank or through your wallet, there are robbers, scammers, natural or man-made disasters and bankruptcy can happen, so you'll have to take chances in choosing any option. But I think that one of the safest places to keep your money is in the bank, so far it's a trusted Bank that has built a solid reputation, they won't tell you stories anytime that you want to make withdrawals

The same can be said of crypto exchanges that have built a “solid reputation”. Remember FTX? They were reputable until they were not. You can never be too sure of what you are not in control of. You do not possess sole authority over the money in your bank account, the government can freeze your assets at any time.

the only disadvantage of leaving your money in the bank is if there's devaluation of your local currency.

Not true. You can save money in foreign currencies by using a domiciliary account.

[harapan]

To be honest Banks have liabilities to other bigger banks and instutions If you own funds in bank it's not yours
In the future the new money system should be that at least some amount what you have in bank account for example up to 30k $ you can transfer into your private self custody wallet, i heard that's the plan and yes its needed.
Nowdays i feel like my bank account balance is just numbers and i have no control over it the true wealth i have is cash in my pocket or wallet and the cryptocurrency.
Also Banks hold extra liabilities to other financial instutions and bigger banks and you might have mortgage or car loan with your bank you might think they own it but not If your bank have problems than you might lose your home even you pay mortgage for your home.
The thing is that banks and other debit credit instutions don't expose to customers openly info about how much leverage or risk they have and liabilities what they need to pay to other financial instutions If not they must liquitate their assets.
In times like this you only want to deal with bigger banks and credit /debit instutions.
But i feel that crypto and cash are real money the bank balance on my bank account i feel little sceptical yes banks are safe but still i need that feeling that at least some of my funds are under my own control.

Although,banks holds several security measures that'll manage risks as theft and robbery,saving money in the bank Is also not a good decision,as the bank is not a reliable place to keep and protect your money.

However,individually,it would also be safer to have other opinions and options for your money as well.Whether its to invest in stocks,real estates,or consider investing in cryptocurrency.
Investing into bitcoin will help it develop and build an even more secure financial future for yourself.

[iv4n]

...
But i feel that crypto and cash are real money the bank balance on my bank account i feel little sceptical yes banks are safe but still i need that feeling that at least some of my funds are under my own control.

You have control over the cash and crypto... as far as the money we keep in the bank, we have control as well, but not total. The bank can limit/deny our access to that money if they think there is a reason for doing so. Of course, it doesn't happen that often and it doesn't happen everywhere, but there have been cases in the world (especially during the coronavirus).

Well, it's simple actually... banks are the "middleman", a third-party service, and with crypto, the need for that "third-party service" is eliminated. We can store/keep coins, we can move them as we like, and wherever we like, we can adjust fees, so basically we can do alone most things that banks do.

[mirakal]

There seems to be nothing safe in reality. Before, keeping huge sums of money in your house isn't advisable. That's too risky. Your cold cash is difficult to keep. You're exposing it to robbers. You could spend it on useless stuff. Your house could catch fire. There might be flood. Your money could even be consumed by rodents and other pests.

And yet, keeping your money in the banks could mean it could be frozen from you. It could be locked. You might not be allowed to withdraw it indefinitely. Your bank could crash. This goes on.

Keeping your money in gold, real estate, stocks, business, Bitcoin, and so on doesn't mean they're safe either. Perhaps diversifying your money could somehow lessen the risk.

Reality is, the safety and security of your wealth is only within your hands. If you are too trusting to your banks or even exchanges that monitor your wallet, you will lose them all in an instant. That is why when it comes to money, there’s no one you can trust 100%. So be cautious where to save or store your wealth. If you are not responsible enough to manage your wealth, you will definitely mess them in no time.

So I’d agree that with all these flaws, diversification could be the best option. At least if you lose one asset, the other one might probably be in profits. Risks are inevitable, but one should always know how to lessen those risks.

[angrybirdy]

There seems to be nothing safe in reality. Before, keeping huge sums of money in your house isn't advisable. That's too risky. Your cold cash is difficult to keep. You're exposing it to robbers. You could spend it on useless stuff. Your house could catch fire. There might be flood. Your money could even be consumed by rodents and other pests.

And yet, keeping your money in the banks could mean it could be frozen from you. It could be locked. You might not be allowed to withdraw it indefinitely. Your bank could crash. This goes on.

Keeping your money in gold, real estate, stocks, business, Bitcoin, and so on doesn't mean they're safe either. Perhaps diversifying your money could somehow lessen the risk.

Reality is, the safety and security of your wealth is only within your hands. If you are too trusting to your banks or even exchanges that monitor your wallet, you will lose them all in an instant. That is why when it comes to money, there’s no one you can trust 100%. So be cautious where to save or store your wealth. If you are not responsible enough to manage your wealth, you will definitely mess them in no time.

So I’d agree that with all these flaws, diversification could be the best option. At least if you lose one asset, the other one might probably be in profits. Risks are inevitable, but one should always know how to lessen those risks.

Yep, one of the really important things that we need to do to reduce the risk of losing all the funds we have, is to diversify our assets, There's nothing wrong in trusting some banks because somehow they can help us to store our money and the convenience that we experience by using their bank apps and loan offer once we need money when there's an emergency, especially now that we're living in modern technology days, the side down of it is prone to hacking incidents so much better not to put 100% of our funds in the bank.

[yudi09]

In the future the new money system should be that at least some amount what you have in bank account for example up to 30k $ you can transfer into your private self custody wallet, i heard that's the plan and yes its needed.
Nowdays i feel like my bank account balance is just numbers and i have no control over it the true wealth i have is cash in my pocket or wallet and the cryptocurrency.
-snip-

Where it is comfortable and safe to store it. If people are comfortable saving money in the bank, choose the bank. But I'm sure there are former bank employees who don't keep their money in the bank.
As far as I know, money saved in banks is used as capital to provide credit to those in need. Yes. The money in the bank does not belong to us, but to them because they control where our money will be used.
Unlike Bitcoin, we own Bitcoin and we control it.

In my opinion, don't save too much money in the bank. If you are a permanent worker who has an income that is paid directly to a bank account, it is better to withdraw 50% and leave 50% there every month for travel purposes just to anticipate.
There is no greater benefit to saving there than the lure of a small percentage of interest.

[tygeade]

...
But i feel that crypto and cash are real money the bank balance on my bank account i feel little sceptical yes banks are safe but still i need that feeling that at least some of my funds are under my own control.

You have control over the cash and crypto... as far as the money we keep in the bank, we have control as well, but not total. The bank can limit/deny our access to that money if they think there is a reason for doing so. Of course, it doesn't happen that often and it doesn't happen everywhere, but there have been cases in the world (especially during the coronavirus).

Well, it's simple actually... banks are the "middleman", a third-party service, and with crypto, the need for that "third-party service" is eliminated. We can store/keep coins, we can move them as we like, and wherever we like, we can adjust fees, so basically we can do alone most things that banks do.

That's the thing I always think about when I imagine making a lot of money in the crypto world, like lets assume for a moment that you got lucky and someone sent you 500 million dollars, why would they of course but this is just assumption to show something else.

If you had 500 million dollars in your wallet today, how would you turn that into money in your bank account? That's not easy at all, you would need to test out small by small, plus most exchanges do not let you do that all at once, so you need to do it slowly, and you need to make sure that you do not send all of that to an exchange or something that will keep it, you send like a million, and then you send to your bank, and then you take care of the taxes, and then you do it again 500 times until it's all done, and you will face a million problems while trying. So all in all, having 500 million in crypto, trying to turn that into fiat in your bank account is quite hard when you think about it.

[0t3p0t]

Here in my country ± $8,700 is the maximum refundable in case something will happen to them so more than that would be considered loss on our part so yeah this is the reason why I don't like banks personally aside from the KYC and stuff. Banks also cannot give all the money you have if you cash it all out especially huge sums of money. I have read someone posted on social media before or maybe on forum I just forgot where I got that post. I know they do have a lot of questions during deposits and withdrawal of huge amount of money and that sucks.

[pinggoki]

Bro, you're not being honest, you're just stating facts that's already known by a lot of people and you're not unique in your insights, people have known about that part ever since, I mean we've all been introduced into crypto with the fact that if it's not your keys then it's not your coins, people with some common sense could've easily compared and made the assumption. Tell us something new, most of us hate the banking institution already, what's there to hate other than the already stated facts by other people? Also, even if you do want to look cool hating on banks, you still can't go out there and be too much of a crypto supremacist because most people when they get too large of amount of bitcoin or any cryptocurrency, they still need banks to benefit from their profits.

[|MINER|]

These days keeping money in the bank has become really dangerous. Because the banks are going bankrupt. Also, the bank does not tell the customer clearly what is going to happen.  It is better to have money in cash. And if you want to invest, investing in land and cryptocurrency will be the right decision.  That is the best decision to invest in BTC.  I am not saying that the bank is bad. But these days the bank issue is harassing people. Bank fraud is observed almost all over the country.

[peter0425]

Okay, let us also consider the possibility of keeping money in digital currency for instance holding bitcoin or any other altcoin as an alternative to save and secure one's assets or money. Do you also remembered that the painful thing is to completely loss access to your asset because in cryptocurrency all you have is to safe guard your private key, seed phrase or alphanumeric keys or whatever. But with bank you could start the process to have access to your bank account.

Well we can always consider diversifying your portfolio and distributing your money into different assets. Like they say do not put all your eggs in one basket, do it the same with your money. You can’t keep your money with you at all times especially if it’s huge so it would be safer if you held it somewhere else.

But with bank you could start the process to have access to your bank

Using banks is not also guaranteed safe as there are a lot of banking issues that may happen specifically to the bank you chose and your money can be in danger still.

[btc78]

Thruthfully speaking we know that banks do offer an array of advantages that you are never to get with crypto.

Yes these banks are not as secure as they say but if you need a few things, it wouldn’t be that bad to have some of your money in the bank. We are talking about insurances and loans here. In case of emergencies banks can come in handy.

Though I think that it would be best if you didn’t just put all of your money into the bank and if you really want to feel the most responsible with your own money then put some in crypto.

[Coyster]

But i feel that crypto and cash are real money the bank balance on my bank account i feel little sceptical yes banks are safe but still i need that feeling that at least some of my funds are under my own control.

This is one of the reasons bitcoin was created and why a lot of us use it. The bitcoin in your non-custodial wallet is in your control and no entity can seize it or prevent you from doing what you want with it, the bad thing is that some people still use bitcoin like fiat, by keeping their assets in a centralized exchange.

Custodial services like the bank and centralized exchanges basically take your money and show you numbers in your account, if anything happens to their platform, you'd be unable to withdraw your money, which proves that it was numbers all along.

[Dzwaafu11]

In times like this you only want to deal with bigger banks and credit /debit instutions.
But i feel that crypto and cash are real money the bank balance on my bank account i feel little sceptical yes banks are safe but still i need that feeling that at least some of my funds are under my own control.

At first, you talked as if you didn’t trust banks anymore, and at the end, you said banks are safe. I don’t know why some people think cryptocurrency is 100% safe to save money, but to me, it is not because if it were, the world would have changed and joined the cryptocurrency today, but because there is a high risk that only a few people can be able to accept it. That is why we have millions of people who are yet to accept it.

 for banks if they are not safe people would have leave them for a long period of time and Banks have been in existence for a very long period of time and people have been saving billions of dollars in there and still safe. Do you know that many people who think they are 100% sure of crypto currency only use it to make more money and not to say money? If you do not, I think you should keep this in mind now that we all use cryptocurrency to make more money, not what you think. For me, I won’t advise anyone to use cryptocurrencies to save money. 

[goaldigger]

But i feel that crypto and cash are real money the bank balance on my bank account i feel little sceptical yes banks are safe but still i need that feeling that at least some of my funds are under my own control.

This is one of the reasons bitcoin was created and why a lot of us use it. The bitcoin in your non-custodial wallet is in your control and no entity can seize it or prevent you from doing what you want with it, the bad thing is that some people still use bitcoin like fiat, by keeping their assets in a centralized exchange.

Custodial services like the bank and centralized exchanges basically take your money and show you numbers in your account, if anything happens to their platform, you'd be unable to withdraw your money, which proves that it was numbers all along.

Banks are just using our money to continue with their business while crypto wallet are just there sitting and waiting for us to do some transactions.
If you don't have any control with your money, then it will be more risky especially in crypto world. This has been the discussion many times already with regards to security of the crypto wallet and with those who don't own their keys. If you want your crypto to be more safe then better to have your own hard wallet where you can control your crypto any time you want.