Investing on Cryptocurrency is safer than saving or investing with local banks

[retreat]

More precisely "Bitcoin", because not all cryptocurrencies are safe for you to store money in. Because with Bitcoin you can store it in a secure non-custodial wallet and can manage it anytime and anywhere you want, without worrying that it will go bankrupt or your assets will be stolen (unless your device is hacked). Bitcoin gives freedom to its users who want to manage their assets without having to worry that it will be complicated like they do managing an account at a bank. Everything can be done directly from the user's device and it does not require identity verification - which makes it the best place for people who value privacy.

[EL MOHA]

Many people in my country still don't believe in Cryptocurrency and would rather save or invest with local banks but the recent sad event would serve as an eye opener to them. One of the top leading banks in my country (GTB) got there server invaded by hackers, some period before it happened they where advising customers to buy their shares and many customers did, I feel so sorry for those who bought shares with them cause their money is probably gone.

This is the major problem we have with online platforms they tend to be prone to hacking, but in this type of situations where banks are mostly licensed I think some shares actually have insurance, probably this shares would be insured and it’s investors could get something out of it but the warning is there, one shouldn’t just invest in this things because the APR isn’t worth it to me.

Whereas investors could only lose totally on Cryptocurrency when they fail to invest on Bitcoin or other good Cryptocurrencies and instead invest on shit coins, or they save their assets on a custodial wallet instead of a non-custodial one, else Cryptocurrency especially Bitcoin is one of the best and safest investment any investor could think of.

I will first rule out other Altcoins as even an alternative, they should strictly stick to bitcoin only, because the Altcoins are just pure gamble. Then you invest in bitcoin it also has its risk of been stolen if you don’t use a reliable or good wallet which is cold wallet storage.

I wonder why anyone would even think of buying shares with a local bank or saving huge part of their money with them, when they could save for a long-term with Bitcoin and make huge returns later, Bitcoin blockchain makes it very secured and the only ways an investor is at risk is saving their asset with a wallet that could easily be penetrated by hackers or fail to safeguard their private keys.

Now this is one narrative I don’t want people to pass about bitcoin, the ROI is huge compared to shares but let’s not forget that it Carries it own risk when invested in. You could lose but when you go long term The risk is minimized

[Princess Leah]

Whereas investors could only lose totally on Cryptocurrency when they fail to invest on Bitcoin or other good Cryptocurrencies and instead invest on shit coins, or they save their assets on a custodial wallet instead of a non-custodial one, else Cryptocurrency especially Bitcoin is one of the best and safest investment any investor could think of.

I will first rule out other Altcoins as even an alternative, they should strictly stick to bitcoin only, because the Altcoins are just pure gamble. Then you invest in bitcoin it also has its risk of been stolen if you don’t use a reliable or good wallet which is cold wallet storage.

I understand what you're trying to say but I don't think I'll rule out all Altcoins, it's not good to generalise by saying all Altcoins are pump and dumps, yes there are pump and dumps but all not all shouldn't be classified under that category, let's take Ethereum for example, even though the price is nothing compared to Bitcoin but just like Bitcoin it's set different ATH since it's launch and has the potential of going higher.

 That alone makes it a good digital asset for investment, I would've considered your statement if you talked about security cause not all Altcoin can be stored in a good non-custodial wallet like Electrum but there are other ones that accepts coins like Ethereum and even if one wants to risk storing it in a custodial wallet then they could secure it by setting a 2 fac authenticator to make it secured.

 However, I agree with you that Bitcoin still remains the most secured digital asset for investment and every investor needs to prioritise cold wallets instead of exchanges which could be risky. Also the fact still remains that an investor can still invest on good alts like Ethereum when they've accumulated enough Bitcoin.

[South Park]

Many people in my country still don't believe in Cryptocurrency and would rather save or invest with local banks but the recent sad event would serve as an eye opener to them. One of the top leading banks in my country (GTB) got there server invaded by hackers, some period before it happened they where advising customers to buy their shares and many customers did, I feel so sorry for those who bought shares with them cause their money is probably gone.

 Whereas investors could only lose totally on Cryptocurrency when they fail to invest on Bitcoin or other good Cryptocurrencies and instead invest on shit coins, or they save their assets on a custodial wallet instead of a non-custodial one, else Cryptocurrency especially Bitcoin is one of the best and safest investment any investor could think of.

 I wonder why anyone would even think of buying shares with a local bank or saving huge part of their money with them, when they could save for a long-term with Bitcoin and make huge returns later, Bitcoin blockchain makes it very secured and the only ways an investor is at risk is saving their asset with a wallet that could easily be penetrated by hackers or fail to safeguard their private keys.

This market has only been around for a short amount of time compared to modern banks, so at least to me it is not rare at all that people in general trust banks more than they do cryptocurrencies, especially when the media portrays this market on the worst light possible whenever they can, while we must also admit that with the exception of a few projects, the majority of the coins that are in the market right now are scams or projects that are not worthy of your investment.

[Lanatsa]

Many people in my country still don't believe in Cryptocurrency and would rather save or invest with local banks but the recent sad event would serve as an eye opener to them. One of the top leading banks in my country (GTB) got there server invaded by hackers, some period before it happened they where advising customers to buy their shares and many customers did, I feel so sorry for those who bought shares with them cause their money is probably gone.

 Whereas investors could only lose totally on Cryptocurrency when they fail to invest on Bitcoin or other good Cryptocurrencies and instead invest on shit coins, or they save their assets on a custodial wallet instead of a non-custodial one, else Cryptocurrency especially Bitcoin is one of the best and safest investment any investor could think of.

 I wonder why anyone would even think of buying shares with a local bank or saving huge part of their money with them, when they could save for a long-term with Bitcoin and make huge returns later, Bitcoin blockchain makes it very secured and the only ways an investor is at risk is saving their asset with a wallet that could easily be penetrated by hackers or fail to safeguard their private keys.

I would really be that disagree when it comes to safer investment or something but when it comes on a good option then cryptocurrency would really be that considerable but of course
when it comes to risks then it would really be much more riskier than with those traditional investment that we do know. You have to deal up with that extreme volatility on which we know that this could
really be that make you have that kind of panicking on the time that you would be seeing your investment is going down. It would be better that you should really be that making those explainations into your
friend or known someone that its never been considered 100% safe but its not really that something bad also. You shouldnt really be that making yourself having those kind of claims as if it is really that a guaranteed thing because on the moment that they will losing their investment or seeing negative then for sure you would really be blamed out for that. hahaha 

[Hyphen(-)]

I wonder why anyone would even think of buying shares with a local bank or saving huge part of their money with them, when they could save for a long-term with Bitcoin and make huge returns later, Bitcoin blockchain makes it very secured and the only ways an investor is at risk is saving their asset with a wallet that could easily be penetrated by hackers or fail to safeguard their private keys.

You don’t have to blame everybody, and you also need to understand that some of these people that chose to leave their money for bankers to use in their own businesses because they know nothing about the financial freedom brought to us by the invention of Bitcoin, while some of them don’t trust cryptocurrency which is why they keep risking such huge amount of money with their local banks for hackers and others centralized authorities to be using for their own benefits.

The truth is that, cryptocurrency investment is risky, and people wants safe savings method that will not be under risks of losing some part of the money, and most of them are lazy and don’t wants to learn which is why they can never leave commercial banks.

[AmoreJaz]

More precisely "Bitcoin", because not all cryptocurrencies are safe for you to store money in. Because with Bitcoin you can store it in a secure non-custodial wallet and can manage it anytime and anywhere you want, without worrying that it will go bankrupt or your assets will be stolen (unless your device is hacked). Bitcoin gives freedom to its users who want to manage their assets without having to worry that it will be complicated like they do managing an account at a bank. Everything can be done directly from the user's device and it does not require identity verification - which makes it the best place for people who value privacy.

Not totally safe, but it relies on how secure is your wallet from potential hackers or fraudsters. If you have significant amount of bitcoin stored, better not to divulge any of your crypto transaction over the net as these fraudsters are just looking for their next victim.

Also, do take note, if the bank is hacked, their depositors have some kind of insurance. It means, they can still get their funds. It is not the case that they won't.

[passwordnow]

In general, not all cryptocurrencies are safe to invest. If you want to invest, it is easier to simply buy Bitcoin and you can say that you're totally safe with what you've done. This is the kind of decision that many fails because they are generalizing cryptos into various types of altcoins too which isn't wrong but if it's about safety net in investing here, you're safer and better with Bitcoin.

No problem if someone likes to invest in a bank, a broker, stock market, bank bonds, etc. The risk they get there is fine and they can blame themselves for being aware of the risk there for which isn't a lot. Compared to Bitcoin, the risk is still quite high but they will have an assurance that this asset is never going away and it is here to stay. I think that the skepticism that they're having for Bitcoin is because despite having the money, they wanna make sure that each penny that they spent in any investment is worth it. But little did they know, they shouldn't do that with Bitcoin because considering the market cap of it, it is even more than with most of the countries GDP, cmiiw.

[Yatsan]

Many people in my country still don't believe in Cryptocurrency and would rather save or invest with local banks but the recent sad event would serve as an eye opener to them. One of the top leading banks in my country (GTB) got there server invaded by hackers, some period before it happened they where advising customers to buy their shares and many customers did, I feel so sorry for those who bought shares with them cause their money is probably gone.

 Whereas investors could only lose totally on Cryptocurrency when they fail to invest on Bitcoin or other good Cryptocurrencies and instead invest on shit coins, or they save their assets on a custodial wallet instead of a non-custodial one, else Cryptocurrency especially Bitcoin is one of the best and safest investment any investor could think of.

 I wonder why anyone would even think of buying shares with a local bank or saving huge part of their money with them, when they could save for a long-term with Bitcoin and make huge returns later, Bitcoin blockchain makes it very secured and the only ways an investor is at risk is saving their asset with a wallet that could easily be penetrated by hackers or fail to safeguard their private keys.

What I can say about this argument is that investing in cryptocurrency with traditional bank accounts hinders strong considerations. Initially, Cryptocurrencies can have tremendous potential for high returns because they are distributed in nature. We all know that their advanced blockchain technology ensures security against hacking. However, the security of cryptocurrency depends largely on how one handles the wallet and personal keys. And what i can say on the other end is traditional banks are often vulnerable to cyberattacks despite robust security measures. Events like what happen before, have shown that this can be a problem in protecting bank accounts and investments. They typically offer relief based on banking policies, but also carry their own risks such as bankruptcy and other business problems. What all I said is public knowledge, and knew some people too that are still skeptical due to the novelty and headaches involved in using cryptocurrency safely. That is why the conventional savings account is still the most popular for investing and saving. Moreover, insurance is often put in place which would cover depositors and repay them in case banks break down and property is destroyed since this would ensure that personal funds are protected or at least restored. In the event that a bank's servers go down like what I mention above, the immediate financial impact may not be directly relevant to the working capital, as it appears as an asset of the bank working capital rather than any capital. But in the end, serious breaches may cause significant financial disruption or depreciation in the value of investments that may hit shareholders hard.

[yhiaali3]

It is not quite true because cryptocurrencies are also vulnerable to hacking and bankruptcy as banks, how many accidents we heard about in recent years about hacking or bankruptcy of platforms, the most famous of which are Terra, FTX, etc., so it is the same thing in this respect.

But investing in encrypted currencies is better than investing in banks in terms of hedging from inflation and maintaining the value of assets with the possibility of growth in the future, especially for reliable assets in the long run, such as bitcoin.

[Smack That Ace]

The truth is that, cryptocurrency investment is risky, and people wants safe savings method that will not be under risks of losing some part of the money, and most of them are lazy and don’t wants to learn which is why they can never leave commercial banks.

Don't underestimate or criticize others just because they don't have the same thoughts and choices as you, that won't make you better than them.

This world is colorful and each person will have different interests and perspectives on life. As you said, many people don't like risk and like safety, so what's wrong with them choosing safe solutions like banks or stocks? Not only ordinary people are saving or investing in bank stocks, businessmen and billionaires around the world are also saving and investing in bank stocks. Do you think they are lazy or don't want to learn?

Or even your parents, are they investing in bitcoin or are they choosing the bank as a place to save money? If you think that people who save and invest in banks are lazy and ignorant, then you are also criticizing the people who gave birth to you.

[Dr.Osh]

Actually it all depends on the bank in question. I'm pretty sure that the bank will try to reimburse their customers. After all, they have permission from a country, which means, they can probably cover all the risks they can take, even if it will end in the bank closing. Apart from that, in my country there have also been cases where customers lost their money, and they were able to claim it, even though it took several weeks. However, many people feel that keeping their money in the bank is safer and more practical. So far, it is very rare to find cases such as a CEX being hacked, or a wallet being stolen, and then the user's assets can be returned within a few weeks. That's because it's very difficult to find the person responsible for it. So far I only feel that crypto is an alternative payment and investment. If you want to save money, it's best to save it at a local bank, especially if you only save it using Fiat.

[Zoomic]

Some years back, before I got introduced to bitcoin, I saved  quite a huge some of money with the local banks. Well, the bank didn't run away with my money and everything I saved, including some insignificant interests remained intact. But, the value of the money i was able to save depreciated so badly due to inflation. I didn't need anyone to tell me I made a wrong decision by keeping my money stuck in a bank for years.

My golden rule is, "never keep any money idle". It must not neccessarily be invested in bitcoin, but as long as that money is generating income or appreciating in value, then it's fine. Banks need their customers' money to do business with, they are not doing these customers any favour when they collect money from them. It is left for these customers to be wise.

[Marvell1]

Many people in my country still don't believe in Cryptocurrency and would rather save or invest with local banks but the recent sad event would serve as an eye opener to them. One of the top leading banks in my country (GTB) got there server invaded by hackers, some period before it happened they where advising customers to buy their shares and many customers did, I feel so sorry for those who bought shares with them cause their money is probably gone.

Cryptocurrencies are still quite new and are not even legalized in some countries yet, so you cannot expect everyone to choose cryptocurrencies over banks. Additionally, just because a small bank in your country goes bankrupt, you cannot equate them all and assume that all banks around the world are the same.

I have been using the bank for over 15 years and have never had a problem. Not to mention, if the bank goes bankrupt, they will have a policy to compensate people for their losses because they are under government control.

Whereas investors could only lose totally on Cryptocurrency when they fail to invest on Bitcoin or other good Cryptocurrencies and instead invest on shit coins, or they save their assets on a custodial wallet instead of a non-custodial one, else Cryptocurrency especially Bitcoin is one of the best and safest investment any investor could think of.

 I wonder why anyone would even think of buying shares with a local bank or saving huge part of their money with them, when they could save for a long-term with Bitcoin and make huge returns later, Bitcoin blockchain makes it very secured and the only ways an investor is at risk is saving their asset with a wallet that could easily be penetrated by hackers or fail to safeguard their private keys.

Bitcoin is still considered an asset, a high-risk investment because of its volatility and relatively small age. If we were to give a comprehensive and fair assessment it would clearly not be the safest property as you say.

Bitcoin is the safest asset? This is just an unfair assessment from bitcoin investors, nothing more, nothing less.

[FatFork]

The main point of discussion is not about who's richer or who's living a better life, moreover we all don't know everyone's financial background despite that we're in same Bitcoin Community, the main point here is investing on an asset that's proved to be more safer and secured and there's no doubt that Bitcoin is safer and more secured than the other.

I agree that Bitcoin (as a technology) is more secured considering its decentralized nature. But I disagree that it is a safer for everyone. All types of investment carry their own risks. Bitcoin (and crypto in general) has its own risks, but it's a different kind of risk compared to traditional banking. Can you honestly say that Bitcoin offers the same level of security for someone like you or me compared to those who are less technologically inclined, such as the elderly?  It's about education and taking control of your finances. If you understand the tech and protect your sensitive data, you're in a much stronger position.

[Farma]

Some years back, before I got introduced to bitcoin, I saved  quite a huge some of money with the local banks. Well, the bank didn't run away with my money and everything I saved, including some insignificant interests remained intact. But, the value of the money i was able to save depreciated so badly due to inflation. I didn't need anyone to tell me I made a wrong decision by keeping my money stuck in a bank for years.

My golden rule is, "never keep any money idle". It must not neccessarily be invested in bitcoin, but as long as that money is generating income or appreciating in value, then it's fine. Banks need their customers' money to do business with, they are not doing these customers any favour when they collect money from them. It is left for these customers to be wise.

When you choose to save money in a bank, of course the money you save will not decrease and of course will increase with the interest given by the bank to you, but in this case of course the bank will use your money to be given to customers who want to borrow it and get greater profits than what you get and also saving money in the bank will be very detrimental when inflation occurs the value of the money we have will remain the same but when you want to use it of course the value will decrease as before inflation.

It is true that it would be very good to use the money we have on things that can generate profits and of course this will depend on each individual according to their wishes and most importantly they do not save their money and do not generate any profit of course this is not the right choice, the bank will certainly need customers who save their money in the bank so that it can be used for their business but when the customer wants to withdraw their money in large amounts of course there will be requirements given by the bank that must be met before they can withdraw from the bank.

[TheUltraElite]

Buying the shares of a bank is different from saving and investing with the bank. I will totally recommend people buying the shares of a bank, defending how successful the bank is.

Always a good option to have at hand, I do recommend it to anyone starting their shares and stock market ventures.

On the other hand savings are important too, they may not be your major investment but they are needed in times of emergency and therefore ignoring them can be a massive blunder.

Bitcoin is a high risk asset and along with many other assets should be a part of the portfolios of upcoming investors. Its risks need to be understood clearly before investing but only investing in bitcoin is not recommended. I do not recommend altcoins, but the rest of the capital should be divided among traditional assets.

[pusaka]

The main point of discussion is not about who's richer or who's living a better life, moreover we all don't know everyone's financial background despite that we're in same Bitcoin Community, the main point here is investing on an asset that's proved to be more safer and secured and there's no doubt that Bitcoin is safer and more secured than the other.

I agree that Bitcoin (as a technology) is more secured considering its decentralized nature. But I disagree that it is a safer for everyone. All types of investment carry their own risks. Bitcoin (and crypto in general) has its own risks, but it's a different kind of risk compared to traditional banking. Can you honestly say that Bitcoin offers the same level of security for someone like you or me compared to those who are less technologically inclined, such as the elderly?  It's about education and taking control of your finances. If you understand the tech and protect your sensitive data, you're in a much stronger position.

I think that everything will have risks, nothing is truly without risk, it's just that what distinguishes it is the level of risk, low, medium or high. I agree that bitcoin is an investment asset that has a low risk, besides that we have freedom when holding bitcoin than other investment assets, especially if it is related to banks or even the government. However, the low risk is also for those of us who already understand bitcoin very well, while for those beginners the risk is greater in my opinion. Because it takes a lot of knowledge to keep our assets safe.
I once had this experience, although the one who experienced it directly was my friend. at that time my friend wanted to try investing in one of the coins, but without sufficient knowledge he stored it in a wallet where he did not store his seed money. He deleted the wallet and could no longer access it. This is what is meant by those who are beginners have a greater risk, because their knowledge is not ready and still need to learn a lot more.

[el kaka22]

People not having any type of understanding of crypto isn't really that complicated, this is something that we are used to by now because I have been here for longer than a decade and I have seen people who do not believe in crypto at all, end up being very good at crypto and love it. That happens because time does help us in this case and we are going to end up with those people realizing that they could make more money with crypto. How do they realize it?

Well, they see first the strangers who make a lot of money from it, and I mean a lot, like turn a few thousands into hundreds of thousands of dollars, then they hear people around them, either a family member, or a close friend, or friend of a friend, and see that they made some money too, and eventually they decide that they should be doing the same thing as well. We are going to end up making some good money from it and with that belief they get into it. Some make more and sometimes they end up not making any money at all.

[Tigerheart3026]

investing on cryptocurrency and saving money in local banks both have advantages and disadvantages,
but saving in a reputed bank your money is safer than investing in cryptocurrency,
a reputed bank of course will refund your money in any hack incident,
if a bank goes bankrupt and there is no possibility of getting your money back, that is a different matter.