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

[Princess Leah]

 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.

[adaseb]

Depending on how large the bank is, its not a bad investment strategy which pays healthy dividends, but you need to make sure you are investing in the correct bank. Right now I would not invest in small or mid cap type of banks. Way too risky, especially if there is a recession on the way. When the banks are liquidated, the share holders get nothing.

Look at JPM, pays a dividend and if you look at the monthly chart, it has grown alot since the 2008 bottom which was at $15 and now its over $200 a share. With dividends you would of made even more profit. However other banks like Signature are a different story, the stock is useless because most of the assets went to the debt holders and stock holders usually get nothing in the end.

Same with Bitcoin. Sure it is safe however, how would you feel if you bought at $72K, you would be under water. Maybe if it goes lower and you can get a good average, but if it peaked then you might have to stomach a 80 % drawdown like in the prior cycles. Hard to tell if this cycle ended or not however.

[Hewlet]

Apart from investing in crypto being better that stacking your funds in banks, buying shares from banks is not that profitable at the moment for so many obvious reasons. Now, better centralized alternative to the banking systems have gained popularity over the years and have attracted lots of users more than well known banks reducing how profitable banking business has become. Because the rate of profitability from the shares you get from banks is dependent on how profitable the bank is, investing in banks that's already loosing it profitability is not a wise decision for me.

I know of GTB and I'm currently banking with them not as per investing in Them through shares but basically receiving and transacting with it locally. The issue has always been like this where service go down and with time they still try to restore it but I'm not sure it has gotten to the point where customers share or holdings in the banks could be at risk. It's almost similar with buying a coin and leaving it in an exchange, should the exchange experience a sudden breakdown or hack, you're at the risk of loosing your coin. These are part of the risk that's associated with most of these exchanges and banking systems and so to be on the safer side, funds that's to be left in the bank shouldn't be much but should be more of an emergency funds while the rest should be invested into a more tangeable digital asset.

[tabas]

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.

Most of the people's trust is in the system and that's why the traditional setup for putting up investments and savings through the banks is always there. As for these banks being hacked and money's gone, IIRC, there's the insurance that should apply to this kind of event so that people's money won't be affected or at least will get a refund. And buying a share, I can't comprehend how these people will lose money if it's on them and the servers are hacked. The money that will be taken will come from the bank although it can be the fund of the people that has their savings and not with shares because it is from the company that owns that shares/stocks.

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 agree that investing in Bitcoin is the best choice to invest in the crypto market. But many still fail to do that because of what they are hearing from other people who are also in this market.

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.

That's understandable, as I have said. Not everyone is keen on investing into Bitcoin, if they have heard for the first time then they won't be trusting it too quickly. Thus, there are too many investors that likes the traditional way.

[mindrust]

Gold & Silver: Physical or nothing
Crypto: Self custody or nothing

Stocks, bonds, interest: Banks only obviously

If you follow this simple guide and form a diversified portfolio from these assets (crypto, gold, stocks, cash) you will be covering almost everything you need in a modern portfolio.

You should never go all in on one asset.

[Solosanz]

I believe top leading banks will refund the money, but it takes time and they might not able to refund all the losses.

It's true that Bitcoin is one of safest thing as a store of wealth, that's why most of my money is in Bitcoin. I don't have to stress whether banks got hacked, political issue etc that could harm my asset because they will never able to touch my Bitcoin.

Anyway, better to change the word "cryptocurrency" to "Bitcoin" since 99% of cryptocurrency aren't safe.

[SmartGold01]

You wouldn't blame those who are yet to adopted the technology and of a true that are lacking but that shouldn't be that one is better than one because normally when there were no cryptocurrency people do investment with banks because that was the only ways of investment. It could be they bought some shares in the Americans companies and when it get their harvest time they pull of their investment with their profits some could be a live time investment where they said complain could be gradually growing while their investment keeps growing.

But currently cryptocurrency is now the new wave of investment and people who knows about the volatility can never want to take the risk especially when they sees people exclaimed about the effects and lost they encountered, they wouldn't want to experience such thing and nobody is willing to lose because of the current rate of inflation that has eaten up the whole nation things are getting too expensive.

[fuguebtc]

 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.

Do you have any evidence or anything to guarantee that if everyone invests long-term in bitcoin, they will receive profits? What do you rely on to ensure that bitcoin will continue to increase in price in the long term or that it will exist in the future? Bitcoin's blockchain is said to be the most secure to date as it has never been attacked or hacked but what is the guarantee that it will be able to maintain that forever?

I invest in bitcoin and absolutely love it, but I don't rule out the possibility that one day it will be hacked or disappear. The future is unpredictable and everything has risk and bitcoin is no exception.

Not to mention not everyone likes bitcoin's high volatility so there is no reason to invest in bitcoin. You cannot expect that everyone will invest in bitcoin. The choice is everyone's, you should respect them because there is no certainty that investing in bitcoin means you are richer than them or you have a better life than them.

[Princess Leah]

Do you have any evidence or anything to guarantee that if everyone invests long-term in bitcoin, they will receive profits? What do you rely on to ensure that bitcoin will continue to increase in price in the long term or that it will exist in the future? Bitcoin's blockchain is said to be the most secure to date as it has never been attacked or hacked but what is the guarantee that it will be able to maintain that forever?

I invest in bitcoin and absolutely love it, but I don't rule out the possibility that one day it will be hacked or disappear. The future is unpredictable and everything has risk and bitcoin is no exception.

Not to mention not everyone likes bitcoin's high volatility so there is no reason to invest in bitcoin. You cannot expect that everyone will invest in bitcoin. The choice is everyone's, you should respect them because there is no certainty that investing in bitcoin means you are richer than them or you have a better life than them.

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.

 The fact that someone is richer and living a better life doesn't mean they should invest on an asset that's got high risk factor, yes there's no business or investment plan that doesn't involves risk but I'll prefer Bitcoin anyday to buying bank shares, and I've stated my points already.

 You can't compare the price of Bitcoin since it's creation till this point and after every circle, it's shown that it has the potential of even going higher, for a hero member you should be aware that since the history of bitcoin, it's blockchain has not been hacked you could prove me wrong if am making the wrong statement also no investor should be scared of volatility cause it's Bitcoin's nature, as an investor you must love both the bear and bull season of Bitcoin to excel in it.

[Gallar]

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.

Systems owned by banks that lack security can often be easily hacked by cybercriminals. This is indeed a big risk that customers or investors who save their money in the bank must be aware of. Because if something like this happens, it is certain that customers and investors in the bank will experience losses. Maybe customers who save at the bank can ask the bank for compensation if this happens, but people who invest or buy shares in the bank of course have to let go of the money they lost. So with this incident, the risk of investing or saving in a bank is essentially very large. However, not all banks are easy to hack, as I said above, it is the lack of security that causes this to happen. Because if, for example, the bank's security is strong, I'm sure it won't be easy to hack.

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.

Bitcoin is the safest crypto asset, so when it comes to altcoins, I think the risk is also quite large. So investing in crypto (other than Bitcoin) and investing in banks, in my opinion the risks can be said to be almost the same. Because altcoins definitely have owners/founders who can take liquidity from their coins at any time and the price will definitely fall or even have no price. In contrast to decentralized bitcoin where liquidity is very safe. So if you want to invest in crypto, just invest in bitcoin, because only bitcoin is the safest crypto investment asset among other cryptocurrencies.

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.

Everyone has different understandings and thoughts. So we cannot force other people's thoughts to invest in bitcoin. But it is true, people who do not realize the potential of Bitcoin can be said to be quite unfortunate. Because in this digital era, bitcoin investment is something that is very promising. However, I am sure that in the future many people will realize the potential of Bitcoin, because usually very useful things will continue to spread into someone's mind. So we just have to wait for that to happen.

[naira]

Be realistic about finances, you can't put all your money in crypto without involving a local bank. With strict government regulations, you will eventually have to use a bank account to withdraw profits. So it doesn't matter if you don't save in a local bank, but at least use it for your own benefit as an alternative. It's reasonable to use it as long as it is still a fiat currency as a legal tender.

I agree not to invest in local bank stocks, but in terms of use it is still useful. The bank does not force you as a customer but the bank asks you to pay taxes from the funds in the account.

[lovesmayfamilis]

I would doubt the expression "make a huge profit." In the same way, have you forgotten about volatility? It would help if you always assumed the most unexpected moments in life, what can happen, and how to prevent them. Therefore, investing all your funds in one asset is extremely thoughtless. If you have the opportunity, a diversified portfolio will be the best solution. Using the word "should" is also too self-confident. Do not forget that people are different, and everyone comes to bitcoin at one or another degree of readiness of their funds. If the market falls and assets fall, it is difficult to convince a person that he should not be afraid of volatility and love the bear market. In addition, saying that everyone is stupid and does not use bitcoin is also ridiculous, since bitcoin is simply banned in many countries and is not approved by regulators.

[Fortify]

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.

While this may be true for certain countries, where the banking infrastructure is weaker and the government does not put guarantees in place that your money is safe, it is not true for most of the richer countries out there. You are equally reliant and vulnerable to getting hacked, probably even more so than banks, if a hacker is able to figure out that you have access to a reasonably sized amount of cryptocurrency. At least if money in your bank was stolen there will likely be a path you can follow as the money is sent to another account where the recipient will be registered and verified. If your crypto was ever to be stolen, it could be sent to a wallet and you would never be able to identify the owner as they could obfuscate when they cash out.

[Z_MBFM]

I believe top leading banks will refund the money, but it takes time and they might not able to refund all the losses.

It's true that Bitcoin is one of safest thing as a store of wealth, that's why most of my money is in Bitcoin. I don't have to stress whether banks got hacked, political issue etc that could harm my asset because they will never able to touch my Bitcoin.

Anyway, better to change the word "cryptocurrency" to "Bitcoin" since 99% of cryptocurrency aren't safe.

Investing money in a local bank means depositing money in the bank at a fixed interest rate. However, there are many risks in this case such as decrease in the value of money due to inflation, if the bank goes bankrupt for some reason, getting some compensation according to the central bank's policy, money laundering or any political problem, limiting the withdrawal of money from the bank, etc. Considering these factors, investing money in the bank is very risky and at the same time, here you will get maximum profit of 8-12% every year. Which is many year will lower than inflation.

But with Bitcoin you can avoid inflation, earn high profits in short time and get financial freedom.  Here you have the private key of the wallet means you own it and you can control the bitcoins in your wallet whenever you want.  You don't have to be responsible to anyone

So i belive that Investing on Cryptocurrency is safer than saving or investing with local banks.

[Distinctin]

I believe top leading banks will refund the money, but it takes time and they might not able to refund all the losses.

It's true that Bitcoin is one of safest thing as a store of wealth, that's why most of my money is in Bitcoin. I don't have to stress whether banks got hacked, political issue etc that could harm my asset because they will never able to touch my Bitcoin.

Anyway, better to change the word "cryptocurrency" to "Bitcoin" since 99% of cryptocurrency aren't safe.

Investing in banks can be quite risky since they are prone to hacks, and they only offer low interest rates which means poor returns on our part even how long the duration of the investment is. Unlike crypto particularly bitcoin, you are responsible for the full security of your own account, and as long as you keep it safe and secured, hacking will be less likely possible. And just by hodling a sufficient amount, without getting tempted to sell at a low price, rest assured that you will gain huge profits in the future. Therefore it’s no doubt that when it comes to security and profitability, bitcoin always surpass fiat currency and banks.

[pooya87]

I wonder why anyone would even think of buying shares with a local bank or saving huge part of their money with them,

Those are two different things though. Opening a bank account and storing your fiat with bank is something everyone does because it is safer and more convenient than storing it at home under the mattress! In some countries it is even illegal to store large sums of cash!!!

On the other hand investing in a bank (buying shares) is different. It is investing in a business that can be profitable. Just like any other investment it requires expertise in choosing what shares to buy and when to exit.
It also cannot be compared with investing in bitcoin and should not be instead of it (or vice versa, investing in bitcoin instead of buying stocks). It is a matter of diversification. After all bitcoin also has its own risks for example your wallet could be hacked so you lose everything.

[Fiatless]

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.

There is some level of risk in all investments. People have also lost their investment in Bitcoin due to hacks and other security breaches.

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.

Some people have also lost money investing in Bitcoin. Due to FUD, impatience, or ignorance, some investors have sold below the amount they bought. There is no guarantee that you will make a profit from Bitcoin.

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.

Investing in Bitcoin is a good option but smart investors diversify. Having a long time and short-term investment is advisable. There is nothing wrong with buying shares of a high-performing bank. You could use the yearly dividends to sort out some expenses while you wait for the maturity of long-term investments such as Bitcoin.

[kryptqnick]

Buying bank shares can be risky, and the risk depends strongly on the country and the bank. If a bank is fairly stable and so is the country, keeping money on a deposit account or something like that makes sense to some people. Bitcoin, especially if stored in a noncustodial wallet, is a great option, but if someone just wants to beat inflation by a little bit, they are free to trust banks and assess the risks.

[Princess Leah]

I would doubt the expression "make a huge profit." In the same way, have you forgotten about volatility? It would help if you always assumed the most unexpected moments in life, what can happen, and how to prevent them. Therefore, investing all your funds in one asset is extremely thoughtless. If you have the opportunity, a diversified portfolio will be the best solution. Using the word "should" is also too self-confident. Do not forget that people are different, and everyone comes to bitcoin at one or another degree of readiness of their funds. If the market falls and assets fall, it is difficult to convince a person that he should not be afraid of volatility and love the bear market. In addition, saying that everyone is stupid and does not use bitcoin is also ridiculous, since bitcoin is simply banned in many countries and is not approved by regulators.

I never mentioned that anyone is stupid for not investing on Bitcoin, you're getting a wrong impression moreover it's their choice. Anyways, the point I'm trying to make is that I'll rather invest on Bitcoin than buying banks shares or having huge saving with the bank, the bank has their role to play when it comes to daily transactions since Bitcoin is not yet widespread but having huge savings with them is not advisable.

 Anyways it's understandable for those that it's been banned from their country, they could either relocate or diversify to other safer portfolios. Talking about diversification, I'm fully aware that their are other portfolios for investment like Gold and Real Estate but when it comes to investing on digital assets Bitcoin is better and safer than bank shares and one can still diversify to good Alts like ETH, BNB or even SOL.

 Also ones degree of readines should determine their investment plan and strategy, that's why there's the DCA method for those who are not very wealthy enough to acquire bulk BTC, they could buy in bits and hold for a long-term, it would only be difficult to convince someone who doesn't know anything about Volatility cause some who has a good knowledge about Bitcoin wouldn't panic when the price falls but would seize the buy opportunity just like a week ago when it fell towards $48k but it's currently close to $60k.

[Alpha Marine]

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.

Except for the bitcoin you're investing in, your investment is not safer than the banks. It's probably even worse. Your savings in the bank might only be affected by inflation (if we put all the security and privacy issues aside) but with altcoins, your coin might dip one day and never go back up, leaving you with nothing.
So if you're looking for an alternative to the bank's kind of savings and investment and you want to invest in Crypo. stick to bitcoin for the long term and you'll be safer if you follow all the security and privacy measures.

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.

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. It doesn't have to be one of the biggest banks in the world, as long as that bank makes a lot of profit at the end of its financial year, it might be a good idea to buy its shares if you want to diversify.