Banks are WAY MORE secure then Bitcoin

[HONDACD125]

When it comes to robberies and mugging, nothing can be safe if you are in the hands of the kidnappers because as said by another user above, they can keep you hostage for as long as they want until they get what they want, and they will use other people around you to get them the money they are looking for instead of going to the banks and everywhere themselves or sending you for it. Kidnappers or robbers are not always stupid, and they usually do their homework before they do something.

That's why, even if you have Bitcoin, or stocks, or cash in the bank, if you are kidnapped for your money, you will lose it or lose your life is the kidnappers are crackheads. So I don't think stocks or banks can save someone from getting looted, we see so many things happening around the world where kidnappers ask for money and then release the victims, and banks cannot stop that from happening only because of their slow process.

It's true that Bitcoin can be transacted from one place to another way quicker, but that doesn't mean you will be safe if you have stocks and no Bitcoin.

[KiaKia]

Op is partly right but many people won't agree. Have we all forgotten that people don't like taking responsibility? They like pointing to someone if anything goes wrong, this is why banks will always make sense to them.

If anything happens to my money I will hold the bank responsible they will say, but in the case of Bitcoin you are the one protector, if anything happens you have no one to blame and no way to get your Bitcoin back.

Bitcoin is way more secure only if you can keep secrets, or if you are living in a security wise country, so your point depends on location and also the Bitcoin investor, no one should know that you have Bitcoin, no one, not a single soul.

[fuguebtc]

Op is partly right but many people won't agree. Have we all forgotten that people don't like taking responsibility? They like pointing to someone if anything goes wrong, this is why banks will always make sense to them.

If anything happens to my money I will hold the bank responsible they will say, but in the case of Bitcoin you are the one protector, if anything happens you have no one to blame and no way to get your Bitcoin back.

Bitcoin is way more secure only if you can keep secrets, or if you are living in a security wise country, so your point depends on location and also the Bitcoin investor, no one should know that you have Bitcoin, no one, not a single soul.

I think no one is wrong, OP is not wrong and those who disagree with him are not wrong either, because they evaluate the issue from their perspective and position.


As you said, if someone is not confident in self custody, obviously in this case the bank is much safer for them. On the contrary, for those who are confident in themselves, do not trust anyone and are capable of self custody, bitcoin is a better choice.

Also, we should agree with OP because look at the real world and what's going on. Most people globally still trust banks more than anything and that is why banks are still standing strong and getting stronger despite the rise of bitcoin.

[Spaceman1000$]

Bitcoin is a private asset, which if you are in possession of it it shouldn't be known by anybody, once you've told someone about your bitcoin asset, then it's no longer a secret. However your bitcoin should be kept safe, where nobody can tamper with it, so even when your kidnapped, it still won't be traced. Even the Banks you are preferring their safety, also get robbed, so if anybody has the mind to kidnap you, just so that they could steal your coins, that same person too can as well rob a bank if given the opportunity.

[pawanjain]

For example say we have person A and person B. Person A has all their wealth invested in the stock market and person B has all his wealth invested in Bitcoin. Both are extremely wealthy and a gang knows about the wealth of both guys.

There, right there, is something where the person B holding bitcoin has messed up. The single rule of bitcoin is to avoid letting others know you have bitcoin.
So if people don't know person B holds bitcoin then how in the world would they get access to his bitcoin and if others do know he holds bitcoin then it is his fault.

Consider the reverse scenario for person A now. If he wanted the money immediately, there is no way he would be able to do that without having to wait for 2-3 days.
But with bitcoin, you would be able to transfer millions of money in just 10 minutes. Both have their own advantages and disadvantages.
Bitcoin has a pretty good security but there are rules to maintain that security and if people don't follow those rules then it is completely their fault.

[bitLeap]

Therefore, there's a general rule to follow when you or someone else owns a large amount of assets, whether in Bitcoin or other assets don't publicize your holdings. Crime exists because of the opportunity. In other words, as long as person B doesn't flaunt their Bitcoin holdings, they won't be threatened. And most cases, like the one in France where a Bitcoin holder was kidnapped due to frequently flaunting their assets.
If you know that Blockchain works publicly, and by tracking transactions, the perpetrator can be continuously monitored by law enforcement until the thief cashes in fiat.

[BlackBoss_]

Therefore, there's a general rule to follow when you or someone else owns a large amount of assets, whether in Bitcoin or other assets don't publicize your holdings. Crime exists because of the opportunity. In other words, as long as person B doesn't flaunt their Bitcoin holdings, they won't be threatened. And most cases, like the one in France where a Bitcoin holder was kidnapped due to frequently flaunting their assets.
If you know that Blockchain works publicly, and by tracking transactions, the perpetrator can be continuously monitored by law enforcement until the thief cashes in fiat.

Your advice is right but it is about another risk type, not about centralized vs decentralized, censored vs non-censored, custodial vs non-custodial.

It's about another big risk of physical Bitcoin / cryptocurrency attacks which are very dangerous and even costs your life. Attacks are very diversifying from kidnaps to even murders so let's be humble in your life, stay privately about your wealth, investment portfolio and secure your privacy, then you will minimize risk of physical attacks.

Bitcoin physical attacks records.

[tsaroz]

The OP's claim is rather its safer to use Bank than use Bitcoin which too is not true.
Banks are not safe at all. We have seen many of them fall with bad consequences, the central bank or the government is somehow more safer than other banks but still they are not as safe as bitcoin as its a boarder less, central authority less value with the owner having full possession of it.
As of the use, Cash is more easier to find and steal or rob than bitcoin, you need to be reckless and bigmouth in order to get attention of bad people for holding bitcoin, if you don't expose yourself, its highly unlikely even a random robber you find would care to ask for your private keys.

[Kelvinid]

While I do love and am fascinated by the concept of bitcoin, I have one HUGE problem with bitcoin that nobody seems to talk about: If you hold bitcoin and a single person finds out about your wealth, you are at risk of losing everything.

If you show off your wealth, don’t be shocked when people start eyeing it. Therefore, keep a low profile. When nobody knows what you have, nobody cares to mess with your life.

For me, Bitcoin is one of the safest assets out there as long as we know how to protect it. But if we are too careless, it can all vanish in an instant.

People don’t talk much about it these days because it has already been argued several times before. So I assume that everyone already knows how to keep their wallet safe. In the end, it is not the hackers, it is our own actions that make our Bitcoin vulnerable.

[zaim7413]

I think your logic is too far off about Bitcoin vulnerability compared to the stock market or anything else. It is important to emphasize that the level of security depends on each individual. Have you ever studied the method Satoshi used to store Bitcoin?
I don't know the exact number of different wallet addresses Satoshi owned, but this method could have prevented significant losses from theft by certain individuals who had been targeting their targets for a long time because they already knew about the ownership of a certain amount of Bitcoin.

I never disputed your logic, as each individual has their own perspective on things. However, if Bitcoin security were lower than that of banks or other institutions, perhaps some large whales wouldn't dare hold large amounts of Bitcoin, and the same goes for some companies that have accumulated thousands of Bitcoins.

[Marvelockg]

If the entire world adopted Bitcoin and ditched fiat currency, the amount of robbings, hacks and killings would increase 100 times because it's so much easier for criminals to steal a man's life savings and get away with it.

The other side of this is also that if the person holding his bitcoin decides that no onw will ever know that he holds a certain amount of bitcoin, there is no way you can trace and find out that he is holding a certain amount of bitcoin. your logic might not be entirely false but then, same way you can point out issues that is associated with holding bitcoin is the same way any other bitcoin enthusiast can point out hundreds of ways you can also get robbed through the bank by the various porous means that is already available.

[hd49728]

The OP's claim is rather its safer to use Bank than use Bitcoin which too is not true.
Banks are not safe at all. We have seen many of them fall with bad consequences, the central bank or the government is somehow more safer than other banks but still they are not as safe as bitcoin as its a boarder less, central authority less value with the owner having full possession of it.
As of the use, Cash is more easier to find and steal or rob than bitcoin, you need to be reckless and bigmouth in order to get attention of bad people for holding bitcoin, if you don't expose yourself, its highly unlikely even a random robber you find would care to ask for your private keys.

If banks are safe to use especially for your fund control, people would have not looked for alternatives and fell in love with Bitcoin more and more since 2009. The success of Bitcoin and its unprecedented exponential adoption growth are strong evidence of people migration from banks to Bitcoin blockchain.

Reasons behind this migration are clear as Banks system, banks and bank transfers are unsafe for both their fiat currency fund and also bank transfer transactions which can be reverted by banks and police if they want.

Rather than argueing with bank enthusiasts, we simply need to dig dive into available records, reports and find answers by ourselves. Try to argue with bank enthusiasts does not lead to any agreement from them at the end.

Lastly, if bank system is good and available for everyone, around the world there is no existence of the underbanked and the unbanked. They are not respectfully served by bank system and they choose Bitcoin blockchain.

[m2017]

While I do love and am fascinated by the concept of bitcoin, I have one HUGE problem with bitcoin that nobody seems to talk about: If you hold bitcoin and a single person finds out about your wealth, you are at risk of losing everything.

This is the PRICE for financial independence and freedom. You expected a perfect financial instrument without any "side effects" - but that's not the case. Everything comes at a price. The price of owning bitcoin is the "ability to preserve and protect your assets".

If a gang wanted to steal Person A's money, they would have to kidnap the victim and then force him to sell his stocks. Then they would have to wait 2 whole business days for the funds to settle before withdrawing out of a brokerage account. Then once the funds hit the victim's chequing account they would only be able to send a limited amount of money before reaching a sending limit of like 3000-5000.

Don't forget to add taxes on the profits from selling your shares on the stock market. Robbers certainly won't like that.

The only way for a gang to steal a large amount of money would be if they forced the victim to walk into a PHYSICAL bank and request a big withdrawal which no gang would risk.

At this point, all the bank haters should be clapping their hands with joyful squeals and rejoicing that banks are in no hurry to give out not only their clients own money, but also your money to “potential robbers”.

Now if a gang wanted to steal person B's money it's a walk in the park. Once a gang gets in Person B's house, all they have to do is torture the victim until eventually the victim gives up his cold wallet and pin. Then all the gangs have to do is transfer the bitcoin to a different cold wallet and then boom in 30 minutes they have successfully stolen a mans life savings.

Raise this issue with the regulator and ask why, instead of ensuring the safety of their citizens and their finances, they are primarily concerned with receiving taxes on their investments, while they bear no investment risks at all (in the event of losses, the regulator will not compensate you for losses, but in the case of successful investments, they will not forget to remind you of the need to pay taxes).

If the entire world adopted Bitcoin and ditched fiat currency, the amount of robbings, hacks and killings would increase 100 times because it's so much easier for criminals to steal a man's life savings and get away with it.

This is NOT a problem with bitcoin, this is a problem with the LAW that doesn't protect you.

All it takes is one bitter ex wife, one greedy son to lose everything. Bitcoin is not safe in this regard.

This is NOT a problem coming from bitcoin, it is a problem of "one bitter ex wife, one greedy son".

[dunfida]

The OP's claim is rather its safer to use Bank than use Bitcoin which too is not true.
Banks are not safe at all. We have seen many of them fall with bad consequences, the central bank or the government is somehow more safer than other banks but still they are not as safe as bitcoin as its a boarder less, central authority less value with the owner having full possession of it.
As of the use, Cash is more easier to find and steal or rob than bitcoin, you need to be reckless and bigmouth in order to get attention of bad people for holding bitcoin, if you don't expose yourself, its highly unlikely even a random robber you find would care to ask for your private keys.

If banks are safe to use especially for your fund control, people would have not looked for alternatives and fell in love with Bitcoin more and more since 2009. The success of Bitcoin and its unprecedented exponential adoption growth are strong evidence of people migration from banks to Bitcoin blockchain.

Reasons behind this migration are clear as Banks system, banks and bank transfers are unsafe for both their fiat currency fund and also bank transfer transactions which can be reverted by banks and police if they want.

Rather than argueing with bank enthusiasts, we simply need to dig dive into available records, reports and find answers by ourselves. Try to argue with bank enthusiasts does not lead to any agreement from them at the end.

Lastly, if bank system is good and available for everyone, around the world there is no existence of the underbanked and the unbanked. They are not respectfully served by bank system and they choose Bitcoin blockchain.

Banks have always tried to present themselves as the safest option but when you look closer they’ve failed people more than once especially during economic crises when banks collapse or freeze withdrawals and customers lose access to their own money bitcoin doesn’t have that issue since it gives full control to the owner it’s borderless decentralized and resistant to censorship no one can just decide to take your funds or stop you from using them. The reason many shifted to bitcoin is not because it’s perfect but because it’s transparent and self controlled you don’t need permission to move your money across borders or worry about limits on how much you can send or withdraw banks rely on trust and middlemen while bitcoin relies on code and consensus that’s a huge difference.

You’re right about exposure too with bitcoin security depends on how careful you are keep your private keys safe and nobody can touch your funds but in a bank the moment there’s corruption system failure or even political tension your money can be frozen overnight. If traditional banking truly worked for everyone we wouldn’t have billions of people who still don’t have access to it bitcoin solved that gap by letting anyone with a phone and internet connection join the global financial system without discrimination the irony is that banks keep saying bitcoin is unsafe yet they’ve lost far more public trust over the years due to their own actions.

[Obim34]

~snip

What you've said is correct, but once you become a  target then it ends with them still taking from you, be it at an instant or within several days of waiting. A mans life is secured if investments are kept private, especially digital assets that are easily transferred.

I won't take your title to be correct, you made a good explanation but the title seems misleading.

Safety depends on who does the controlling, millions are stolen from banks, ransoms are still withdrawn from banks when a person is held. Bitcoin offers everyone to remain anonymous but people rather make their holdings public.

A reminder that we can have our portfolio in split rather than keeping everything in one wallet.

[Raflesia]

Okay what you're saying may sound reasonable but first when it comes to crime I don't think they would know we have a lot of assets if we didn't flaunt it. But in cases that are prevalent such as kidnapping or robbery for the purpose of stealing bitcoin it's only those who have already put themselves at risk by publicizing their possessions. And this situation is always the same when we start living our lives and showing off our bitcoin then the risk arises is exactly what has already happened many times.
Indirectly if we maintain our anonymity it will ultimately be a good thing.

Secondly regarding families it might also happen but what is the ratio among so many families? Will it happen to everyone? Clearly the ratio is much smaller than that. Although there is a possibility that it could happen the potential is certainly small and there might only be one family like that compared to dozens or hundreds of other families involved in Bitcoin.

[nakamura12]

It won't really happened since there's a saying that has been discussed in crypto space that people shouldn't put their assets in one place and there's also a lesson that has been always taught to people why it is important to follow it or do it which it can help yourself being safe. First is the people shouldn't flaunt their wealth publicly which there are examples of it already happened after flaunting wealth either you are a rich person or not. The saying don't put your eggs in one basket should help when someone found out you have crypto funds.

[The Cryptovator]

While I do love and am fascinated by the concept of bitcoin, I have one HUGE problem with bitcoin that nobody seems to talk about: If you hold bitcoin and a single person finds out about your wealth, you are at risk of losing everything.

This is by far the biggest flaw about bitcoin. One person knowing that you own large amounts of bitcoin is all that's needed to lose your life savings. In order to steal a persons stock market investments, it takes WEEKS and tons of in person verification making it virtually impossible and too risky for gangs to pursue. In order to steal a persons bitcoin it takes about 30 minutes.

If the entire world adopted Bitcoin and ditched fiat currency, the amount of robbings, hacks and killings would increase 100 times because it's so much easier for criminals to steal a man's life savings and get away with it.

All it takes is one bitter ex wife, one greedy son to lose everything. Bitcoin is not safe in this regard.

I can understand your concerns, but the question is, no one can trace your Bitcoin unless you share it with someone. If you are using crypto, it means you have to maintain your privacy; otherwise, you must have to face some issues, even if you aren't at risk of kidnapping. Except a highly trusted person shouldn't even know you are a crypto user, and you should never share about holding. If you are afraid about kidnapping still, it has been happening with Fiats. It's always risky when people know you are wealthy, whether you are a crypto user or not. So you have to maintain a standard and privacy.

For me, I often try to avoid discussing crypto with my friend circles. Only a few friends know I am a crypto user, and they don't know how much and where I am holding my crypto. Because I can't trust anyone, even my wife and family don't know how much crypto I have in my wallet. But I wrote my wallet credentials on personal notebooks and secured them in a safe place. Otherwise, in case I pass away, then my family won't find my assets. So finally I want to say, don't break your privacy at any cost.

[EFS]

Your concerns are valid, but once you've been robbed or physically threatened, it doesn't matter whether you own Bitcoin, Pokemon cards or any other valuable item. It's still robbery and that's a big crime.

As for the idea that banks are "safer", even withdrawing your own money often means waiting days. For larger amounts, you have to notify the bank in advance. The full control of your funds is in the bank's hands. If that's your preference and you feel safer that way, you can keep your money there. But if the bank collapses, which has happened many times before, or if an economic crisis hits and they limit withdrawals above a certain amount, then we can revisit the question of whether banks are really the safer option. Your money, your choice.

[Rockstarguy]

It is not just about to invest in Bitcoin,  their are a lot involve in bitcoin and if you cant meet up with it that means bitcoin is not for you. Bitcoin involved discipline and privacy. Investing in Bitcoin is a thing which you need to be private about, you dont need to let the world to know about it and it only takes discipline to be private in the things you do. Many people who are victims scam, kidnapped and other incidents in most cases all these happens as a result of one's mistakes.  Whst you dont tell people or let anyone to know about, know one will know, so I will say if you want to invest Bitcoin,  security and privacy is fully your responsibility and you need to take care of it the best that no one can come across and you will make much better profit .