Who noticed that our traditional bank are more safer than an exchange?

[Silikiem]

As the title of this thread implies, who noticed that to keep our money in our traditional banks is even more secured than to keep it in an exchange?

With the way exchange is being hacked here and there it's a risk we should try to avoid because our crypto asset we stored in an exchange is not safe at all, and with what had happened in the past one year now is a testament of the fact that it's a risk we should avoid taking.

Storing our crypto asset in a self custodian wallet remains the best, because you are going to be in charge of your key, so your fate is basically in your hand. Though keep your money in fiat also have it own ups and downs, because inflation will gradually eat into your money but it's more safe than an exchange that are always a target to hackers, so what do you guys think about this?

Yes In terms of providing safety nets I think that traditional banks are more safer than centralized exchanges because if there’s a hack attack or an exchange goes bankrupt you’ll lose your money without knowing who to run to as they have no legal or government support backing. But in traditional banking system with a strong government support you still have where to run to for your money incase of any attack, they shoulder the responsibility. Saving in an exchange is like sharing your asset with someone else because you do not hold a direct ownership of your funds and that’s why a self custody is the best among all.

[Rockson1]

Banks are safer like you said OP, because we see them and will hold them responsible for our funds since, it's in their custody but who will you hold if you keep it in an exchange. It means that your coins are gone. Only treat exchange like a market place, after buying and selling move your coins to your noncustodial wallet for safety.

Self custody also comes with its own risk and don't forget to learn how to increase your wallet security because scammers are very desperate to steal your funds from anywhere.

Exchange has never been a good option to hodl Bitcoin, talking about the safety of fiat in the bank, it is more safer when compared to leaving Bitcoin in an exchange, I thought people has desist from doing that, to me exchange should be strictly for P2P or trading activities generally but as for hodling, they shouldn't make the list.

Of course there is nothing that is risk free, which is why we all need to make sure that we must be security conscious and be updated at all time, although shits can take us unaware, but we must do our part do secure our wallet to the best of our knowledge.

[Jubilee58]

As the title of this thread implies, who noticed that to keep our money in our traditional banks is even more secured than to keep it in an exchange?

With the way exchange is being hacked here and there it's a risk we should try to avoid because our crypto asset we stored in an exchange is not safe at all, and with what had happened in the past one year now is a testament of the fact that it's a risk we should avoid taking.

Storing our crypto asset in a self custodian wallet remains the best, because you are going to be in charge of your key, so your fate is basically in your hand. Though keep your money in fiat also have it own ups and downs, because inflation will gradually eat into your money but it's more safe than an exchange that are always a target to hackers, so what do you guys think about this?

The simple truth is that , the traditional bank, and cryptocurrency exchanges does not serve the same purpose, while the traditional bank is just meant to safe fiat currency, exchanges are meant for investment. For instance those who engage in cryptocurrency trading, it is more convenient for them to do that with exchanges, and not in the bank. However, keeping or storing your cryptocurrency wallet supercedes both keeping money in the bank, and using exchanges to store your cryptocurrency. Exchanges are susceptible to attack while , and when that happens, your cryptocurrency asset is at risk while in the bank, your fiat currency depreciate in value as it is affected by inflation, but wallet remains the best especially when your login details remains with you, and are intact. Your money grows in value, and beating inflation over time.

[TrialBitcoin]

As the title of this thread implies, who noticed that to keep our money in our traditional banks is even more secured than to keep it in an exchange?

With the way exchange is being hacked here and there it's a risk we should try to avoid because our crypto asset we stored in an exchange is not safe at all, and with what had happened in the past one year now is a testament of the fact that it's a risk we should avoid taking.

Storing our crypto asset in a self custodian wallet remains the best, because you are going to be in charge of your key, so your fate is basically in your hand. Though keep your money in fiat also have it own ups and downs, because inflation will gradually eat into your money but it's more safe than an exchange that are always a target to hackers, so what do you guys think about this?

I agree that keeping crypto on an exchange comes with a different level of risk because you don't control the private keys, and exchanges remain attractive targets for hackers. Recent incidents have shown that even established platforms are not completely immune.

However, I wouldn't say traditional banks are automatically safer in every sense. Bank deposits can be affected by inflation, account restrictions, fraud, or even banking-system failures. The key difference is that with a bank, there are usually established recovery and regulatory mechanisms, while with self-custody, losing your seed phrase or private key can mean losing access permanently. For me, the better approach is to keep only the amount needed for trading or transactions on an exchange and move long-term crypto holdings to a properly secured self-custody wallet. Security should always come before convenience.

[Mayor of ogba]

Exchange has never been a good place to hold your assets, so whether hack of centralized exchanges are on the rise or not no one should hold his or her assets on centralized exchange since it's not your key, not your coin, which implies you can lose your assets at any point in time. However, a centralized exchange and the bank perform this same task and they have the same vulnerability, so I don't think one is better than another. If not that we spend Naira in Nigeria I wouldn't have saved money in the bank because the rate at which my bank deduct money from my account is very scary and alarming, sometimes if I received the message of their deduction I always feel like I should just stop saving money in the bank.