Is your money safe in a bank or a bitcoin wallet.

[SuperBitMan]

We have been facing a lot of wallet attacks and just this year we have faced some major bitcoin wallet attacks which are as follows:
1. Coldcard hardware wallet vulnerability attack
2. Ill Bloom wallet attacks
3. FakeWallet malware attack
4. Trezor customer phishing incident attack

We have also faced some Nigeria bank attacks this year which are as follows:

1. Zenith bank attack, but no customer lost their money
2. Remita and Sterling Bank attack, but no customer lost their money

With this information stated above, where do you think your money is more safe.

This thread is created for genuine discussion.

[BIT-BENDER]

https://bitcointalk.org/index.php?topic=5596369.msg67223797#msg67223797 I would put this my link here because I believe this my comment on this thread and the thread itself inspired this your post.

For me I think if there is a complete account of attacks on cryptocurrency (Bitcoin especially) and that of the Bank for sure attacks on banks would be more. Regardless safety to me is relative and has many factors so it's not a direct yes and no or this or that answer.

[osasshem]

I don't think there can be an answer that will be directly made as yes or no to either of these two, wallets or banks. Banks faces more of robbery than hacks, and in Nigeria, I don't think there is much bank robbery, while that of the wallet hacks/attacks are done worldwide. These attacks/hacks done will barely a Nigerian be found on the list of names who carried out these attacks on wallet. That of banks, I will say it is possibly on checks with no intentions of taking customers funds, otherwise it will be exploited.

[SatoPrincess]

Exchanges and wallets have suffered hacks in the past, yet I feel more safer hodling my coins in a non-custodial open source wallet. For me, safety is just as important as control and access takes priority. The banks can restrict access to your own money whenever they ever like and that scares me.

[Charles-Tim]

I will prefer to have most of my money in bitcoin than having in bank.

The reason most people have their money in bitcoin is because they use it as investment or they use it to hedge against inflation and naira price declination.

All these wallet vulnerabilities are preventable.

[VivaMan]

None is safe at all because it's all risky expecially in Nigeria banking system. But I prefer bank in regards to Bitcoin, expecially if you are saving for long duration.
‎
‎A licensed bank dey provide safe financial guides for saving your funds through regulatory oversight,   if you deposit your money you don't need to dey fear for scam.
‎
‎While Bitcoin wallet
‎Dey also  save your money but e dey carry risks way be Price volatility, and irreplaceable loss of access. That is why I say bank is safer generally in savings and more suitable to understand for the common man.

[Shadiq]

With this information stated above, where do you think your money is more safe.

The security of Bitcoin depends on you, if your plan and steps are strong, the chances of losing your Bitcoin are very low. There are other aspects of security, the definition of security may differ depending on who is using Bitcoin for what purpose. But one negative aspect of Bitcoin is that once Bitcoin is lost, it cannot be recovered.

But even if your money is lost in the bank, it can be recovered. Basically, because of this recovery facility, we do not lose money even after bank fraud. Still, we are being harmed by such incidents, due to the increase in inflation by printing additional notes to cover up fraud, the value of your money is decreasing and you are being harmed in real life as well. Even in banks, there are doubts about security and privacy. It is difficult to give a direct answer to your question, because banks are safe for some and Bitcoin is safe for some.

[Cryptomultiplier]

With this information stated above, where do you think your money is more safe.

The security of Bitcoin depends on you, if your plan and steps are strong, the chances of losing your Bitcoin are very low. There are other aspects of security, the definition of security may differ depending on who is using Bitcoin for what purpose. But one negative aspect of Bitcoin is that once Bitcoin is lost, it cannot be recovered.

But even if your money is lost in the bank, it can be recovered. Basically, because of this recovery facility, we do not lose money even after bank fraud. Still, we are being harmed by such incidents, due to the increase in inflation by printing additional notes to cover up fraud, the value of your money is decreasing and you are being harmed in real life as well. Even in banks, there are doubts about security and privacy. It is difficult to give a direct answer to your question, because banks are safe for some and Bitcoin is safe for some.

One thing is that the whole citizens in this country don't know much about Bitcoin let alone how to keep it secure, so I would say if you know so much about Bitcoin, then please do save your funds in Bitcoin and if you know so little about it or don't at all, the bank still remains a viable option to save your funds.

As for me, I do both. I save some money in the bank and have some Bitcoin saved up because I still see importance in having both since I don't do much investing in this country where almost everyone you do business with is majorly after your money and not delivering quality.

So while funds in the bank remains for easy access and for collecting money for doing jobs locally, my Bitcoin wallet serves my own purpose of hedging against inflation, securing my future and for maybe across border transactions that a bank would charge me heavily for.
I see alternatives as a means to an end, not a hindrance to growth and prosperity.

[Tungbulu]

The question sounded almost like a rhetorical question, but just thinking about a bit more deeper would give you a more insight on how relevant giving the right answer to this question really is. Due to the recent recently hacks, some people are already questioning whether the crypto wallets are actually as safe as they claim to be or maybe it’s just another way to make people choose to use crypto. But the truth is that, when people face a crypto currency hack, especially when it’s a self custody wallet, it’s either they mistakenly leaked their phrases or their device was infected by malicious softwares and their security infiltrated, so the problem was actually the users and not the wallet.

This could also be the same for banks, but there are also several other more vulnerabilities that banks have that could cause them to get hacked, since the responsibility of the funds are not entirely the user’s, the carelessness of the bank operatives could potentially lead to a hack, and that makes a Bitcoin wallet a more reliable option.

[PremiumcryptoHub]

According to the information mentioned above it is safe to keep our money in bitcoins as banks may go bankrupt but on the other hand hoarding bitcoins will also protect investors from the risk of inflation and devaluation of naira. However, while investing in Bitcoins, we should be aware of where these Bitcoins can be stored safely as many CEX and DEX hacking are being seen these days.

Hardware wallets such as Cold Card and Ledger Wallet have also been hacked as currently Ledger users in Southeast Asia have reported their stolen assets amounting to over $86 million. So at this point, many people may be skeptical about whether custodial or non-custodial wallets are safe for holding Bitcoin or other crypto currencies.

So OP should add this Ledger hardware wallet hacking issue to your list and should add the issue of hacking centralized exchanges like Bitget.

• Ledger Users Reportedly Drained of Over $86 Million Across Several Blockchains
  
• Bitget Hack Timeline: How Its Own System Approved a $387 Million Theft
  

[Donk1]

Well to me it's simple it's all based on the individual. To me it's probably both, since everyone who makes use of wallets also has a bank. But since you're talking about which is more secure ,well one is securing both your present and your future, while the other is probably just gathering up, even if it will be worth less in the future.So perhaps what I'm trying to say is that banks protect us from our own mistakes that's if what happened to your account is related to them while Bitcoin, on the other hand, protects our money from both inflation and third parties. Whichever an individual chooses there will always be risk. So the issue is which of the risks is worth taking,best to say it's all about being responsible, that's all I guess.....

[Byebyebtc]

Your money is safe in the both, Regardless non will give you a 100% security, they could both suffer from hacks, physically theft and so on,

So in terms of storing money it's more about which one is more comfortable for an individual personaly, than which is safer. Non of them is totally safe.

[Nathrixxx]

where do you think your money is more safe.

That you are using a non-custodial wallet does not give you a 100% guarantee of safety; this is why we must learn how to ensure we know more about wallet security and how we can maintain privacy in cryptocurrency.

Using a centralized exchange is not a perfect choice, and I will not recommend it to anyone for storing your coins. Similarly, I will not vouch for any bank or advise someone to use a commercial Bank to hold their financial assets; everything is more of a benefit if we consider cryptocurrency, and Bitcoin to be precise, because you have full capacity to control everything that belongs to you regarding your financial assets.

[ZeroVinsonN]

Are you just trying to save money regardless of inflation or are you trying to store up value and also protect your wealth against inflation, depending on how you answer these questions then you can decide for yourself which one you prefer, I think it should also be noted that anyone that's saving their money in a wallet or an exchange (some people do it) should be holding it in as bitcoin, if you are just holding USDT then I will tell you plainly that you are wasting your time, inflation will probably hit the dollar more than it will hit the naira in the months and years to come.

But about safety, both are at risk and there is no point trying to place one above the other, I could store my funds in an open source wallet as bitcoin but then what if I want to get something from the local market around me, without any money in my regular bank I'm just wasting my time.

[Agbamoni]

My savings are kept in the bank, not in a Bitcoin wallet.

My investment is kept in a Bitcoin wallet. It's impossible to keep Bitcoin in a bank.

The question asked is if ill save my money in a bank or a Bitcoin wallet. From my initial explanation, I'll save my money in a bank.

[EL MOHA]

Your money is safe in the both, Regardless non will give you a 100% security, they could both suffer from hacks, physically theft and so on,

So in terms of storing money it's more about which one is more comfortable for an individual personaly, than which is safer. Non of them is totally safe.

I think one thing people need to understand is what is the major difference between crypto and banks, difference is self custody. While there is risk in both I do think that anyone choosing crypto to be precise bitcoin should be all about self custody and for me I will rather have my security for my investment in my hands.

Most people are scared of hacks but we all can agree that most people do pay less attention to their wallet security and it’s why we have most of this wallet drains.

Banks are still not better off too if not much worse in my opinion

[AYOBA]

That you are using a non-custodial wallet does not give you a 100% guarantee of safety; this is why we must learn how to ensure we know more about wallet security and how we can maintain privacy in cryptocurrency.

Using a centralized exchange is not a perfect choice, and I will not recommend it to anyone for storing your coins. Similarly, I will not vouch for any bank or advise someone to use a commercial Bank to hold their financial assets; everything is more of a benefit if we consider cryptocurrency, and Bitcoin to be precise, because you have full capacity to control everything that belongs to you regarding your financial assets.

This issues of hackers that is happen this days i think no any wallet is guaranteed. Because those hackers be on research every fucking day on how they can get access to other people’s wallets without much stress, i think this should be right time for those that it never be affected to take action on this hackers, if not if we over look them they can do more than they’ve done already.

Non-custodial really have a big advantage when we come to safe crypto or invest to hold for long periods of time, but now it has become something that will make a lots of people’s to be scared because of this hackers that are attacking wallets. Some people don’t have choice then using the centralized exchange, because hand already touch them in non-custodial wallets.

[Xackie]

Both of them work differently. But one thing I would like us to look at is that, what if something happens to your money, who can you report to among the two and who will likely refund your money back to you. Of course it's the bank, in terms accessibility and money related problems , you can just walk up the bank physically and make complaint. The people whose bitcoin wallet where hacked and funds got stolen , they have no body to complain to  in order for them to get their money back. That's why I said both of them works differently, if the question was about Exchange vs Wallet then we can all agree that it's wallet.  I am 90% sure that if my money get stolen in bank , there will surely be a compensation from them. Matter of fact I never heard of story where a bank is hacked , it's only about the cases of arm robbery

[Amphenomenon]

I don't think there can be an answer that will be directly made as yes or no to either of these two, wallets or banks. Banks faces more of robbery than hacks, and in Nigeria, I don't think there is much bank robbery, while that of the wallet hacks/attacks are done worldwide. These attacks/hacks done will barely a Nigerian be found on the list of names who carried out these attacks on wallet. That of banks, I will say it is possibly on checks with no intentions of taking customers funds, otherwise it will be exploited.

The risks of cyber attacks far exceeds physical attacks and this includes banks, on the internet we more attackers trying to find exploits, where as in a physical setting it is often based on regions and the number of robbery attacks are few because this is mote difficult to succeed and contains much stress, whereas tgey could earn more while being at home or in a unknown place.


While Op, listed some attacks banks have suffered in Nigeria, if I can recall correctly there are more numbers of bank success attacks by hackers than that of wallet.

[osasshem]

I don't think there can be an answer that will be directly made as yes or no to either of these two, wallets or banks. Banks faces more of robbery than hacks, and in Nigeria, I don't think there is much bank robbery, while that of the wallet hacks/attacks are done worldwide. These attacks/hacks done will barely a Nigerian be found on the list of names who carried out these attacks on wallet. That of banks, I will say it is possibly on checks with no intentions of taking customers funds, otherwise it will be exploited.

The risks of cyber attacks far exceeds physical attacks and this includes banks, on the internet we more attackers trying to find exploits, where as in a physical setting it is often based on regions and the number of robbery attacks are few because this is mote difficult to succeed and contains much stress, whereas tgey could earn more while being at home or in a unknown place.


While Op, listed some attacks banks have suffered in Nigeria, if I can recall correctly there are more numbers of bank success attacks by hackers than that of wallet.

I haven't heard much about bank hack attacks in Nigeria that much, neither is the physical criminal attacks that much. What I do often hear is the poor network services they render which is a trouble to our banking system. That which is popular is the wallet hacks around the crypto industry which is a cyber attack, and it is of high rate compared to the physical attacks in recent years.