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

[Obari]

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.

Very means have their challenges and why you think the crypto attacks seem successful was because a lot of users are responsible for their money unlike the bank that acts as a third party and also responsible for our money and always try to take security extreme.
I also don't like these discussions that seem like comparisons between the both institutions because at the end of the day, people already know what they want and I now understand better that, a lot of people love a totally different lives online while Ossetian different character in real world and that's why I don't alway want to engage in it.

People know what they want and no matter the arguments and debate about this two, people will always use the one that's important whenever the think of it.
I think the both of them which is bank and bitcoin works together to achieve a successful transaction.

[Sandra_hakeem]

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.

We have witnessed a massive inclination of the naira to dollar rate over the last 10 years and that's a bit discouraging to have a pile of naira notes in the bank. Eitherway, you need them for daily spendings but the majority of what's supposed to be an "investment fund" would be in crypto.

All these wallet vulnerabilities are preventable.

All of them are easily preventable. Most folks are just too lazy to authenticate their storages and blame anyone else but themselves when they fall a victim.

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

I think it's better to diversify and spread them out
 The Fiat system is fucked and there's little to nothing that can be done, but perhaps that can help cushion the effect of future hacks since all banks can't suffer the same fate at once.

[CryptopreneurBrainboss]

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.

I haven't read about non custodial wallets getting hacked when it wasn't as a mistake of the person incharge of the wallet faults but I have read about many exchanges, banks or centralized wallets hacks that the clients didn't participate in their funds being stolen. The difference between self custody and the centralized service is at least if your wallet gets hacked then it's yourself that you have to blame but that isn't what happens in the case of  the banks or CEX.

Everything can be hacked but you have more control when you're the one in charge of your money and then you can protect your assets in the best way that you can but this centralized services don't care and there isn't much they can do to stop all the hacks than allowing people to have back control over their own investments (asses).

For those choosing the banks over your own wallets that gives you control all because of the insurance, don't forget the banks can't insure above a certain amount and that's not even upto any reasonable percentage of your money (for the big bag owners).

[Marykeller]

I will choose to save my money in both. Despite knowing that no place is safe and secure these days without hackers trying to penetrate.

We can't live in fear each day, forgetting to do what we feel is right to do, to prepare for the rainy days.

I think I would love to save for emergencies(bank) and invest for the future(Bitcoin). Whatever that will be, let it be. Someone won't give up on risking their wealth because they find hackers hacking the financial system that holds people's wealth

[Orpichukwu]

To be honest this development they really put fear for person body we can’t tell for a fact which one be the safest right now, and the way the media go follow push the news go make the fear even worst, but watin I fit talk now be say this nah trial time for the crypto industry and we know even know which wallet go they affected next before we been they busy they blame cordcard say dem use low entropy generate seed way make am easy for hack, today own nah ledger another hardware wallet way dem they put the blame for the distributor, which one go be next tomorrow Abi make person leave hardware wallet first go full air gap, make you know say nah you know how you carry generate your key and how you also go carry protect am.

[Sim_card]

I prefer to keep my money in Bitcoin instead, of bank because Fiat depreciates in value overtime and I wouldn't allow all these hacks to affect my mentality that buying bitcoin isn't safe. In the past, we have seen people lost their money that they kept in the bank after they exposed a vital information about their ATM pin or received a phone call from scammer and direct them what to in order for the scammers to get access to their funds in the bank.

If you lost your sim card that you're used to register with your bank and someone sees that sim card, they can try their possible best to hack into your bank account with the information and messages from your bank on that sim card. As long as it's money be it Fiat or bitcoin, it's not safe any where because hackers are at work.

SuperBitMan, you should add ledger wallet recent hack to the OP.

[Female King]

Both are safe places to save money in Nigeria it's better to have most savings in bank than in bitcoin, having it in bank will be an easy access for you to get your money fast when there is an emergency, bitcoin is volatile even though we know it's a store of value doesn't mean we should have all our money saved in bitcoin we can't predict the future and we don't know what might happen next as it could either be good or bad if you have your money saved in bitcoin, good if the price of bitcoin should appreciate in value and bad if it depreciates in value.

[Hypnotizer]

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

This thread is created for genuine discussion.

If we genuinely want to talk about this then there’s no objective answer here imo. It depends totally on what you as a user decides what the definition of “safety” in your savings or investment means.

Banks have insurance, so even if they go through a very big hack or theft, you’ll still recover the money you save with them but we all know the downside of storing or saving money in a bank, inflation and whatnot.

Bitcoin however is an investment and it doesn’t have no insurance but it serves as a hedge against inflation for your savings in there and security wise, you can make your bitcoin wallet more secure with due diligence in self-custody.

There’s no 100% safety anywhere, so if you’d like your money insured against terrible things like this then you can choose to save in a custodian wallet or an Exhange or even a bank but if you believe in the sovereignty over your money and you’re able to Securely Self-Custody your assets then it is better.

[Yablee0]

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

For the past months now we have been having several incidents of hacks and attack that has been given us so much concern both in our local banks and also in the crypto space. So I don't think there is anywhere that's 100% safed.  

However, why I still prefer having most of my funds in Bitcoin especially in a self custodian wallet is because it gives me the full power to take charge of my funds. However, I know that attacks on our wallets can be very common nowadays, but regardless, 60-70% chances of being safed mostly when using a self custodian wallet still depends on us the sole owners of those wallet.

[Fiasem20]

These wallet hacks these days would put fear in the mind of those that have trust in securing their bitcoin in a wallet,the thing most people don’t know is that things are bound to happen and you can’t be too careful just pray you don’t get into such situations.I would say both bitcoin wallet and banks are safe they serve both purpose of securing our money but in a different way,the bank holds your money and you don’t have control over it while a wallet you have full control over your money in that case you’re your own bank so if any mess happens you don’t have anyone to hold accountable but in the bank whatever mess that happens to your money the bank and it’s workers would be held accountable for their incompetence.Lastly,since you’re your own bank in the crypto space you must secure your phrase like it mean alot to you because even the slightest mistake with your seed phrase would lead to a massive problem you never thought.

[hmbdofficial]

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

I agree with you but as we can see the situation now it’s becoming more alarming. Self custody isn’t completely safe too even if the wallet security is in our hand. If we look at the wallet that where all attacked recently they are all self custody, is it the coldcard, trezor, or their most recent ledger? All if this are self custody wallet that we have been told that our funds are safer on. At this moment I’m beginning to doubt if I should trust them as i usually do. I kind of know sometime the fault isn’t even from the user but the company that provides the self custody device. I think Creating one’s self custody wallet is just the best via an air gapped device.

[Su-asa]

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

From my perspective, we should be asking who controls your money. A bank and a Bitcoin wallet might have a 99% strong security system, but trust me when I say they might one day witness a cyber attack too; a bank might also have an insider threat as well.

Even though you are using a Bitcoin wallet (self-custody), you should also know that your crypto is not safe because carelessness can make you lose access to your Bitcoin.

What matters is how knowledgeable you are when it comes to securing your crypto or your Fiat currency, because with good knowledge, trust me you will know how to choose a better Fiat bank or a crypto wallet. Lastly, we shouldn't assume that because a bank or a crypto wallet hasn't experienced any cyber attack recently doesn't mean they are good; anything might happen at any time. So, with all that being said, I still prefer to keep my funds in Bitcoin because it feels safer than a fiat bank,, as there are more insider threats these days in the bank. The first security measure comes from the owner.

[Dareo]

I would say both bitcoin wallet and banks are safe they serve both purpose of securing our money but in a different way,the bank holds your money and you don’t have control over it while a wallet you have full control over your money in that case you’re your own bank so if any mess happens you don’t have anyone to hold accountable but in the bank whatever mess that happens to your money the bank and it’s workers would be held accountable for their incompetence.Lastly,since you’re your own bank in the crypto space you must secure your phrase like it mean alot to you because even the slightest mistake with your seed phrase would lead to a massive problem you never thought.

If there's a problem in the bank, it's the responsibility of the authorities, but there is no complete control of your money, if you try to withdraw a lot of money, you have to answer a lot questions. However, though being your own bank is an advantage of crypto wallets, you are also responsible for its security measures. For example  if somebody lazily saved their seed word in their cell phone gallery, or links to a reverse link without knowing, their cash will vanish. Therefore, if you aren't intimidated unnecessarily, you'll be able to write the seed phrase off-line on paper and not click on unfamiliar websites and your money in the wallet will be entirely secure.

[Futurexxx]

No matter how we see am or how we wan try to twist am, the truth be say our money is more safer in a self custodian wallet than the bank wey no be us wey dy in charge of the key.

 Though them dey hack crypto wallet self but if something like that happens, just know say na your own carelessness cause, you no go fit blame anybody. The only good thing wey I see about keeping money in the bank is that, even though them robb the bank, nothing concern you because the bank must provide your money for you when you need am, but even at that, I no too like am because government go use am monitor your finances well, if them want to.

[Derekfunds]

To me nowhere is 100 percent save because anytime can happen at anytime so we should just trust and pray to God that we never become victim of circumference because things are happening I mean things that people least expect and the reason we should pray is because even as these are happening there are people whose asset and money was not touched while others..., that is grace so we should never forget to pray it is very necessary that is if you belief in God. However, even though no where is 100 percent save I strongly believe wallets are more safer and preferable to exchanges and banks.

[IceLincoln]

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

For me; the best place my money can be is in my hands. I detest so much when I want to make use of my money but there’s one restriction or the other.
For this context of attacks; I think keeping money in banks is better because money kept in banks when attacked can be recovered but once your wallet/exchanges is attacked and money stolen…. Can rarely be recovered.
But since I can’t keep bitcoin in banks and exchanges aren’t as efficient in recovering stolen assets or repayments Using an open source non custodial wallet is best with an added security. Most of the errors that result to hacks can be prevented.

[knowngunman]

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.

For the purpose of genuine discussion indicated by Op, let be realistic.

Banks have suffered more attacks even before bitcoin came into existence. So they've suffered more attacks than bitcoin but that's not the purpose of this thread. We don't need to cut corners. The thread is about where your money is more safer and not which one has suffered more attacks than the other.

We should consider some things here. Both banks and bitcon can suffer attack but which one protect your money better when attack happens? Which one will refund you after the attack? Banks bear the loss whenever they are being attacked directly unless the issue is from your end otherwise your money will remain intact.

I know safety is relative but we can still compare directly. Your safety depends on you with Bitcoin. In bank, you rely on third party to keep you safe and they're doing that even thou we may not like the mode of their operation sometimes.

The attack on bitcoin should not get discourage by the way. It's lesson we are learning every day and each lesson is an opportunity for us to become more security conscious. Banks and bitcoin serves different purposes and we can not abandon one for another because of challenges facing them.

[CryptoHeadlineNews]

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

This thread is created for genuine discussion.

Since Banks are been controled by government and its regulating agencies, for me, i will say that our investments tend to be more safer in banks than in Bitcoin wallet. Simply because with the right document, any member of your family or next of kin can easily get a court order and be given access to your money when you are no more alive. And likewise its savings are been protected by the banks and its security measures to ensure you have access to your money from anywhere around the world. Unlike bitcoin whereby immediately you happen to lose the seed phrase of the Bitcoin wallet, you automatically have lost your bitcoin forever. Hence, when it comes to safety of our funds, banks is more safer. But when it comes to having control over it, and the one where you can make huge profits long term, Bitcoin is the answer.

[Amphenomenon]

-Snip-

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.

There was a time where news were trending about banks get hacks and thus was because they all happened around the same time and this included Remita.

After a brief research I can say it was around the earlier months of this year, here is a link and I could even find more:
https://www.linkedin.com/posts/deanogude_major-cybersecurity-breaches-just-hit-activity-7446190307144138752-RPaq

[devouring-DARKNESS]

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.

As is to be expected, a cyber attack doesn't directly put lives at risk and when you compare that to having to physically try to rob a  bank you will find that most will choose hacking (not that it is an easy skill) and that's why we see more of exchanges and wallets losing money to hackers than actual banks getting robbed plus even though we can track transactions on the Blockchain we can't just tell who's the owner of a particular wallet address, hack a bank and move the money out and you will find out that it is much easier to trace where that money is going to than it is with tracking crypto.