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

[MisFoxie]

Technically both banks and Bitcoin have a very high level of security but in my opinion keeping fund in Bitcoin is much safer than keeping money in a bank because banks are centralized and many unwanted incidents can happen there which can lead to permanent fund loss.

Even though users may not face problems if something like hacking happens there is still a chance of losing funds for many other reasons such as bankruptcy.

But with Bitcoin if you can keep wallet secure, all these problems are solved. There is no worry about being controlled by someone else but once someone manages to take your funds, it is no longer possible to get them back so security practice are necessary.

[Davidvictorson]

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.

In my estimation, it is not where I think my money will be safe, but how I can ensure that my money is safe. One of the questions to ask is that how frequent are these attacks but let me go to the main thing. How do I make my money safe? There are more than one options other than the bank and bitcoin. I could hold my money into an asset. I could invest my money in agricultural or bonds and securities or in the stock exchange market. These are some of the ways that I can make my money safe. So the issue of safety, even though it’s not directly in our control, but we can do the best that we can to ensure that we are not victims.

[Samlucky O]

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

Well if we go by the information provided by you on this thread, it is obvious that no where is totally safe because hackers are not sleeping, they are working tiredlessly just to find way to hack people's account both in crypto and Fiat or bank But however keeping your fund in Bitcoin will be a better option than bank expecialy using a non custodial wallet. One thing I know for sure is that non custodial wallet guarantee more privacy and security than Bank. In a non custodial wallet only you is allowed to know your seed and without compromise or clicking a phishing link and connecting it to online wallet, it will be hard to hack. Just that majority of hacks in crypto is caused by the wallet operators. So in summary I prefer to save in Bitcoin than bank. If not for any reason, atleast for the fact that it increase in value due to volatility and it also help in terms of inflation to recover lost value of fiat.

[Ever-young]

Most of the crises that bank users face ain’t even in records so what you have there is just what they can gather with evidences.

While we store our asset in wallets i still believe most of us here utilize fiat for daily expenditures. So even without the history of hacks you provided, I believe we have tested of both and have even made our decisions.

Is anyone totally safe and free from hack? No but one is definitely safer than the other, though answers will vary, because it’s all dependent on the experience we’ve had with them.
Personally my money is safer in the wallet than the bank.
While the bank has custody over your money, they don’t even take up the responsibility of protecting it, everyday the bank is crowded and it has become a normal routine, i.e daily complain arise in the banking system, yet they have just two in records.

The moment you hear sorry about that in the bank, at that point you’re finished. The life itself is risk taking and i need to have my risks calculated. I cannot risk choosing the bank over my wallet when it comes to storing assets, with the recent wallet security bridge I can only say I will be more cautious and play safe than before, The bank will always remain the medium for daily expenditures.

[Princess Leah]

 Bitcoin remains the safest place to store money, the network has never been hacked, just exchanges and some hardware wallets moreover there are other better alternatives apart from those ones that's been drained that you mentioned, lately new wallets that's said to be secured against future quantum threats and hack are being developed and in future people would have to move their coin to those wallets if they're tested and trust against current hacks and future quantum threats.

 Moreover storing with Bitcoin gives more value to your money over the years if stored in a secured wallet, compared to storing with bank. So I'll prefer Bitcoin over banks.

[TeeTeen]

I always think that my money is safe in my own custody, my money is safe in my wallet. If I keep money in the bank, when I go to withdraw money from them, I have to pay various fees to get my own money. I have to waste unnecessary time in the line. Again, on weekends, I cannot get my money even if I want to. When I need it, I have to be deprived of my own money. So I think it is better to keep it in the wallet of the bank. I can withdraw my money from here at any time and spend it on necessary things. It is very convenient for me. I get all the facilities from which the bank deprives me in my wallet.

[Silikiem]

Ideally, they both offer some levels of security but if you look at it in the aspect of which of them is more likely to get attacked or penetrate I think is the traditional bank. The reason why is because in the traditional banking system, someone else like your bank manager already have all your details, even your BVN, NIN, And almost every of your banking information are with them and they can get access to your account if they want to. Those of them working in the bank know how much is in most people’s bank account without you telling them, all they need is just to enter your banking details in their system and everything opens up. But bitcoin is not like that, you’re the one controlling your funds privately, no one monitors how your funds are being spent or transferred. The only time someone can get access to your wallet is when you lose guard your seed phrase.

[Obim34]

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

This thread is created for genuine discussion.

I use both bank and Bitcoin wallet, genuinely, I will stay in between.

I use banks for emergency savings, Bitcoin wallets are for holding Bitcoin investments.

Banks will replace your money if a security breach occurs from their end, unlike with non-custodial wallets.

[Richbased]

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.

You don talk am finish, how person sef go even compare money wey dey their own custody and the one wey no dey their custody. Self custody is the way make we no dey distracted by these too many hacks wey don happen recently.

Most of the time, all these crypto hacks and theft wey we dey hear na just mistakes na cause am but no be really say crypto wallets they vulnerable. Keeping money for bank comes with its own risk too because a criminal can be monitoring your activity.

[Swift_tr]

It all depends on your purpose of usage but I'll prefer keeping my money in a non-custodial wallet than a bank. I'm not saying banks are bad for storing money but it's just my preference.
 The fact that banks can deny you access to your money whenever they like is just a red flag but in the case of bitcoin wallets you have access to your money whenever and sending doesn't come with limitations if you're holding in a non-custodial wallet. I don't think a bank account can even be used as a comparison, this doesn't mean banks don't have their own advantages like aiding you to buy your bitcoin.
The truth is that neither is entirely safe but the advantage is the control you can get on storing your bitcoin in a wallet and having your key phrases. Banks can have security breaches and people could lose their funds.

[Curious T]

Your money is safer with the bank if you're talking about the context of it getting stolen through hacks. Even if the banks get hacked and the hackers successfully steal the money, the customers' money will not be affected. So in this context, the banks are safer. The reason people use self custody is not because of security from hacks alone. There is no kind of security you will have to secure your bitcoin that the banks will not have better to secure customer's funds. Self custody gives you the opportunity to control your money by yourself. You don't need to tell anybody to give your money or fill any forms or wait for seven working days. You also don't need to worry about what a third party would be doing with your information. This doesn't mean self custody is not secure. Except in a few cases where there is a software exploit, as long as your wallet is safe, your funds won't be stolen.

[DPHOR]

When you are talking about safety both of them are safe but I depends on how smart you could be in securing your personal information such as;
-ATM Card Pin
-Seedphrase
-Private keys.
Anyone who understand how to save their information should be able to know that revealing their information could leads to hack or lost of funds.

[Livingleged]

Well if we go by the information provided by you on this thread, it is obvious that no where is totally safe because hackers are not sleeping, they are working tiredlessly just to find way to hack people's account both in crypto and Fiat or bank But however keeping your fund in Bitcoin will be a better option than bank expecialy using a non custodial wallet. One thing I know for sure is that non custodial wallet guarantee more privacy and security than Bank. In a non custodial wallet only you is allowed to know your seed and without compromise or clicking a phishing link and connecting it to online wallet, it will be hard to hack. Just that majority of hacks in crypto is caused by the wallet operators. So in summary I prefer to save in Bitcoin than bank. If not for any reason, atleast for the fact that it increase in value due to volatility and it also help in terms of inflation to recover lost value of fiat.

This is true, scammers are everywhere and trying to exploit every single opportunity possible, and nowhere is totally safe be it crypto  or fait. I think that is something we have to just deal with, but I think the exposure of our fund can be protected to some degree if we are going by the right way. No matter how much  attack will be on bitcoin, it will still be the safest zone to keep liquidity. What is just needed right now it just that users should learn more about all this vulnerability and the type of wallets they are using. Even though sometimes the loop holes doesn’t come from the users themselves but rather the company of providing those wallet.

[Majestic-milf]

 Omo, e don come dey hard to make a distinction, make I no lie and these hacks wey we experience in the crypto space of recent come make am look as if those who say nah traditional banking system dey more preferable make the right choice.
If your money loss for wallet, if you no detect am quick, that funds don go but at least hope dey for the banks, as long as you detect am in time sha. Either way, banks no fit provide privacy while conducting transactions so nah still the wallets I go prefer to hold my funds. Bitcoin no promise say e go dey without issues so e dey up to the individual to play him part by being careful on how him store him password and all that.

[Cossyblack]

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

.

This is a good question and a logical one at that because both cryptocurrency and the bank are secure platforms we use for protecting our money. But one is more secure than the other.  In my view, Bitcoin is more secure than the bank,do you know why? It is because bitcoin has never been hacked before and cannot be hack but on the other hand, we have heard of several successful attempts by scammers targeting the Banks, but have we also heard the same of bitcoin? I think the only way our bitcoin can be stolen is if our wallet is hack without that, your bitcoin can't be stolen. If people are able to hide their non custodial wallets seedphrases in a secure place or not share it with another person then their bitcoin would be safe.

[Felicity_Tide]

Is your money safe in a bank or a bitcoin wallet.
~snip
With this information stated above, where do you think your money is more safe.

Well, afaik, financial safety is not something that can be 100% guaranteed considering the fact that you're either making use of a third party_(banks), or using a wallet built by someone else, even if it's a non-custodial wallet. But I personally feel that a few Bitcoin wallets are safer options than banks, not because I'm 100% certain, but because that's just my preferred choice. I'm not a fan of multipurpose wallets, which is why I specifically mentioned a "few Bitcoin wallets". And in addition to security, nothing beats owning and managing your own Bitcoin wallet_{(self custody)}.

[Pi-network314159]

Well if I should chose then it's should definitely bw crypto instead of bank. Over the years I have watched both carefully and see the gap differences. Both may be exposed to risk of hack but crypto security is more safer and secure. Apart from that the price is not static, this means as you are holding in crypto the chances of your fund to increase in value while holding is possible, that's if you are holding Bitcoin. But holding fiat in bank, will result to value depreciation over time. This is why I chose Bitcoin over bank.
 

[Emjay24]

What you describe as safety of funds can be subjective, funds safety isn't only about hack or theft, it's also about unnecessary seizures. EFFC alone has incorporated a policy to be able to freeze funds within a 72 hour window without prior court order to enable them ascertain if the funds are dirty or not and you know such seized funds are at their mercy and even though the funds are clean, they can claim otherwise and funds would be confiscated.

I feel that in banks there when you can be denied access to your funds, then it can still be considered unsafe and based on that I would recommend a non-custodial opensource wallet like Electrum, blue wallet or sparrow.

[SuperBitMan]

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

This thread is created for genuine discussion.

Banks will replace your money if a security breach occurs from their end, unlike with non-custodial wallets.

This is one of the reasons why some set of people will never safe their money in bitcoin wallet, and if you look at it they are correct, with the high level of hack happening I won’t blame anyone who refuse to invest in bitcoin because there money is not even safe.

Just imagine having all your life savings in a particular bitcoin wallet and you wake up one morning and realize that the wallet was hacked and all funds were stolen, you may lose hope and die out of shock because you no you can’t get your money back, but if you here such news about a Nigeria bank you will be scared but you have hope that you can at least get half of your money back if not all.

[AmaGold70]

The truth is that there is risk in both, keeping you money in the bank is not 100% save ,  because when money is kept in the bank, is no longer in your own control, and despite the attack on these banks was not successful, I have seen individuals that lost their money in the bank through fraudsters, and this same thing also goes to people who keep their money in Bitcoin or cryptocurrency wallet. It is true that many cryptocurrency wallets have been attacked, but then there are also those who have held their Bitcoin in their own wallet for many years, yet they have not been defrauded of their own cryptocurrency asset.