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

[igebotz]

We have been facing a lot of wallet attacks and just this year we have faced some major bitcoin wallet attacks which are as
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With this information stated above, where do you think your money is more safe.

It’s not about which system has never been attacked; it’s about which one offers better protection and recovery when something goes wrong. I prefer my main savings in bank still and some in Bitcoin that I’m comfortable managing and securing myself.

Our banks are fully insured and you're always going to get back your money no matter the circumstances make nobe whine you; Bitcoin gives us more financial freedom and help hedge against inflation but you still need a bank savings regardless.

[Jasmyne]

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.

Bank is not a place to keep money that is important to you I know that we can't do without our local banks 100 percent but the idea of keeping some huge amounts should be abolished because the moment you keep such money with them the managers will be the ones to notify different agencies to investigate you so that they can look for means to kill the person and steal his money. If you sav money in the bank you don't get paid for those that are conversant with savings account. Bitcoin wallet may be getting hacked lately but you can't compare your money that is saved in your hardware wallet that you decide what goes out and what comes in to our banks you don't have to compare because having a total control of your money is a flex.

[Obim34]

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.

Non-custodial wallets give us full custody, we pay the price for whatever happens. In a working system, banks should be able to trace and recover stolen money from a customer's account, also with the aid of the police. In all interventions, the affected person should be able to recover their money or get hold of the perpetrator.

That is why self-custody will always be an option, no need to put all life savings in Bitcoin, all who want can diversify. I'm not scared, but I do appreciate diversification of assets into separate markets, business, etc...

[ejikeme24]

Bank is not a place to keep money that is important to you I know that we can't do without our local banks 100 percent but the idea of keeping some huge amounts should be abolished because the moment you keep such money with them the managers will be the ones to notify different agencies to investigate you so that they can look for means to kill the person and steal his money. If you sav money in the bank you don't get paid for those that are conversant with savings account. Bitcoin wallet may be getting hacked lately but you can't compare your money that is saved in your hardware wallet that you decide what goes out and what comes in to our banks you don't have to compare because having a total control of your money is a flex.

What did you mean bank is not a place to keep money that is important to you? The last time I checked almost all the people that  chooses to save in the bank didn't have the intention to save because the money is a waste. It is only here that we prioritize saving in Bitcoin more than the bank but aside the forum here majority prefer saving in Bank more than Bitcoin because they feel that their money is much more safer when its been saved in the bank because there they can easily reach out to the bank when they are having challenges but the decentralized nature of Bitcoin makes it hard for people to feel safe when Their money is invested in bitcoin.

[Creeper0]

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

We need both. To live in a country, we must be connected to the banking system, and for fiat transactions, you have to rely on banks.

On the other hand, decentralized financial systems allow us freedom, privacy, and international transactions without any accountability. They even help you to take a stand against inflation.

You need to choose a service depending on what kind of benefits you want more. If you want to be connected to the recovery system and fiat savings, then keeping your savings in a bank may be a good decision for you. If you want to be self-custody or decentralized and take a stand against inflation, then you should keep more savings in Bitcoin. However, one thing to remember is that the banking system is not completely safe, many people lose money from bank savings due to hacking or fraud, and sometimes it becomes impossible to recover it.

[PremiumcryptoHub]

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.

I prefer to keep money in bitcoins as well as banks, but even if the bitcoin network is not hacked, various cryptocurrency exchanges and hardware wallets are being hacked these days. Also this year saw the hacking of Liquid Network's side chain and $320 million worth of Bitcoins from there causing scammers to steal our hard-earned Bitcoins in no time.

Look there are currently incidents of hacking of Ledger hardware wallets in Asia as well as Europe. Accordingly many may choose to store money in a bank, but the smart ones will store their bitcoins for years in a secure wallet and carefully store the private keys of that wallet.

[Jubilee58]

The bank, and your Bitcoin wallet are actually serving different purposes, the bank is where your money is kept for emergency use while money in a Bitcoin wallet is actually for investment. However, some level of risk is involved in keeping your money in the bank and as well as keeping your money in the Bitcoin wallet. Another thing is that before your bank account or your Bitcoin wallet will be attacked, their must be some release of your account information to the hackers before they can succeed, without any divulgance of account information it is very difficult for hackers to attack.
There are many who there Bitcoin wallet is very much secured both individuals, and even companies that hackers could not penetrate their account, maybe hackers must have tried but their security consciousness is very high.
Some people are the reason why their counts are being hacked, for Bitcoin, some investors are always connected to the Internet exposing their wallet to fraudsters, and the same thing happens in the bank too.

Several times fraudsters have called me on phone requesting for my account details, and pretending to be calling from my bank, but fortunately I did not yield to their deceit, and if I had given them my bank details, my account will definitely be emptied. However, some persons have also become their victim who are not conscious enough to know they are being deceived by scammers.

The security of your fund mostly lies in your hands, if you are conscious enough not to release your account information to a different person, your account will surely be safe.

[Princess Leah]

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I prefer to keep money in bitcoins as well as banks, but even if the bitcoin network is not hacked, various cryptocurrency exchanges and hardware wallets are being hacked these days. Also this year saw the hacking of Liquid Network's side chain and $320 million worth of Bitcoins from there causing scammers to steal our hard-earned Bitcoins in no time.

Look there are currently incidents of hacking of Ledger hardware wallets in Asia as well as Europe. Accordingly many may choose to store money in a bank, but the smart ones will store their bitcoins for years in a secure wallet and carefully store the private keys of that wallet.

Not a bad idea cause money meant for daily activities and necessities are stored in the bank, why money meant for long term should go to Bitcoin. It's true that various exchanges are hacked but is Bitcoin supposed to be stored in exchanges if you're using it for long term investment? So anyone who saves with exchanges have him/herself to blame if the exchange gets hacked, scam exit or restrict access.

 Also, ledger wasn't hacked, an authorized reseller company in southeast Asia planted spy ship in the device and had access to buyers seed phrase. Moreover people have been given an alternative option of using wallets that supports the use of passphrase for extra security so if you store with exchanges or use wallets that's closed source or doesn't support passphrase then you're at risk of losing your coin.

[Crypto_Timothy]

I think your money is safe in the bank and it's still safe in your wallets, no be today scams start, you get?
But one thing that needs to be taken seriously is how we access our money in these platforms and security, very important. Most of these attacks here, if not all are scams targeted at those with weak security or you know the less conscious about security. What I mean is, people who can click links from anywhere and if it tells them to input personal data, they simply just do it without trying to verify the link or even why it is asking for personal data, people like this are the target ms for most of these digital scams and I think alot of aware need to go into this but it will help bring attention to security.

Your money might be safe but how you access and when you even access it, all those are at risk and when accessing your funds, you must be careful and conscious, anything you don't understand, don't click and most certainly do not fill

[PremiumcryptoHub]

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I prefer to keep money in bitcoins as well as banks, but even if the bitcoin network is not hacked, various cryptocurrency exchanges and hardware wallets are being hacked these days. Also this year saw the hacking of Liquid Network's side chain and $320 million worth of Bitcoins from there causing scammers to steal our hard-earned Bitcoins in no time.

Look there are currently incidents of hacking of Ledger hardware wallets in Asia as well as Europe. Accordingly many may choose to store money in a bank, but the smart ones will store their bitcoins for years in a secure wallet and carefully store the private keys of that wallet.

Not a bad idea cause money meant for daily activities and necessities are stored in the bank, why money meant for long term should go to Bitcoin. It's true that various exchanges are hacked but is Bitcoin supposed to be stored in exchanges if you're using it for long term investment? So anyone who saves with exchanges have him/herself to blame if the exchange gets hacked, scam exit or restrict access.

Various exchanges have been hacked, but I didn't mention that long-term bitcoin holdings should be stored on exchanges, instead I mentioned that these exchanges and hardware wallets are hacked, leaving many new investors concerned about where to store their bitcoins, as a result they may be encouraged to foolishly deposit their money in the bank.

Also, ledger wasn't hacked, an authorized reseller company in southeast Asia planted spy ship in the device and had access to buyers seed phrase. Moreover people have been given an alternative option of using wallets that supports the use of passphrase for extra security so if you store with exchanges or use wallets that's closed source or doesn't support passphrase then you're at risk of losing your coin.

Do you mean to say that the Ledger Hardware Wallet device of South East Asian Cryptobilis Reseller Company that had an unauthorized malicious spy chip or hardware implant is not actually a Ledger Wallet?Note that those who purchased these devices from the Ledger Hardware official website have not been hacked yet, but those who purchased these devices from Asian and European resellers have also been affected. Another thing to note is that hardware wallets are safest to use passphrases for security, also in my opinion certain wallets on mobile or desktop apps support passphrases.

[Oyoyoma_yu]

In my own opinion, I think your money should be safer in your own hands than keeping it in the custody of another person. In many cases we see banks tempering with our money, charging us unnecessarily for the reason that your money is in their hands. When it comes to keeping your money in the cryptocurrency wallet, you are wholly responsible for the security of your money, all you have to do is to learn how to keep your fund very secured. There are top security measures that can guarantee the safety of your asset, and is totally in your own hands. Many times our Bitcoin account or wallet are being hacked because we fail to do the needful, we talk about our portfolio in public, and we expose our wallet to high risk by exposing it to the Internet on regular bases. If one is able to maintain good security measures, your Bitcoin investment will remain without being hacked.

[Obulis]

Actually there's no direct yes or no to this simple but completely complex question. But then Bitcoin remains an investment and so all I could afford to invest in Bitcoin I will have in Bitcoin, get more Bitcoin when there's the possibility and have consumable, offline investment and other funds as fiat in the bank. So far if compared right now, Bitcoin because of it's value will tend to trigger more interest of attackers but that not withstanding, whether bank or Bitcoin are not robbery attack (gun, knife etc) but digital.

[Beke_26]

I think that the answer is either yes or no. Because ordinary money is safer at the physical bank from total loss of access and instability but then it can be flooded by floodters , I had a case like that where my account was flooded and after the 21working days required by the bank to work on it, they told me that the fund wasn't trace able because the fund was moved from my account to an online bank and so it can't be traced. Bitcoin operates on a self-sovereignty where you have control over your money without some sort of access denier , that digital key that gives you direct ownership to your account is there but then, it can still get hacked. Which brings me to the part where I said, the answer is either yes or no.

[Bitcoin Maxi]

Actually there's no direct yes or no to this simple but completely complex question. But then Bitcoin remains an investment and so all I could afford to invest in Bitcoin I will have in Bitcoin, get more Bitcoin when there's the possibility and have consumable, offline investment and other funds as fiat in the bank. So far if compared right now, Bitcoin because of it's value will tend to trigger more interest of attackers but that not withstanding, whether bank or Bitcoin are not robbery attack (gun, knife etc) but digital.

Honestly nothing is safe in this world whether you are keeping your money in the bank or you are saving it in a crypto wallet.
We have been seeing so many stories of wallet hacks from exchanges, casinos and crypto wallets and it's not funny at all. You could save your money in a wallet and the wallet get hacked through loopholes you might not be aware about.

Let's dives to saving money in the bank. When you keep your money in the bank, you don't have full control of your money while the bank does. You may need certain amount on of money while the bank can tell you that you can not send such amount in a day.
There are limitations to using a bank and this must be enforced because the government is strict at tracking for money laundering to catch people that are into illegal money transactions.

[Mayor of ogba]

The people who store their bitcoin in self-custodian wallet are in control of their bitcoin and no one can move their bitcoin to another wallet unless they verify their wallet private key to someone else, so the hacks that made people lose their bitcoin in a self-custodian wallet is due to their carelessness of not protecting their wallet private key well enough, and it's not what should cause an alarm or raise a question if your money is safe in a bank or bitcoin wallet. With that being said, I will keep my money in bitcoin because as far as I didn't expose my wallet private key I won't lose my bitcoin to anyone.

[Mia Chloe]

~snip

The key word here is diversify. But at the same time you gotta do it smartly. Bitcoin is actually safer infact the only person that knows about your bitcoin is supposed to be you unless you give out the information. That aside the bank is pretty much the direct opposite.

The government can seize your funds and nothing will happen. The bank can confiscate your money under certain conditions and nothing too will happen. Centralization has a lot of risks but for decentralization the risks are the ones you create room for.

[abaeze]

Banks don't want to disclose all information about cyber attacks to their customers except for major attacks on their security systems to maintain their reputation. As a result, many may think that banks are safer in terms of cyber security, robbery but the matter is not that simple. They keep information about many attacks on banks secret and some incidents have been investigated and it has been revealed that the amount of money stolen or robbed was shown on paper several times more than the actual amount, which was later shared by some corrupt officials and employees.
 
On the other hand, in the case of Bitcoin, transaction information is publicly visible on the blockchain. Therefore, it is not reasonable to compare the security of banks and Bitcoin based on the number of published incidents alone. Rather, it should be considered which system is safer in terms of security and protection in the event of any attack.

Personally, I prefer to keep most of my assets in Bitcoin rather than in banks because it can be used as an investment assets and gives me the freedom to protect my assets from the risks of inflation and depreciation of the Naira.

[Dizciple]

Also, ledger wasn't hacked, an authorized reseller company in southeast Asia planted spy ship in the device and had access to buyers seed phrase. Moreover people have been given an alternative option of using wallets that supports the use of passphrase for extra security so if you store with exchanges or use wallets that's closed source or doesn't support passphrase then you're at risk of losing your coin.

It's not easy for wallets to be hacked but sometimes hackings do occur but it's very easy to hack banks everytime, Bitcoin wallets has extra protection that we can use to help secure our wallets but banks doesn't good extra protections because the extra protections has no defences against hackers because someone can steal your money from an inside job and you'll not be notified untill it's very late. There's many stories like this that someone account was emptied because the account was inactives for a long time and the bank workers though the owner of the account was dead. Bank protection aren't strong enough because they think that since they're centralized that nobody can steal money from their hand without them knowing but that's happening every time and people are getting away with stealing people money although there are some times that the hackers or scammers have been caught but it's still not guaranteed that you'll get your money back.

[EstherBtc]

This question is tricky but sensible.
Firstly, banks are centralized institutions and there are regulations governing them generally so in case of any security breach on their end they will bear the loss but you money is safe even when banks close down your money will still be given to you because the government regulates it. But when you expose your bank details to scammers and suffer personal loss due to your own negligence the bank most times cannot recover your money

Now for bitcoin, we have exchanges and different hardware wallet we can now see have been receiving attacks and security breach the people who bear the loss are the end users and their lost btc might not be recovered. However, you can also protect you btc by self custody without using exchanges and all that but you need to know how to protect it.
Satoshi made bitcoin to enable those who believed in decentralization, so these recent attacks should be an eye opener and we should be able to teach ourselves how to protect our btc

[Out of mind]

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.

Banks and Bitcoin wallets are safe to keep money in, but nowhere is it 100% safe. If you keep your Bitcoin wallet, it may be hacked, and if you keep it in a bank, sometimes the bank is robbed and the cash is taken away. Of course, if you keep money anywhere, there is a risk, so I think there is a risk in both places, more or less everywhere. However, people currently keep their money where it is more convenient, especially if you invest in Bitcoin compared to banks, it gives a lot of convenience.
If you invest in Bitcoin, it may face losses due to market instability, and when you keep money in a bank, then if you keep cash, there is a possibility of loss due to inflation. Bitcoin is not completely safe if you keep money and if you keep money in a bank, there is a risk in every place, everyone has to accept this.