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

[Obulis]

~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.

These seizure or confiscation of money in the bank has caused many a lot of bad luck if you may call it. Sometimes you won't be able to get your money in the bank due one reason or the other even impromptu maintenance and that can land someone to missed opportunities before talking about government seizure and confiscation that can even be the end of that bank and in weak countries that marks the end of every money owned by every customer in that bank. However, some governments or some countries also has limits to use of Bitcoin. Altogether, the security of both bank and Bitcoin wallet also have to do with you. Depending on your location, for me I will have all the money that I can have or have targeted to have in Bitcoin and have what I can have in the bank, then make sure that personal security is excellent to start with.

[Fiasem20]

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

Normally bank na centralized institution and any mistakes from their end go be as a result of their security wey no tight,now wetin give you that guarantee say the bank wey you dey save your hard earned money and dem face hack and the bank go con refund their customers wey the hackers reach steal their money dem fit sha refund affected customers but before dem refund their customers dem dey first carryout thorough investigation if truly say those affected customers dem been get money for their account.But for the case of the wallet,if the security breach dey come from the company e no really dey possible say the company go compensate their customers for their lost coins except na the self custody decide to compensate their customers since the mistake dey come from their own end.Anyhow sha both bank and wallet get their own different way wey dem dey take address matters like this.

[icebar]

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

Normally bank na centralized institution and any mistakes from their end go be as a result of their security wey no tight,now wetin give you that guarantee say the bank wey you dey save your hard earned money and dem face hack and the bank go con refund their customers wey the hackers reach steal their money dem fit sha refund affected customers but before dem refund their customers dem dey first carryout thorough investigation if truly say those affected customers dem been get money for their account.But for the case of the wallet,if the security breach dey come from the company e no really dey possible say the company go compensate their customers for their lost coins except na the self custody decide to compensate their customers since the mistake dey come from their own end.Anyhow sha both bank and wallet get their own different way wey dem dey take address matters like this.

I agree with you a lot, but I see some things a little differently. It doesn't seem right to say that if there is a security problem in a bank, it is because of their weak system. Because many times, money can be stolen due to customer carelessness or fraud. Whether the customer will get the money back if money is stolen from a bank depends on the investigation of the incident and the laws of the relevant country.

In the case of a self-custody wallet, the responsibility for the security of your Bitcoin lies primarily with you. Because here no company controls your private key, there is no guarantee of compensation if your Bitcoin is lost. However, in the case of a custodial wallet, the matter is different, there may be some liability of the service provider. In my opinion, whether it is a bank or a Bitcoin wallet, you should store your money after understanding how much security there is and how much responsibility you have.

[Berry2d]

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.

It is at banks detriment if their banks are rubbed and not the business of the customers,  so we should not consider this as a justifying reason.  The only aspect you will look at is if scammers gains access to once personal information and the saved capital stolen on the process that is the only risk we should be talking about while saving in the bank.
As for assurance of keeping the money save banks can do that but the only disadvantage is the  non significant interest that comes in after investment while Bitcoin can increase once invested capital if the price of bitcoin keeps increasing.
If we are talking about saving money, I think banks appears to be the best option but if its for investment I know bitcoin is the best because of its possibility of transforming lifes into good.

[Chinesebaby]

Normally bank na centralized institution and any mistakes from their end go be as a result of their security wey no tight,now wetin give you that guarantee say the bank wey you dey save your hard earned money and dem face hack and the bank go con refund their customers wey the hackers reach steal their money dem fit sha refund affected customers but before dem refund their customers dem dey first carryout thorough investigation if truly say those affected customers dem been get money for their account.But for the case of the wallet,if the security breach dey come from the company e no really dey possible say the company go compensate their customers for their lost coins except na the self custody decide to compensate their customers since the mistake dey come from their own end.Anyhow sha both bank and wallet get their own different way wey dem dey take address matters like this.

That area of ability to refund after a hack na one area wey bank take get advantage over Bitcoin. And also with the area whereby even your next of kin fit access your money even after your death na advantages wey bank get over bitcoin. But apart from those areas, if we are to talk about personal security and control over your assets, that's where Bitcoin comes into play. Because with a money in the bank, governmemt can just decide to block your account at anytime if you are alleged to have commited a crime and you can't do anything, whereby had it been it were in Bitcoin, you would have had ultimate control over what happens to your asset.

[Youngrebel]

That area of ability to refund after a hack na one area wey bank take get advantage over Bitcoin. And also with the area whereby even your next of kin fit access your money even after your death na advantages wey bank get over bitcoin. But apart from those areas, if we are to talk about personal security and control over your assets, that's where Bitcoin comes into play. Because with a money in the bank, governmemt can just decide to block your account at anytime if you are alleged to have commited a crime and you can't do anything, whereby had it been it were in Bitcoin, you would have had ultimate control over what happens to your asset.

Na true talk you talk mostly the part where after death you next of kin go get access to your funds and thats why e get who you suppose thrust for family or one Pekin wey you suppose thrust of Na bitcoin you dey deal with that person wey you suppose let know say see why your assert them dey when you don go at least e better paa say you come leave am die for wallet no body come get access to am tho am not saying those who deal in btc will die early or might die early all am saying is we need to be prepared for the worse just the same way you are always trying to protect your bitcoin assert make sure you don’t leave it as a waste because death is a promise and no man on earth can excape and the most painful part is it comes unexpectedly.

[Powerjumboo]

I don't have any money in the bank, I keep what I have in Bitcoin and I think it is much more reasonable to keep money in Bitcoin than in the bank, although there are risks in both cases. Now if we are afraid of investing in Bitcoin and keeping money in the bank because of this risk, then it won't work, we have to take the risk, we have to take the risk and move forward. Moreover, I am not afraid to keep money in Bitcoin because I have ensured the maximum security of my wallet.

[Emjay24]

~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.

Interestingly, EFCC has obtained the permit to freeze any suspected funds on the move for 72 hours of which they will initiate investigations to ensure it is not linked to crime proceeds, so every huge funds moving around within the Nigerian banking system is a target. We know a lot about the false positives of the investigations, if they decide not to return the funds to you, they can confiscate it on claims that are non-existent. Bitcoin is always better to hold larger volumes of fund since you can move your money around and spend it without permission.

[Abu-Naim]

I don't have any money in the bank, I keep what I have in Bitcoin and I think it is much more reasonable to keep money in Bitcoin than in the bank, although there are risks in both cases. Now if we are afraid of investing in Bitcoin and keeping money in the bank because of this risk, then it won't work, we have to take the risk, we have to take the risk and move forward. Moreover, I am not afraid to keep money in Bitcoin because I have ensured the maximum security of my wallet.

With the listed hacks, there should be panic among people who hold crypto since big and reputable crypto wallets were hacked, and people who use banks to save their money. But we can’t just go to a place we are not safe just because of these attacks, we still need to remember how good these wallets are not just how they were attacked.

Banks are here, they are actually very safe because the government is in control of everything and they will hardly go without paying their customers in case they get problem or they were hacked. But for crypto, you are on your own since the government didn’t legalize it, you will take the responsibility yourself if any of the wallet you are using got hacked. 
However we need to take our privacy into consideration, we can’t just give other the control over our assets, we need to take the responsibility still. If you have money to keep for long, bank is not for you because fiat will lose value, then it is good to buy Bitcoin and use a simple non-custodial wallet to hold your Bitcoin keep your seed phrase safe and make sure you download the wallet from their official website.

[Achalugo BTC]

I don't have any money in the bank, I keep what I have in Bitcoin and I think it is much more reasonable to keep money in Bitcoin than in the bank, although there are risks in both cases. Now if we are afraid of investing in Bitcoin and keeping money in the bank because of this risk, then it won't work, we have to take the risk, we have to take the risk and move forward. Moreover, I am not afraid to keep money in Bitcoin because I have ensured the maximum security of my wallet.

It is not a bad idea to store their money in Bitcoin, because not everyone is comfortable doing so. I think it is important to keep in both places, which you can decide to store more in Bitcoin and less in banks, because there may be situations when you the money in your bank account. However, people has their own different views on this, but it is important for one to weigh both the risks and benefits, so that they can make right decisions that will be helpful in the future.

[PremiumcryptoHub]

I don't have any money in the bank, I keep what I have in Bitcoin and I think it is much more reasonable to keep money in Bitcoin than in the bank, although there are risks in both cases. Now if we are afraid of investing in Bitcoin and keeping money in the bank because of this risk, then it won't work, we have to take the risk, we have to take the risk and move forward. Moreover, I am not afraid to keep money in Bitcoin because I have ensured the maximum security of my wallet.

Literally it is correct due to the hacking incident in crypto, it is natural for investors to panic as we have already come to know that big and reputable wallets (Such as ledger hardware wallets,and coldcards) have been hacked and millions of dollars of crypto assets have gone into the hands of hackers. Even those who keep money in the bank should be afraid because the bank may go bankrupt but the key here is to diversify as we should keep most of our earnings in bitcoins and some in the bank as well.

Another important point is that everyone should do their own research when investing in Bitcoins as you will be responsible if any wallet you use is hacked so use hardware wallets to keep your Bitcoin holdings safe and you should purchase those hardware wallets from their own websites and then store your Bitcoins there.

[Derekfunds]

It is not a bad idea to store their money in Bitcoin, because not everyone is comfortable doing so. I think it is important to keep in both places, which you can decide to store more in Bitcoin and less in banks, because there may be situations when you the money in your bank account. However, people has their own different views on this, but it is important for one to weigh both the risks and benefits, so that they can make right decisions that will be helpful in the future.

In as much as we don't really know how long Bitcoin is going to stay, yet I still consider it the safest place to store our money and again if we can not save in Bitcoin because of it's volatility, we can look for any stable coin and store our money on it instead of keeping it in bank because money stored in the bank has some rules and some factors, sometimes we can see bank maintenance, restrictions due to some certain transactions etc but in wallet you are free to move your asset at anytime.

[fredericktaylor]

I don't have any money in the bank, I keep what I have in Bitcoin and I think it is much more reasonable to keep money in Bitcoin than in the bank, although there are risks in both cases. Now if we are afraid of investing in Bitcoin and keeping money in the bank because of this risk, then it won't work, we have to take the risk, we have to take the risk and move forward. Moreover, I am not afraid to keep money in Bitcoin because I have ensured the maximum security of my wallet.

It is not a bad idea to store their money in Bitcoin, because not everyone is comfortable doing so. I think it is important to keep in both places, which you can decide to store more in Bitcoin and less in banks, because there may be situations when you the money in your bank account. However, people has their own different views on this, but it is important for one to weigh both the risks and benefits, so that they can make right decisions that will be helpful in the future.

From my point of view, I will never invest all my earned money in one place because investing in one place increases the risk of losing money to a great extent. I will invest in Bitcoin according to my specific plan and goals and keep it for a long time and keep some money in the bank for my needs. Risk is present in everything, so when we take risks consciously, it will not have a big impact. Investing in Bitcoin alone is not enough, of course, it is very important for every investor to maximum awareness to ensure the security of the wallet to keep Bitcoin under your control for a long time.

[B-BossMan]

I don't have any money in the bank, I keep what I have in Bitcoin and I think it is much more reasonable to keep money in Bitcoin than in the bank, although there are risks in both cases. Now if we are afraid of investing in Bitcoin and keeping money in the bank because of this risk, then it won't work, we have to take the risk, we have to take the risk and move forward. Moreover, I am not afraid to keep money in Bitcoin because I have ensured the maximum security of my wallet.

It is not a bad idea to store their money in Bitcoin, because not everyone is comfortable doing so. I think it is important to keep in both places, which you can decide to store more in Bitcoin and less in banks, because there may be situations when you the money in your bank account. However, people has their own different views on this, but it is important for one to weigh both the risks and benefits, so that they can make right decisions that will be helpful in the future.

That's my point also, saving money or storing money in Bitcoin is not really bad, we are individual differences and each of us has thier own choices and decisions towards thier financial planning, I can decide to save my funds in bitcoin without any issues, then save some part of the money in Banks for other bills. In my own opinion, I like the ideas of putting money into bitcoin and hold for years if there's proper understanding of how volatile the bitcoin is, than storing it in Fiat currencies, because Fiat currencies loses value, the thing is just to understand the risks in both currencies, but the two savings are not bad at all irrespective of everyone's choices.

[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
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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.

Yeah, it’s about which one offers better protection and recovery when something goes wrong, and the best that offers this are banks.
We have only few banks hack and they have never stolen customers money this year, but we have a lot of bitcoin exchange and wallet hacks, just this year we have witnessed huge amount of hack in exchange and wallet.
When it comes to recovery when something goes wrong, banks are the best, money can’t just disappear from your bank account without the bank accounting for it and you can take legal action on them and they will compensate you but you can’t easily get that in wallet or exchange.

[MorganaX]

I don't have any money in the bank, I keep what I have in Bitcoin and I think it is much more reasonable to keep money in Bitcoin than in the bank, although there are risks in both cases. Now if we are afraid of investing in Bitcoin and keeping money in the bank because of this risk, then it won't work, we have to take the risk, we have to take the risk and move forward. Moreover, I am not afraid to keep money in Bitcoin because I have ensured the maximum security of my wallet.

It is not a bad idea to store their money in Bitcoin, because not everyone is comfortable doing so. I think it is important to keep in both places, which you can decide to store more in Bitcoin and less in banks, because there may be situations when you the money in your bank account. However, people has their own different views on this, but it is important for one to weigh both the risks and benefits, so that they can make right decisions that will be helpful in the future.

The thing is that fiat is still very much in use on our every day expenses and even to handle situations that we don't plan on so I think dividing the funds and keeping some in Bitcoin and then fiat is a good idea, in terms of security breaches, there is always a risk on both sides, and I believe some of the events are beyond our control although most times the knowledge we have on both methods will go along way on trying to keep the asset safe.