Bank or Bitcoin Wallet? - page 36. | Bitcointalksearch.org

Zitudent

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Quote from: pandalion98 on September 12, 2016, 04:23:54 AM

Bottom line is that we need both for now since
1. Most people aren't into bitcoin yet. Most usually transact with a bank since it's familiar for them
2. Banks have features and guarantees that are not present in Bitcoin (e.g. tx reversal in case of error, insurance, etc.)

I like the deposit insurance of the banks. I do not own too much, so all my deposit will be insured. I hope the banks will adopt the bitcoin as well.

freedomgo

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Quote from: groll on September 12, 2016, 10:56:07 PM

Quote from: Doms on September 12, 2016, 09:41:41 PM

I think it is not a debate whether bitcoin or bank is better. I think it should be about how we can maximize what both can offer and use them to our advantage. It is fairly early to compare both since bitcoin has only been around for a few years while banks and other financial institutions have been around since time immemorial.

Wow so clever! Yes you are right we should not be comparing on which is better between bitcoin wallet or bank. They are different in some ways like bitcoin grows its value even when it only sits on the wallet while your money will not grow unless you put it inside a bank with interest. At the long run, your money on the bank will have its interest but due to taxes and inflation rate, your saved money will still like the same. On bitcoin wallet, it could be higher or lower when you keep your bitcoin there.

Therefore banks is only good for securing your money and bitcoin is strictly for investment, you cannot mix the two because they have their own strength, for now bitcoin is very risky but it promises us a good amount of money in the future if our investment will succeed.

B!tcoinL0ver

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bitcoin wallet for investment, and bank for daily usage

groll

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Quote from: Doms on September 12, 2016, 09:41:41 PM

I think it is not a debate whether bitcoin or bank is better. I think it should be about how we can maximize what both can offer and use them to our advantage. It is fairly early to compare both since bitcoin has only been around for a few years while banks and other financial institutions have been around since time immemorial.

Wow so clever! Yes you are right we should not be comparing on which is better between bitcoin wallet or bank. They are different in some ways like bitcoin grows its value even when it only sits on the wallet while your money will not grow unless you put it inside a bank with interest. At the long run, your money on the bank will have its interest but due to taxes and inflation rate, your saved money will still like the same. On bitcoin wallet, it could be higher or lower when you keep your bitcoin there.

mirakal

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Quote from: delliaerd on September 12, 2016, 09:49:15 PM

Quote from: dhampir-D on September 12, 2016, 02:56:23 PM

I think the bitcoin wallet is a very good option, despite the fact that it needs some improvements. You have to remember that the bank fees are still too high. And to use the banks there is the problem of centralization, which limits the control over your funds.

Yeah dude the bank fees are still too high rather than bitcoin wallet that only take under one dollar fees. Even monthly administration fees also feel too heavy if we only keep a little fiat on bank

The good thing is bitcoin has the same rate of fund transfer and it can be send with the average transaction time unlike banks that the fees will vary depending on international or domestic transfer, but it terms of security banks are more secured though therefore it only depends on individual on how to weight things over.

delliaerd

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Quote from: dhampir-D on September 12, 2016, 02:56:23 PM

I think the bitcoin wallet is a very good option, despite the fact that it needs some improvements. You have to remember that the bank fees are still too high. And to use the banks there is the problem of centralization, which limits the control over your funds.

Yeah dude the bank fees are still too high rather than bitcoin wallet that only take under one dollar fees. Even monthly administration fees also feel too heavy if we only keep a little fiat on bank

Doms

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I think it is not a debate whether bitcoin or bank is better. I think it should be about how we can maximize what both can offer and use them to our advantage. It is fairly early to compare both since bitcoin has only been around for a few years while banks and other financial institutions have been around since time immemorial.

livinglegend

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I believe that the safest option is the btc wallet, and it is relatively practical to use. Despite many people are not familiar with this, I believe that things can be different in the future.

PacePay

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Quote from: tygeade on September 12, 2016, 04:16:04 AM

Quote from: martinacar on September 12, 2016, 03:36:53 AM

I will choose bitcoin wallet above any bank cause with a hardware wallet it's like having money laying in my room instead of having it on the bank where it is at risk of anything really.
It feels much more safe to store bitcoin locally then to put money on a bank and leave it up to the bank.

What will you do if your bitcoin wallet gets hacked? Will you be able to recover those coins again? No, you won't so its better not to put all money in bitcoin as you never know what will happen tomorrow.

If someone will well secure their bitcoin wallet then it will not be easy for any person to hack their wallets, only those people face the hack of their bitcoin wallet who do not know that how to well secure their wallets, for me bitcoin is more secure.

StoreBit

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Quote from: mark coins on September 12, 2016, 04:30:30 AM

Quote from: pandalion98 on September 12, 2016, 04:23:54 AM

Bottom line is that we need both for now since
1. Most people aren't into bitcoin yet. Most usually transact with a bank since it's familiar for them
2. Banks have features and guarantees that are not present in Bitcoin (e.g. tx reversal in case of error, insurance, etc.)

Exactly, our money is safe in banks as even if our account gets hacked or is there any mistake from bank's side then they will help us in recovering our money, but if bitcoins are lost then they are gone forever.

banks are also responsible to pay return our money if the banks is robbed and if a wallet is hacked then we will not be paid for that because the government has no concern with bitcoin as it is not a legal currency.

dhampir-D

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I think the bitcoin wallet is a very good option, despite the fact that it needs some improvements. You have to remember that the bank fees are still too high. And to use the banks there is the problem of centralization, which limits the control over your funds.

pandalion98

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Quote from: MaritiJames3 on September 12, 2016, 09:14:50 AM

I'm still choosing the bank because the bank is just way better to be honest, its safer and has no risks at all, if you are investing into a wallet it can go wrong because of the fact that it stays a investment.
The bitcoin can go down and than you will lose money for sure.

While I agree that banks are better, "better" is just a subjective word.

For instance, I know a person that thinks bitcoin is better since transactions are fast and irreversible. I know another person that thinks the irreversibility of bitcoin is its weak point, hence making banks safer.
Basically, it depends on a person's use case. If you buy raw fish, it's better to use a plastic bag than a paper bag.

MaritiJames3

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I'm still choosing the bank because the bank is just way better to be honest, its safer and has no risks at all, if you are investing into a wallet it can go wrong because of the fact that it stays a investment.
The bitcoin can go down and than you will lose money for sure.

Osarman

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Quote from: tygeade on September 12, 2016, 04:16:04 AM

Quote from: martinacar on September 12, 2016, 03:36:53 AM

I will choose bitcoin wallet above any bank cause with a hardware wallet it's like having money laying in my room instead of having it on the bank where it is at risk of anything really.
It feels much more safe to store bitcoin locally then to put money on a bank and leave it up to the bank.

What will you do if your bitcoin wallet gets hacked? Will you be able to recover those coins again? No, you won't so its better not to put all money in bitcoin as you never know what will happen tomorrow.

No one know that what will happen tomorrow so anything can happen to any field then it do not mean that we spend a numb life. if we want the progress then we should have to take risks and have to test every field from where we can expect a success in the future. So we should have to invest in bitcoin and it is hope that we will get the success.

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Quote from: kidoseagle0312 on September 12, 2016, 04:54:45 AM

Quote from: addy boy on October 04, 2015, 12:05:29 PM

what you will chose amomg them.and why do the banks are afraid of bitcoin.why banks are not much smooth and faster like bitcoin.if banks start accepting bitcoin as payments then will it became a revolutionary for us?can bank can solve our mining or money curculation probems.

I would Rather to choose bitcoin wallet then a bank, it is because much safe and secured I'm the who handled and controlled it which means there is nothing to blame if there's something bad happen into my bitcoin but only me.

Yes with bitcoin wallet we have full control on our money and it serves as an personal bank to us which can be accessed 24/7 without involvement of any fees, so I will prefer to choose bitcoin wallet over the banks.

kidoseagle0312

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Quote from: addy boy on October 04, 2015, 12:05:29 PM

what you will chose amomg them.and why do the banks are afraid of bitcoin.why banks are not much smooth and faster like bitcoin.if banks start accepting bitcoin as payments then will it became a revolutionary for us?can bank can solve our mining or money curculation probems.

I would Rather to choose bitcoin wallet then a bank, it is because much safe and secured I'm the who handled and controlled it which means there is nothing to blame if there's something bad happen into my bitcoin but only me.

mark coins

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Quote from: pandalion98 on September 12, 2016, 04:23:54 AM

Bottom line is that we need both for now since
1. Most people aren't into bitcoin yet. Most usually transact with a bank since it's familiar for them
2. Banks have features and guarantees that are not present in Bitcoin (e.g. tx reversal in case of error, insurance, etc.)

Exactly, our money is safe in banks as even if our account gets hacked or is there any mistake from bank's side then they will help us in recovering our money, but if bitcoins are lost then they are gone forever.

pandalion98

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Bottom line is that we need both for now since
1. Most people aren't into bitcoin yet. Most usually transact with a bank since it's familiar for them
2. Banks have features and guarantees that are not present in Bitcoin (e.g. tx reversal in case of error, insurance, etc.)

tygeade

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Quote from: martinacar on September 12, 2016, 03:36:53 AM

I will choose bitcoin wallet above any bank cause with a hardware wallet it's like having money laying in my room instead of having it on the bank where it is at risk of anything really.
It feels much more safe to store bitcoin locally then to put money on a bank and leave it up to the bank.

What will you do if your bitcoin wallet gets hacked? Will you be able to recover those coins again? No, you won't so its better not to put all money in bitcoin as you never know what will happen tomorrow.

martinacar

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I will choose bitcoin wallet above any bank cause with a hardware wallet it's like having money laying in my room instead of having it on the bank where it is at risk of anything really.
It feels much more safe to store bitcoin locally then to put money on a bank and leave it up to the bank.

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