Blockchain or Banks: Which has a Better Security for Financial Transactions?

pinoyden

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Quote from: Wodomi on November 15, 2018, 10:47:35 PM

Quote from: Denton on November 03, 2018, 06:48:32 PM

It is safer to conduct transactions in banks. They take security measures to ensure that your funds reach the addressee. It is very fast and convenient to make transactions in the blockchain, but you can make a mistake in the address, or your transaction can get stuck in the blockchain. In this case, you will not be able to return your money.

In my opinion, the blockchain is safer, because through the bank there are several weaknesses such as fraud and crime that use various modes, so we lose money. If using a blockchain such an event is difficult to occur, because of peer to peer transactions.

i agree on what wodomi have said , banks do really have weakness because any one can stole your account and use for illegal purpose such as carding while in blockchain or cryptos i have never encounter any problems in regards to using it .

but when it comes to legality or reputation , blockchain cannot possibly won on traditional banks . that is also the reason on why many people are still using banks and will only trust banks even if blockchain will became popular later on the future .

SimonJones

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Quote from: sell100 on October 12, 2018, 11:23:01 PM

Blockchain or Banks: Which has a Better Security for Financial Transactions?

By now, it’s highly likely that most of us understand how Blockchain technology has dramatically changed and how the world operates considerably. The Blockchain system is an openly distributed digital ledger technology behind the cryptocurrency industry. According to Alex Tapscott, the co-author of the Blockchain Revolution, the Blockchain technology is changing the concept of banking […]The post Blockchain or Banks: Which has a Better Security for Financial Transactions?

Read more: https://www.trackcoinmarket.com/en/crypto-news/33301/blockchain-banks-security-financial-transactions

At present, I will choose banks over blockchain because banks has already proven itself and blockchain still need to prove to many as we're aware of the fact that it is not accepted by all.

Wodomi

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Quote from: Denton on November 03, 2018, 06:48:32 PM

It is safer to conduct transactions in banks. They take security measures to ensure that your funds reach the addressee. It is very fast and convenient to make transactions in the blockchain, but you can make a mistake in the address, or your transaction can get stuck in the blockchain. In this case, you will not be able to return your money.

In my opinion, the blockchain is safer, because through the bank there are several weaknesses such as fraud and crime that use various modes, so we lose money. If using a blockchain such an event is difficult to occur, because of peer to peer transactions.

BillieCrypt

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The reliability of transactions, which are carried out using the technology of blockchain, is multiplied by the number of nodes that support its work. Accordingly, cryptocurrency transactions are more reliable. At the same time, it is necessary not to confuse volatility and fluctuations in the price of cryptocurrencies with the reliability of transactions.

Colan Zolo

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https://saturn.black

Many see that banks have security in transactions and this can be said because many people have believed in banks. The Blockchain is also safe in transactions and this is still anonymous so that the identity of the holder can be stored. Both are safe and have a good impression with all transactions.

faceoff97

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Quote from: sell100 on October 12, 2018, 11:23:01 PM

Blockchain or Banks: Which has a Better Security for Financial Transactions?

By now, it’s highly likely that most of us understand how Blockchain technology has dramatically changed and how the world operates considerably. The Blockchain system is an openly distributed digital ledger technology behind the cryptocurrency industry. According to Alex Tapscott, the co-author of the Blockchain Revolution, the Blockchain technology is changing the concept of banking […]The post Blockchain or Banks: Which has a Better Security for Financial Transactions?

Read more: https://www.trackcoinmarket.com/en/crypto-news/33301/blockchain-banks-security-financial-transactions

Blockchain is far better than blockchain. Having funds on banks doesnt assure the safety of your funds unlike blockchain which gives you tge full control over you money. Blockchain offers tge freedom from third trusted party meaning less potential vulnerabilities and risk from lossing your funds. Blochain is more simplier and safer than banks since you have direct transaction and no intervention from anyone is needed. This is why, people should be encourage to use wallet which gives you the full control on funds, lije HODLER wallet which is the only open source multi wallet.

Deallove9

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Banks is a centralized institution which has power over your sving with them and can hold on to it if found one thing which you have to submit to their request but blockchain is more of having control over your funds and require no authority from any one to speed it which make blockchain more unique to bank .

SimonJones

sr. member

Activity: 485

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Quote from: sell100 on October 12, 2018, 11:23:01 PM

Blockchain or Banks: Which has a Better Security for Financial Transactions?

By now, it’s highly likely that most of us understand how Blockchain technology has dramatically changed and how the world operates considerably. The Blockchain system is an openly distributed digital ledger technology behind the cryptocurrency industry. According to Alex Tapscott, the co-author of the Blockchain Revolution, the Blockchain technology is changing the concept of banking […]The post Blockchain or Banks: Which has a Better Security for Financial Transactions?

Read more: https://www.trackcoinmarket.com/en/crypto-news/33301/blockchain-banks-security-financial-transactions

Analysing the present situation, I will still go for banks instead of blockchain. It's not that I will stick to bank, if blockchain show more potential in future, I will go for it. Right now as everyone knows, bank provide better security for financial transaction.

Stac

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The blockchain in the crypto currency market which ensures the security systems and so no body can manipulate the above for their personnel benefits .Even the banks are trying to adopt the block chain technology to their systems and the major financial institutions are also thinking to adopt the above.The blockchain technology can change the face of the entire economy of the global community so that we can eradicate the mal practices in connection with the economy. The block chain technology is linked with the modern technology.It will be more secure in the financial transactions with out a third party interference also it eleminate the manual efforts. and reduces the time and transaction cost..In my opinion the block chain technology is much suitable to introduce the world wide financial institutions to bring under one umbrella. So that it will be quiet transparent and secured for the financial transactions world wide.

CarTrick

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I think both banks and blockchain have effective security measures. But if we’re talking about faster, more efficient and convenient services, it would have to be blockchain. I mean, the technology would allow you to handle your transactions from pretty much anywhere, right? No need to make calls or pay visits to bankss. And no holidays!

tikaka

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I think when you use bitcoin to transact, it will help you keep your financial secrets rather than when you use the bank to the transaction. For bitcoin deals, you do not need to provide too much of your personal information. But for banking transactions, you must provide all your personal information. So, when hackers attack the bank, they can steal your personal information and carry out the act of appropriating your property.

Urbinklin

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Now I increasingly use bitcoin for money transfers, especially for international ones. I use my Bank and Bank card only to pay for goods in local stores.

WebTera

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Bitcoin is a more modern technology. And I think that the designers did a good job on him precisely in order to surpass the legacy banking system. I am for technological progress and money transfers without the intervention of third parties.

Pyr3x

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It is difficult to say which of them is safer, as bitcoin is very young, and banks are more experienced. But if you look to the future, the prospects for bitcoin technology are much better. Money transfers using it will be much cheaper and safer.

esetop01tryba

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https://www.empirehotels.io

I think blockchain has a more modern and secure technology. Banks have been working for a long time but I think that their time is running out and it's time to introduce blockchain technology !

yazher

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You own the pen

For me Blockchain and Banks has the same security measure for their financial transactions however they have also this thing called advantage. each of them has there own advantage on each other. correct sample for blockchain you can send money without being known to the person you sent the money to, on Banks you can be sure that the money you sent is can be tracked.

cpoer2011

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I believe Blockchain has a better security for financial transactions because it no needs third parties like banks to do the transactions, very low fees and fast transactions. It should be secured and also transparent so there will be fraud in it.

freebutcaged

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Quote from: Shreek on November 04, 2018, 03:17:34 AM

as long as the bank can't be transparent, we all don't know what they are doing with our money
whereas with the blockchain, it might be able to help us in tracing the flow of funds that we save in the bank, provided the bank has adopted blockchain technology

You do actually know well what the banks do with your money, they build their own fortune and give
You a tiny percentage and say that what they do is just business, they are somewhat right in many
Perspectives but what they don't tell you is that what you are getting by leaving your money with them
Is really a small percentage of what they're making themselves. let's see what is the best thing a bank
Can do? basically a bank would give out loans with high interest with a solid collateral worth more than
The actual loaned amount. what banks have is the support of governments, if you don't pay back the loan
They will have your collateral liquidated but if you were to do this on your own, you'd never be able to
Legally liquidate a collateral because the law doesn't allow you to act like a bank. banks never really keep
Your money inside their vaults, they constantly spend your money over and over to keep their own profit
From your money, all you do is that you give them your money because you are too stupid to work with
Your own money and earn all the profit, banks only work if there are enough stupid people in the world.
Is your money safe with them? absolutely because they are smarter and you are not.

Shreek

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IDENA.IO - Proof-Of-Person Blockchain

as long as the bank can't be transparent, we all don't know what they are doing with our money
whereas with the blockchain, it might be able to help us in tracing the flow of funds that we save in the bank, provided the bank has adopted blockchain technology

Wingleness

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Activity: 458

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Quote from: sell100 on October 12, 2018, 11:23:01 PM

Blockchain or Banks: Which has a Better Security for Financial Transactions?

By now, it’s highly likely that most of us understand how Blockchain technology has dramatically changed and how the world operates considerably. The Blockchain system is an openly distributed digital ledger technology behind the cryptocurrency industry. According to Alex Tapscott, the co-author of the Blockchain Revolution, the Blockchain technology is changing the concept of banking […]The post Blockchain or Banks: Which has a Better Security for Financial Transactions?

Read more: https://www.trackcoinmarket.com/en/crypto-news/33301/blockchain-banks-security-financial-transactions

It all depends on the angle you are looking at it from. Irespective I will always choose Bitcoin over banks because:

1. It's highly secured
2. It's efficient
3. The charges are extremely low
4. The transaction is instantaneous
5. User's have 100% control if their assets

Topic: Blockchain or Banks: Which has a Better Security for Financial Transactions? (Read 835 times)