Can you tell me which one you will choose and why?

ZAINmalik75

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Quote from: KiaKia on March 11, 2023, 04:22:09 AM

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.

I think most of the wise investor will choose the hardware wallet rather than Binance, etc because after recent ancident of FTX really shocked the people, Thier trust on decentralized exchanges are almost gone, now they will be frightened to hold Thier investment in exchanges.

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I wonder why though, because I feel like banks should be more trusted, my bank for example, has been running for over 20 years and nothing bad happened except, for high charge fees, but my fiat is always in safe hands, I don't know, maybe I missed something? So I plan to ask on here, which one would you trust the most and why?

I think after recent ancident of silicone valley bank people will frightened to deposit Thier saving in banks because this ancident really damage the trust of people on banks, just like you say my banking running for more than 20 yr so people will trust more, Same situation happen here SVB surve in America more than 39 years so due to that reason people trust them but they crushed all trusts.
So in the end my option will be hardware Wallet rather than banks and decentralized exchanges for holding..

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Quote from: KiaKia on March 11, 2023, 04:22:09 AM

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.

Dude! Why the option of hardware wallet you keep only for you ? Grin

You should have provided this option for us Grin

Actually, banks and Binance or any kind of centralized exchanger do not give us freedom of funds or money. But if I am asked to choose any one of these two options, then I will choose the bank as the better option. Because banks are regulated by specific state or government laws designed to provide consumers with the security of funds. Binance on the other hand doesn't have that many obligations so here I think the security of users' funds is less than that of banks.

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I wonder why though, because I feel like banks should be more trusted, my bank for example, has been running for over 20 years and nothing bad happened except, for high charge fees, but my fiat is always in safe hands, I don't know, maybe I missed something? So I plan to ask on here, which one would you trust the most and why?

Just running for a long time is no guarantee that it is safe, and this has been proven recently as banks that have been running for over 100 years have recently collapsed. What you missed is what I said above, the way a bank can be controlled by a country's government but Binance can't, like in my country Binance is not safe here for me, because if I get cheated by Binance in any way. Then I won't get any legal help here because Cryptocurrencies are illegal here.

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Quote from: KiaKia on March 11, 2023, 04:22:09 AM

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.

I wonder why though, because I feel like banks should be more trusted, my bank for example, has been running for over 20 years and nothing bad happened except, for high charge fees, but my fiat is always in safe hands, I don't know, maybe I missed something? So I plan to ask on here, which one would you trust the most and why?

This is for personal interest and choice. Some people hate bank because of the frustration they have gotten from their various banks and others or some people do not like cryptocurrency exchange platforms because of what happened to FTX and others. Their fear is that the exchange platform would collapsed one day and their coins will lost therefore they lost trust on the exchange platforms and prefer to keep their fund in wallets or Fiat whenever they have gained from the crypto investment. For now I prefer keeping not in Fiat because if arm robbers attacked the bank, my cash can still be withdrawn from another branch but if the exchange platform is hack, your funds are also gone. And you can't get them back. And if the management of the exchange platform decided to close it down because they could not meet up the demand of the people or the users and you have not taken your Coins before the incident happened then you funds are gone as well. Until your country adopt cryptocurrency as a legal tender Fiat bank is the best for now or wallet.

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Quote from: Dzwaafu11 on April 02, 2023, 06:17:56 AM

I'll go with the bank because you can go there and complain if you ever lose your money, and they'll refund it back to you.

If you expose the sensitive information on your debit card, as well as give away your pin; or you basically lose your money out of your own folly, i'm afraid the bank isn't refunding you anything, but if the bank goes bankrupt and the government can save it, you might prolly get a fraction of your money back after sometime.

Quote from: Dzwaafu11 on April 02, 2023, 06:17:56 AM

But if you ask a cryptocurrency trader these questions, they would likely respond that they like Binance and other platforms because of how anonymous the works it's.

Binance is not anonymous, they are very much centralized.

Quote from: Dzwaafu11 on April 02, 2023, 06:17:56 AM

But, the issue with binance is that it is not as secure as banks, which have complete security that is governed by the government. Let's go back to the Binance exchange. You are the only person in charge of your funds, so if you lose them, it will take a long time to get a refund.

In Binance you are not the person in charge of your funds, it is Binance that keeps the keys in a custodial way, so if they lose it, there's a very high chance you might never get anything back.

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Quote from: KiaKia on March 11, 2023, 04:22:09 AM

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.

If you are comparing the two on the level of trust and we are inclined to have a pick from the two options, I pick my bank that I can easily visit to lay complaints than an exchange that I know has no none office where I could visit easily to complain.

When cryptocurrency become more accepted, by then exchanges will be more serious because the institution behind them will be under government observation. In that time, exchanges can be trusted the more than now.

Alpha Marine

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Banks and Binance are the same things in different industries. They're both centralized institutions. They both make investments with customers' funds even if Binance denies it. I can't trust either of them. We have seen how banks of 50 years go under.
Both are organizations owned and run by human beings and human beings can be very greedy. Aside from the fact that they can get greedy, humans can make mistakes and lose funds in an investment, a lot of things can go wrong in an investment and it is your funds that will be at risk.
I don't even want to talk about the dirty people like SBF.

Hyphen(-)

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Quote from: KiaKia on March 11, 2023, 04:22:09 AM

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.

I wonder why though, because I feel like banks should be more trusted, my bank for example, has been running for over 20 years and nothing bad happened except, for high charge fees, but my fiat is always in safe hands, I don't know, maybe I missed something? So I plan to ask on here, which one would you trust the most and why?

Despite the fact that both banks and the Binance exchange use third parties, I trust banks more than the Binance exchange for security reasons.

Banks are to be trusted because the government of a country has given them a license to operate in the country, so they cannot just go with people's money without paying for them, and even if they do, the government will be held responsible because they have been in charge of the security and safety of its citizens' and interns' money, and they allow us to use banks and they also use them to pay us our salaries.

Unlike Binance, which can simply crash and disappear with all funds, no one can say anything because we all know that governments around the world are not fully supportive of cryptocurrency.

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Quote from: kamvreto on March 12, 2023, 05:17:40 PM

Quote from: Rigon on March 12, 2023, 08:18:10 AM

Quote from: KiaKia on March 11, 2023, 04:22:09 AM

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.

Of course, hardware wallets are the ones I trust the most. Hardware wallet is one of the secure wallets. But if I am asked to choose between Binance Exchange and Bank Account, I will not choose either. Because I don't see any of these two as safe. They can do anything with you for their own interests.

Hardware wallet is the absolute choice and it will be the best choice. Have full control without any interference from third parties. Regarding Binance Exchange and Bank accounts, it seems that they are almost similar, only distinguishing Binance Crypto and Fiat Banks. Binance Exchange is a centralized Exchange that is still under the government, will not have full control over assets stored on Binance Exchange. It is not recommended to keep everything.

Cold wallet storages are one of the most efficient in the choices because of the capability of the owner to have a fully authorize with their wallets, in terms of banks you are using them just to store your money and enjoy their perks thats all but in terms of having the security like withdraw all of your funds theres not quite assurance with this because theres some limits, interest and more that prevent you to pull up all of your asset in just a single transactions, in terms of exchange the same thing you are using them but with every time you make a transaction theres fee thats how they earn alot of it, exchange you cannot adjust the fees for example in bitcoin and eth you can adjust the fees so it takes time to get it in exchange you need to pay on their rates as is.

Dzwaafu11

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I'll go with the bank because you can go there and complain if you ever lose your money, and they'll refund it back to you.

But if you ask a cryptocurrency trader these questions, they would likely respond that they like Binance and other platforms because of how anonymous the works it's.

But, the issue with binance is that it is not as secure as banks, which have complete security that is governed by the government. Let's go back to the Binance exchange. You are the only person in charge of your funds, so if you lose them, it will take a long time to get a refund.

Finally, I'll select a bank due to its security.

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Quote from: KiaKia on March 11, 2023, 04:22:09 AM

-snip-

Banks set up to store fiat. Exchanges are created for buying and selling crypto coins. Hardware is created and designed to hold the coins.
All are in their respective functions of the 3 objects mentioned in this topic.

As for who to trust? I leave it up to each user because so far I have placed each of the three (banks, exchanges and hardware) in their respective functions.
And yes. Don't store coins on exchanges. Delete all important data on devices that can be accessed by them such as email and so on.

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Like any investment strategy, choosing between using a hardware wallet, a bank account, or a cryptocurrency exchange depends on your individual needs and your level of comfort with risk.
If you trust a hardware wallet more than your bank account, then this might be a good choice for storing your cryptocurrencies. Hardware wallets offer a higher level of security as they store your cryptocurrencies offline rather than on an internet-connected device, making them less vulnerable to hacker attacks.
On the other hand, cryptocurrency exchanges such as Binance can provide a wider selection of cryptocurrencies and provide a fast and convenient trading experience. However, like any exchange, they can be subject to cyberattacks and security issues.

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Quote from: KiaKia on March 11, 2023, 04:22:09 AM

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.
~~~

If you're taking about saving or perhaps where to keep my money for a long period of time then I might have to go for bank.
When it comes to centralized exchanges I'm scared to leave coins that I'm not actively using to trade, not after what we experienced with FTX anyone who's still willing to leave their money in centralized exchanges need to be checked mentally.
Yeah, I know banks do charge some certain fee like monthly maintenance fee, debit card fee etc but yet if anything should happen at least you'll have someone to blame it one and you might be lucky enough to get your money back from the bank but unlike Binance if something expected should happen you won't have anything to do against them(Binance) all that you'll be able to do is to pray that a better resolve is found that will be in your favour that's all.

hatshepsut93

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Of course I will choose bank account, banks are actually regulated and have to follow the law. In my country many banks guarantee return of up to certain sum in case a bank collapses. Also banks don't close your accounts and keep the money like exchanges do, they are legally required to let you withdraw your funds. And Binance isn't even operating fully legally in most of the world, so if it collapses it would be unlikely to return all your money, even fiat.

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Quote from: Rikafip on March 11, 2023, 04:31:02 AM

Quote from: KiaKia on March 11, 2023, 04:22:09 AM

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most?

I don't trust either (and for that reason I don't use either of those to store my money) but I think that my bank is less likely to go down simply because I trust my country's regulations more than I trust Cayman Island's + their willingness to bailout banks. After all, there's a reason why Binance is hiding (and why FTX was registered there as well) there and not somewhere with strict regulations.

Quote from: KiaKia on March 11, 2023, 04:22:09 AM

I throw this question to crypto friends around me and they choose Binance exchange.

No surprise there, that people still trust centralized exchanges even after everything that has happened lately and for that reason it will happen again.

I think if we really intend to safekeep our fiat and crypto forever, banks and Binance will never be reliable for that. They’re both centralized which means our funds will no longer be considered ours but theirs. But maybe, people will never learn actually and still continue to trust Binance and banks for their fiat and crypto, but expect that if these two will crash in the future, I don’t think these people will be able to trust them again.

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Quote from: passwordnow on March 15, 2023, 08:30:41 AM

Quote from: KiaKia on March 11, 2023, 04:22:09 AM

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.

I wonder why though, because I feel like banks should be more trusted, my bank for example, has been running for over 20 years and nothing bad happened except, for high charge fees, but my fiat is always in safe hands, I don't know, maybe I missed something? So I plan to ask on here, which one would you trust the most and why?

Well, with the banks we can't exchange our crypto holdings whilst with Binance we can use them and exchange our cryptos into fiat. That's my analogy on why I'll choose Binance over a bank if there's really no other choice to make. I do like some of the banks but the fact that they're just really for safe keeping, even if that's the main reason for putting your money there, trust no one. They're all centralized, they can freeze your money anytime as they wish and reason out that you've got a red flag on them.

Right, both are centralized that’s why we should’ve not trusted them from the start. But if there’s one that I think is quite safer, I believe it’s the bank. Though with small interest, I can still safely put my money in it without fearing that it will be gone or hack in the future. Unlike Binance, there is fear always that it might follow the path of FTX, eve if we know it’s a reputable and reliable exchange.

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Quote from: Pmalek on March 11, 2023, 05:33:23 AM

Quote from: CageMabok on March 11, 2023, 05:14:03 AM

When talking about the safest, of course I have to say the safest in my opinion is the bank that I have been using for a long time because apart from being able to see it with my own eyes, I have no fear of saving more fiat there...

Maybe you can see the building where your bank is, but you can't see your money because it's not there. You see the digits next to your name. Your money is lent out as credit to other people. In case of a bank run, your bank, my bank, and almost all others would be in big problems. Still the money is insured, and they follow stricter regulations from services like Binance that have a history of moving around different jurisdictions after getting the boot in multiple locations.

We should not be surprised about it as banks have its purpose to lend our money to other clients so that they can make profits from it. However, I would not chose any of them as both are centralized and have give us no privacy from storing our funds. But when asked where it’s safer to save fiat , I would say it’s banks as they remain reputable over the years, unlike Binance that it could be hack one of these days and lost all our coins we saved there. With what happened yo FTX, I don’t think centralized exchanges are still reliable enough.

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Quote from: BD Crypto on April 01, 2023, 09:08:36 AM

Between Bank and Binance Exchange I will trust Bank more because it's security is far better than Binance in my opinion. Because Binance is a centralized exchange and it may be hacked anytime and also may be demolished by own like ftx. So Banks are safer than any centralized exchanges. I will suggest to choose decentralized exchanges which is the safest crypto exchanges.

Aren't the two of them supposed to be different? when it comes to the level of security, banks that are backed by the government are safe enough to store fiat. while a bank managed by a company may go bankrupt. so is Binance, use it for trading, not for storing assets. Binance does get hacked, we can see that in the past. but they try their best to return the losses experienced by their members.
of the two, it is better to use it functionally. Banks for storing fiat and digital transactions using fiat. whereas exchanges like Binance for our trading. and a hardware wallet to store our assets.

BD Crypto

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Between Bank and Binance Exchange I will trust Bank more because it's security is far better than Binance in my opinion. Because Binance is a centralized exchange and it may be hacked anytime and also may be demolished by own like ftx. So Banks are safer than any centralized exchanges. I will suggest to choose decentralized exchanges which is the safest crypto exchanges.

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Quote from: KiaKia on March 11, 2023, 04:22:09 AM

I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.

Banks of course. You can sue bank if ever your funds was loss and they have legal obligations to protect your money. FDIC insurance is more trsuted that CZ safu insurance funds because everything can crumble on Binance once it was crackdown like what happened on FTX while banks can be saved like what happened on Silicon Valley Banks that bailout by the government.

CEX and Bank are centralized but the only difference was CZ is running from the law for unknown exact reason while banks is fully compliant so rest assured you can recover your funds when shit happened as long as your money is in the range of FDIC insurance. To be clear, Both bank and CEX can’t be trusted, I’m just answering based on the given option.

asawale

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Almost every cryptocurrency investors will choose Binance over a commercial bank account because of the nature of their investments. Binance makes converting your cryptocurrencies into fiat currencies with ease even in the cryptocurrency banned countries through the use of peer to peer trading.

On the other hand, the country you're from and the banking service and insurance in your country matters. In some African countries, scammers can do some manipulation to compromise your banking security and steal your fund. Inasmuch you're unable to prove that the fault of losing your fund is from the bank, it means your funds are gone. But in binance, ones your account security is carefully taken care of by you, your funds will be safe from the scammers

Topic: Can you tell me which one you will choose and why? (Read 510 times)