Topic: Can you tell me which one you will choose and why? - page 3. (Read 524 times)
OP, your friends that choose Binance over bank and Hardware wallets are Binance Angels, Newbies or Noobs. With Normal Understanding, We all know that we give exchanges our assets by abiding with thier rules. And that can come back to hunt us. Hardware wallet is fully ours and can be used at anytime. Also, Banks are being regulated by Governments and thats okay enough for us to trust them too.
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 ma using my ban account also more than 13 years and it is trusted enough so far.I am also using Binance exchange since 2018,wihtout any obstacles.
They are al centralized, but banks are more centralized, under the regulations in my country, within guaranteed and authorized by Financial Services Authority in my country.SO, if this is about which one to trust, I will trust my bank more because of some reasons. Although it doesn't mean I love more the banks, I love more Binance because I can do more things in Binance, do trading, purchasing some of my assets, and others that cannot be done in banks. But actually, Ima also the one who will save my money for long time periods in both bank or Binance.
This is something that exists in theory, but I'm really interested in how it would work in practice in the event that one of the big EU banks fails. Given that everything is more or less slow in the EU, I would not be surprised if the process is long-lasting and quite painful for all clients. Let's remember that banks are very quick when they need to take our money, and the opposite is true when they need to give it on any basis.
However, some would say better late than never, and I always remember the case of Ljubljanjska banka, which stretched for decades and many died without receiving their money.
Good example with the Ljubljanska Banka case. The European Court of Human Rights in Strasbourg had to step in before those scums started paying out their pre-war clients. As they say in the Balkans, justice is slow but attainable! You will surely wait a long time, but eventually you will get it. If you are still alive. Even if not, there are usually heirs who will carry on the fight. However, some would say better late than never, and I always remember the case of Ljubljanjska banka, which stretched for decades and many died without receiving their money.
Let us not compare apples to oranges to bananas here, okay? These three things - banks, hardware wallets, and Binance are all different animals that all serve totally different purposes, so it is not really fair to pit them against each other.
When it comes to banks, let's be real: we kinda have to trust them, because what else are we gonna do, right? They are regulated by the government and insured by insurance companies, so we rely on them to keep our regular money safe. But when it comes to cryptocurrencies like Bitcoin, we do not need banks at all. That is where hardware wallets like Trezor and Ledger come in. They are specifically designed to keep our digital coins secure.
Now, Binance is a different beast altogether. It is a super popular crypto exchange, but it is not meant for long-term storage of either fiat money or crypto, so don't get it twisted. Use it to trade your crypto for other coins or cash out to regular money. So, like, keep your fiat money in the bank, your crypto in a hardware wallet, and use Binance to do your crypto trading. Easy peasy!
When it comes to banks, let's be real: we kinda have to trust them, because what else are we gonna do, right? They are regulated by the government and insured by insurance companies, so we rely on them to keep our regular money safe. But when it comes to cryptocurrencies like Bitcoin, we do not need banks at all. That is where hardware wallets like Trezor and Ledger come in. They are specifically designed to keep our digital coins secure.
Now, Binance is a different beast altogether. It is a super popular crypto exchange, but it is not meant for long-term storage of either fiat money or crypto, so don't get it twisted. Use it to trade your crypto for other coins or cash out to regular money. So, like, keep your fiat money in the bank, your crypto in a hardware wallet, and use Binance to do your crypto trading. Easy peasy!
~snip~
If something happens with your $50.000 bank deposit, the insurance kicks in and replaces the full sum you lost.
If something happens with your $50.000 bank deposit, the insurance kicks in and replaces the full sum you lost.
This is something that exists in theory, but I'm really interested in how it would work in practice in the event that one of the big EU banks fails. Given that everything is more or less slow in the EU, I would not be surprised if the process is long-lasting and quite painful for all clients. Let's remember that banks are very quick when they need to take our money, and the opposite is true when they need to give it on any basis.
However, some would say better late than never, and I always remember the case of Ljubljanska banka, which stretched for decades and many died without receiving their money.
Despite the advantages and disadvantages of Binance and banks, I still don't trust either. One belongs to the government and the other to a man, just like myself, who is free to do whatever he feels like with my money. I always make sure that my money does not sleep on Binance exchange when I make deposits, because I believe that anything can happen at any time. Cryptos are much safer when held in a noncustodial wallet. And as for Banks, I only convert crypto to Fiat when I need it, I don't keep money in the Bank anymore, it depreciates faster and never appreciates.
I disagree with OP statement about more trusted trustwallet than Bank or Binance exchange account, there are not matter when you holding assets in trustwallet but little effort now always trustwallet is secure depending with kinds of your access website. I prefer hold my assets for long term in exchange wallet than use trustwallet for holding.
I joined many kinds of airdrop and my wallet have been filled form on many bounties campaign, I don't sure when holding much assets in trustwallet will possibility with some one sending dusting attack token and without realize ever approve swap.
I believe you misunderstood the OP's intent.I joined many kinds of airdrop and my wallet have been filled form on many bounties campaign, I don't sure when holding much assets in trustwallet will possibility with some one sending dusting attack token and without realize ever approve swap.
The OP asked about Banks and Binance. which do you trust more?
I would trust the Bank. there I keep fiat money. I withdraw money for my needs. although when compared to Binance, I'm equally not holding onto my money either. I only have account access. both at the bank and on Binance.
but at the Bank, which already has a guarantee from a government agency. they have branch offices which are easy to access. If you have problems, I can take care of them.
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?
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?
A difficult choice indeed. We have to choose the lesser of two evils. Banks, however, are more reliable for the storage of their funds, although they have their own drawbacks. Exchanges are often hacked, blocked, and scammed, while banks have a long history. Cryptocurrencies are a wild environment, regulation and control of money is still weak there, so I would definitely not store my money on a cryptocurrency exchange, especially one that has no exact legal address, and the exchange owner himself claims that Binance is where his exchange employees are, or something like that. That's a rather fuzzy wording, isn't it?
although I also trade on Binance, I will not trust Binance to put my assets there.
I use the Bank to save fiat, and I put my Fiat in the Bank. I believe this because the government authorities also support the Bank. it's like a bank that is managed by a government agency.
while for Bitcoin and crypto assets, a hardware wallet is the best choice to store them.
I use the Bank to save fiat, and I put my Fiat in the Bank. I believe this because the government authorities also support the Bank. it's like a bank that is managed by a government agency.
while for Bitcoin and crypto assets, a hardware wallet is the best choice to store them.
I disagree with OP statement about more trusted trustwallet than Bank or Binance exchange account, there are not matter when you holding assets in trustwallet but little effort now always trustwallet is secure depending with kinds of your access website. I prefer hold my assets for long term in exchange wallet than use trustwallet for holding.
I joined many kinds of airdrop and my wallet have been filled form on many bounties campaign, I don't sure when holding much assets in trustwallet will possibility with some one sending dusting attack token and without realize ever approve swap.
I joined many kinds of airdrop and my wallet have been filled form on many bounties campaign, I don't sure when holding much assets in trustwallet will possibility with some one sending dusting attack token and without realize ever approve swap.
Same, my Bank is located in my city, I can get down to the location and make complaints, they take responsibility for the loss of funds, if the fault is from their side, they can't exit and vanish, Binance could easily blame hackers for loss of fund and escape with the whole mess,
I just remember there was a bank in my country that collapsed and the money their customers' store was never returned, or at the very least still in process, unless I remembered it correctly. I guess it also depends on where you live and how strict your government is regarding banks' security. At the very least, most public banks (the majority of the shares are held by the government) have the ability to get funding support just in case something went south, CMIIW. Personally, I don't trust anyone, but it is not practical to hoard fiat in my house either. Luckily I can store crypto just fine with proper setup. I think most experienced crypto users in my country would do the same thing unless they are day trading. After the FTX fiasco and probably more in the future, I can see many users withdrawing their assets and storing them offline.
Above all in comparison to bank and binance exchange like you ask, I will choose to trust bank more than binance exchange because it can be hacked or have the same issue with ftx where depositors won't be able to recover their money but in case that happens to a bank, the government of that country will ensure depositors get back their money.
That's correct to a certain extent. The money you hold in your bank account is insured, but there is an upper limit to this insurance. The numbers differ from country to country. But let's say that limit is set at $100.000. If something happens with your $50.000 bank deposit, the insurance kicks in and replaces the full sum you lost. That's not the case if you had $200.000 in your account. In that case, the insurance only covers half of it. It's important to note that Binance exchange is a centralized exchange, which means that it holds control of your funds. If the exchange were to be hacked, your funds could potentially be lost.
Binance has suffered hacks in the past and they paid back the damages to their customers. Still, that can all be part of a PR campaign. They evaluated that it's more worth it to lose a bit of money now but keep the customers happy, rather than not do it and suffer an outflow of unsatisfied clients. They earn millions on trading and withdrawal fees anyways. If Binance went through a Mt. Gox type of scenario, I doubt customers would ever see their money. 
I trust the bank more than Binance because if something bad happens to the bank, the government will find a solution and refund all of its customers. Meanwhile, Binance can disappear without us knowing and we cannot get back the coins in our account balance. And to overcome that, we can store all the coins that are assets in a hardware wallet to keep a good eye on them and protect them from hackers. And between banks and hardware wallets, there are differences.
We store all crypto assets in hardware wallets and keep all money in banks. But for trust issues, I think it will depend on each user. People who are not familiar with crypto will trust banks more. But we believe in crypto and keep trying to take good care of it.
Same, my Bank is located in my city, I can get down to the location and make complaints, they take responsibility for the loss of funds, if the fault is from their side, they can't exit and vanish, Binance could easily blame hackers for loss of fund and escape with the whole mess, no Binance head office in my city, I will go with Bank in this case any day. The only downside with my country's Fiat is inflation, no good return holding money in the bank account. We store all crypto assets in hardware wallets and keep all money in banks. But for trust issues, I think it will depend on each user. People who are not familiar with crypto will trust banks more. But we believe in crypto and keep trying to take good care of it.
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?
I don't fully trust either banks or Binance (or any other exchange) and would stop using their services at the first opportunity. But with a caveat. If we are talking about those amounts that I would be sorry to lose. I allow keeping money in banks and in Binance if it is a small amount and for the purpose of diversification. For example, the reason for keeping in a bank or Binance may be the insecurity of local storage, a trip to other countries, that is, in cases where there is a direct benefit from their service. Again, you need to consider the period of storage they have. Of course, the risks increase in the long run. The longer, the more likely your money will not be returned. Due to various reasons.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?
If there are advantages to keeping money in a bank or in Binance, then I would use it. If not, then I wouldn't even come close to them.
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?
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?
Binance exchange and bank ? It should be straight up and easy to chose here.
Bank is the one we should go for because both bank and binance exchange are centralised but binance exchange is owned by a single entity and unregulated whereas banks are owned by multiple people and high regulated.
If binance exchange scams us the chances are low that our money will be recovered whereas if a bank scams us then the chances os recovering our money are fairly higher.
Also, the government gets involved in few cases where banks are in trouble, so that's another advantage.
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?
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?
For practicality and for assurance that you are protected with law better trust bank since whatever happen on the bank you have a assurance to get your money there. Unlike trusting it to binance where anything could happen with them and they owner could just flee without giving hints to their platform users. Remember that FTX use to be a trusted before so never trust any exchange even if how huge they are or how good their reputation because anything could happen with this.
I don't trust 100% in any of the mentioned "wallets" from OP, but I can say that I have the least confidence in any CEX, especially one that has been operating in the shadows for years. If I had to choose between a hardware wallet and a traditional bank, I would choose the former, regardless of the fact that banks are somewhat safe and have insured deposits, but they can deny us access to our money at any time.
In addition, FIAT in the bank is like an ice cube in the summer sun, its value constantly melts - so it is one of the worst methods of saving, from which only banks actually profit.
In addition, FIAT in the bank is like an ice cube in the summer sun, its value constantly melts - so it is one of the worst methods of saving, from which only banks actually profit.
I can see why your friends chose Binance, since they're a big name in the crypto space and have a lot of experience dealing with digital assets. But at the same time, banks have been around for a lot longer and are generally seen as more stable and reliable. While Binance and other crypto services may have their own security measures in place, there's no denying that traditional banks have a long-standing reputation for keeping your funds safe. For one, banks are usually insured by the government, which means that even if the bank were to go bankrupt, your deposits would still be protected up to a certain amount. Additionally, banks have sophisticated security protocols in place to prevent fraud and cyber attacks, and they're heavily regulated by various governing bodies to ensure that they're following best practices.
Of course, that's not to say that there's no risk involved with using a bank. Financial institutions can still be vulnerable to things like identity theft or data breaches. This is why many crypto holders prefer self-custody and cold storage solutions, like hardware wallets, to mitigate these risks.
Of course, that's not to say that there's no risk involved with using a bank. Financial institutions can still be vulnerable to things like identity theft or data breaches. This is why many crypto holders prefer self-custody and cold storage solutions, like hardware wallets, to mitigate these risks.
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?
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?
Depends on what you trust them to, both can be useful because they perfectly work alongside each other. I trust both with my transactions. It's true to better not to put all your eggs in one basket.
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.
Except hardware wallets, you should trust open source non custodial wallets more than close source non custodial and custodial wallets.If you need to store your asset in stable assets, let's store it in fiat currency, not in stable coins. Stable coins are more risky than fiat currencies.
Centralized banks are better than centralized exchanges in my opinion and it is why fiat currencies are better than stable coins.
It is for fiat currencies from strong nations with good finance regulations, not with fiat currencies in corrupted and hyper inflated nations like Venezuela.
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