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

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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.

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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.

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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.

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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.

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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

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If you know how the bank works I guess that's the time you invest too, if I will choose it depends if you know how the banks do with your money and know their perks you can enjoy the benefits of its when it comes of storing with your money in banks it has a low annual interest that grows with your assets, in cryptocurrency, there's a ride with the market volatility so much more risk even the stable coins drops recently like the USDT and the USDC but in banks seems to take time to move. If storing your assets ill go for the banks if in the fiat currency, but in crypto ill stick with the hardware wallet and letting those exchange as only a tool.

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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?

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.

DevFile90

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Since you need your bank to receive or withdraw Fiat, isn't that enough reason why a bank should be the winner here? Even if you can store your Fiat on Binance exchange there is no way to turn them into real cash and withdraw, for me I will go with the bank. Mind you, crypto assets are a lot safer in your hardware wallet, even a hot wallet is safer than centralized exchanges and banks.

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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?

My bank and Binance both are centralized, so I would definitely trust my bank more, but it is about trust, and not liking. Banks of course charge you for their service, card fees, SMS fees, and a lot more every year, there is nothing like that in Binance, so I like that thing more about Binance than my bank. But when it comes to keeping my funds, I would definitely trust my bank more than Binance, and then a hardware wallet more as you said.

Though it's understandable that they are controlling, not very convenient at times, costly for transactions, etc. but banks have been around for decades, and that obviously makes them more trusted.

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It's possible that you can see the structure where your bank is located, but your money isn't there, thus you can't see it. The numbers next to your name are visible. Your funds are given to other people as credit. Your bank, mine, and nearly every other bank would experience severe difficulties in the event of a bank run. Even yet, the funds are insured, and they adhere to stronger rules than services like Binance, which have a history of relocating to other countries after being expelled from several of them.

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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.

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(not your key, not your token) makes it simple to answer your question. OP, if your crypto asset is stored in a hardware wallet, you become fully in control of the safety and security of your asset; you are guaranteed that the amount of asset you hold is only known by you and no one else; you can get your asset off of the hardware wallet any day and any time you want to use it; but banks can develop some network issues at your time of emergency. Banks are important because they make it possible to get our local currencies to spend, but the problem here is that if our money is in the bank, it's in the hands of a third party, who knows our net worth. So I said a hardware wallet is better than a bank in terms of holding funds.

Binance and Bank are not to be compared in any way; Binance is not a financial institution but just a decentralized exchange to trade cryptocurrencies; Bank is a financial institution to save and withdraw your local currencies despite the security, network, and centralized issues of banks; Bank cannot be chosen over Binance (LOL); which countries don't have Bank?

Stable090

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Banking sector is very poor in my country and banks are using the slightest opportunity they are having to cheat there customers, I don’t really like saving money in my bank account, I always withdraw the amount I will be using at that particular time into my bank account. If you leave money in your bank account, you will still be debited at the end of the month even without running any transaction. Binance can’t also be trusted, anything can happen to them at any moment, so both bank and binance can’t be trusted.

BitcoinPanther

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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?

The answer to your question depends on who you are asking. For a crypto enthusiast that wanted to get out of the grasp of banking system, it is obvious that they will answer Binance but for a normal people, they will always prefer banks because banks have insurance, operated by financial sector of the government and is acknowledge by the government. Most people feel secure if they are dealing with an entity fully licensed by the government.

I prefer not to trust both because in cryptocurrency, not your key not your coins. Same goes with fiat currency, if it is not in your wallet, it is not your money.

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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 that both have a different function for me, except that it is for investment or saving money. For the usage and the trust, I think that bank has more security than Binance, although nothing is perfect 100%, banks are commonly guaranteed by certain constitutions in a country right?Although there are some cases in which banks make some problems and lose money, this case is probably not really much. However, if it is about saving money for the long term, I will not choose banks because I cannot earn profits from saving money in banks, only a small amount from deposits and this is not worthy

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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?

Apart from storing assets in personal hardware wallets, I would trust banking more than storing them on exchanges, because basically almost every exchange we come across never guarantees that our funds will be completely safe with them even if one day there is a hack on the exchange then our funds it will also be lost, lucky if they intend to replace it but if not then we have to just give up our funds, unlike banking if our funds are lost in their hands, then we can sue them to replace our lost money.

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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?

I'd choose binance over bank accounts, none is safe and I think one is of greater advantage, so if I have to deal with any, I'd go with the one with higher advantage which is the binance exchange. But of both, hardware wallet is far better, their choice is respected though, the know better why the had to go for that.

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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?

I mean both Banks and Binance are centralized and when it comes to investment I wouldn't really trust both of them, but they both have advantages and disadvantages at the same time. Binance was a pretty popular exchange and probably the best exchange where you could trade but it is still vulnerable to hacking like what happened to other exchanges. I mean I would put some of the money on Binance and invest a small percentage but mostly because of trading and converting my cryptocurrency. Similar to what happened to FTX, it could easily happen to Binance at some point.

I would probably trust the bank more than Binance since you could easily go to banks locally and report when you encounter problems, Ideally, when we are talking about long-term I would easily pick a bank to put my money but there are still a lot of issues like hacking, phishing, etc. Recently a friend that gets his bank account hack around 600$ was sent to another account, As far as I know, when the money was already out of the bank you cannot recover your funds especially if it is your fault that you get hacked, but one of my worry here if when it is an inside job how are you going to prove that its not your fault.

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I don't trust either one. They are both scams but for different reasons.

Banks are scams because they are all use fake money and are all insolvent but they are backed by the federal government so they have been able to stay alive this long.

Binance is a scam because they use mostly fake money (everything except for Bitcoin is fake) but they are not backed or insured by any government but because more people trust and use them globally, they have been able to stay solvent as long as they have without any aid from governments.

There is a saying in Bitcoin "Be your own bank" and it couldn't be more true. Self custody with a hardware wallet device is the only way to truly stay solvent well into the future.

The only way to be sure that you are not being scammed is to control your own private keys.

OGsmall

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Also, I have been wanting to ask too but for me, I will trust the Banks more than trusting Binance exchange that can be shot down any moment, but when one's falt money is in the bank it will save and one's mind will be at rest
Let say if the banks go down today one can be able to do something or hold the government for that, but in this case, for the Binance exchange today they are many scammers out there and they can just hack someone's wallet on Binance so for me I trust the Banks more than the Binance exchange platform when I was registering for an acct I saw warning signs that say be careful of scammers

Rigon

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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.

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.

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

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?

At present, most corruption is happening in banks. They are deliberately changing their rules by banks. Transactions incur high charge fees. And I don't believe in this bank especially because there is more corruption in the banking sector.

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Everyone has their own preference but for me I'd like my money to not handed over to someone which means I trust hardware wallet than Binance or banks but I use Binance when trading it's just that I don't store my crypto on exchanges. Banks are different than crypto and just like what they said exchanges and banks are all centralized which means you don't have a full control of your funds if there's something bad going to happen. I only store money if it's for expenses in that way you will have a guarantee that your on money is safe.

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Quote from: Pmalek on March 11, 2023, 03:09:06 PM

Quote from: Lucius on March 11, 2023, 11:06:36 AM

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.

It was a really fucking period, and if I remember correctly, it wasn't just Ljubljanska that did such damage.

as far as I know, according to the regulation of the central bank, all other banks must have certain reserves so in a way they are not the only ones who wonder about clients' deposit funds. (of course, this is the case in less corrupt and organized countries).
I guess this is the kind of regulation that is missing in the sphere of crypto exchanges, where they have to offer some kind of guarantee on all funds entrusted to them.

SOKO-DEKE

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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?

Considering my past experiences, I will unquestionably choose a bank over a centralized company like Binance. With what happened to the FTX exchange and many exchange, it is evident for me that even exchanges with a good reputation can run away with customers money. However, I have yet to see a bank in my country with a good reputation run away with customer money.Therefore, if a bank in many country is running out of founds to continue maintenance it company, it is required that they merge with other banks to make things easier for them but not running away with customers money . Therefore, I will select bank over Binance Exchange based solely on this.

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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?

Here is my response regarding this, for business you can use banks, since you will need this for your business transaction in the realworld, you can't use binance for that, while in crypto it will be binance, regarding with trust to both of them, i won't be trusting any, the banks holds your money lend it to others and give you small income, and only return small amount, when bankrupt, if you want to keep your money use hardware wallet, or the one that you own the keys, trusting your money to this two is not a good idea for me, use them for just transactions if needed.

Cryptoababe

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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.

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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 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.

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Quote from: Oneandpure on March 11, 2023, 10:02:39 AM

No one even mentioned Trust Wallet in this thread before you showed up. Have you tried reading before replying? The forum has a preview button. I suggest you use it before submitting such a sad attempt at a normal post.

Quote from: Lucius on March 11, 2023, 11:06:36 AM

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.

Stalker22

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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!

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Quote from: Pmalek on March 11, 2023, 09:04:52 AM

~snip~
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.

Crypt0Gore

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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.

Awaklara

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Quote from: Oneandpure on March 11, 2023, 10:02:39 AM

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.
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.

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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?

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?

Fullcoinese

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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.

Oneandpure

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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.

joniboini

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Quote from: KiaKia on March 11, 2023, 08:44:34 AM

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.

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Quote from: palle11 on March 11, 2023, 05:36:25 AM

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.

Quote from: ?? on ??

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.

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Quote from: michellee on March 11, 2023, 05:37:23 AM

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.

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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?

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.

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.

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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?

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.

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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?

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.

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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.

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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.

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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?

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.

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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.

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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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.

palle11

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I can only give full support to decentralized wallet but not binance exchange or banks and the reason is because the two are centralized. 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.

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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.

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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 I had to choose, I would choose both for my use, because I still need a bank to store my fiat before I can use it for things that are important to me. But on the other hand I also need to use the Binance exchange for trading and store my crypto assets for a while before I withdraw them to my personal wallet. So I was more inclined to use both until recently so I can't just choose one or the other now.

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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?

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, but my feelings for exchanges are very different from banks including the Binance exchange so I have to put Binance as second in me for this.

Charles-Tim

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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.

You should trust bank more. Exchanges can be hacked, but thievery in banks in my country do not have effect to the extent banks will not be able to pay their customers. They are both centralized but I trust bank the most. No bank in my country has a case of not able to pay customers money because of bankruptcy, there is chance it can happen, but very low probability.

But my final opinion is that I neither trust bank nor exchanges, they are both centralized. If you read about the cashless policy in my country and the CBN hell mentality of the new naira notes, because of that, you can not trust banks. There are several cases that central banks will make a country a hell for citizens.

But with bitcoin on your noncustodial wallet, you have the full control of your money.

Nwada001

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Earlier, before the FTX incident happened, "not your key, not your coin" became a great concern and a reminder to all. I trusted Binance more than my local Nigerian bank. The reason is that I am allowed to hold my crypto in Binance how ever I want it and when ever I want with just little charges that are almost not noticeable, and I only make a withdrawal to my local bank account whenever I need to use cash, and I select which of my banks don't have network issues at that time (that's from online payment to ATM withdrawal), then I will fund the account directly using my Binance. To cut the whole story short, I don't trust both Binance and my local banks; I prefer holding my money on a decentralized system instead of any of these two. Unless I am left with no other option than to just choose between these two, I can go with my local bank account over Binance since I can go straight to the respective bank office and report any behavior I notice that is off the book.

Pmalek

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It's kind of a peculiar question. Hardware wallets hold the keys to your cryptocurrencies, aka they store your crypto. You can trust them to do that job because that's what they were designed for. How are you going to store your fiat there? Your fiat is supposed to be in your bank account and not on centralized crypto exchanges like Binance or any other.

I trust my hardware wallet for my bitcoin and certain alts.
I trust my bank with my fiat.
I trust the baseball bat under my bed and the knife in my nightstand just in case someone wants a go at the valuables in my home.
I don't trust Binance because Binance cares for its interests and not yours or mine.

Rikafip

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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 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.

KiaKia

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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?

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