I think not, remember a lot of thieves in the cloud, and we don't know how safe is if we save cloud, I suggest stick with the bank because it has been proven to be safer than cloud.
We should look for safe storage temps of course. Storing in the cloud is not a bad thing, you have to read how the system works so you can deduce the security standards they use.
Topic: hold your savings in the cloud rather than at a bank. (Read 832 times)
Not many people love banks these days and they prefer to keep their saving elsewhere. Some have decided to quit completely dealing with fiat money and have turned to Bitcoin. It's a risky move but I can understand it. And if you have Bitcoin debit card the access to fiat is also available through ATMs.
I like the way this article is written, and agree to the general pricniple there is no need for a middleman doing nothing but taking a cut, but:
Why should anyone borrow money from a bank when there are so many Peer-to-Peer and crowdfunding platforms available?
is one point I don't completely agree to, pure simple peer to peer lending does not work, even people in this forum lending section realized this point before, there is always a need for collateral and systematic arrangement of how and how not to lend to, i.e doing the same as banks.
Bitcoin is perfect as a hold-your-own-money bank idea though, you just use a wallet that ONLY you own and have access to, rather than trusting other people to hold your money.
Why should anyone borrow money from a bank when there are so many Peer-to-Peer and crowdfunding platforms available?
is one point I don't completely agree to, pure simple peer to peer lending does not work, even people in this forum lending section realized this point before, there is always a need for collateral and systematic arrangement of how and how not to lend to, i.e doing the same as banks.
Bitcoin is perfect as a hold-your-own-money bank idea though, you just use a wallet that ONLY you own and have access to, rather than trusting other people to hold your money.
I think not, remember a lot of thieves in the cloud, and we don't know how safe is if we save cloud, I suggest stick with the bank because it has been proven to be safer than cloud.
We should look for safe storage temps of course. Storing in the cloud is not a bad thing, you have to read how the system works so you can deduce the security standards they use. Source : http://www.zerohedge.com/news/2017-05-31/real-reason-own-bitcoin
This article has the same goal than me when i read the first agression-law (Europa - end of 2013) that it can take (my) saving from bank in case of bankrupt (of the bank).
At this date, all my saving have been stored in crypto-space to evade from this agression-law.
Quote
Think about it: when you send money to someone, those funds move from your bank, to the central bank, to another bank, and then finally to the recipient’s account.
This is the same way that money used to be transferred 800 years ago…
… which seems almost tragically anachronistic given that we have apps today to send funds directly to a recipient’s mobile phone or email address.
Who needs a middleman anymore?
Why should anyone borrow money from a bank when there are so many Peer-to-Peer and crowdfunding platforms available?
Why pay exorbitant fees and commissions to exchange currency when there numerous websites that exchange money at almost no cost?
Banks as financial intermediaries are about as quaint as taxi dispatchers in the age of Uber.
Cryptocurrency and Blockchain technology are the final nails in the coffin, making it possible to hold your savings in the cloud rather than at a bank.
This is the same way that money used to be transferred 800 years ago…
… which seems almost tragically anachronistic given that we have apps today to send funds directly to a recipient’s mobile phone or email address.
Who needs a middleman anymore?
Why should anyone borrow money from a bank when there are so many Peer-to-Peer and crowdfunding platforms available?
Why pay exorbitant fees and commissions to exchange currency when there numerous websites that exchange money at almost no cost?
Banks as financial intermediaries are about as quaint as taxi dispatchers in the age of Uber.
Cryptocurrency and Blockchain technology are the final nails in the coffin, making it possible to hold your savings in the cloud rather than at a bank.
This article has the same goal than me when i read the first agression-law (Europa - end of 2013) that it can take (my) saving from bank in case of bankrupt (of the bank).
At this date, all my saving have been stored in crypto-space to evade from this agression-law.
I wouldn't do any such things to save my bitcoin in the cloud instead, I will save some of bitcoin in my electrum wallet to store it then
hold it in a long term basis.
I think not, remember a lot of thieves in the cloud, and we don't know how safe is if we save cloud, I suggest stick with the bank because it has been proven to be safer than cloud.
I had been doing this long enough, I prefer to save money in the form of bitcoin, altcoin or fiat and save it in local exchanger. Since I avoid tax
"Cloud" is a centralized 3rd service that will save your digital files in their servers and allow you to access them through the internet.
Bitcoin is a bit different because it is centralized and no one can "take" your bitcoins at will, as banks and cloud services do.
I wouldn't use cloud services to store money.
Bitcoin is a bit different because it is centralized and no one can "take" your bitcoins at will, as banks and cloud services do.
I wouldn't use cloud services to store money.
It is better to hold our savings in a hardware wallet rather than in the cloud or web wallets because they are not safe and i think we should stay away from the bank also because it is not a smart idea to use it for savings because the only beneficiary of our savings is the bank because they use it to invest into something profitable while we are just getting a very small percentage of their profit for our deposit interests.
Source : http://www.zerohedge.com/news/2017-05-31/real-reason-own-bitcoin
This article has the same goal than me when i read the first agression-law (Europa - end of 2013) that it can take (my) saving from bank in case of bankrupt (of the bank).
At this date, all my saving have been stored in crypto-space to evade from this agression-law.
Quote
Think about it: when you send money to someone, those funds move from your bank, to the central bank, to another bank, and then finally to the recipient’s account.
This is the same way that money used to be transferred 800 years ago…
… which seems almost tragically anachronistic given that we have apps today to send funds directly to a recipient’s mobile phone or email address.
Who needs a middleman anymore?
Why should anyone borrow money from a bank when there are so many Peer-to-Peer and crowdfunding platforms available?
Why pay exorbitant fees and commissions to exchange currency when there numerous websites that exchange money at almost no cost?
Banks as financial intermediaries are about as quaint as taxi dispatchers in the age of Uber.
Cryptocurrency and Blockchain technology are the final nails in the coffin, making it possible to hold your savings in the cloud rather than at a bank.
This is the same way that money used to be transferred 800 years ago…
… which seems almost tragically anachronistic given that we have apps today to send funds directly to a recipient’s mobile phone or email address.
Who needs a middleman anymore?
Why should anyone borrow money from a bank when there are so many Peer-to-Peer and crowdfunding platforms available?
Why pay exorbitant fees and commissions to exchange currency when there numerous websites that exchange money at almost no cost?
Banks as financial intermediaries are about as quaint as taxi dispatchers in the age of Uber.
Cryptocurrency and Blockchain technology are the final nails in the coffin, making it possible to hold your savings in the cloud rather than at a bank.
This article has the same goal than me when i read the first agression-law (Europa - end of 2013) that it can take (my) saving from bank in case of bankrupt (of the bank).
At this date, all my saving have been stored in crypto-space to evade from this agression-law.
I was reading the article and finally come to conclusion that even i am knowing about crypto and peer to per technology why am using banks .And the answer i got is i am believing the media or mode which is proven for long its secure for my earning and also its legalised by the government That should be bank .
Source : http://www.zerohedge.com/news/2017-05-31/real-reason-own-bitcoin
This article has the same goal than me when i read the first agression-law (Europa - end of 2013) that it can take (my) saving from bank in case of bankrupt (of the bank).
At this date, all my saving have been stored in crypto-space to evade from this agression-law.
Quote
Think about it: when you send money to someone, those funds move from your bank, to the central bank, to another bank, and then finally to the recipient’s account.
This is the same way that money used to be transferred 800 years ago…
… which seems almost tragically anachronistic given that we have apps today to send funds directly to a recipient’s mobile phone or email address.
Who needs a middleman anymore?
Why should anyone borrow money from a bank when there are so many Peer-to-Peer and crowdfunding platforms available?
Why pay exorbitant fees and commissions to exchange currency when there numerous websites that exchange money at almost no cost?
Banks as financial intermediaries are about as quaint as taxi dispatchers in the age of Uber.
Cryptocurrency and Blockchain technology are the final nails in the coffin, making it possible to hold your savings in the cloud rather than at a bank.
This is the same way that money used to be transferred 800 years ago…
… which seems almost tragically anachronistic given that we have apps today to send funds directly to a recipient’s mobile phone or email address.
Who needs a middleman anymore?
Why should anyone borrow money from a bank when there are so many Peer-to-Peer and crowdfunding platforms available?
Why pay exorbitant fees and commissions to exchange currency when there numerous websites that exchange money at almost no cost?
Banks as financial intermediaries are about as quaint as taxi dispatchers in the age of Uber.
Cryptocurrency and Blockchain technology are the final nails in the coffin, making it possible to hold your savings in the cloud rather than at a bank.
This article has the same goal than me when i read the first agression-law (Europa - end of 2013) that it can take (my) saving from bank in case of bankrupt (of the bank).
At this date, all my saving have been stored in crypto-space to evade from this agression-law.
Exactly.
With banks the main problem is that they are in control for just about everything. Central banks control the monetary supply, inflation rates, whilst commercial banks control how much credit is offered to consumers and interest rate cuts are rarely reflected onto the actual consumers whilst interest rate going up will always reflect onto the consumers.
If they decide to peek into your history, crack down on everything to do, even though they have no proof whatsoever, they could do so. They could freeze your account, disallow access to your funds, all that. With cryptos, it's simply not possible. I'm holding a large proportion of my wealth in precious metals and gold for this reason. I have no relations with banks apart from my credit card which i use extremely rarely. Blockchain technology such as bitcoin can pretty much do everything that a bank can do, and more.
A few people have mentioned the problem of exchanges going offline and losing your coins.
Solution: hold the coins in your own wallets on your own computer, not on the exchange.
If you store them on your computer, make several encrypted backups of all wallets and store them in different places. Many coins have SPV so you don't have to download the full blockchain for each coin. Even if you have 50 coins which require a full blockchain download, that's a small dent in the multi-Terrabyte drives which are readily available. Yes it takes a little time to set up each coin but that's a small price to pay for being in complete control of your own money.
I keep a small percentage of each coin that I think I might sell soon on the exchange in case I want to quickly sell some, but most stay on my comp.
Solution: hold the coins in your own wallets on your own computer, not on the exchange.
If you store them on your computer, make several encrypted backups of all wallets and store them in different places. Many coins have SPV so you don't have to download the full blockchain for each coin. Even if you have 50 coins which require a full blockchain download, that's a small dent in the multi-Terrabyte drives which are readily available. Yes it takes a little time to set up each coin but that's a small price to pay for being in complete control of your own money.
I keep a small percentage of each coin that I think I might sell soon on the exchange in case I want to quickly sell some, but most stay on my comp.
Taking all your savings out of the fiat system is a bit premature, because Crypto currencies are not widely accepted yet. You will have to convert back to fiat to be able to shop at most merchants or you will have to use intermediary services like Bitcoin debit cards to make daily transactions. Looking at the world economy and debt levels, it might not be a bad idea to take the majority of your savings out of the banks at the moment or you might be faced with situations like we have seen in Greece. < Banks closing their doors and only allowing you to draw limited daily amounts at ATM's > ^hmmmmmm^
Source : http://www.zerohedge.com/news/2017-05-31/real-reason-own-bitcoin
This article has the same goal than me when i read the first agression-law (Europa - end of 2013) that it can take (my) saving from bank in case of bankrupt (of the bank).
At this date, all my saving have been stored in crypto-space to evade from this agression-law.
Quote
Think about it: when you send money to someone, those funds move from your bank, to the central bank, to another bank, and then finally to the recipient’s account.
This is the same way that money used to be transferred 800 years ago…
… which seems almost tragically anachronistic given that we have apps today to send funds directly to a recipient’s mobile phone or email address.
Who needs a middleman anymore?
Why should anyone borrow money from a bank when there are so many Peer-to-Peer and crowdfunding platforms available?
Why pay exorbitant fees and commissions to exchange currency when there numerous websites that exchange money at almost no cost?
Banks as financial intermediaries are about as quaint as taxi dispatchers in the age of Uber.
Cryptocurrency and Blockchain technology are the final nails in the coffin, making it possible to hold your savings in the cloud rather than at a bank.
This is the same way that money used to be transferred 800 years ago…
… which seems almost tragically anachronistic given that we have apps today to send funds directly to a recipient’s mobile phone or email address.
Who needs a middleman anymore?
Why should anyone borrow money from a bank when there are so many Peer-to-Peer and crowdfunding platforms available?
Why pay exorbitant fees and commissions to exchange currency when there numerous websites that exchange money at almost no cost?
Banks as financial intermediaries are about as quaint as taxi dispatchers in the age of Uber.
Cryptocurrency and Blockchain technology are the final nails in the coffin, making it possible to hold your savings in the cloud rather than at a bank.
This article has the same goal than me when i read the first agression-law (Europa - end of 2013) that it can take (my) saving from bank in case of bankrupt (of the bank).
At this date, all my saving have been stored in crypto-space to evade from this agression-law.
Yeah sure have some money in cryptocurrencies but what if the cryptocurrency goes bankrupt? That is why it is always good to diversify your portfolio in case of that happening. I would recommend having some in the bank, some gold bars stashed under your bed, money in cryptocurrencies and maybe some spare cash stashed away somewhere. There are lots of trustworthy ways to expand your portfolio. Having all your savings in one form is not very smart since nothing is 100% percent safe. Cryptocurrencies might crash the next day, gold may be seized, banks could go bankrupt the next day. This is the reason why diversifying your portfolio is important since it can improve your odds of not losing a heaps of money.
But go ahead, invest a bit in bitcoin. The future for bitcoin certainly looks bright, especially with it getting so much media attention due to the japan, I’m certain that bitcoin will reach 3k by the end of this year.
At this date, all my saving have been stored in crypto-space to evade from this agression-law.
This is admirable of you, if true.
I agree with most of the sentiment in the article you're citing but the subject headline is misleading. The cash you keep in your bank is kept in the cloud.
The best quote from the article:
Quote
Banks don’t keep bricks of physical cash in their vaults; your bank balance is nothing more than an accounting entry in your bank’s electronic database. It just happens to be 100% controlled by your bank.
They can gamble your savings away on some idiotic investment fad, charge you ridiculous fees without your consent, and even freeze you out of your own account (‘for your own security’) or deny you the right to withdraw funds.
Cryptocurrency de-centralizes this system. You become your own banker. No more middleman. THIS is the principal reason to own cryptocurrency. It’s not about price speculation. Too many people are buying Bitcoin, Ethereum, etc. to gamble on the price. This totally misses the point.
The idea isn’t to trade paper money for Bitcoin, hoping to trade that Bitcoin back for more paper money later. It’s the same with gold and silver. There are far less volatile ways to make money and enjoy a great risk-adjusted return.
They can gamble your savings away on some idiotic investment fad, charge you ridiculous fees without your consent, and even freeze you out of your own account (‘for your own security’) or deny you the right to withdraw funds.
Cryptocurrency de-centralizes this system. You become your own banker. No more middleman. THIS is the principal reason to own cryptocurrency. It’s not about price speculation. Too many people are buying Bitcoin, Ethereum, etc. to gamble on the price. This totally misses the point.
The idea isn’t to trade paper money for Bitcoin, hoping to trade that Bitcoin back for more paper money later. It’s the same with gold and silver. There are far less volatile ways to make money and enjoy a great risk-adjusted return.
I love the "don't let them control your money" angle. I hadn't thought about Bitcoin in that way, directly at least. The author also admits that fiat currency isn't going away anytime soon, especially since the adoption of retailers to accept Bitcoin for payment has stagnated.
Source : http://www.zerohedge.com/news/2017-05-31/real-reason-own-bitcoin
This article has the same goal than me when i read the first agression-law (Europa - end of 2013) that it can take (my) saving from bank in case of bankrupt (of the bank).
At this date, all my saving have been stored in crypto-space to evade from this agression-law.
Quote
Think about it: when you send money to someone, those funds move from your bank, to the central bank, to another bank, and then finally to the recipient’s account.
This is the same way that money used to be transferred 800 years ago…
… which seems almost tragically anachronistic given that we have apps today to send funds directly to a recipient’s mobile phone or email address.
Who needs a middleman anymore?
Why should anyone borrow money from a bank when there are so many Peer-to-Peer and crowdfunding platforms available?
Why pay exorbitant fees and commissions to exchange currency when there numerous websites that exchange money at almost no cost?
Banks as financial intermediaries are about as quaint as taxi dispatchers in the age of Uber.
Cryptocurrency and Blockchain technology are the final nails in the coffin, making it possible to hold your savings in the cloud rather than at a bank.
This is the same way that money used to be transferred 800 years ago…
… which seems almost tragically anachronistic given that we have apps today to send funds directly to a recipient’s mobile phone or email address.
Who needs a middleman anymore?
Why should anyone borrow money from a bank when there are so many Peer-to-Peer and crowdfunding platforms available?
Why pay exorbitant fees and commissions to exchange currency when there numerous websites that exchange money at almost no cost?
Banks as financial intermediaries are about as quaint as taxi dispatchers in the age of Uber.
Cryptocurrency and Blockchain technology are the final nails in the coffin, making it possible to hold your savings in the cloud rather than at a bank.
This article has the same goal than me when i read the first agression-law (Europa - end of 2013) that it can take (my) saving from bank in case of bankrupt (of the bank).
At this date, all my saving have been stored in crypto-space to evade from this agression-law.
I wouldn't do any such things to save my bitcoin in the cloud instead, I will save some of bitcoin in my electrum wallet to store it then
hold it in a long term basis.
Source : http://www.zerohedge.com/news/2017-05-31/real-reason-own-bitcoin
Quote
… which seems almost tragically anachronistic given that we have apps today to send funds directly to a recipient’s mobile phone or email address.
Which still relies on banks and accounts
This article has the same goal than me when i read the first agression-law (Europa - end of 2013) that it can take (my) saving from bank in case of bankrupt (of the bank).
Which makes us remember this classic Bitcointalk thread...
Anyways, a better alternative to the cloud: cold storage
Where do you think our savings were being stored all this time? specially Bitcoin which is on the cloud regardless whether we want it or not we couldn't have it any other way even if we wanted to, cloud is the future and since the largest and the best companies are involved no other party could behest them. when by 2024 internet becomes free worldwide it will show how important it is.
Yeah if I were you I wouldn't be keeping everything I have to my name / whatever you have saved in these insanely volatile currencies which are cryptocurrencies. You're really taking a huge risk with that which could completetly destroy any sort of forward progress that you've made with your savings in an instant and really fuck up your entire life. If you've got money that you can live with losing and want to take a risk which could either reap in a high reward or lose everything you put in, then so be it buy some Alts and bitcoin and see where it gets you.
THOUGHT I WOULDNT RECOMMEND PUTTING YOUR SAVINGS IN HERE RATHER THAN A BANK. People may come out and say it's free money at the moment with the price increases being so much but it's a bubble that is bound to pop at some point.
You have a lot more protection with a bank then you'll ever have in crypto.
THOUGHT I WOULDNT RECOMMEND PUTTING YOUR SAVINGS IN HERE RATHER THAN A BANK. People may come out and say it's free money at the moment with the price increases being so much but it's a bubble that is bound to pop at some point.
You have a lot more protection with a bank then you'll ever have in crypto.
Source : http://www.zerohedge.com/news/2017-05-31/real-reason-own-bitcoin
This article has the same goal than me when i read the first agression-law (Europa - end of 2013) that it can take (my) saving from bank in case of bankrupt (of the bank).
At this date, all my saving have been stored in crypto-space to evade from this agression-law.
Quote
Think about it: when you send money to someone, those funds move from your bank, to the central bank, to another bank, and then finally to the recipient’s account.
This is the same way that money used to be transferred 800 years ago…
… which seems almost tragically anachronistic given that we have apps today to send funds directly to a recipient’s mobile phone or email address.
Who needs a middleman anymore?
Why should anyone borrow money from a bank when there are so many Peer-to-Peer and crowdfunding platforms available?
Why pay exorbitant fees and commissions to exchange currency when there numerous websites that exchange money at almost no cost?
Banks as financial intermediaries are about as quaint as taxi dispatchers in the age of Uber.
Cryptocurrency and Blockchain technology are the final nails in the coffin, making it possible to hold your savings in the cloud rather than at a bank.
This is the same way that money used to be transferred 800 years ago…
… which seems almost tragically anachronistic given that we have apps today to send funds directly to a recipient’s mobile phone or email address.
Who needs a middleman anymore?
Why should anyone borrow money from a bank when there are so many Peer-to-Peer and crowdfunding platforms available?
Why pay exorbitant fees and commissions to exchange currency when there numerous websites that exchange money at almost no cost?
Banks as financial intermediaries are about as quaint as taxi dispatchers in the age of Uber.
Cryptocurrency and Blockchain technology are the final nails in the coffin, making it possible to hold your savings in the cloud rather than at a bank.
This article has the same goal than me when i read the first agression-law (Europa - end of 2013) that it can take (my) saving from bank in case of bankrupt (of the bank).
At this date, all my saving have been stored in crypto-space to evade from this agression-law.
Well, and where do you think your money go if the cryptocurrency collapses/goes bankrupt? It's pretty much the same.
Yes but how the bitcoin is going and where's heading, it doesn't look as it will break down any time soon, while with banks you can never know. It's the same of course, but banks are more likely to bankrupt,in my opinion.
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