Is Bitcoin safer than banking? | Bitcointalksearch.org

bp.comp69

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Quote from: ShowOffoN on September 10, 2018, 03:34:50 AM

Reports have it that bank frauds still continue to happen despite of strict security measures being taken by the banks. Just between January to July 2018, just timeshare fraud alone had 1.155 reported cases. It's when you’re told you can go on a free holiday or get rich by joining an exclusive holiday club or timeshare programme, but you’re eventually forced to pay for it through small print in the contact. That is not to mention other types of fraud like identity theft etc.

This gets me thinking, is it safer to just have bitcoins, or cryptocurrencies for that matter since it's not regulated by banks? What do you think?

I think bitcoin is not safe enough compared to banks, because banks have been regulated by the state and the responsibility is greater if there is a transaction error or other
not with bitcoin if it's just one letter then the coin goes into someone else's wallet without responsibility

thenameisjay

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Quote from: ShowOffoN on September 10, 2018, 03:34:50 AM

Reports have it that bank frauds still continue to happen despite of strict security measures being taken by the banks. Just between January to July 2018, just timeshare fraud alone had 1.155 reported cases. It's when you’re told you can go on a free holiday or get rich by joining an exclusive holiday club or timeshare programme, but you’re eventually forced to pay for it through small print in the contact. That is not to mention other types of fraud like identity theft etc.

This gets me thinking, is it safer to just have bitcoins, or cryptocurrencies for that matter since it's not regulated by banks? What do you think?

To be honest, I would pick banking over cryptocurrency and bitcoin investments. It's just the 'fight or flight' instinct in me that kicks in. As much as I want to put my work savings on bitcoins, I won't because it's too much of a risk to place the entirety to bitcoins.

manismanja

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I think bitcoin is indeed safer than banking because all transactions from bitcoin can be seen and can be tracked by everyone because all transactions from bitcoin are recorded on the blockchain so that all assets are safe and all transactions can no longer be confidential.

ljane

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Every data based on the blockchain is very safe. Due to that I think BTC is more safer than banking and many people can testify to that.

jozymens7

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Nowadays what we always hear is the collapse of banks here and there. To me I think due to the decentralized nature of BTC its very difficult for its safety to be broken. Also because of is base on the blockchain, BTC is much safer than banking.

Firefox07

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Quote from: West0813 on October 05, 2018, 05:54:23 PM

For me banks is still better that bitcoin. Yes, there are victims of fraud in some banks. But there is also victims of scammers and hackers in bitcoin. The thing is where ever you put you money there is always a risk of loosing it.

Yes i truly agree with you. Banks is more safer than bitcoin. If you lose you money in bitcoin you don't know who will you go after. But in bank you will know who will you sue.

West0813

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For me banks is still better that bitcoin. Yes, there are victims of fraud in some banks. But there is also victims of scammers and hackers in bitcoin. The thing is where ever you put you money there is always a risk of loosing it.

Temik2704

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Yes, it is safer because nobody can block your bitcoin wallet while banks can do it by their wish

But here is another danger - hackers can get your private key and stole your crypto.

fahadrawr

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Quote from: cryptogideon19 on September 10, 2018, 04:04:52 AM

It's depend upon you if you have Trust to BTC and other crypto currencies. It's the matter of self decisions if you rely to other you will not know it's safe or not. Maybe not just rely to the bad news that you read , just believe on your self and to the power of digital currencies.

True It's still up to you if you trust Bitcoin and other Crypto Currencies. Well said just trust you self or even your instinct sometimes because Bitcoin transaction is secured.

thankyoulord

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Just like a user said, they both have their different strengths and weaknesses, I can't agree with you any much. This simply says it all. Due to the way bitcoin and other altcoins were designed, it becomes safer because it developed with some features that make it appear to be much secure than the banking system. But the banking system also have it numerous, not to mention, good features that render it unbreakable and fraud free, maybe not totally, but to a reasonable extent. So they both have their weaknesses and strength, so comparing them both won't really be much of a good idea.

cybernetik7

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Banks have been at the heart of financial system for decades and there is a long way to go for cryptocurrencies. Right now, banks are safer because of the security provided within it. Also, banks insure deposits at some level. If someone hacks your wallet, no one will refund it for you. Cryptocurrencies need to extra security measures and deposits. I think, cryptocurrencies will be really safe and secure in near future as much as banks.

GoodLuck2

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Quote from: lelylely on October 05, 2018, 12:52:46 PM

No, bitcoin is more risky than saving money in a bank, but if you can be alert and smart to keep a private key, then bitcoin will also be safe.

Bitcoin is also safe but we need to keep our wallet more safe and don't share our wallet private key or password to other peoples and save it in more safe and secure place.

kvipcn

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Having a bitcoin is like having and controlling and managing your own bank. You can send and receive funds at any moment in a particular time and you are in charge on how safe you want to keep your bitcoin. Looking at how bitcoin is traded and used, it is more safer than banking. Banking presents a lot of limitation.

ETNPro

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Bitcoin is much safer than banks, i'll explain why. Many crypto are safe i will talk as your title says "Bitcoin".
Why safer than banks? I'n my country there was a Bank which closed (broke), and all money from their accounts was never back to clients.
While Bitcoin you can make it safer, like keep priv keys etc in your usb/ext hdd, or use some tokens for safe.
Bitcoin and rest crypto are one of the best made for Humans.

Treasurer

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Quote from: BitcoinPanther on October 05, 2018, 12:23:31 PM

Quote from: ecnalubma on October 05, 2018, 12:12:36 PM

Crypto and banking defers in meters of risk, Banking system offers secured and insured policy while Bitcoin offers transparency since everything is recorded on the ledger. These two characteristics of banking and blockchain is a good combination to rapid financial transactions. Traditional banking is much more convenient to most of the people nowadays but once the crypto and banking technology combines, it will be more convenient to transact without worries.

Yes indeed, there is a huge different between banks and bitcoin in terms of risks.

With banks, one can somehow sleep through a crisis where bitcoin might keep you up 24/7. When banks offer a certain percentage of guaranteed recovery in cases of a war, a national disaster or merely a bankruptcy, bitcoin offers none. Meaning, when the whole system of bitcoin somehow collapses, we are not guaranteed anything, not even the smallest percentage of our bitcoin asset is insured and could be recoverable.

That is why till date, people like the idea of traditional banking. Moreover, when the bank account holder dies, the next of kin can claim the outstanding balance of the bank account. Unfortunately, bitcoin does not offer such official treatment. Though, one can entrust all his crypto access to a person and trust that it will be in good hands till our sad demise.

And besides all of the above, fraudsters are developing new schemes of fraud both for banks and for the blockchain. If there are people who develop technologies, then there are people who break into these technologies!

nightxglow

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I guess it's depend. Just because some cases happened don't mean it happen in all places. For me, as long as i don't and won't face any problem regarding my assets in banks, or anything regarding to it, i will still use bank and trust it.
But of course, bitcoin or cryptocurrency is not something extra safe as well, because there are lots of case about its safety and other things, if you don't know that yet. Having it ia not being regulated by anyone or even bank can be a weakness as well eventually. So i guess it depends on us and how we see those things.

lelylely

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No, bitcoin is more risky than saving money in a bank, but if you can be alert and smart to keep a private key, then bitcoin will also be safe.

Rashid555

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I think yes because through banks they can freeze your account and then you can not do any thing even if your amount is exceeding than limit they will place penalty upon you and governments can also impose taxes upon you if you withdraw more than a specific limit while in crypto this problem is not here and bitcoin is safer than banks.

bitterdog

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Quote from: ShowOffoN on September 10, 2018, 03:34:50 AM

Reports have it that bank frauds still continue to happen despite of strict security measures being taken by the banks. Just between January to July 2018, just timeshare fraud alone had 1.155 reported cases. It's when you’re told you can go on a free holiday or get rich by joining an exclusive holiday club or timeshare programme, but you’re eventually forced to pay for it through small print in the contact. That is not to mention other types of fraud like identity theft etc.

This gets me thinking, is it safer to just have bitcoins, or cryptocurrencies for that matter since it's not regulated by banks? What do you think?

i think everything in this world has they're own danger and risk. I think we can't directly jumped out to the conclusion that bank is safer than crypto or vice versa. And to be honest regarding to this matter, i can't decide which one is more safer.

BitcoinPanther

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Quote from: ecnalubma on October 05, 2018, 12:12:36 PM

Crypto and banking defers in meters of risk, Banking system offers secured and insured policy while Bitcoin offers transparency since everything is recorded on the ledger. These two characteristics of banking and blockchain is a good combination to rapid financial transactions. Traditional banking is much more convenient to most of the people nowadays but once the crypto and banking technology combines, it will be more convenient to transact without worries.

Yes indeed, there is a huge different between banks and bitcoin in terms of risks.

With banks, one can somehow sleep through a crisis where bitcoin might keep you up 24/7. When banks offer a certain percentage of guaranteed recovery in cases of a war, a national disaster or merely a bankruptcy, bitcoin offers none. Meaning, when the whole system of bitcoin somehow collapses, we are not guaranteed anything, not even the smallest percentage of our bitcoin asset is insured and could be recoverable.

That is why till date, people like the idea of traditional banking. Moreover, when the bank account holder dies, the next of kin can claim the outstanding balance of the bank account. Unfortunately, bitcoin does not offer such official treatment. Though, one can entrust all his crypto access to a person and trust that it will be in good hands till our sad demise.

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