Is Bitcoin safer than banking? - page 10.

Zalura

newbie

Activity: 73

Merit: 0

Quote from: Rustandy on September 16, 2018, 08:10:50 AM

Transfers with bitcoin even between countries average administrative costs close to zero. Obviously more profitable than banking transactions, the administrative costs of which are still expensive.

bitcoin is able to be more transparent in transactions and cut clearing time as happened to banks, banks are also not wrong because they only follow the provisions regarding the system of transactions between countries.

For security, banks are safer in this case because they can account for various transaction errors and account security, security in bitcoin is only determined by the user and this is dangerous for people who accidentally make mistakes.

Kim Addington

newbie

Activity: 23

Merit: 0

Short answer: No it isn’t. It isn’t even a currency so the comparison is pointless. See, the thing about currency is that they need to be printed indefinitely as economy grows. That alone invalidates Bitcoin usage as currency.
BTC is an asset, a speculation, trade median, or whatever you call it, but it definitely is not a currency. Lots of people hype about using Bitcoin as payment. They praise anonymity, speed, transparency and all the yadda yadda they can think of. But Bitcoin is slow and simple cannot handle the volume of, say, VISA or Paypal. Another bunch of people criticize Bitcoin as a currency because of volatility, acceptance and cost to produce. Well, they are wrong as well. Just like how sculptures and paintings get assigned values, Bitcoin value is what people perceive it at, simple as that.
So is Bitcoin better than normal currency? No. Is Bitcoin having a future? Yes

kalstarzz

full member

Activity: 770

Merit: 100

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?

in my opinion, the personal security of cryptocurrency depends on each user. different from banks, all of our assets are left to the bank, including security...

Rustandy

newbie

Activity: 163

Merit: 0

Transfers with bitcoin even between countries average administrative costs close to zero. Obviously more profitable than banking transactions, the administrative costs of which are still expensive.

Shadon24

newbie

Activity: 140

Merit: 0

Do you think that investing in the cryptocurency market will not be as safe as investing in a bank? I think if you invested in a cryptocurrency market you would be more profitable.

sinta23

full member

Activity: 668

Merit: 100

DogData

Quote from: HerbertMarcel on September 16, 2018, 12:30:30 AM

No bitcoin is not safer than banking because the whole banking system runs through hard security on the other hand bitcoin run through virtual security.

yes indeed what you say is quite true. indeed bitcoin is currently not safe enough than banking. because we can see that the banking is certainly protected by the state. so we can't take it for granted.

sneeze11

full member

Activity: 347

Merit: 100

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 banking is more safe than bitcoin because it is legal here in our country. Actually bank is the most trusted here in my country because bitcoin treats illegal.

Dylan Bargeman

newbie

Activity: 21

Merit: 1

Bitcoin (and many other cryptos) are better than fiat (a.k.a. normal) currency because they cannot be created out of nothing. Well… at least not in the way fiat currency can by means of a (central) bank buying bonds, creating loans or applying quantitative easing. This almost limitless currency creation is a mayor cause of inflation which renders the money that is earned by hard work eventually worthless. Cryptos (at least the most famous ones like BTC, BTH, ETH etc.) don't have that problem.

NightlessCity

newbie

Activity: 420

Merit: 0

I think bank is more safe, any kinds of fraud my appears stilll you can get back your money 100%, because is there name legality. In other words the reputation of their name. Although bitcoins gives an an opportunities to earn as much as big profit but you have think twice, coz' there so many scam schemes using bitcoin name to take your money.

bce

sr. member

Activity: 756

Merit: 250

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?

safer in what category is meant if security in the sense of counterfeiting my currency feels cryptocurrencies are much safer but for the problem of losing what we have security cryptocurrencies are very weak

qiman

hero member

Activity: 1036

Merit: 504

We are talking about two different eco systems here so it is hard to compare. I have had my wallet hackd with Bitcoin and have had funds stolen from other crypto wallets also but so far I ahve never had my bank account raided in all my life. So I would say banks, at least the bigger regular banks are safer. What I do like about Bitcoin is though that it is hard to take down, but a bank can go down if it is riddled with bad debt. So on a small scale the bank is safer, on a larger scale I think Bitcoin as an entity itself is safer than some of the corrupt banks selling dodgy derivative products from Wall ST to the general public and to institutions.

LDenis555

full member

Activity: 317

Merit: 100

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?

Maybe so, the Bank eventually became the basis of the economy in the country, and change the view that the Bank is not safer than bitcoin will be difficult, you need to increase the security of just the same bitcoin.

Trustor

full member

Activity: 342

Merit: 100

Not at all, keeping in mind all the frauds we experience, the sometimes difficult to understand rules of crypto market and the fluctuations in the price value of a Bitcoin, It is definitely riskier than any amount of investment or money in the Bank. Though Bitcoin is more convenient to hold or make any investment but banks are hands down the safest.

Bakugan

member

Activity: 260

Merit: 28

Look ARROUND!

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 banks are more safe than bitcoin because banks are controlled by government which usually used everything just to secure money. But just like bitcoin we can experience loss in banks too. Banks and bitcoin has own risk and it depends on us if we want to take it.

gurang

jr. member

Activity: 350

Merit: 2

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?

Hm!No because bank is safer than bitcoin because bank have a best security and then it not just easy to scam or ban it because bank have a many security.

billionaireSHS

member

Activity: 269

Merit: 10

Decentralized Transportation Solution

For my own opinion, I think that both of them are safe. The matter is, it is how you choose wether you deposit or invest your money in bitcoin or in bank. Loyalty is the key of what you want to use. Sometimes you are comfortable in either bitcoin or in bank, so it's your choice!.

Vritesh

full member

Activity: 238

Merit: 100

Yes according to me bitcoin is safer than banking because there are no sort of frauds in case of bitcoin. No doubt banking is in practice since very long but still there are many frauds and dishonesty torts in this field. Bitcoin is more safe as person is his own head but this is not so in the case of banking. It comes under the reguation of government or any third person which causes more issues.

Getcoinsite

sr. member

Activity: 714

Merit: 260

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?

Both banks and crypto has own risk

Banks is safer because this has physical money so even if theres lot of fraud happening and has low payback on interest still physically safer

Since cryptocurrency or bitcoin is giving opportunity to bring big amount of profit,the income is unbelievable but same as the risk of losing,and the virtuality whos making many people hesitant of investing because of none physical promises but instead purely internet connected money,

HerbertMarcel

member

Activity: 221

Merit: 10

No bitcoin is not safer than banking because the whole banking system runs through hard security on the other hand bitcoin run through virtual security.

Naughty Princess

full member

Activity: 952

Merit: 107

Quote from: satria33 on September 15, 2018, 11:20:34 PM

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

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 and banks are different. Now that banks are safer than bitcoin, banks have a smaller risk of losing than we store assets in bitcoin.
But it's back to you.

I think so. Though keeping in bitcoin gives high profit than banks, it has small risk when you used bank to keep your assets. It is depend on you where you are going to keep your assets because bitcoin is very volatile. You van make sure the security of the banks but the security of your online accounts rely on your hands for you to keep safe the asset you have in bitcoin.

Topic: Is Bitcoin safer than banking? - page 10. (Read 3115 times)