Topic: Is Bitcoin safer than banking? - page 23. (Read 3101 times)
it depends on your definition of the word safe, with both there is still a risk involved. both the traditional way of banking and that of blockchain have their own problem. the only difference with blockchain an individual total and actual power over their own money than that of the traditional one, it means the safety of one's own money lies in his or her hand than the former
Nope never and ever would be. Banking is a institution where everything is in discipline and well manner.But here Bitcoin is not institute,it's a open market for all in world without knowing there identity so the risk is more as the money is more.So banking any day is more safer than Bitcoin.
Cryptocurrency analyst Chris Burniske believes that bitcoin at the moment" functions as a reserve currency " for investors — this is evidenced by the halved volume of network transactions in the current year.BTC
Bitcoin is much safer provided that you know how to handle it. Also it can bring you much more profit than the usual deposit in the bank.
Yes, bitcoin is safer than banking no anyone stole your bitcoin. Bank will freeze your money but bitcoin is not frozen. Also, bitcoin prize increases with increasing demand because limited currency and bank use unlimited money printing.
No bitcoin is not safer compare to conventional banks. Banks are being supervised by the country central banks and the customers money is covered by insurance. Bitcoin is decentralized and there is no insurance cover for the customers money.The customers are responsible for their security. So if you lose your bitcoin there will be no compensation but if any thing happen to your money in the bank you will be refunded.
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?
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?
This then made Bank Indonesia insert an affirmation regarding the prohibition of using bitcoin in two Bank Indonesia Regulations, namely PBI 18/40 / PBI / 2016 concerning the Implementation of Payment Transaction Processing and in PBI 19/12 / PBI / 2017 concerning the Implementation of Financial Technology. The Executive Director of the Bank Indonesia Transformation Program Center (PPTBI) Onny Widjanarko proved the risk of bitcoin.
"The convertibility risk is that there are no guarantees exchanged for fiat money, especially with high price volatility,
Yes of course , if your bank's encryption or firewall are not strong hackers can break in and make away with your money or sometimes bankers themselves do steal peoples money and run away bout bitcoin is not like that you are just the controller of your money with your private keys
yeah. Bitcoin is better than cash. Bitcoin is a good investment. So people choose the bitcoin. People get more information form bitcoin. Bitcoin is the best one of the coin. So bitcoin will be given more information and rules and regulation. So people easy to use the bitcoin and handling to easy.
Banking is not good for the people future saving and future growth. The bank is not giving the full information. That the reason affects the people saving. Most of the people use the bank for saving. Some people only know the bitcoin. So most of the people wait for the bitcoin investment.
Banking is not good for the people future saving and future growth. The bank is not giving the full information. That the reason affects the people saving. Most of the people use the bank for saving. Some people only know the bitcoin. So most of the people wait for the bitcoin investment.
Yes, Bitcoin is safer than banking.
Bitcoins is blockchain-based currencies provide the owner with power and responsibility, rather than the owner trusting the bank.
And, as we have seen, your money is not safe sitting in a bank because when your money is in the bank, basically, your money does not only sleep in the bank but is consumed by costs and inflation.
Bitcoins is blockchain-based currencies provide the owner with power and responsibility, rather than the owner trusting the bank.
And, as we have seen, your money is not safe sitting in a bank because when your money is in the bank, basically, your money does not only sleep in the bank but is consumed by costs and inflation.
Although highly favored in investment, bitcoin is more worrying. Even though we get access to the server, we have to be brave enough to take the risk.
Of course, slowly it does not rule out the possibility of more and more hackers who are starting to glance at the advantages of bitcoin. So, they could plan to hack a bitcoin system.
While bank security depends on the type of bank we use. Globally, banks are more favored in their credibility and security. Client identity protection is also very well maintained to smooth transactions between users.
Of course, slowly it does not rule out the possibility of more and more hackers who are starting to glance at the advantages of bitcoin. So, they could plan to hack a bitcoin system.
While bank security depends on the type of bank we use. Globally, banks are more favored in their credibility and security. Client identity protection is also very well maintained to smooth transactions between users.
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?
obviuosly keeping your money in banks is a much safer decision. Bitcoin and other digital wallet is not as secured as the banks and it can be subject to theft. There is also a possibility that it can be hacked.It is somehow secured and much more profitable when you keep bitcoins than storing money in banks. 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?
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?
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?
Bank fraud and timeshare fraud are two distinct types of fraud. In the case of bank fraud I think of a centralized institution that holds your money (a bank) and the institution or someone in it defrauds you. In that case, bitcoin is arguably superior because nobody can access your bitcoin unless they have your private key. You have much more control, but with that control comes more responsibility for protecting your private key and not losing it.
With timeshare fraud you are essentially being duped by fraudsters into giving them your money. It's kind of like investing in a scam ICO. If you invest your bitcoin into a fraudulent scheme, then arguably ordinary currency is better than bitcoin because you might have insurance or fraud protection (on your credit card for example).
It's rely on you if you have Trust to BTC and other crypto currencies. It's the matter of self decisions if you depend on others you will not know it's safe or not. Just be vigilant and do depend entirely on the negative news that you found , just believe on your self and to the power of digital currencies.
As someone who have once fallen prey to this scam before, I say that it just depends on the person/account holder. What happened to me was I did not realized how much I have to pay every month for a real estate investment until I have already paid for a month advance. Fortunately, I managed to cancel it before the second month but I never got my money back anymore. With cryptocurrency it is the same. If you are not careful and smart and are impatient, you could lose your money fast. No matter if it is bitcoin or the traditional banking system, it is you who is responsible for your money and what you do with it.
What exactly are you talking about safely? Bitcoin can be safer than banks, especially for high-volume investments. Also, if I make a monetary transaction today, I can transfer money to the other end of the world in maximum 15-20 minutes. Moreover, no matter how much money you have, the transaction fee is fixed. In the future, the spread of bitcoin will increase as it is converted into money or used as a means of payment. Yes, I think it's safer!
I honestly concur with your brilliant piece! The most important thing for bitcoin is adoption. We need more 'real and workable' projects (products and services) around crypto sphere.
Yes bitcoin is safer then bitcoin because its based on blockchain.bitcoin is one of the easiest avenue to earn money and we can barter it countermand immediately.or bitcoin has always many other benefits.
Of course bitcoin will be more profitable. Moreover, most likely in the future there will be a situation such that bitcoin will simply displace the banks. The intermediary in the form of a bank will simply not be necessary for anyone. Also worth remembering about the main advantage of bitcoin in the form of decentralization ... so that some advantages in favor of bitcoin
It all has to do with security level of the bank or the wallet.Conventional banks try to secure the funds of their customers and they are under the supervision of the country's central bank which forces them to be responsible. Bitcoin may not be safer than bank because if by chance you lose your bitcoin it is gone forever but if the money you have already in the bank is compromised not because of your own fault the bank will pay you back the money because it covered by insurance while crypto is not covered by any insurance. But if you have an adequate security measure for your wallet it will also make your wallet safe.
No one can guarantee 100% security for Bitcoin and banks, Bitcoin and banks have their own strengths and weaknesses, so nothing is truly safe. You can't just put down the banking system because there are some shortcomings in it. and you can't say that bitcoin is 100% safe because there are hackers who can take your Bitcoin.
Since both are unsafe you may go with bitcoin as well. This is like asset for investing our own money on gold or real estate. I really do not understand that what the problem on bitcoin for others.
They mostly trolling the others when they thinking to invest on cryptocurrencies.
If you accessing your wallet with correct URL you cannot be hacked by anyone. Follow simple steps given in wallet site itself to secure your wallet.
Jump to: