Is it safe to keep your money in bank? - page 10.

Rengga Jati

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Quote from: FMCPAY_GLOBAL on March 21, 2023, 09:50:27 PM

Is it safe to keep your money in bank?

Simple answer for this: NO.
there is always a risk of saving our money in a bank, there is no guarantee that our money in the bank will be secured 100%

Quote from: Amejoaquim on June 26, 2023, 06:59:30 AM

Even if the bank system is stable, STILL the lowest interest i get on my Crypto is times higher than i will get for my deposit in a bank.
I know there is a risk included, but where isn't?
So back to our profile investment and never put money in one basket.

Indeed,
Apart from those whose interest or profits are really too small, saving money in a bank is also not convincing enough. Not to mention if there is a monthly fee, then this is quite expensive. Deposits in banks may be the choice of some people, even willing to save trillions of money in banks, this is also risky. However, I personally prefer the money to be invested rather than just kept in the bank. Maybe because I have only a little money. Maybe this will be different for someone who already has various investments anywhere and also just keeps money in a bank vault.

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Where else are you going to store your money mate I suggest going double ways or dividing according to your risk management Crypto still require fiat onramps and thats why banks are required and basically crypto is not mainstream yet or maybe buy some gold if you are curious Wealth can be stored in various ways Make your decision

wheelz1200

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In the US yeah at least up to $150k which is ferlderally insured. If the banks collapse and the US does not back that insurance there are much more problems than you not having your money. Most likely that money would be worthless anyway if we were in that situation. Stick all of your wealth in banks nah, but is it "safe"? Yeah in the short term I can't see that being an issue.

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Considering that we have seen some banks collapse and peoples money crash with them, I would have to say it is not. Sure for many years, even maybe for decades it could stay solid and no problems at all, but then one day it could crash and your money could be gone. Or better yet, to think that you store your fiat in banks is proof enough that it is a bad idea. Because we are talking about fiat here and we all know that fiat will be a terrible thing to invest into and if you think that you should invest and keep your money in fiat there is nothing wrong with it.

We are going to end up with a good result eventually, but that's going to take a while to reach and we need to understand the fact that it is going to take a while to get there, and fiat will slowly lose value whereas bitcoin will gain.

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Quote from: gurunanakji777 on July 06, 2023, 09:32:19 AM

Why keep the coins on an exchange when we have the option to use hardware wallets such as Trezor and Ledger wallets? You're trying to say banks are not secure for storing money, but I would still advise storing money in banks. While bank collapses are rare, we cannot blindly trust cryptocurrencies due to their high volatility. In my view, performing KYC, 2FA, and Email verification does not provide a guarantee that your funds are secure on any exchange.

if you are long term investing no one will advise you to hold on the exchange as there are chances of exchange being hacked or FTX events happening. to reduce the risk you should hold your crypto in a personal wallet, there are many private wallets that you can use and some of which you have mentioned.

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In my opinion, banks are not trusted at all, they only look at their own interests and try to earn as much as possible from their users, and if they fail? they are saved by the respective states/governments for your own savings it is better to focus on gold or stable coins

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Quote from: gurunanakji777 on July 06, 2023, 09:32:19 AM

Why keep the coins on an exchange when we have the option to use hardware wallets such as Trezor and Ledger wallets? You're trying to say banks are not secure for storing money, but I would still advise storing money in banks. While bank collapses are rare, we cannot blindly trust cryptocurrencies due to their high volatility.

Thanks to this market that is opening the eyes of everyone on how we should keep our money and assets. While there are still people that can't avail to buy hardware wallets because they think that it's not worth it based on how much they've got so, some good wallets that are downloadable and free are enough for them.

Quote from: gurunanakji777 on July 06, 2023, 09:32:19 AM

In my view, performing KYC, 2FA, and Email verification does not provide a guarantee that your funds are secure on any exchange.

That in no way has a connection to the safety of funds. When an exchange says that your funds are safe, it's just all words unless proved by them during a tough situation they experience.

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Why keep the coins on an exchange when we have the option to use hardware wallets such as Trezor and Ledger wallets? You're trying to say banks are not secure for storing money, but I would still advise storing money in banks. While bank collapses are rare, we cannot blindly trust cryptocurrencies due to their high volatility. In my view, performing KYC, 2FA, and Email verification does not provide a guarantee that your funds are secure on any exchange.

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Quote from: mdzahed134 on June 05, 2023, 10:41:51 AM

Personally, i don’t feel 100% secured to keep my money in the banks because you know bank also can be bankrupt, so that i can't believe it. Even i faced some issues in my country banks, i can't cash my money on time. But i think there are no 100% safe way to keep money in online or offline.

Well, as long as the bank is a national bank, I think they will compensate you for the losses you have when you deposit money there, because it is a bank managed by the government, and also has clear regulations.

If we compare security between banks and wallets, then banks have better security, and it's clear how you can find reports and those who are responsible for the assets you have. I once had a friend who lost his money in a bank, when they reported it, within 1 week, the money was back intact. However, if we talk about the advantages of investing, then crypto is far superior. however, I still feel that crypto is not a place to store the money we have. I still feel and use crypto as an investment and payment alternative on the internet. however, when it comes to saving money, I lean more towards banks or gold.

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Keeping money in the bank is generally considered safe, as banks are typically insured by the government up to a certain amount. However, the interest rates offered by banks are often low, which means that the value of your money may not keep up with inflation in long term. Investing your money can be also a wise decision in keeping your money, but also it comes with risks. The stock market or crypto market for example, can be volatile and unpredictable. However, if your aiming for a long term, in investing in a diversified portfolio of stocks, bonds and crypto currencies has historically provided higher returns than simply keeping money in a savings account. It's important to consider your own financial goals and risk tolerance when deciding whether to keep you money in the bank or invest it. If you have a short term goal such as saving fro a down payment of a property, keeping your money in a savings account may be the best option. If you have a long term goal such as saving for retirement, investing in a diversified portfolio may be a better choice.

Your piece touches on finance 101 – the push and pull between bank safety and diversified portfolio gains. However, you're leaving out some vital factors. Consider the world economic climate. Rough tides can make 'safe' investments like bonds and stocks unpredictable. The crypto market? It's a roller coaster with its short track record.

Your financial standing also holds sway. A person under a mountain of debt can't gamble like someone sitting on a cash pile. Not to mention, the legal angle! Rules for crypto investments swing wildly worldwide - some nations welcome them, others slam the door. So, its more than just personal finance targets and risk comfort. A broad spectrum of factors steer your finance strategy decisions.

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Quote from: mdzahed134 on June 26, 2023, 01:20:46 PM

Quote from: Amejoaquim on June 26, 2023, 06:59:30 AM

Even if the bank system is stable, STILL the lowest interest i get on my Crypto is times higher than i will get for my deposit in a bank.
I know there is a risk included, but where isn't?
So back to our profile investment and never put money in one basket.

If you will compare about risk, definitely bank is lower risk than crypto investment. Because banks have regulatory board by the central bank so they can provide safety with your money but crypto is high risky for several things as like if you will keep your money in crypto here your wallet can be hacked or you can lost in trading also here is chances to big profits in short term.

Exactly and in crypto there are so many scammers that they also have many ways to commit fraud,
there have been many cases of successful crypto wallets being hacked and of course this has become a concern,
even so saving money in the bank I think is just a waste of time.

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Quote from: Amejoaquim on June 26, 2023, 06:59:30 AM

Even if the bank system is stable, STILL the lowest interest i get on my Crypto is times higher than i will get for my deposit in a bank.
I know there is a risk included, but where isn't?
So back to our profile investment and never put money in one basket.

There are no guarantees that these platforms are a safe alternatives when it comes to storing our money unless we hold it ourselves and place the risks on our hands. Banks are not any safe either even if we say that they are already reputable and century old because at any given time, these banks are vulnerable and that comes with a price that includes our funds stored in their banks. Furthermore, when it comes to risks, it's much better to invest it so that we can create another source of income rather than storing it in a bank where inflation rate is much higher compared to their interests.

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Quote from: Amejoaquim on June 26, 2023, 06:59:30 AM

Even if the bank system is stable, STILL the lowest interest i get on my Crypto is times higher than i will get for my deposit in a bank.
I know there is a risk included, but where isn't?
So back to our profile investment and never put money in one basket.

If you will compare about risk, definitely bank is lower risk than crypto investment. Because banks have regulatory board by the central bank so they can provide safety with your money but crypto is high risky for several things as like if you will keep your money in crypto here your wallet can be hacked or you can lost in trading also here is chances to big profits in short term.

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Quote from: Amejoaquim on June 26, 2023, 06:59:30 AM

Even if the bank system is stable, STILL the lowest interest i get on my Crypto is times higher than i will get for my deposit in a bank.
I know there is a risk included, but where isn't?
So back to our profile investment and never put money in one basket.

If someone is interested on the yield or the interest, then I would that say the best option would not be to deposit in the bank but instead get that money on treasury bonds, to take advantage of the government of the United States needing to borrow money to keep their things together.

Actually, now that the debt ceiling is going to be raised without problem those seeking for yield within the American debt system, in theory do not have much to be afraid. Referring to a default.

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Quote from: Amejoaquim on June 26, 2023, 06:59:30 AM

Even if the bank system is stable, STILL the lowest interest i get on my Crypto is times higher than i will get for my deposit in a bank.
I know there is a risk included, but where isn't?
So back to our profile investment and never put money in one basket.

Yes. Crypto is perfectly good investment. But the golden rule of investment is that you don't put all of your eggs in the same basked.
With possibilities, crypto comes with risks. Risks are everywhere and so are opportunities. The best way to manage your finance is to diversify your investment.
Modern banks in most of the jurisdiction has to go through regular audit and keep their finances diverse and within the regulatory limit. Saving on a bank is not a risk in most of the jurisdiction, there might be a hassle to get your money on time when things are not going well, but I don't think there is a situation where a depositor on a bank has lost his money. Investing again is risky.

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Even if the bank system is stable, STILL the lowest interest i get on my Crypto is times higher than i will get for my deposit in a bank.
I know there is a risk included, but where isn't?
So back to our profile investment and never put money in one basket.

mdzahed134

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Personally, i don’t feel 100% secured to keep my money in the banks because you know bank also can be bankrupt, so that i can't believe it. Even i faced some issues in my country banks, i can't cash my money on time. But i think there are no 100% safe way to keep money in online or offline.

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Quote from: kevindjunaidi on May 29, 2023, 03:55:12 PM

in my opinion there is no safe place to keep our money, it's just that the risks are different, so if you keep your money in a bank it's not safe but the risk is very small for your money to be lost compared to investing in cryptocurrency, but your money can't increase if you save money in the bank (bank interest is lower than inflation), so I agree with you if we should not keep our money in just one place.

Actually there is nothing too dangerous when we want to save money in the bank, because so far we think there is no risk that is too big where our savings will be lost, we can say that now the bank is still used as a place to store money because most people save their assets here. and to be honest, those of us who save in Cryptocurrency keep on depositing funds at the bank.

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Quote from: cute nmp on June 04, 2023, 01:40:50 PM

Yes, keeping money in a bank is generally safe cause they are regulated by government authorities and have measures in place to protect your deposits. Banks provide more security, insurance, and safeguards against theft or loss, making it a reliable place to keep your money unlike most places.

What if the bank you are keeping your money with goes bankrupt? Now we can't say that it is not possible because we have seen that happening and when that happens, almost everyone who had their money stored in the bank will get nothing bank if they can't manage to stand up on their feet once again after getting bankrupt, in such a scenario, someone will surely say that banks aren't good stores for your wealth.

Yes, I do understand that there aren't a lot of possibilities for that to happen and your money is generally safe with the bank and is insured if something bad happens like a robbery or a natural disaster like a fire that burns away the money they keep, but there is basically also some risks in keeping your money with a bank.

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Quote from: deean_3one on June 04, 2023, 08:55:21 AM

Keeping money in the bank is arguably safe. Banks can guarantee the safety of our money stored there. But sometimes saving at the bank also backfires. There are banks that go bankrupt and cause our money to be lost. So saving money in the bank should also be careful. We must choose a good and trusted bank.

Of course people keep a lot of money inside the bank just thinking that their capital is completely safe in the bank. Banks keep going bankrupt. In the region where we live, there is more fear of bankruptcy of our country than the bank. The money lying in the bank can be confiscated by the government at any time, and you may face difficulties in withdrawing your money. In the region we live in, our economy is declining day by day due to which the money lying in the bank is getting devalued.

My own opinion is that most of your capital should be invested in Bitcoin, but keep in mind that you should invest in Bitcoin that you may not need in the near future. This capital will be under your control and you can cash it whenever you want, wherever you want.

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