Topic: Is it safe to keep your money in bank? - page 15. (Read 2573 times)

I don't think it's safe to keep money in the bank at this time.  Because many famous banks in our country have already declared themselves bankrupt. There is no point in keeping the hard-earned wealth in the bank if all the wealth is to be lost later.
The condition that the bank will always deposit your money is that if the bank is in debt for any reason then the few members of that bank have to take the percentage of the loan. That is, even if you deposit your money, if the bank is in debt for some reason, then you will not get your money back, on the contrary, you will have to take part in more loans.

Most people feel they have no choice but to store wealth in fiat bank accounts. Most of us here are very far down the crypto rabbit hole but to pay most bills & to pay for services, unfortunately it’s very easy to use a fiat bank account.

What we’ve seen in the news recently though is the banking system is in real trouble. Contagion from failing banks is spreading like wild fire. I would suggest to put most of your wealth in bitcoin but if you have a lot of fiat, spread it around multiple banks to make sure you stick to the national financial deposit guarantee. Do not put too much money in one bank as if they go bust you will not receive all of your money back. $100,000 max in each bank just incase.

in our country almost all banks have a proud track record, and in my opinion almost all customers are satisfied with the bank's services. Therefore, I think that in our country the safest place to save money is a bank.
but it's a little different from me, for me it's better to use the money for me to invest than having to keep it in the bank. the investment I mean is in the form of crypto that promises to have a profit.

As recent incidents demonstrated, even the most reputable financial organizations may suffer security breaches and unforeseen breakdowns. The Silvergate, Silicon Valley Bank, and Signature Bank instances have raised worries regarding the safety of storing money in institutions. In this article, we’ll look at these occurrences in order to consider if it’s safe to store your money in a bank and also find a new place to store your assets.

About Silvergate, Silicon Valley Bank and Signature Bank inciden

In less than a week, two of the banks that were friendliest to the crypto sector and the largest bank for digital entrepreneurs all failed. While cryptocurrency prices were rising on Sunday night following the federal government’s intervention to offer a guarantee for depositors at two of the banks, the events sparked instability in the stablecoin market.

Silvergate Capital, a central lender to the cryptocurrency sector, said on Wednesday that it will be shutting down and liquidating its bank. Silicon Valley Bank, a significant startup lender, went bankrupt on Friday after depositors withdrew more than $42 billion in response to the bank’s Wednesday announcement that it needed to withdraw $2.25 billion to shore up its balance sheet. Signature, which also had a significant crypto concentrate but was far larger than Silvergate, was seized by banking regulators on Sunday evening.

As a result, consumers are becoming concerned and seeking other ways to store their assets that are safer and more trustworthy than banks.

Where to keep your assets rather than bank

So, if you’re concerned about the safety of your bank accounts, what can you do to protect yourself? The first step is to select a trustworthy bank that has a proven track record of security and dependability. Search for institutions that have invested in cutting-edge security systems and have a track record of safeguarding consumer accounts.

Other types of investing, such as cryptocurrency or gold, are another choice. While these investments come with their own set of risks, they can offer diversification and possibly better returns than standard bank deposits. But, keep in mind that because these investments are not guaranteed or supported by the government, there still has a chance of loss. To avoid the risks of losing your funds, you should find a reliable crypto exchange that provides high security and trustworthiness. And that should be FMCPAY Exchange.

Why FMCPAY is a safe place to store your funds?

FMCPAY Exchange takes security seriously and has put in place a number of safeguards to protect your payments and personal information:

• Two-factor authentication
• KYC
• Email verification

As the most trusted platform for cryptocurrency exchange by digital securities registered in the USA, FMCPAY can ensure your assets will be protected whenever you invest in this exchange. Moreover, it is the most suitable for newcomers in this crypto economy. Market cap & rank, prices, exchange volumes, and currency conversion! Track your holdings with our new portfolio and make detailed comparisons – plus stay updated with crypto news. With its user-friendly interface, you will find it easy to use and start investing or trading crypto.

If you had any problem or question, the 24/7 Customer Support Team will help you answer and solve your issue as soon as possible to secure your funds along with your trust in FMCPAY Exchange.

Closing thoughts

To summarize, while the recent occurrences involving Silvergate, Silicon Valley Bank, and Signature Bank are worrisome, they are not reflective of the banking sector as a whole. Banks are subject to stringent laws and security requirements aimed to protect consumer assets. But, there is always the possibility of loss or theft, so it is critical to select a reputable bank and examine various types of investing to diversify your portfolio, like converting your assets into crypto and securing your funds in a crypto exchange.

At the moment, FMCPAY is running KYC Event which gives huge rewards in FMC Tokens. For more details, please visit: Click here.

You're give a misleading information that will trick any newbie who doesn't understand about centralized exchange, they will think it's secure enough to store their coins on centralized exchange rather than on non custodial wallet.

Centralized exchange is worse than bank because there's no insurance company will back up every single customers' coins and it's vulnerable getting hack or going bankrupt like banks.

2FA, KYC and email verification has nothing to do with your coins security, it's just to secure your account. I advice you to correct it and act accordingly.

Why FMCPAY is a safe place to store your funds?

FMCPAY Exchange takes security seriously and has put in place a number of safeguards to protect your payments and personal information:

• Two-factor authentication
• KYC
• Email verification

As the most trusted platform for cryptocurrency exchange by digital securities registered in the USA, FMCPAY can ensure your assets will be protected whenever you invest in this exchange. Moreover, it is the most suitable for newcomers in this crypto economy. Market cap & rank, prices, exchange volumes, and currency conversion! Track your holdings with our new portfolio and make detailed comparisons – plus stay updated with crypto news. With its user-friendly interface, you will find it easy to use and start investing or trading crypto.

It would better to keep my money in the bank rather than in the suspicious custody like FMC pay. People didn't even know the main purpose of this thread is just for the marketing purpose. I think that there will be no people used FMC pay to keep their money as it's likely as a scam service.
The bank is giving more guarantee rather than keeping money in the suspicious custody that can disappear anytime. You were successfully cliclbaiting so many members here. lol

You're doing great there, keep going. If you won't ask, im also doing a similar thing. Keeping money in crypto only but I still use the ATM wherever I sell some crypto because Bitcoins in my country is not yet a legal tender but if given a chance soon, I think I will never use a bank ATM again because it will only delay things plus I am paying extra fee for conversion.

Saving money in crypto is ensured by us and not by the gadgets that we are using unless if you also store your private keys/seed phrases on the same gadget that you are using but it's risky and not recommended at all even if you think it gives you convenience. Your last sentence about banks is right. This is one of the reasons why banks are not a good place to keep our money.

To summarize, while the recent occurrences involving Silvergate, Silicon Valley Bank, and Signature Bank are worrisome, they are not reflective of the banking sector as a whole. Banks are subject to stringent laws and security requirements aimed to protect consumer assets. But, there is always the possibility of loss or theft, so it is critical to select a reputable bank and examine various types of investing to diversify your portfolio, like converting your assets into crypto and securing your funds in a crypto exchange.

Don't look down on the bank, there's a lot that CEX also got hacked and many people's money didn't get returned. Rather than you promoting these three features Two-factor authentication, KYC, and Email verification, you should able to guarantee investor money 100% when your exchange got hacked or stolen.