- That depends on your belief and trust in the bank, if you think it still helps, that's good. Now, if you feel even a little bit of doubt here and you think that you will save more with cryptocurrency or bitcoin is still your choice. No one is dictating to you what you should do.
The only important thing is, if you feel that you will succeed here, follow what is in your heart to accompany it with thorough research on the crypto you choose, that's how easy it is to do.
Topic: Is it safe to keep your money in bank? - page 16. (Read 2573 times)
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.
if in my country the bank is still a safe place to keep my money, because if the bank collapses, the state will still replace my money, but of course the money I keep in the bank will not grow, therefore I only save 70% of my money in a bank and I use 30% to make investments (one of which is cryptocurrency investment).
I also agree, it is safe to keep a certain amount in banks because of the insurance the banks issue for our deposits. Not because some banks are failing, it means it is not safe to put our money in banks. There is a certain threshold for whether our money is safe in the bank or not. We just need to know the limit on how much money we can keep in the bank without the risk of losing it.
So to answer the title of @OP, I can say yes it is still safe but for only to a certain amount that the insurance covered to pay back.
if in my country the bank is still a safe place to keep my money, because if the bank collapses, the state will still replace my money, but of course the money I keep in the bank will not grow, therefore I only save 70% of my money in a bank and I use 30% to make investments (one of which is cryptocurrency investment).
there are certain amounts how much each bank can give insurance to deposits. so yes, you should also take note of that amount, as the government can covered it if in case the bank goes out of business. that's the advantage in traditional banks.
though in crypto, something like SAFU in binance has been one of the attractive features but still much better if you will hold your funds for safe keeping. unless, you are putting your coins to staking or other investment options.
just remember, when you are just depositing your money in traditional banks, you can gain a very little amount of interest if you will not put it into investment options like time deposit. but you can sleep at peace knowing that your funds are safe.
if in my country the bank is still a safe place to keep my money, because if the bank collapses, the state will still replace my money, but of course the money I keep in the bank will not grow, therefore I only save 70% of my money in a bank and I use 30% to make investments (one of which is cryptocurrency investment).
it's been 7 years that I have been saving money in crypto and banks or ATMs only to withdraw cash if I need it. Saving money in crypto is ensured by gadgets that are specifically anti-daily, because there is a big risk if our gadgets get hacked by theft. it is true that having a bank if our money is not rotated to produce it will only decrease so on, such as taxes. contracts
actually depositing money in a bank or ATM serves a different purpose than depositing money in crypto. saving money in a bank or ATM is cold money that we will use to buy necessities, and money stored in crypto is money used for investment purposes.
I have never had any issue with keeping money in the bank, my issue isn't about the bank itself but that of the currency itself, my native currency depreciates in value against the dollar and this have made things to surge in price, so I don't keep money in my bank account anymore and I prefer holding USD to avoid the depreciation. I prefer keeping my money in my private crypto wallet.
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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.
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.
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At the moment, FMCPAY is running KYC Event which gives huge rewards in FMC Tokens. For more details, please visit: Click here.Keeping money in the exchange? What kind of nonsense is that? Cryptocurrencies are designed for people to store them in their wallets, not in banks and exchanges. What you are suggesting is completely against the very idea and concept of cryptocurrencies. For secure storage, choose your bank or exchange? What's wrong with hardware wallets, why are people suddenly constantly trying to impose these outdated ideas of custodial and centralization, that your money has to be carried somewhere in order to keep it. You don't have to carry them anywhere, you just have to buy a good wallet, work through the mnemonics, and that's it, your money is always with you, without the involvement of third parties.
I don't want to deny all the information from the OP, but the issue needs to be considered from many different perspectives, and the fact that many banks have been in trouble recently shows many risks to financial safety.
Although this is not wrong, but looking back at the things banks have run the economy, there are disadvantages and also their benefits. I don't want to criticize the issue when they get stuck and while that's just some of the cases, it's unfortunately had enough of an impact on people's psyche.
Although this is not wrong, but looking back at the things banks have run the economy, there are disadvantages and also their benefits. I don't want to criticize the issue when they get stuck and while that's just some of the cases, it's unfortunately had enough of an impact on people's psyche.
it's been 7 years that I have been saving money in crypto and banks or ATMs only to withdraw cash if I need it. Saving money in crypto is ensured by gadgets that are specifically anti-daily, because there is a big risk if our gadgets get hacked by theft. it is true that having a bank if our money is not rotated to produce it will only decrease so on, such as taxes. contracts
we still need a bank to take fiat money to pay for necessities, but indeed to save it at the bank this is less effective because we are charged administration fees every month, and get interest which is not that big. on the other hand, saving fiat money in a bank will be eroded by inflation which always rises. therefore it is better to save money on cryptocurrency, and use a bank only as necessary. this is because in my country cryptocurrency has not been legalized 
it's been 7 years that I have been saving money in crypto and banks or ATMs only to withdraw cash if I need it. Saving money in crypto is ensured by gadgets that are specifically anti-daily, because there is a big risk if our gadgets get hacked by theft. it is true that having a bank if our money is not rotated to produce it will only decrease so on, such as taxes. contracts
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.
100% security does not exist anywhere. Of course, you can keep money in the bank, but as history and recent events show, there is a risk. Keeping cryptocurrency on the exchange is also a risky business, and as mentioned earlier, it is better to keep assets in your wallet. I think the best option in our time is not to store everything in one place
it's been 7 years that I have been saving money in crypto and banks or ATMs only to withdraw cash if I need it. Saving money in crypto is ensured by gadgets that are specifically anti-daily, because there is a big risk if our gadgets get hacked by theft. it is true that having a bank if our money is not rotated to produce it will only decrease so on, such as taxes. contracts
We have seen the banking crisis before and it seems that history is repeating itself.
And so if that is the case it's really bad for us, however, we have other options like now like crypto, which I would say one of the best assets to hedge our wealth. Yeah, maybe keep some in the bank, but don't think that it will give you huge profits even if you lock it with them in the next 5 years as compare to crypto wherein in the next bull run, price is going to shoot more than 10x. So just do the math and think logically which is the best between the two.
And so if that is the case it's really bad for us, however, we have other options like now like crypto, which I would say one of the best assets to hedge our wealth. Yeah, maybe keep some in the bank, but don't think that it will give you huge profits even if you lock it with them in the next 5 years as compare to crypto wherein in the next bull run, price is going to shoot more than 10x. So just do the math and think logically which is the best between the two.
Today we have many ways to store assets through many different tools, and with a little knowledge, I am sure most people will apply investing to manage their own assets, can transfer money to valuable assets such as gold, real estate, stocks, savings,... I do not use the reason of some collapse cases to conclude the general situation because of the reality of banking remains a safe place, there are different risks and benefits that we all see. So I don't want to blame external tools, but let's admit that I have not been flexible enough in asset management.
Usually, we think that saving our funds will give us security and the same thing I think but now, I realized that these banks benefit more than us and they use our money for their investment as well and earn more percentage while depositors are just getting a penny. I don't think it was a good idea and beside these banks only promise the safe keep of our fund but generally, they can't assure that they will return our fund immediately to whatever will happen to them.
And the case of FMCPAY, it is all just the same. We usually got trick of these promising words but in the end, these centralized exchanges are just fooling us holders/users.
And the case of FMCPAY, it is all just the same. We usually got trick of these promising words but in the end, these centralized exchanges are just fooling us holders/users.
I have gone through your writeup and it is more of a promotion for FMCPAY Global Exchange. You are clever enough to outline that it is mostly safe to keep money in the bank but where there is doubt, money can be invested in Gold or Cryptocurrency. You recommend FMCPAY for the Crypto saving option being a secure and reliable exchange in your opinion.
But if you have no interest in FMCPAY, would you recommend it above Binance, Coinbase, Houbi, OKX and others. As someone earlier stated, noncustodial wallet is the best for saving money in cryptocurrency.
But if you have no interest in FMCPAY, would you recommend it above Binance, Coinbase, Houbi, OKX and others. As someone earlier stated, noncustodial wallet is the best for saving money in cryptocurrency.
All banks are not silicon valley just so you know, and reputable or not, anything can happen. If reputation was to play a role here, silicon valley imo should be considered as one since only notable companies own assets there. I think this just goes to show that no company is above a security breach.
Choosing a reputable bank is good but when something is bound to go wrong it can't be stopped, and reputation won't do much to prevent it from happening.
Choosing a reputable bank is good but when something is bound to go wrong it can't be stopped, and reputation won't do much to prevent it from happening.
It is safe to say that it’s not safe to keep Money in the bank accounts which are directly involved with the crypto space. The problem is not the bank neither is the crypto really but it’s foremost combination of both of them. Whenever a bank is connecting itself with a crypto then it calls for an attention from the government authorities. Obviously crypto is big space and it calls for huge amount transactions. Many times they are off the books and balance sheets aren’t prepared as per rules. This gives a chance to government authorities to pull a charge sheet against them and note that such banks or financial institutes always fail. That’s why it’s unsafe to keep money in such banks. But other traditional banks, I believe they are far more safer.
In my opinion keeping your money in the bank is generally safe, even during a recession. One reason is that most deposits in banks are insured per category of account ownership. Plus, most banks keep enough cash in reserve to keep them steady even in crazy economic times.
Regarding whether or not your money is safe in the bank depends on factors such as the amount of the balance and the type of account you hold. For example, some account types may not be covered by FDIC insurance, such as mutual funds, annuities, or stocks.
Regarding whether or not your money is safe in the bank depends on factors such as the amount of the balance and the type of account you hold. For example, some account types may not be covered by FDIC insurance, such as mutual funds, annuities, or stocks.
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