I think the bank is a safe place to store our money there. Of course, we have to choose a bank that has a good reputation and has been legalized or recognized by the state. Even though there are also banks that have a good reputation but are not under the auspices of the state, we also should not completely trust them because at any time there could be fraud or loss of money, so we cannot sue them.
Yes, bank is still safe place to store or save your money. All my money are in bank, bank put a good reputation since then, but some of us know that sometimes, bank is you know what I mean. Still bank is still a good place to store your money. Even if hackers hack banks, we still have a chance to get back our money. Banks have to give back our money and that is not the same with crypto if hackers hack your account, it is gone, you cannot retrieve it. 
Topic: Is it safe to keep your money in bank? - page 5. (Read 2432 times)
I think the bank is a safe place to store our money there. Of course, we have to choose a bank that has a good reputation and has been legalized or recognized by the state. Even though there are also banks that have a good reputation but are not under the auspices of the state, we also should not completely trust them because at any time there could be fraud or loss of money, so we cannot sue them.
To keep money in bank this days is not advisable. Because of the nature of bank system this days, they have been cases of several missing fund when trying to pay in money to some people's account. which is not supposed to be so. Recently a bank was hacked of a huge sum of money and this was due to lack of cyber security. So I prefer keeping my money on a Jon custodiall wallet for safety.
When the time for usage arises, I can withdraw it to fiat. And morover fiat is gradually depereciating due to economic inflation which is gradually devaluing out fiat
When the time for usage arises, I can withdraw it to fiat. And morover fiat is gradually depereciating due to economic inflation which is gradually devaluing out fiat
Dont you confuse crypto exchanges with fiat banks? I mean how come someone hack a fiat bank? All the transactions are traced, confirmed and etc. Moreover, banks dont hold all funds on their accounts. All the funds are spread between correspondent banks. To be able to steal huge amounts from banks, you need to get confirmations from various correspondent banks simultaneously. And what are "missing funds" ? Account owners logs in, his funds are gone and bank does not know where are they? Such thing would never happen.
If you deposit money in a bank, it is no longer safe since hackers can steal the identity of the bank account without the victim knowing they have been defrauded. The bank itself was unable to prevent their clients from being robbed.
Then, if you put 3 million dollars in a bank and it suddenly declares bankruptcy, don't expect them to be able to return it, or if there is a robbery, it will be around 10,000 dollars they can only return to you even if you have another 10 million dollars deposited with them.
Then, if you put 3 million dollars in a bank and it suddenly declares bankruptcy, don't expect them to be able to return it, or if there is a robbery, it will be around 10,000 dollars they can only return to you even if you have another 10 million dollars deposited with them.
Well, from the point of view that it’s safer to keep money in a bank than under your pillow, but again it depends on what country you live in and what kind of banking system you have, whether there is insurance against the problems of banks “bursting” and so on. This topic is too trivial to answer 100%. But holding assets in cryptocurrency is quite risky, so there are risks everywhere, the main thing is to diversify your assets.
In a normal circumstances keeping money in the bank is a waste of time and I know quite well that their is no a business man or a business woman that will stock it's money in the bank without investing it to a place it will yield another money, its better for you to invest your money than dumping your in the bank and after some years they will be a deduction, therefore I will encourage people to invest their money instead of keeping it on the bank and it will not yield anything positive..the thing is that, its hard and difficult to see a investment that can propagate well, so investment of money can be something of negative or positive, but in all its good to invest of keeping in the bank and bank manager will use your money for foreign trade.
The rules in my country may be different from yours, as if you deposit money in a bank in my country then they will give you written documents proving that you can withdraw the money at any time. The chances of you losing money in the bank are less and the dividends will be higher. Banks on the other hand don't make much profit which is why investors tend to expand most of the money business and there may be crypto. However not all banks are reputable so you will not get adequate security from all banks.
I consider the bank the worst place to keep money currently, considering the circumstances surrounding the banks globally, it is not comfortable with me.
I'm happy we have blockchain technology to alternative the banks today, what I do is just to withdraw whatever I want to use for my running cost and leave the rest in my crypto wallet. It keeps me at peace and leaves me with little or no worries about policies and sanctions.
If I may ask, why do you think bank is the worse place to keep money? Have you being ever scammed by bank before?I'm happy we have blockchain technology to alternative the banks today, what I do is just to withdraw whatever I want to use for my running cost and leave the rest in my crypto wallet. It keeps me at peace and leaves me with little or no worries about policies and sanctions.
Bank is never a bad place or worse place ever to keep Money. If you are having difficulties using your bank, it will be better for you to change the bank and use another better than the one giving you issues.
We don't have to ask ignorantly and write whatsoever we like because we are abig fan of Bitcoin or the Crypto market. It is very important for us to differentiate from any other controversial argument we are having in the crypto sphere. Do not forget that your crypto wallet is a digital bank where you keep your coins safe from intruders.
And the Basic question now Why so many transactions and bank accounts? Need the answer.
It is because they are already trusted by the people and the government and with that, we're seeing a lot of transactions coming from them.I think everything has a correlation and they have digital currency income and no one accepts payments using digital currency directly in the case of WD will use bank services to withdraw some money viat for daily use.
They have various services and if it's about digital services, they've got a lot of methods through it. We're talking about the banks in general and most of them have that offer to all of their customers. I consider the bank the worst place to keep money currently, considering the circumstances surrounding the banks globally, it is not comfortable with me.
I'm happy we have blockchain technology to alternative the banks today, what I do is just to withdraw whatever I want to use for my running cost and leave the rest in my crypto wallet. It keeps me at peace and leaves me with little or no worries about policies and sanctions.
I'm happy we have blockchain technology to alternative the banks today, what I do is just to withdraw whatever I want to use for my running cost and leave the rest in my crypto wallet. It keeps me at peace and leaves me with little or no worries about policies and sanctions.
And the Basic question now Why so many transactions and bank accounts? Need the answer.
I think everything has a correlation and they have digital currency income and no one accepts payments using digital currency directly in the case of WD will use bank services to withdraw some money viat for daily use.
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:
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.
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.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.
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.
Well said!
Centralized exchanges aren't saints. They can cease ur assets or get hacked, so I won't completely cancel Banks out of the picture.
We can't just condemned bank like that because the matter what happens, we will still come bank the bank for purchasing of things in the localities. Cryptocurrency is for online only and there is no physical cash in that. And now you want to buy some expensive things and you keep the money in your bank for like 4 to 6 months to buy the things. So banks are still necessary platform to keep money in different good ways. In bank you have friends who know you very well in the banking halls so anything happens you contact the the person and and everything is very physical.
But cryptocurrency is unseen and everything is base on trust. So banks are also good in this matter. Yes it is good to invest and hddle but we can't do without fiat currency for now since many countries have not adopted bitcoin as a legal tender.
But cryptocurrency is unseen and everything is base on trust. So banks are also good in this matter. Yes it is good to invest and hddle but we can't do without fiat currency for now since many countries have not adopted bitcoin as a legal tender.
Same thoughts, The Bank is still important, we still need physical cash and the bank still is important. It has a lot of benefits if you have a debit and credit card. These days most of the establishment are accepting cards and only a few stores accept cryptocurrency so the card is the most reliable to this day.
I have both money in bank and crypto but I prefer to hold my money in the bank if I'm not going to invest it in buying coins.
We can't just condemned bank like that because the matter what happens, we will still come bank the bank for purchasing of things in the localities. Cryptocurrency is for online only and there is no physical cash in that. And now you want to buy some expensive things and you keep the money in your bank for like 4 to 6 months to buy the things. So banks are still necessary platform to keep money in different good ways. In bank you have friends who know you very well in the banking halls so anything happens you contact the the person and and everything is very physical.
But cryptocurrency is unseen and everything is base on trust. So banks are also good in this matter. Yes it is good to invest and hddle but we can't do without fiat currency for now since many countries have not adopted bitcoin as a legal tender.
But cryptocurrency is unseen and everything is base on trust. So banks are also good in this matter. Yes it is good to invest and hddle but we can't do without fiat currency for now since many countries have not adopted bitcoin as a legal tender.
I consider the bank the worst place to keep money currently, considering the circumstances surrounding the banks globally, it is not comfortable with me.
and also we have seen many bankers getting bankrupt , maybe because people now learn how to have their own money in safe and how ti invest this is what Banks cannot provide the proper way to earn.they are using our money to Bleed us while they are earning and making money from our own money.
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I'm happy we have blockchain technology to alternative the banks today, what I do is just to withdraw whatever I want to use for my running cost and leave the rest in my crypto wallet. It keeps me at peace and leaves me with little or no worries about policies and sanctions.
then what if the price badly goes down? how can you withdraw your funds at loss? never invest everything in either banks or altcoins , better to have your own funds outside for expenses.better to have your day job for your daily expenses and for emergency purposes ,just let your crypto in holding for long term.
I think this depends on your definition of safe because I think to some level the bank can secure your money but I think there are limitation to it and that's why many people actually shy away from keeping their money in the bank. The experience I had early this year with my money and the banking system in my country has no doubt clear my thought of actually ever trying to keep my funds in the bank. So many people in my country were toture and frustrated in trying to get access to their own money because of the scarcity of the naira note and people were lead to starve and hunger even when they millions of billions of cash in their account.
Since we have been keeping money in the bank before the invention of cryptocurrency, I think we should still have confidence in the process. If we don't keep our money in the bank, where do we expect to keep the money. Money is meant to be keep in the bank not at home unless we decide to use part of the money to buy cryptocurrency. Cryptocurrency is another type of money which is majorly transacted online. Cryptocurrency is meant to be keot in a wallet while Bitcoin is meant to be keep in the bank for all due safety. 
Quote from: abel1337 link=topic=5445866.msg63140853#msg63140853 date=1699715480
Not all banks can provide you the insurance and assurance that you are expecting, even if they tell you that they are insured, if you have any problem with your money like losing your money in their custody, you will be affected heavily because not all banks will really prioritize your situation. What more if it happened to be a nationwide problem, it would be very hard for them to accommodate every customer they have and it would be a hassle for you in checking if your money can be returned to you.
I personally don't think bank is safe but I have a bank account and has a small amount of money into them, I'm using it for the ease of my life like I don't have to carry much cash whenever I go out and the ease to pay my utility with in my bank. I take full advantage of the bank without putting majority of my money into them, I just want the convenience that they offer.
I personally don't think bank is safe but I have a bank account and has a small amount of money into them, I'm using it for the ease of my life like I don't have to carry much cash whenever I go out and the ease to pay my utility with in my bank. I take full advantage of the bank without putting majority of my money into them, I just want the convenience that they offer.
I clearly understand what you are saying and I grab your points, if you read towards the end of my post I concluded by saying keeping your savings in the bank is not safe at all. Anyway I like the fact that you are sincere with your words, it will not be a shock to me that those who started by saying fiat banks are not safe, have more of their savings in it, yet they pretend as though they trust the wallets that their crypto is in more than their fiat banks. The insurance from bank will create a kind of trust in its customers towards the banks, but in real sense they are not guaranteeing every bit of your money back should in case any thing happens. Thanks mr abel1337 for your contribution.
Some fiat banks are not safe because many accounts can easily get frozen and they can easily be monitored if a lot of money starts entering it, but a hardware wallet isn't like that because it's private.
Moreover, as a young person that's still grownup and trying to save money, I still have to save money in a fiat bank just because that was how I grew up to see people close to me using it without any harsh complaints, although some of them are a bit frustrating most times.
Quote from: abel1337 link=topic=5445866.msg63140853#msg63140853 date=1699715480
Not all banks can provide you the insurance and assurance that you are expecting, even if they tell you that they are insured, if you have any problem with your money like losing your money in their custody, you will be affected heavily because not all banks will really prioritize your situation. What more if it happened to be a nationwide problem, it would be very hard for them to accommodate every customer they have and it would be a hassle for you in checking if your money can be returned to you.
I personally don't think bank is safe but I have a bank account and has a small amount of money into them, I'm using it for the ease of my life like I don't have to carry much cash whenever I go out and the ease to pay my utility with in my bank. I take full advantage of the bank without putting majority of my money into them, I just want the convenience that they offer.
I personally don't think bank is safe but I have a bank account and has a small amount of money into them, I'm using it for the ease of my life like I don't have to carry much cash whenever I go out and the ease to pay my utility with in my bank. I take full advantage of the bank without putting majority of my money into them, I just want the convenience that they offer.
I clearly understand what you are saying and I grab your points, if you read towards the end of my post I concluded by saying keeping your savings in the bank is not safe at all. Anyway I like the fact that you are sincere with your words, it will not be a shock to me that those who started by saying fiat banks are not safe, have more of their savings in it, yet they pretend as though they trust the wallets that their crypto is in more than their fiat banks. The insurance from bank will create a kind of trust in its customers towards the banks, but in real sense they are not guaranteeing every bit of your money back should in case any thing happens. Thanks mr abel1337 for your contribution.
When it comes to external security breech, to me I'll say its safe to keep your money in the bank, provided that they are licensed and they have insurance. Before I started bitcoin all my savings was in fiat and I hardly encountered any issue like someone breaking through my bank account to steal my money or an accountant fraudulently stole my money no way. But even with the credits I have given to fiat banks I still don't see it healthy for my savings to be in fiat when we have Bitcoin, meaning dey can be safe but due to inflation in fiat currency I would not want my savings to be affected by that, moving your savings from Fiat to bitcoin would be a great idea. Some banks are know to partake in some fraudulent activities like taking above the required amount of fees for transaction and that's a bit annoying.
But due to the kind of fraudulent that takes place in most banks, I conclude that keeping your savings in the bank is not safe at all, I have heard of some persons complaining how bank took some of their money unknown to them and after they've applied for reversal they get promised by the bank keeping their expectations on the high without effecting any changes week later.
Not all banks can provide you the insurance and assurance that you are expecting, even if they tell you that they are insured, if you have any problem with your money like losing your money in their custody, you will be affected heavily because not all banks will really prioritize your situation. What more if it happened to be a nationwide problem, it would be very hard for them to accommodate every customer they have and it would be a hassle for you in checking if your money can be returned to you.But due to the kind of fraudulent that takes place in most banks, I conclude that keeping your savings in the bank is not safe at all, I have heard of some persons complaining how bank took some of their money unknown to them and after they've applied for reversal they get promised by the bank keeping their expectations on the high without effecting any changes week later.
I personally don't think bank is safe but I have a bank account and has a small amount of money into them, I'm using it for the ease of my life like I don't have to carry much cash whenever I go out and the ease to pay my utility with in my bank. I take full advantage of the bank without putting majority of my money into them, I just want the convenience that they offer.
Am not a fan of banks anymore not like back in the days that almost every money I gain directly goes to banks for safekeeping , I even had some time deposit for my children .
but things change when I learn crypto currency because I felt like being scammed of banks all these time and now I am in good hands investing in crypto.
so if you are asking me if it is safe in banks? nope aside from being more secure in crypto , it is also more chances of profiting , from the growth of each coin we are going to keep hold.
but things change when I learn crypto currency because I felt like being scammed of banks all these time and now I am in good hands investing in crypto.
so if you are asking me if it is safe in banks? nope aside from being more secure in crypto , it is also more chances of profiting , from the growth of each coin we are going to keep hold.
Most of the time when people save money in bank then due to harsh situations of country bank close their money and don't allow it to take out when they needs. Instead of keeping your money save in bank one should invest in any business, cryptocurrency or should buy a piece of land because in such way your money will be saved and also it will expand as the time goes on.
Cryptocurrency is save but it depends on you that you are investing in a coin which has a fruitful results or in a coin which has no value. All the crypto coins are not profitable so if a person think that if he invest in any type of coin and it will make him rich then it will be wrong because all coins cannot make you rich and shine your destiny. Among crypto coins bitcoin is the first and foremost important coin which will be suitable option for those who wants to save and increase their money for their children and family.
When it comes to external security breech, to me I'll say its safe to keep your money in the bank, provided that they are licensed and they have insurance. Before I started bitcoin all my savings was in fiat and I hardly encountered any issue like someone breaking through my bank account to steal my money or an accountant fraudulently stole my money no way. But even with the credits I have given to fiat banks I still don't see it healthy for my savings to be in fiat when we have Bitcoin, meaning dey can be safe but due to inflation in fiat currency I would not want my savings to be affected by that, moving your savings from Fiat to bitcoin would be a great idea. Some banks are know to partake in some fraudulent activities like taking above the required amount of fees for transaction and that's a bit annoying.
But due to the kind of fraudulent that takes place in most banks, I conclude that keeping your savings in the bank is not safe at all, I have heard of some persons complaining how bank took some of their money unknown to them and after they've applied for reversal they get promised by the bank keeping their expectations on the high without effecting any changes week later.
But due to the kind of fraudulent that takes place in most banks, I conclude that keeping your savings in the bank is not safe at all, I have heard of some persons complaining how bank took some of their money unknown to them and after they've applied for reversal they get promised by the bank keeping their expectations on the high without effecting any changes week later.
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