I consider the bank the worst place to keep money currently, considering the circumstances surrounding the banks globally, it is not comfortable with me.
If you're uncomfortable with them, that's fine because not all the banks are giving the best customer service and banking offers. Many of them even have the terrible unusual sucking of people's money without even giving the security and right reason for that. Even if the customer didn't do anything and not connected to the mobile and internet banking, they still have some unexplainable issues that happens. Also, sometime in the future when an economy collapses and you've got money in the bank. They are eligible not to allow you to withdraw money because that will add more damage to the economy and that's what happened in Lebanon. 
Topic: Is it safe to keep your money in bank? - page 6. (Read 2432 times)
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.
My experience now on banks right now is I really don't store a lot of money there. I am treating banks nowadays as just storage of my daily used funds or some money that I can use and have access to time like if I need fiat to buy something from our local, I will just withdraw some of my money from the bank.
But for my investment in the future, I don't trust it with banks anymore.
Bank investment is one of the most risky, interest and highly inflated investment models that most working class have been clogged with for a long time now, and if care is not taken, a lot of them are going to retire to meet nothing worth it on the long run, just as you have rightly said, I treat banks as a bus stop and not a destination for my money, and that is the reason I only store the amount I want to use on my bank card and anything I want to hold my money for some time in form of saving, then I rather hold a value-added assets like Bitcoin and the rest to be at a safer side. But for my investment in the future, I don't trust it with banks anymore.
I don't trust the bank and the bureaucratic process that is involved in its interest payment and security of funds so for that I avoid them in all totality at some point.
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.
No where is safe, we just take the risks and wait for the potential outcomes. Banks are financial institutions that aides in the storing and management of our bank accounts. We're humans and prone to making mistakes with our money, one of the good reasons to store them in banks is because we can't store hugh sum in our house due to insecurities, and there's this one thing I'm acquainted with regarding banks, accessing our money, we would passed through some processes which I find to be a little bit of stress. Keeping money in the bank is safe or would you suggest to store them in your house? Trust me when I say, that's extremely risky and give more probability for us to make significant losses. hero member
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In my opinion it is not safe to keep your savings in the bank, banks can fail, freeze their users' funds and the government can make forced withdrawals, it is better to invest in gold or bitcoin on a decentralized wallet
Before bank operations, they always had higher authority, like the CB, which gave them some conditions that they would operate under. If a bank fails, they will definitely have to repay their customers whatever figure they had in their individual accounts, but as a customer of any bank, if you see or hear that the bank is having some issues, the best thing to do is remove your money from that bank and put it in a different bank or investment, which you think is safer. Some people don't like Bitcoin because of its volatility, but it's better to save money in Bitcoin than in a bank (like you said). Some people can keep huge amounts of money in the bank for more than two or even four years, but this is not really very profitable to them. Although it might be safe to keep money in the bank and leave it in your home, investing your money in the bank is not wise.
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.
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.
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.
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
The bank has been the most popular place known for the saving of funds although it has its limitations both from the angle of the management and policies from the government that affect these financial institutions
The bank provides convenience to users and although it often experiences some sort of attack on a certain occasion, you can't deny the fact that they've played a great role in fostering ease in the transaction and most banks have set out modalities that ensure that the funds of there customers are safe and secure.
The bank provides convenience to users and although it often experiences some sort of attack on a certain occasion, you can't deny the fact that they've played a great role in fostering ease in the transaction and most banks have set out modalities that ensure that the funds of there customers are safe and secure.
Banks rarely go bankrupt because they use our money to do some business and the payment we get is they secured our money but they will gonna simply ask for some little charges. Despite all of these things, when things get very tough, they often become inaccessible and you will gonna have a hard time getting your money back from them, especially when it reaches millions of dollars you gonna be interrogated by them. But when you keep it in your crypto wallets, you are free and no one could ever get it from you if it's fully secured.
It is safe to store your money in the bank but safer to store it in your crypto wallet. If you are suggesting that people store their crypto on an exchange, what then is the essence of not storing it in the bank? It doesn't matter if they have 'top-notch security" as they normally claim before getting hacked, they are still in control of your funds than you think. I believe everyone should have a decentralized wallet where they store their funds (and also have complete control over the funds) and only go to Centralized EXchanges when they must. Additionally, one should only send the amount needed for the specific transaction they want to carry out. As the name goes "Centralized EXchange", you can tell it's meant for exchange and not for storing funds.
Banks provide security, but cryptocurrencies provide everything. Crypto's actual value is its decentralization - the ability to be your own bank without centralised control or risks. Exchanges are convenient, but recent incidents show their security is always at risk. You made smart financial decisions by using decentralised wallets for storage and exchanges. It follows cryptocurrency's principals of minimising exposure and maximising control. This method is not without drawbacks. It can be hard for the normal person to use and get to, which could slow down widespread adoptionUnderstanding that exchanges are marketplaces, not vaults, is helpful. However, it raises a issue: how do you balance centralised convenience with decentralised security and values? The crypto community continues to advocate for user education and more user-friendly decentralised choices. Your observation reminds us that crypto vigilance and personal accountability are essential
Is it safe to keep your money in banks? I would say that your money is so safely stored in banks that when disaster strikes, it will be so safe you won’t even be able to get at it. How much safer could it be? Sure, that may sound like a joke but it is absolutely the truth. When you need it, you’ll only be able to pull out $200 a day of it…
And thats what i dont like in the first place. In my latest deposit, they've been asking on where the funds came from, and on the time you do make out withdrawal they do ask out several questions on where it do came from and some other verification on which it is really that a complete shit knowing that you've been able to store up your funds into them.
This is why i have decided that i do only store only the amount on which i do store or save up for emergencies but never ever put up all my earnings or profits in other various sources.
I do have some credit cards on which i do see for it to be a good option in building up your credit score just incase if you do took up some loan.
This is why whenever i do make out some transactions and needing that latest 3 months of bank transactions then i do really always fail
on this one.
Is it safe to keep your money in banks? I would say that your money is so safely stored in banks that when disaster strikes, it will be so safe you won’t even be able to get at it. How much safer could it be? Sure, that may sound like a joke but it is absolutely the truth. When you need it, you’ll only be able to pull out $200 a day of it…
It is safe to store your money in the bank but safer to store it in your crypto wallet. If you are suggesting that people store their crypto on an exchange, what then is the essence of not storing it in the bank? It doesn't matter if they have 'top-notch security" as they normally claim before getting hacked, they are still in control of your funds than you think. I believe everyone should have a decentralized wallet where they store their funds (and also have complete control over the funds) and only go to Centralized EXchanges when they must. Additionally, one should only send the amount needed for the specific transaction they want to carry out. As the name goes "Centralized EXchange", you can tell it's meant for exchange and not for storing funds.
Banks are general and available in all develope countries. Stocking our money in the bank, is it safe? Ofocurse it's safe but it's usually stressful to withdraw them from bank due to network problems and the high rate of people who are also interested in the same operation. I've shared my money to different sectors, my savings are kept in banks due to the heavy dump of the crypto market, I won't survived a chance when I will anticipate in the system. I also prefer saving money on exchanges like Binance but the current USDT is really crashing but there's hope for the coin to bounce back, all I have to do is exercise patience.
Saving money in the bank is not the best solution when facing inflation, not to mention if the bank goes bankrupt, just save it as needed for emergency funds and daily needs.
The best crypto market, so you can't invest there for a while. Real estate requires real money that you may not have. And prices may soon fall. Gold never beats the rate of inflation. Do you know what always beats the inflation rate? Education. Use money to improve skills and earn more from crypto especially bitcoin.
There must also be management in place to start investing, if you just invest without knowing how to manage it, then it will just be an investment that will not develop and tends to be suboptimal. The crypto market can be the best assuming that you enter at the right price and a long-term strategy is certainly an option and Bitcoin is the one recommended. for some altcoins there are some top altcoins that can be trusted. and about saving money, saving money anywhere will not be safe as long as the user is careless The best crypto market, so you can't invest there for a while. Real estate requires real money that you may not have. And prices may soon fall. Gold never beats the rate of inflation. Do you know what always beats the inflation rate? Education. Use money to improve skills and earn more from crypto especially bitcoin.
In my opinion it is not safe to keep your savings in the bank, banks can fail, freeze their users' funds and the government can make forced withdrawals, it is better to invest in gold or bitcoin on a decentralized wallet
A Well capitalized bank would not fold up easily and made away with depositors funds in fact majority of the credible and trusted banks are monitored in such a way that depositor money is insured in case of the bank folding up thus their monies is safe, however that does not mean that we should not invest or hodl crypto in term of investment, buying of gold as asset is also a very good idea however gold would also be deposited in a bank to ensure it safety that is why bank is also a very important institution that we can't ignore it usage, personally I would divide my funds into three first part goes to savings, second part would be invested on Bitcoin while the third is optional use to buy gold
Between keeping your money at home and in the bank, I think bank is much safer even though majority of people have a negative view on the banking system. Even if you decided to a step forward and go the crypto way, you most certainly need the required knowledge to store your money in a personal wallet and keep it in a safe place otherwise the out will be similar if not severe than putting in the bank.
For me I'll not prefer to put my money in the bank for long term cause there's a chance that our bank we use is bankrupt or else they will freeze, even though not all banks but much better if we keep ourselves safe . so it's better to get our money from them and yes some of us claim thier salary through thier bank accounts but always remember that it's better to secure our fund's.
Anyways it's better to invest in crypto if we have enough money. Than investing in tye bank .
Anyways it's better to invest in crypto if we have enough money. Than investing in tye bank .
Keeping your money in banks can't be regarded as unsafe because in every region, there are regulations that are always in place to follow before the establishment of any bank except for illegal establishments which the government may not be aware of, and you keeping your money with such people is putting yourself at risk and having no one to blame.
One know disadvantage is that your money may loose it's value staying in the bank especially when there's inflation, but that doesn't mean it's unsafe in the bank, it's very much safe. Your money may gain value if invested on some reputable investment platforms where you probably buy stocks and other financial investment instruments.
One know disadvantage is that your money may loose it's value staying in the bank especially when there's inflation, but that doesn't mean it's unsafe in the bank, it's very much safe. Your money may gain value if invested on some reputable investment platforms where you probably buy stocks and other financial investment instruments.
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