Is it safe to keep your money in bank? - page 6.

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Quote from: Mate2237 on November 14, 2023, 03:52:38 AM

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.

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.

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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.

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Quote from: wallet4bitcoin on November 10, 2023, 06:11:28 PM

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.

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Quote from: DaNNy001 on November 10, 2023, 02:02:43 PM

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.

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Quote from: Makus on November 11, 2023, 10:44:06 AM

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 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.

You are both correct in what you guys are saying, but as for me,,, I do say that nowhere is safe to keep money or save money, even the fiat banks are being controlled by the government and some organizations. However, Hardware Wallets seems a little bit saver than fiat, because it is not controlled by anyone even the government can not control it.
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.

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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 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.

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Quote from: Makus on November 11, 2023, 07:12:10 AM

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.

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.

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Quote from: kotajikikox on November 10, 2023, 08:05:06 AM

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.

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.

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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.

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Quote from: wallet4bitcoin on November 10, 2023, 06:11:28 PM

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.

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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.

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Quote from: GreatArkansas on March 22, 2023, 09:10:52 PM

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.

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.

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Quote from: DaNNy001 on November 10, 2023, 02:02:43 PM

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.

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Quote from: devil-soul on November 06, 2023, 06:51:45 AM

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.

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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.

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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.

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Quote from: Samlucky O on November 10, 2023, 06:34:53 AM

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

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.

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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

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Quote from: Hewlet on November 05, 2023, 04:06:02 PM

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.

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.

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Quote from: oktana on November 07, 2023, 06:53:12 PM

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 adoption

Understanding 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

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