Is it safe to keep your money in bank? - page 8.

Blitzboy

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Quote from: Patrol69 on September 21, 2023, 01:29:23 AM

Quote from: Sophokles on September 17, 2023, 01:17:58 PM

Is it safe to put someone in charge of the security of your money? It can be if that person has a trusted reputation and is still maintaining that trust. Still, there is a security concern because that person can turn evil in any dire situation. Your money is safe and secure as long as you are the one in control. Now replace that trusted person with a bank to get the answer to your question.

You put money in the bank, after you put the money in the bank, the bank goes bankrupt due to debt, then who will take responsibility for your money, the bank official or the government. When a bank goes bankrupt, the users who deposited money in the bank are burdened with more debt, far from getting their money back. Just imagine that money that you have earned all your life is disappearing in an instant and you have to take responsibility for that money disappearing and burdening you with debt.

I have seen several reports on the global economy where many economists have discussed the possibility of a global economic crisis ahead. If the global economic crisis occurs, some important banks of different countries will go bankrupt, but we will have no choice, so we have to think in advance. I think it would be a good decision not to keep money in the bank in our current situation as there is a possibility of bank failure.

The banks! They have guarded our money for years, and we trust them. But guess what? They cant always win. You are right. They expect us, normal people, to save them in difficulties. How about that? Its disturbing how easily we accept this power-responsibility imbalance.

Watch altcoins and DeFi flourish. Why are more people interested in autonomous finance? They're sick of the old financial system's fragility and obscurity. We shouldnt trust banks blindly. We cant let hope and naivety prevent crash readiness.

Be careful. Before a financial system collapses, we must expand and find other methods to spend our money.

Patrol69

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Quote from: Sophokles on September 17, 2023, 01:17:58 PM

Is it safe to put someone in charge of the security of your money? It can be if that person has a trusted reputation and is still maintaining that trust. Still, there is a security concern because that person can turn evil in any dire situation. Your money is safe and secure as long as you are the one in control. Now replace that trusted person with a bank to get the answer to your question.

You put money in the bank, after you put the money in the bank, the bank goes bankrupt due to debt, then who will take responsibility for your money, the bank official or the government. When a bank goes bankrupt, the users who deposited money in the bank are burdened with more debt, far from getting their money back. Just imagine that money that you have earned all your life is disappearing in an instant and you have to take responsibility for that money disappearing and burdening you with debt.

I have seen several reports on the global economy where many economists have discussed the possibility of a global economic crisis ahead. If the global economic crisis occurs, some important banks of different countries will go bankrupt, but we will have no choice, so we have to think in advance. I think it would be a good decision not to keep money in the bank in our current situation as there is a possibility of bank failure.

Sophokles

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Quote from: Dzwaafu11 on September 20, 2023, 03:41:55 PM

Quote from: Sophokles on September 17, 2023, 01:17:58 PM

Is it safe to put someone in charge of the security of your money? It can be if that person has a trusted reputation and is still maintaining that trust. Still, there is a security concern because that person can turn evil in any dire situation. Your money is safe and secure as long as you are the one in control. Now replace that trusted person with a bank to get the answer to your question.

To be honest, saving money in a bank is more secure than in a crypto because even if we have problems, we normally go there and complain, and our problems normally get resolved. If we have problems, did you know that banks normally help us track the account number that was used to scam us and try as much as they can to get the funds back? Or maybe after making some mistake while in the transaction process, or maybe the money did not go to the receiver, they normally refund our money back to the sender, which normally happens in crypto, but still, I’ll prefer to save my money in a bank than that in a crypto.

However, the money I’ll keep in crypto will just be an investment because saving money in crypto may result in someone losing that money when needed, or you may not get it back as you deposited it, while in the bank it will remain as it was deposited.

If you can not handle your own money then you are not qualified to have them. It's not necessary to store crypto only as an investment. People can use them for their daily expenses. Your bank can be insolvent or govt can force your bank to halt your bank account transaction. What will you do then? Who you will go to complain to resolve your issue? Which one is better ..keep control of your own hard-earned money or give it to bank that can be insolvent?

Dzwaafu11

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Quote from: Sophokles on September 17, 2023, 01:17:58 PM

Is it safe to put someone in charge of the security of your money? It can be if that person has a trusted reputation and is still maintaining that trust. Still, there is a security concern because that person can turn evil in any dire situation. Your money is safe and secure as long as you are the one in control. Now replace that trusted person with a bank to get the answer to your question.

To be honest, saving money in a bank is more secure than in a crypto because even if we have problems, we normally go there and complain, and our problems normally get resolved. If we have problems, did you know that banks normally help us track the account number that was used to scam us and try as much as they can to get the funds back? Or maybe after making some mistake while in the transaction process, or maybe the money did not go to the receiver, they normally refund our money back to the sender, which normally happens in crypto, but still, I’ll prefer to save my money in a bank than that in a crypto.

However, the money I’ll keep in crypto will just be an investment because saving money in crypto may result in someone losing that money when needed, or you may not get it back as you deposited it, while in the bank it will remain as it was deposited.

Alpha Marine

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Quote from: jossiel on September 18, 2023, 05:04:25 PM

It is true that money is safer in the bank and they've got products that you can use for your money that has lesser risk but more guaranteed profit.

The percentage of the rate that you'll earn from them won't be better than your potential profit in crypto. But with all of the banking collapse that has happened for this year.

We still consider it safe as long as it's backed by the government and do not put all that you have in there.

The truth is money in the bank is safer than crypto. If you're playing it safe then the bank is your go-to option. It has its own risk too but it's relatively safer and back by the government as you say.
The major disadvantage is inflation. If you're keeping your money for a long time then be certain that inflation will eat deep into your savings.
Also, there's little to no interest on your savings while in crypto there's a very high chance you might lose your money or make a huge profit on it over a long period.

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Quote from: gurunanakji777 on September 18, 2023, 12:40:06 PM

To be honest, there aren't any other options available to those investors who want to take risks with their money, because we all know that not everyone can handle the fluctuations in the crypto market. Moreover, there's no guarantee in crypto that your investments will only grow and not decrease, whereas keeping your money in a bank is generally considered safer. Banks even provide government assistance in case of a financial crisis, which is not an option in crypto. However, those investors who are not afraid of taking risks can certainly explore the world of cryptocurrencies. If you were to ask for my opinion, I would place more trust in banks rather than exchanges. On the other hand, if I were not to choose a bank, I would opt for hardware wallets instead of keeping my coins on an exchange. Exchanges pose a higher level of risk compared to banks.

It is true that money is safer in the bank and they've got products that you can use for your money that has lesser risk but more guaranteed profit.

The percentage of the rate that you'll earn from them won't be better than your potential profit in crypto. But with all of the banking collapse that has happened for this year.

We still consider it safe as long as it's backed by the government and do not put all that you have in there.

gurunanakji777

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To be honest, there aren't any other options available to those investors who want to take risks with their money, because we all know that not everyone can handle the fluctuations in the crypto market. Moreover, there's no guarantee in crypto that your investments will only grow and not decrease, whereas keeping your money in a bank is generally considered safer. Banks even provide government assistance in case of a financial crisis, which is not an option in crypto. However, those investors who are not afraid of taking risks can certainly explore the world of cryptocurrencies. If you were to ask for my opinion, I would place more trust in banks rather than exchanges. On the other hand, if I were not to choose a bank, I would opt for hardware wallets instead of keeping my coins on an exchange. Exchanges pose a higher level of risk compared to banks.

Sophokles

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Is it safe to put someone in charge of the security of your money? It can be if that person has a trusted reputation and is still maintaining that trust. Still, there is a security concern because that person can turn evil in any dire situation. Your money is safe and secure as long as you are the one in control. Now replace that trusted person with a bank to get the answer to your question.

Bobrox

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Bad experience saving money in the bank when our saving loss Bank not responsibility and many Bank costumer can't get back their money although loss or transaction did by Bank employees. Every countries have more several Bank and each Bank have difference cases or problem solve when their costumer loss their money, little Bank want to refund costumer saving if loss money if happening with malware or Bank fault, but some Bank loss responsibility and make costumer on bad position because losing money fault of bank costumer.
I don't think good ideas when holding saving in the bank, beside we need secure with our bank account but also have to check with Bank reputation when losing money will responsibility and refund for their costumer or not.

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It may be safe to keep money in the bank and take it out again and that depends on the bank.We can constantly see some banks running away with people's money. If you keep money in such a bank, your money will not be safe.I would advise you to choose a bank that you like well and then deposit money in the bank.

Cling18

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Quote from: yohananaomi on August 30, 2023, 12:48:55 PM

Quote from: bitcoinmoney2021 on August 29, 2023, 04:31:45 PM

To be honest, saving money in a bank has its advantages and disadvantages and there is no absolute guarantee that customer assets will not be lost or stolen. . however, if it's just saving money, then I might prefer a bank because it's easier. if it's about investment, then I will choose crypto.

Nothing is perfect, but banks are still the best for storage. As long as we don't make mistakes that we may sometimes not be aware of, because of technological developments, crimes are increasingly widespread, but if we continue to do it in the traditional way, it will definitely be safe. It's true that investing in banks and investing in crypto always have advantages and disadvantages. Bank interest is not profitable, unlike crypto, which is very profitable. But the profitable or big profits in crypto will always be worth the risks that can occur. So always make updates and keep learning about all the things that might happen either in the bank or in crypto.

Banks always provide safety and security so it's a good choice to store our funds but if we seek profit, of course, crypto will be the best option.
However, if you store your funds in banks, you should comply with their regulations and policies. In crypto, we could freely transact with anonymity and that's what we couldn't find in banks.
There are really differences yet they both have negative and positive effects. Choosing will only depend on our personal preference and reason for saving. If it's for profit then go for crypto but if you see assurance, then choose banks.

yohananaomi

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Quote from: bitcoinmoney2021 on August 29, 2023, 04:31:45 PM

To be honest, saving money in a bank has its advantages and disadvantages and there is no absolute guarantee that customer assets will not be lost or stolen. . however, if it's just saving money, then I might prefer a bank because it's easier. if it's about investment, then I will choose crypto.

Nothing is perfect, but banks are still the best for storage. As long as we don't make mistakes that we may sometimes not be aware of, because of technological developments, crimes are increasingly widespread, but if we continue to do it in the traditional way, it will definitely be safe. It's true that investing in banks and investing in crypto always have advantages and disadvantages. Bank interest is not profitable, unlike crypto, which is very profitable. But the profitable or big profits in crypto will always be worth the risks that can occur. So always make updates and keep learning about all the things that might happen either in the bank or in crypto.

bitcoinmoney2021

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To be honest, saving money in a bank has its advantages and disadvantages and there is no absolute guarantee that customer assets will not be lost or stolen. . however, if it's just saving money, then I might prefer a bank because it's easier. if it's about investment, then I will choose crypto.

dlightag

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The experience I have now to keep money in Bank charge fees, is a waste of time and money will be keep depreciating by bank charge's, here in Africa, Nigeria precisely, monthly sms charge and ATM maintenance charge fees is something else that's make me get angry sometimes, instead I prefer store or save my money through cryptocurrency, especially using stable coin to avoid market emotion price, and it gave me Joy and safe, while making my withdrawal anytime I want by convert into local currency.

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I think keeping funds in the bank is quite safe to some extent but be rest assured you're not getting any interest from the centralized institute neither is the money generating a profit by saving it up there. So in my own opinion, keep the little you can with them and have the rest of your wealth saved in the decentralized system.

I_RodimusPrime

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Once FMCPAY give scenario like FTX and Celsius, May god bless for those who put money in this CEX.

Also who the hell told you that KYC, 2FA is to secure your assets in CEX? It's for secure your CEX account not to secure your assets in the CEX Grin

. Please don't mislead the people. Correct this.

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Quote from: Inspiron14 on July 07, 2023, 10:06:13 PM

True we can't really compare and think who's better at keeping money in the bank or in crypto,
in terms of risk, each of them certainly has a risk because no one guarantees it will be completely safe,
but my own view regarding security I prefer to keep money in the bank even though there are many cases of money theft but in crypto I think the risk is far greater.

When it comes to keeping money for security reasons, it's the bank that's more secure than cryptocurency platforms because cryptocurency platforms are getting hacked daily and wallets too are getting hacked, but when it comes to keeping money as investment, it's cryptocurency that's better because you money can grow more when you store in cryptocurency.
Cryptocurrency as investment will make your money grown, both Bitcoin and altcoins can help grow your investment but banks can't do that because they have priority customers that they give their investment to and make you managed just few profits that's not worth the risk your taking by making investment with them. Banks shouldn't be used for investing.
I would rather trust banks than trust cryptocurency exchange or centralized wallets to hold my money because they can be hacked and when that happens you won't be sure of getting your money back and in some cases you get absolutely nothing because the project can say they don't have money to payback their customers that lost it all to the hacking.

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Quote from: Yatsan on March 22, 2023, 05:25:39 PM

Technically, it is safe to put money in the banks simply because it is registered under government institutions, meaning, all transactions are tracked. Bottomline is, the value or amount you have put in there would remain the same for a long period of time unlike with putting it to other digital asset. For sure you are trying to persuade people to put their funds on cryptocurrency, it would be a good idea only if they can endure possibility of losses. Putting your money in cryprocurrency will give you the opportunity to grow your fund but will also put your money at risk given that market prices are volatile or changing from time to time. Decentralized exchanges are not banks.

I agree with you, money is safe to put in banks because it is regulated by the government institutions and plus a fact that part of your money in the bank is covered by insurance but still it is not 100% guaranteed insured depends on how much you have in the bank. Exactly putting money in crypto currency gives opportunity to grow your fund at the same time a bigger risk because of the volatility of the market and no one can really control over that. So as for be i would diversify my funds not only in banks and decentralized exchanges, I would put it as well to other kind of asset that could earn a good profit in the long run like real estate investment, gold etc. for better security of my funds.

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Quote from: bastian466 on July 11, 2023, 02:14:42 PM

Quote from: nicolas222 on July 07, 2023, 05:33:51 AM

In my opinion, banks are not trusted at all, they only look at their own interests and try to earn as much as possible from their users, and if they fail? they are saved by the respective states/governments for your own savings it is better to focus on gold or stable coins

Till now I still trust it and still use it because the bank for me helps with all the necessary transactions, without the bank I would find it difficult to make withdrawals and deposits to the crypto exchange market for security issues till now no loss incident. all security is in your own hands depending on how to treat it

If we don't keep money in the bank, so where are we going to keep our money? Money is meant to be in the bank so there is nothing we can do about that. Since cryptocurrency is not acceptable everywhere and every regions have there laws that is backing the cryptocurrency then we still don't have the freedom of dumping the banking sectors to go fully into cryptocurrency. Maybe in time coming, things might change that bank will not be that useful to us since there will be digits currency we can always use to buy and sell online without any third party firms.

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Quote from: bastian466 on July 11, 2023, 02:14:42 PM

Till now I still trust it and still use it because the bank for me helps with all the necessary transactions, without the bank I would find it difficult to make withdrawals and deposits to the crypto exchange market for security issues till now no loss incident.

Agree. We can't avoid banks, they help us a lot for any transaction purpose. Sure, we are difficult to convert our crypto assets to fiats if we have no bank accounts. I regularly withdraw my profits to my account banks, I can instantly get the money from ATM and use the money for any purposes. Without bank account, I think it will be harder to convert crypto profits to fiats.

Quote from: bastian466 on July 11, 2023, 02:14:42 PM

all security is in your own hands depending on how to treat it

Indeed. That's why don't keep all our wealth on banks. We can put some our wealth on golds, lands, property, and even crypto coins.

Topic: Is it safe to keep your money in bank? - page 8. (Read 2573 times)