Topic: Perfect Money safe to store big money or not ? - page 2. (Read 624 times)

Still, it depends on you

If you want to make it store only why not on the bank this is a hundred percent sure that you will not lose any money.

If you make a profit why not make an investment the market of the bitcoin is volatile and this is not quite good if you don't want to lose a large amount of money by that amount you can earn a lot of profit if you got the correct market movement prediction but if you lose that prediction there is a consequence you will lose a large amount too.

It's not and it will never be Perfect money is a centralized bank and favorite of Ponzi schemes and MLM it may end up like what happened to LibertyReserve a once-popular payment processor that is very much involved in the investment schemes until the authorities raided them and stopped their business.

If you want to keep that huge money then it's better than you diversify on various coins in the market, use a noncustodial wallet and ledger
like Trezor, that amount of money is enough for you to become a whale.

Digital currency should be used only as a way to pay/transfer some of your funds. It is never a good idea to use them to store your wealth. Things can get complicated and you could lose big, especially if you live in a country that's far away from the company headquarter. Who knows what will happen. How long they're in the industry doesn't matter, lots of story about them fucking people by losing their money and so on.

It is easier than bank if they use bitcoin. Simply shift their private key or mnemonic seed to next owner that they want to give their bitcoin. No requirement on KYC, proof of ownership, testament, none of which if they use bitcoin.

Banks or crypto exchanges, custodial wallets require many thing to shift ownerships.

Non-custodial wallets, they will have their own bank and can shift ownership quickly.

I didn't think you would keep your savings in a paper box under the bed - but on some slightly more sophisticated solutions in the form of hidden safes that should be fire and water resistant. I know people still trust banks more because it's much easier to shift responsibility to someone else - but when banks close their doors and run out of money at ATMs, it's good to have some cash on hand.

I would never keep so much on Perfect Money. Actually, I wouldn't keep more than $100 there. Websites like Perfect Money isn't good place to keep money. Almost all HYIP's, ponzi schemes and similar scams are using them not without a reason. I would call Perfect Money as a bit shady website. What if your account would be hacked or they simply would decide to lock it - then you're in big problem. Or they can simply turn into scam, like similar websites like Liberty Reserve or Egopay in past.
If you're going to keep these money in fiat, then probably bank account is safest place. Or if you want to keep it in Bitcoin, hardware and paper wallet is good choice.

Oh really? You're afraid that hardware wallet devs may scam you and at the same time you're planning to put so much money into shady website like Perfect Money which is used by most of scammers. As said above, why do you think these devs haven't scammed users when Bitcoin was @$20k?

I don't agree, IMO it's not good idea to keep your savings at home. It's not just about thieves. There is more danger like fire - then you would lose not only your home, but also your savings. Or if you live in apartment house, then it may be flooded from top floor.

Remember that Paypal could also limit your account if they find something suspicious on it. It does also applies the same thing on PerfectMoney, I have been using Perfect Money since 2016 when PTC was still a thing and it was a smooth journey I think, I don't really remember until I stopped doing PTC, but please dont' ever store big money on online wallet for your future sake

It is too dangerous to put significant amounts of your money into quasi-banks like Perfect Money.

Think in % of your wealth, not in absolute $$. If $50000 is just 0.001% of your assets, then you can store it wherever you see fit. If you lose it, it is not a life disaster.

But if it is a 90% of your total assets, then you MUST diversify:

- Cash (USD normally, properly secured and stored)
- Deposits in a Reliable Bank
- Government or other AAA bonds (US government treasury bonds etc)
- Gold (maybe)
- Bitcoins (maybe)

You may keep some money at those providers like Perfect Money just for tactical reasons like fastness of sending fiat into a BTC exchange etc.
 

then deposit in his local bank account  if they want it for long term porpuses or like what other suggestion buy stable crypto currency we already have many you  just need to choose what you think is fit for your want.
If this is me I Wil choose crypto currency not stable like bitcoin because there are possible profit you can have by just storing it in your wallet but there are also risk to lose just know the risk and you can start buying.

This is certainly one of the preconditions, but it is even better if such deposits are insured up to a certain amount (by the state), and even if the bank fails, the state guarantees the payment of funds.


Discretion is something mandatory in such a case, not that no one should know about money, no one should know that there is a safe at all. Even money in the bank can be the cause of kidnapping and blackmail, so you should choose the bank wisely and be careful not to say something wrong in the wrong place - because bad guys are always listening and waiting for their chance.

Bank is better option, as long as it's located on country with stable economy.


Until thief know you're storing huge amount of money and decide to break-in your house

I don't trust Perfect Money to store any of my funds from the time I heard the issue for it.


Bitcoin is a good choice. But maybe OP is worrying about fluctuations that is possible to happen on bitcoin.
He actually is looking for safe storage to store his large amount of money, probably he wanted to put it all in one storage.

I would never store large amounts of money under someone else's custody and I always advise my friends not to do so either. Romania has had a few bank crashes they'd lost money through in the past decades.

Banks could crash. It doesn't even necessarily need to be a recession in order for them to fail, but during recessions chances are even higher. They've crashed before and they will in the future as well. As long as the short explanation of what Perfect Money is doesn't lie to me, it's not even a bank but a service. How many services have failed in the past few years alone?

Take a look at Cryptopia. I've had a lot of shitcoins over there I cared exactly 0% about, but I just couldn't bother downloading wallets for every single one of them. A lot of time later, I opened up Cryptopia only to see that my money is absolutely gone. Say I had only $5 stuck in there. $5 times a hundred thousand people.. equals a shit ton of money for the owners. Haven't kept up to date with their closure, but it's still an interesting thing to know about.

Do you really have no way to safely store your bucks somewhere physically? I'd personally advise against storing your money in stablecoins. You never know what happens to a centralized currency in the near future, let alone the long term one.. USD is centralized, stablecoins are centralized on their own.. double-risk!

For fiat, cash is the best choice I'd go for. Turn the amount into the largest bills you can get (I reckon $500 is the USD one), stack them up and put them into vacuum sealed bags to save even more space. For crypto, hardware wallets are the way to go as those before me said. Just try to keep your bucks safe without having to keep them under someone else's custody.

I don't know if the OP really meant the USD (which is the official currency of the USA) or the USDT or some similar stablecoin - but if it's a fiat then it's only wise to keep such large amounts of money in a bank or in a well-hidden home safe.

And when it comes to storing cryptocurrencies, any method that involves complete control over private keys is acceptable - but each carries some risk. Every desktop/mobile hot wallet is a risk (crypto malware, fake wallets/phishing), and that risk is reduced with the use of hardware wallets, although it never disappears completely - it only forces the user to verify each action by pressing the hardware button on the device.

I don't use Perfect money but I see the quick tour on their site: https://perfectmoney.com/?welcome=1

In the video, I see you won't have full control on your account, your money. I mean it is custodial wallet if consider it as a bitcoin wallet. Bitcoin is only one of payment methods in Perfect money account.

And you have do KYC (at least phone number when you register account).

I don't consider it as a good choice for long term storage and more reason to not use it for big money.

I don't think I will trust Perfect Money even if they are one of the most stable online payment, they are not a bank they are centralized and they might soon have issue because of their participation in MLM and Ponzi scheme, go for Cryptocurrency secure it in a hardware wallet, if you are going to keep that huge amount of money, it's better to diverse.

No way, remember what happened to Liberty Reserve?


BTC and Ledger.  


They haven't scammed people when BTC reached 20k, and both companies, ledger and trezor are more than 6 years old, but most importantly...how would they even scam "investors"?  But I'm also surprised some people recommend stable coins, at least the $ has a huge economy and an army behind it, what does tether have to back its value? Fake audits? Promises of payment?

Just don't trust these centralized digital currency, they're are even less secure then your banks. Your account can be compromised with the excuse, the fault was from your end. I have a friend that lost some huge amount of funds from his luno account when he tried depositing some funds after writing to support they claimed the fault was from the users ends meanwhile I was present when the transactions was initiated and the luno app he used was gotten through me (shared this him) which obviously has to be original since I have been using it for a long time and haven't encounter any issue like that.

What I'm trying to explain is sometimes the server from their end most have been compromised that'll lead youy account been vulnerable and at the end of the day you get all the blame. Another advice would be not to put all your eggs in one basket. Bitcoin wallet has to be the safest option out there. I'm still on the desktop electrum stage so meant not have the knowledge to suggest you a reliable hardware wallet but from my findings they are the best.

You can divide the funds into two or different amount and use the best of the suggestion by does who have the knowledge but also conduct personal research before patronizing any of them.

There are reputed hardware wallet companies like the Trezor and the Ledger nano, you do not have anything to worry about, just get the wallet directly from such company, you can get ledger nano s which is my best with as low as $60. About the price of bitcoin getting higher or lower, you do not have to worry. You can get a stable coin like TrueUSD and store in on the hardware wallet. Make sure the wallet is new and with sticker used to seal its pack. Stable coins prices are stable and most of them are equal to dollars. Meaning, 1 TUSD is equals to 1 dollar. Even if the price have slight changes, it will be in a way you will not lose. For me, I can not suggest you go use perfectmoney for such amount, storing it yourself is the best. Perfect money can be subjected to new laws and regulations, the money is also online. Hackers are able to attack people with high amount through their phishing ways of attacking. Having the money with a private key offline is the best imo.

trezor's firmware is open source, and iirc so is their hardware and their wallet software. On top of this, people have stored millions worth of BTC on these devices without getting robbed.
Add the fact that it's a legal business, whose address, owners and partners have all been legally verified, and i think the odds of them building in a backdoor just to rob you when the price rises is very, very, very small. They would have had to build in a backdoor and get it passed everybody who ever browsed trough their sourcecode AND they would have to hide for the rest of their lives after abusing said backdoor.

I personally also trust ledger, they've been around for so long, are also registered and known by the community, but IIRC their firmware is closed source.

That being said, i wouldn't trust some unknown hardware wallet vendor with little or no feedback, and no community vetted sourcecode.