Cryptocurrency and traditional banking: which one is more secured now?

not news in Ghana too lol
Board of directors will use depositers funds for their personal projects

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Lols, so even in Ghana too, well trust users do always have access to their funds when needed

for now yeah but sometime ago it was a nightmare

Still on this matter. My people take a look, now to be a whale in CRYPTO is a problem o.

How will this one survive now?

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Oh oh oh if care is not taken , people will withdraw from crypto hmmm

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Hmm, this will not be funny if so,. Seems the rate is accelerated the more we talk about security measures

Spend some time to Tron main groups and you’ll see that very often hacks are users negligence.
How many have filled their mnemonic on a google form? How many have invested in Tron cloud or tried to swap spam tokens on a shady swap?
Thousands and thousands.

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And thousands…

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And thousands…
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:smiley:

Very very true, most hacks are our fault and negligence.

But I am concerned with what happened recently to some klever, math and other wallet users. Idle wallets were drained which means these scammers are always upgrading their skills which is dangerous

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Hmm, lots happening, yes a acknowledge the facts that most of Crypto drainage, hacks and scams are done my owners mistakes.

But what happens when it involved big Crypto project or company?

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another big question @Gordian

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Yes, indeed big questions that need answers, cause most of these big Crypto project and company should grow above making mistakes that will drained then.

Is there anything we don’t know, that is why I will point hand to INSIDERS

@Prince-Onscolo

Indeed this is a very interesting and educative topic you have raised,so I appreciate you

As we all know that the security of cryptocurrency and traditional banking is a complex issue,and also there is no easy answer because both systems have their own strengths and weaknesses.

(1) Traditional banking is generally considered to be more secure than cryptocurrency.
Banks have a long history of protecting customer funds, and they are subject to strict regulations and oversight.
In addition banks typically offer insurance for customer deposits, which means that customers are reimbursed if their money is lost due to fraud or theft.

However, traditional banking is not immune to hacking attacks. In recent years, there have been several high-profile data breaches at banks, which have resulted in the theft of customer data and funds.
Also banks can be vulnerable to cyber attacks that target their systems and networks.

(2) Cryptocurrency is a newer and more decentralized form of money, and it is not subject to the same level of regulation and oversight as traditional banking.
This means that there is a greater risk of fraud and theft in the cryptocurrency world. However, cryptocurrency is also more secure in some ways.
For example cryptocurrency transactions are recorded on a public ledger, which makes it more difficult to counterfeit or double-spend cryptocurrency.
Additionally cryptocurrency is not backed by any government or central bank which makes it less susceptible to inflation and other economic risks.

Ultimately the security of cryptocurrency and traditional banking depends on a number of factors, including the security practices of the individual or institution’s involved, and also the level of regulation and the inherent security of the underlying technology.

In conclusion in terms of getting hacked both cryptocurrency and traditional banking are vulnerable. but the risks associated with each system are different.

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I don’t know bro, I was just answering to the question “which one is safer”.
As long as users are fallible there is no real safe space. Only education and good habits can help reducing fishing.

Of course hackers can find flaws. Banks and governments can freeze your accounts. It happened to me due to a mistake on gov side. Took some time to get it unfrozen. During that time I have to eat and pay bills haha. Imagine if the gov havent recognised their mistake. They would have emptied it without my consent and kept withdrawing my earnings month after month?

Yeah, I totally understand your point of view.
None is really safe zone.

I mean this can happen to anymore, but it best to be aware of these acts and stay protected in our best eay

Hmmmmmmm! I have taken time to read all the opposing views and in adding a few things I can say none is safe but crypto is more safe even at this worst events. Reason for this is because in crypto, especially with self Custody, you only get hacked by your mistakes, through exposing your wallet and keys to threats in form of airdrops and the likes. But in traditional banks, these scammers get your details without you doing anything. And again, in crypto you fear only scammers but in traditional banks you fear both scammers and the government. Why the government?
Because they are another level of scammers :joy:

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Oh my goodness,. Don’t you Think at some point there is fear of government in Crypto,
How about them spoiling our bags size with their negative news or regulation or taxes or other forms?

After what happened to klever wallet, Math wallet and others? No what happened wasn’t the mistake of the users but the hackers find a way to hack the old technology in place or still users fault?

Hehehe do not agree with you here too.
We shouldn’t pretend crypto we do not have government-liked people here. Crypto, aside scammers fear teams (insiders) and even some so called whales :smiley: They can make you and Un-make you :rofl::rofl:

Some group of people controls prices like the government do. If a tweet of just one person come change a lot then still we are like fiat because someone can control it

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