| json_metadata | "{"app":"musing/1.1","appTags":["money"],"appCategory":"money","appTitle":"Is the bank the safest place for saving money?","appBody":"<p>That is the most unsafe place to save money. First of all it is a central hub of keeping the money of millions. That means even if individual keep pennies with the bank, in the central hub its value will be millions. So it will be an attraction for hacker and robbers to rob money and it is not theoretical what I am talking about. It has happened numerous times in past. </p>\n<p>Bank is not a subject of robbery only. Bank in its structure is vulnerable too most of the time. If the non performing assets grow over time and reach a point where a bank can not survive and at that point if the policy maker and the authorities do not rescue and stimulate the system then eventually it will end in a loss and the bank will go bankrupt. The people keeping money in the bank will stand to loose money.</p>\n<p>Bank is not boarder-less and in the event of a war you can fly to other country where as you can not access the money kept in your bank out of your country in such a case. But if you have crypto then just by having the secret key you can unlock and sell your crypto in any country.</p>\n<p>Bank is centralized and a centralized system is always a subject of single point failure. If you are keeping the money in bank that means you are sharing your trust with a third party and as long as the third party is not corrupt, your fund is also safe. But the moment the third party gets corrupt or hacked then you are loosing your money. So the risk level is quite high by keeping the fund in a bank. There is no such concept like absolute ownership by keeping money in bank. A cryptocurrency on the top of blockchain technology gives you the true and absolute authority.</p>\n<p>Thank you and Have a great day. </p>","appDepth":2,"appParentPermlink":"p3yz56uaq","appParentAuthor":"ijoel","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}" |
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