I trust hardware wallet more than my bank account and Binance exchange, but if you are ask to choose between banks and Binance exchange which one do you trust the most? I throw this question to crypto friends around me and they choose Binance exchange.
I wonder why though, because I feel like banks should be more trusted, my bank for example, has been running for over 20 years and nothing bad happened except, for high charge fees, but my fiat is always in safe hands, I don't know, maybe I missed something? So I plan to ask on here, which one would you trust the most and why?
I mean both Banks and Binance are centralized and when it comes to investment I wouldn't really trust both of them, but they both have advantages and disadvantages at the same time. Binance was a pretty popular exchange and probably the best exchange where you could trade but it is still vulnerable to hacking like what happened to other exchanges. I mean I would put some of the money on Binance and invest a small percentage but mostly because of trading and converting my cryptocurrency. Similar to what happened to FTX, it could easily happen to Binance at some point.
I would probably trust the bank more than Binance since you could easily go to banks locally and report when you encounter problems, Ideally, when we are talking about long-term I would easily pick a bank to put my money but there are still a lot of issues like hacking, phishing, etc. Recently a friend that gets his bank account hack around 600$ was sent to another account, As far as I know, when the money was already out of the bank you cannot recover your funds especially if it is your fault that you get hacked, but one of my worry here if when it is an inside job how are you going to prove that its not your fault.