Quote from: passwordnow on March 15, 2023, 01:30:41 PM

Quote from: KiaKia on March 11, 2023, 09:22:09 AM

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?

Well, with the banks we can't exchange our crypto holdings whilst with Binance we can use them and exchange our cryptos into fiat. That's my analogy on why I'll choose Binance over a bank if there's really no other choice to make. I do like some of the banks but the fact that they're just really for safe keeping, even if that's the main reason for putting your money there, trust no one. They're all centralized, they can freeze your money anytime as they wish and reason out that you've got a red flag on them.

Right, both are centralized that’s why we should’ve not trusted them from the start. But if there’s one that I think is quite safer, I believe it’s the bank. Though with small interest, I can still safely put my money in it without fearing that it will be gone or hack in the future. Unlike Binance, there is fear always that it might follow the path of FTX, eve if we know it’s a reputable and reliable exchange.