Many people in my country still don't believe in Cryptocurrency and would rather save or invest with local banks but the recent sad event would serve as an eye opener to them. One of the top leading banks in my country (GTB) got there server invaded by hackers, some period before it happened they where advising customers to buy their shares and many customers did, I feel so sorry for those who bought shares with them cause their money is probably gone.
In the local news said something about an hack into their website and had access to some customers details but didn’t see any news of users losing their funds or getting their investment in shares lost forever. GTBank is a large bank in Nigeria and one of the most best performing banks in Nigeria, they could take care of losses like this because I don’t think it was a big hack that made them lose money unless they say otherwise. All users money are still saved and no one complained about anything with their server or having issues accessing their money.
Whereas investors could only lose totally on Cryptocurrency when they fail to invest on Bitcoin or other good Cryptocurrencies and instead invest on shit coins, or they save their assets on a custodial wallet instead of a non-custodian one, else Cryptocurrency especially Bitcoin is one of the best and safest investment any investor could think of.
In a country where the government don’t want to embrace bitcoin and cryptocurrencies or even want to think about it but rather placing penalty on banks users found transacting in bitcoin, you have no choice on them to save with thier local banks and be safe from government punishment. Just like banks, cryptocurrency also has its own disadvantages but with care and caution, it’s better you have full custody of your money than leaving it with a third party vulnerable to hack and attacks.
I wonder why anyone would even think of buying shares with a local bank or saving huge part of their money with them, when they could save for a long-term with Bitcoin and make huge returns later, Bitcoin blockchain makes it very secured and the only ways an investor is at risk is saving their asset with a wallet that could easily be penetrated by hackers or fail to safeguard their private keys.
This is what the people have trusted for a long time and without proper dissemination of information to them about the relevancy of bitcoin to be used as a means of savings and investment, they’ll keep seeing it as something that’s harmful to their money and the government threats will also not allow that to happen easily even if they show interest to start saving in bitcoin.