Is Bitcoin safer than a bank?

Bitcoin, is a virtual currency and payment system that is decentralized. Transactions are verified and recorded electronically. It doesn't have a central bank and can be used to trade goods and services or even be transferred from person to person without the need for an intermediary institution like a bank.

A few years ago, a 1 BTC (BitCoin) was worth less than USD 3. Today, that same 1 BTC is worth more than USD 25K; and when the value increases as much as it did in the last couple of months, it might even reach thousands of dollars.

Why do I say that Bitcoin is safer than a bank? Let me ask you this; if one day you want to exchange goods or services with someone, you don't need the approval of the banks. If you are the one who wants to trade goods and services, you can just say to your buyer "I will give you X bitcoin for Y dollar" without worrying about whether your payment process has been verified and/or it has been credited to your account.

Now let's assume that all Bitcoins have been lost in the system. The banks might be able to find some of them, but most of them, they probably would never could locate again. So, what's the difference? The only difference is that Bitcoins are not centralized in one place. So, the people behind Bitcoin might say "don't worry about those lost Bitcoins, we will just create new ones and credit them to someone else".

The main point of this argument is that if your central bank account has been hacked by thieves or scammers, you don't lose your money; on the other hand if you lose all your Bitcoins they might be gone forever.

But the question is; is Bitcoin really safer than a bank? I'd say to you this; Bitcoin has one big risk. It can be used for illegal purposes and if it is used for that, it can be easily become a tool of criminals. So, as long as there is no government behind Bitcoin, it should be treated as an experiment.

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As per today, we simply don't know how the Bitcoin system will evolve in future… we just don't know what we are about to experience. So, it is better to not take the risk. Even after this article is published and you have read some of the comments on this article, I'd recommend you to sell all your Bitcoins if you are still holding them.

I am not trying to put Bitcoins down; but I am also not trying to promote Bitcoin by talking in a positive way as if it is safe. I am very happy that I have never invested in Bitcoins. My main point is that, anyone who buys and sells Bitcoins should be informed of the risks involved.

I want to end this article by saying that we need more research on Blockchain technology; so, governments and other stakeholders should not rush to regulate it in the wrong way. One good example is what happened to BitConnect.