If so, banks are less secure because?
At least banks have a lot of regulation, and for example here in the Netherlands, if a bank fails your money is still to a degree guaranteed by the government.
And yes they can be hacked, but we can easily discount that by the same reason right? It's not the bank system as a whole, it's just a single bank that made a mistake?
Hello. I totally agree with your point about your money being guaranteed to a degree. It would be tragic if a bank did not resolve something like that, and this rarely happens from my perspective. Traditional banks are not necessarily absolutely less secure and I totally understand your point. Security is not crypto's best talking point in my opinion. As Fran says, you must accept the possibility of poor smart contract code before slamming the protocol that the developer has written the code on. Even the smart contracts that inherit the secure ERC-20 token standards, may have some custom functionality which handles the tokens that is insecure. Sending and receiving the native Ether token on the protocol layer is working securely.
The ability for people from developing countries to have the same access is a huge positive that fiat currency cannot offer.
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If so, banks are less secure because?
At least banks have a lot of regulation, and for example here in the Netherlands, if a bank fails your money is still to a degree guaranteed by the government.
And yes they can be hacked, but we can easily discount that by the same reason right? It's not the bank system as a whole, it's just a single bank that made a mistake?
Hello. I totally agree with your point about your money being guaranteed to a degree. It would be tragic if a bank did not resolve something like that, and this rarely happens from my perspective. Traditional banks are not necessarily absolutely less secure and I totally understand your point. Security is not crypto's best talking point in my opinion. As Fran says, you must accept the possibility of poor smart contract code before slamming the protocol that the developer has written the code on. Even the smart contracts that inherit the secure ERC-20 token standards, may have some custom functionality which handles the tokens that is insecure. Sending and receiving the native Ether token on the protocol layer is working securely.
The ability for people from developing countries to have the same access is a huge positive that fiat currency cannot offer.