updating tor, keeping old configuration

[Shador]

Tor prevents that that the site you're accessing or anybody else knows where the request is coming from. So it protects your identity.

It does NOT provide protection against eavesdroppers as the data sent from the exit node to the actual server is not encrypted unless it was in the first place e.g. with https. But that shoud not matter if the data transmitted is not related to your identity.

It also does NOT protect your identity if you reveal data that clearly links to your identity. E.g. name, location, IP (javascript), fingerprint (javascript), number of the bank account.
Obviously your bank can link your actions to your bank account and thus your identity. Also javascript and other client-side executed code is risky. You should only reveal such information if you completely trust the other end and are sure nobody is eavesdropping. I.e. you completely trust the other end, but nobody else should know about that communication (e.g. government like in China, illegal trade with somebody trusted).

When using tor for banking the only use is accordingly to prevent others from knowing that you're doing this. As you're revealing personal information that only works as long as you're using encryption (no eavesdropper on that sensitive information). You're bank obviously needs to know what you're doing.
Banking does not become significantly safer because of this.

[mimosa]

So what does anyone use it for, unless they're a political activist in a dictatorship?

[Shador]

So what does anyone use it for, unless they're a political activist in a dictatorship?

Privacy conscious people may use it to protect their privacy (identity protection --> privacy protection). Journalists, whistle blowers, ... could use it to protect their identity.

The homepage has also some information on this: https://www.torproject.org/