Bitcoin portrays less risk of financial transaction than other investment system - page 2.

Riginac111

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Quote from: Ruttoshi on February 27, 2024, 04:04:48 AM

Actually, using bitcoin for transactions or when buying or selling through p2p in an exchange is very easy and safe, especially when you are trading with a reputable trader. But you shouldn't also fill that there will be no possibility of a trader scamming you, because I have seen this so many times, when a merchant from an exchange wanted to scam me but I was smart enough to know that he is a scammer, which I reported him to the exchange and he was blocked. One need to be careful when using exchanges so that fall into the hands of scammers

As for the easy payment and successful transaction using bitcoin is good, because bitcoin was designed to be cashless, and whatever dealings that you are using bitcoin for will be cashless, easy and fast because you cannot touch or feel bitcoin.

Before existence of exchanges in my country Nigeria what's no we normally do concerning bitcoin exchanges is through, P2P that will normally use for exchange or transaction of Bitcoin before arrival of exchange become popular so awesome that time we don't have any distrust from anyone that want to transfer with you because you must to see the person before you transfer to the person I don't know if any other person loss their bitcoin through search scenario but it was what we are using to thread Bitcoin as of that time before begin to see a different exchange and where you can read your Bitcoin without any problem, I know bitcoin for long time but I don't know where I will get more knowledge of Bitcoin like this bitcoin community, so since I'm here I've gotten different experiences of exchange which is someone can trade with not going through p2p because as on that time what is the main really important is to sell your Bitcoin because it is hard for you to find a buyer.

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Quote from: Apocollapse on February 27, 2024, 04:10:55 AM

1. They might be not aware with the difference between Bitcoin and Testnet Bitcoin.

That is why it is good to use a good wallet. An example is Electum. If someone use a testnet wallet on Electrum, it will tell the person that the person is in testnet mode and that testnet coins are worthless. Also indicating that testnet is separate from the main bitcoin network and that it is used for testing.

It is true that everything in life is risky be it bitcoin or the traditional financial system. It is people that should learn about how they can avoid scammers if they do not want to be scammed.

MusaMohamed

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Quote from: EluguHcman on February 27, 2024, 03:55:44 AM

Who has ever thought about Bitcoin investments as one of the safest investments ever when you talk about the trading?

Investment is not trading so safest investment is not safest trading. It's a wrong talk.

Quote

Just have a view of an anonymous Bicoin P2P transaction where you could trade and transact millions of dollars legitimately with a zero risks of being physically attacked for theft or bridged of trust with a dealer after successful transactions.

Bitcoin network has very high hash rate and decentralized too so it's super hard to successfully have a 51% attack on Bitcoin network.

Basically if your Bitcoin transaction has 1 confirmation, it's safe. If your fund is big, you can wait for 3, 6 confirmations and even more. 6 confirmations equal to about 1 hour of waiting time, as 1 block is about 10 minutes.

If your fund is bigger, wait for like 12 or 24 confirmations and you will have no worry about safety of the trade.

How Many Bitcoin Confirmations is Enough?

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If you are patient enough to wait for at least one confirmation then you are no longer vulnerable to race attacks or Finney attacks. Now your only concern is 51% attacks. What's the rule of thumb for an acceptable number of confirmations?

1 confirmation: sufficient for small payments less than $1,000.
3 confirmations: for payments $1,000 - $10,000. Most exchanges require 3 confirmations for deposits.
6 confirmations: good for large payments between $10,000 - $1,000,000. Six is standard for most transactions to be considered secure.
10 confirmations: suggested for large payments greater than $1,000,000.

ultrloa

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Quote from: EluguHcman on February 27, 2024, 03:55:44 AM

Who has ever thought about Bitcoin investments as one of the safest investments ever when you talk about the trading?
Just have a view of an anonymous Bicoin P2P transaction where you could trade and transact millions of dollars legitimately with a zero risks of being physically attacked for theft or bridged of trust with a dealer after successful transactions.

Have an Insight if aside being scammed which is common in all financial systems and the inefficient exposure of a Bitcoin investor which is also a threat and common to some other influential sector of investors who loose guards from keeping their financial portfolios private to the public, what other risk is involved in the Bitcoin transactions?

Imagine the other business sectors especially those that has to do with a physical negotiation before building trusts for transactions. 😏

For trading maybe its not the safest since you also need to consider how volatile of the market and anytime the price of bitcoin changed. If you are not trained well on how to trade it and you only got a little knowledge about this then provably you might get affected if certain unexpected movement came. Remember that to many people lose their money due the volatile nature of bitcoin so they should not expect anything easy of it especially if they are going to trade for short trade or even try futures trading.

But if they are into long term hold and think about investing for bitcoin for long term without having any plans touching it then maybe we can say it really is since we can just use DCA method then wait for long time without getting affected whatever might happen to market because we have big goals for future. For transaction I guess bitcoin is really good option not unless the price surge high since for that situation I don't like to use bitcoin if I need to pay huge fee just to push some transaction using it.

Apocollapse

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For people who're not interested with technology, they will find it hard to convince themselves if Bitcoin is safe and they're careless when it comes to privacy and security.

1. They might be not aware with the difference between Bitcoin and Testnet Bitcoin.
2. They might be not aware if unconfirmed transactions can be double spends.
3. They might be not aware if publicizing their coins to social medias will increase the risk of getting phished.
4. They might be not aware if clicking random links and install too many software increase the chance of getting compromised; etc.

Ruttoshi

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Baba God Noni

Actually, using bitcoin for transactions or when buying or selling through p2p in an exchange is very easy and safe, especially when you are trading with a reputable trader. But you shouldn't also fill that there will be no possibility of a trader scamming you, because I have seen this so many times, when a merchant from an exchange wanted to scam me but I was smart enough to know that he is a scammer, which I reported him to the exchange and he was blocked. One need to be careful when using exchanges so that fall into the hands of scammers

As for the easy payment and successful transaction using bitcoin is good, because bitcoin was designed to be cashless, and whatever dealings that you are using bitcoin for will be cashless, easy and fast because you cannot touch or feel bitcoin.

EluguHcman

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Who has ever thought about Bitcoin investments as one of the safest investments ever when you talk about the trading?
Just have a view of an anonymous Bicoin P2P transaction where you could trade and transact millions of dollars legitimately with a zero risks of being physically attacked for theft or bridged of trust with a dealer after successful transactions.

Have an Insight if aside being scammed which is common in all financial systems and the inefficient exposure of a Bitcoin investor which is also a threat and common to some other influential sector of investors who loose guards from keeping their financial portfolios private to the public, what other risk is involved in the Bitcoin transactions?

Imagine the other business sectors especially those that has to do with a physical negotiation before building trusts for transactions. 😏

Topic: Bitcoin portrays less risk of financial transaction than other investment system - page 2. (Read 193 times)