Can bitcoin be a more secured way of handling cash? - page 7.

megynacuna

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Quote from: Weawant on July 17, 2017, 08:21:55 PM

Quote from: Mpamaegbu on July 17, 2017, 02:07:00 PM

Quote from: EXtremeAEX on July 10, 2017, 12:46:15 AM

Bitcoin can be more secured as once it is verified, the transaction goes through and the recipient gets the money, but with cash you can have cases of robbery or counterfeits but those are extreme cases.

The security of Bitcoin still hangs in the balance considering the prevalence of theft associated with it by hackers. Whether we agree or not, Bitcoin is highly risky indulging in. Apart from the slow confirmation and backlog of unconfirmed transactions, we still battle with stolen and hacked wallets. The technicalities involving how Bitcoin works are not easily understood by many, especially the illiterate ones. I really don't think Bitcoin is a secured way of handling cash. The banks are better.

Yes since its because we might gonna lose some money if theirs something bad flactuation happening on it and you can make this current event as a basis on all of this, since if those people bought for the high price and drop the same as now surely they will lose some money with that thats why I can call bitcoin as safe so same as you i would recommend bank so that we can feel secure and we can depend on them interms of security.

If we use banks to save our Bitcoin then we have defeated the purpose of decentralization in the first place and everything is centralized and so we cannot enjoy the 24/7 accessibility of Bitcoin likewise we have to follow long queues to make deposits or withdrawals plus limitations are going to be placed on amount for eligible withdrawals and a whole lot so to me we are better off without the banks else we shouldn't even call it Bitcoin but something else.

agentx44

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Quote from: Crapz23 on July 09, 2017, 04:34:53 PM

There's been news going around saying that you need to put in a certain address to able to steal that account. I was wondering if that's fake and bitcoin is a secured way of handling cash.

Where did you get that kind of information ? I know that it's not that very easy to steal a bitcoin by searching or knowing a bitcoin address because there is still another code that you will find in your address. That's the greatness of bitcoin there is a less chance that you can steal or hack someone's bitcoin

Mpamaegbu

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Quote from: EXtremeAEX on July 10, 2017, 12:46:15 AM

Bitcoin can be more secured as once it is verified, the transaction goes through and the recipient gets the money, but with cash you can have cases of robbery or counterfeits but those are extreme cases.

The security of Bitcoin still hangs in the balance considering the prevalence of theft associated with it by hackers. Whether we agree or not, Bitcoin is highly risky indulging in. Apart from the slow confirmation and backlog of unconfirmed transactions, we still battle with stolen and hacked wallets. The technicalities involving how Bitcoin works are not easily understood by many, especially the illiterate ones. I really don't think Bitcoin is a secured way of handling cash. The banks are better.

eternalgloom

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Quote from: pooya87 on July 10, 2017, 05:22:31 AM

Quote from: Crapz23 on July 09, 2017, 04:34:53 PM

There's been news going around saying that you need to put in a certain address to able to steal that account. I was wondering if that's fake and bitcoin is a secured way of handling cash.

i don't even know what you are talking about but consider these:
- it has been 8 years that bitcoin existed
- there are 200,000 - 300,000 transactions happening per day [1]
- there is about 200-300 million dollar being transferred between keys each day [2]
- the top 2 richest addresses have >100,000BTC balance and there are more with big numbers in them [3]

now do you think any of these would have been possible if you could "put in an address and steal account"! Grin

[1] https://blockchain.info/charts/n-transactions
[2] https://blockchain.info/charts/estimated-transaction-volume-usd?daysAverageString=7
[3] https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

Well in a way he's actually right, if you have access to the private key of a Bitcoin address, you have access to that address.
That's probably what he meant by 'you need to put in a certain address to able to steal that account.'

And people do steal addresses, there have been certain wallets with vulnerabilities that 'leaked' the private keys. I think it was an android wallet if I remember correctly.

webtricks

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Quote from: Crapz23 on July 09, 2017, 04:34:53 PM

There's been news going around saying that you need to put in a certain address to able to steal that account. I was wondering if that's fake and bitcoin is a secured way of handling cash.

Actually you didn't get the news correct. Every BTC address has two part namely private and public.
Public key is actually the address on its own and this is a place where funds are hold. Private keys are like key to lock. It is a key to access funds from your public key. So if you got private key of any account, you can easily steal Bitcoin. So it is always advisable to keep private keys at safer place. If you placed it safely then believe me Bitcoins are safest place to keep money.

Eternad

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Quote from: Wesimon on July 12, 2017, 08:01:54 AM

Yes. It is one of the safest way on how we handle cash. It would need private keys in order to access your account that you yourself only know. It is also safe in a way that you will not be tempt to use it in useless things.

The part of not using in useless things is very me, when bitvoin pump few months ago I realized that I should not spend too much and just keep my btc on my wallet or used it in more profitable ways and for billing payments. It is a bank on our own hands.

giveen

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Nope there are many flaws in bitcoin security , people who keep their funds in exchanges have risk of getting stolen , downloading the wallet on your pc is still risky as any malicious software can steal your coins , keeping on online wallet is also still risky. And the best way to keep bitcoins safe is cold storage which requires a cost. On other hand for cash we can just deposit in bank and get little interest plus funds are way more secure. There are advantages of bitcoin but in terms of security there are better ways of storing cash.

Idrisu

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Quote from: Crapz23 on July 09, 2017, 04:34:53 PM

There's been news going around saying that you need to put in a certain address to able to steal that account. I was wondering if that's fake and bitcoin is a secured way of handling cash.

Since I get into cryptocurrency trading and come to understand about cryptocurrency I see it as a future of money and if you are for future then bitcoin is for you. You can actually handling cash through bitcoin and others cryptocurrency. It is very secured to handle cash.

Wesimon

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Yes. It is one of the safest way on how we handle cash. It would need private keys in order to access your account that you yourself only know. It is also safe in a way that you will not be tempt to use it in useless things.

BCTalkaccountforsale

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Quote from: Crapz23 on July 09, 2017, 04:34:53 PM

There's been news going around saying that you need to put in a certain address to able to steal that account. I was wondering if that's fake and bitcoin is a secured way of handling cash.

Bitcoin accounts are prone to theft so be careful with your account, bitcoin may also be a way to handle your cash, it may help increase your money due to high bitcoin prices. You will be more profitable.

DaMut

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Quote from: Crapz23 on July 09, 2017, 04:34:53 PM

There's been news going around saying that you need to put in a certain address to able to steal that account. I was wondering if that's fake and bitcoin is a secured way of handling cash.

What you have been heard was wrong,
If what you described was real,noone gonna use it because it is easy to hack.but look at it now,as far as i know bitcoin is an asset that have a good security because using a private keys to protect your money.it's very popular and many people used it.

So it's safe as long your wallet did not affected by a virus/malware or malicious program and then not expose your private keys.
Nobody want to risk their money if it was not secure enough

Mahanton

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Quote from: Crapz23 on July 09, 2017, 04:34:53 PM

There's been news going around saying that you need to put in a certain address to able to steal that account. I was wondering if that's fake and bitcoin is a secured way of handling cash.

Its safe as long you didnt expose your private keys and show it to public or been said to anyone because no one would able to access it as long they didnt know it. I can say that its one of the most secure way on handling cash without the need on having a local fiat on your own pocket but the main thing here is that bitcoin isnt still available in all parts of the world which you cant able to use it unlike on our local fiat. We are on the full control of our money specially when in bitcoin form and thats the goodness of this kind of innovation.

malikusama

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This seems illogical that by putting certain addresses one can steal the account without having private keys of that account. I think bitcoin is the safe way to secure money if you are using verified offline wallets.

merchantofzeny

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I think it is secure enough. The only thing you'd have to worry about is if your money is in an exchange (in which case you don't really own it) or a malware is installed in your device and snooping.

The only difference is of course, should you lose your money, there's no way to get it back. No bank insurance or anything. You are responsible for your money. As they say, in bitcoin "you are your own bank".

CraigWrightBTC

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Well i think bitcoin's network is safe there are no issue of hacking into it, so bitcoins be a more secure way of handling cash
the risk losing bitcoins and cash money depend on their users. If they can put the private key on the safe place,
they will not be losing bitcoins so do with cash money and all of user's bitcoins and cash money has responsibility to secure their bitcoins and cash money. Never blame bitcoins or cash money because of the risk losing value.

machinek20

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I never heard of anything about putting address to steal an account, the one that can make your account being broke in is by using your private key and it is very difficult to hack or to steal from bitcoin wallet, the protection is pretty strong, I think it is stronger than bank account protection

pooya87

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Quote from: Crapz23 on July 09, 2017, 04:34:53 PM

There's been news going around saying that you need to put in a certain address to able to steal that account. I was wondering if that's fake and bitcoin is a secured way of handling cash.

i don't even know what you are talking about but consider these:
- it has been 8 years that bitcoin existed
- there are 200,000 - 300,000 transactions happening per day [1]
- there is about 200-300 million dollar being transferred between keys each day [2]
- the top 2 richest addresses have >100,000BTC balance and there are more with big numbers in them [3]

now do you think any of these would have been possible if you could "put in an address and steal account"! Grin

[1] https://blockchain.info/charts/n-transactions
[2] https://blockchain.info/charts/estimated-transaction-volume-usd?daysAverageString=7
[3] https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

DarkKnight68

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Quote from: EXtremeAEX on July 10, 2017, 12:46:15 AM

If someone has access to your private keys, that person has access to your coins in your address, so be careful, if thats what you mean. Handling cash physically is a different thing from the digital world of Bitcoin, but yes, Bitcoin can be more secured as once it is verified, the transaction goes through and the recipient gets the money, but with cash you can have cases of robbery or counterfeits but those are extreme cases.

It really depends on the amount, and in terms of the Blockchain system, it is 100 % safe from hacking. It is the private keys that may get hacked.

I agree with your answer sir. Every form of currency or transaction has risks, for example, you have a cash deposited in your bank account, then you withdrew it using an atm but unfortunately you were robbed and all the cash that you withdrew was taken. It is just the same with bitcoin, you see, this world is full of greedy bad men that loves to steal from other people, they will do whatever it takes to steal from you, they may hack you, well even though it is very hard to hack someone's account, but let us say that there is still a possibility that they can do that.

However in terms of investing your assets, having btc instead of cash is more preferrable since it continues to grow, thus your money's worth will keep on growing until the day comes when you'll need it.

Having cash however is good when speaking of its liquidity and accessibility, like when you suddenly need an emergency money and such.

EXtremeAEX

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If someone has access to your private keys, that person has access to your coins in your address, so be careful, if thats what you mean. Handling cash physically is a different thing from the digital world of Bitcoin, but yes, Bitcoin can be more secured as once it is verified, the transaction goes through and the recipient gets the money, but with cash you can have cases of robbery or counterfeits but those are extreme cases.

It really depends on the amount, and in terms of the Blockchain system, it is 100 % safe from hacking. It is the private keys that may get hacked.

DOGE12321

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Where did you get "There's been news going around saying that you need to put in a certain address to able to steal that account" from? You can't steal any Bitcoin account unless by putting in a random address. The address it like the username of your account. in order to get into the account you also need to to know the password. To make it more secure you can enable 2 factor verification in the settings of your account. "Two-step verification is a process that involves two authentication methods performed one after the other to verify that someone or something requesting access is who or what they are declared to be".

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