Q: Is Bitcoin safe?
A: Bitcoin is as safe as any other asset as long as you safeguard it as much as you would anything else. Obviously the ways to keep it safe are different compared to traditional physical assets, but it is just as theft-proof (or not) as cash/cars/gold etc. The amount you own also reflects on how much effort you put into keeping it safe, same as the reason I wouldn't carry around $10,000 in my pocket, but happy enough carrying $50 for a night out.
Some quick tips.
* Only buy it from reputable exchanges (I like this review site, lots of options and graded on a number of factors
https://www.bestbitcoinexchange.io/)
* Double (triple) check any addresses that you are sending it from/to - one wrong digit/letter and it's unlikely you will see it again!
* Store it in a cold wallet that only you hold the private key for access (
https://trezor.io/ or
https://www.ledgerwallet.com/ are two well established and trusted wallets, but there are more out there)
This is a great portion of the answer I was looking for; I'll be including a variation of your answer in the top post. Just a side note: I found it extremely ironic that the user that answered the question of "
Is Bitcoin safe?" is named
cryptothief
Q:Is Bitcoin safe?
The theft of a Bitcoin wallet requires malware to identify the wallet file on the user's computer, control it, and transfer the funds to another wallet. If these files are encrypted with a strong password, malware is less likely to violently enter the file and obtain the user's Bitcoin.
What about the security of money in your wallet? Just like the dollar pound, the security of your bitcoin depends on your vigilance. A victim of a credit card thief can terminate the use of a credit card or withdraw a fraudulent transaction. But Bitcoin is very attractive to thieves because the transaction is irrevocable. The theft of most Bitcoins is the result of inappropriate or poorly managed wallet security, which has caused hackers to steal private keys.
When bitcoin is stolen, in theory, it is possible to track them because every bitcoin transaction is open. However, shrewd criminals have the ability to systematically interfere with this process, making the process extremely difficult.
In short, protect your bitcoin's security just as it protects cash; you should always be vigilant about potential dangers and take every necessary step to protect your bitcoin's security.
I'm including a variation of your answer, as well. Thanks for taking the time to answer this.
I would like to answer this one since this was left unanswered.
Q: Why is Bitcoin so expensive? I can't afford a bitcoin.
A: Bitcoin is so expensive right now because the demand has grown to an exponential rate. But this did not start this way. There was a time when Bitcoin's price was less than a cent. In fact, the first purchase using Bitcoin was made by a man buying a $25-worth pizza with 10,000 BTC. Bitcoin's value is determined by its demand across the world. And if you cannot afford a full Bitcoin, you can always start with .5 BTC or .1 BTC or even a much smaller amount.
This is getting much closer to the type of answer I'm looking for. I have a very specific way of answering this question that really helps to open up newbies' eyes and I have yet to still hear that type of answer. I'll use parts of yours to add to the top post. Thanks for taking the time!
Q: what is an airdrop?
I have never been asked this question when speaking to a newbie or stranger of Bitcoin.
I would like to add 2 more questions to your list. Because many of my friends and newbies ask them often.
Q: Why Bitcoin when we have international fiat currencies?
A: Because of many reasons.
1. Bitcoin is not controlled by any central authority.
2. Bitcoin is truly international. You can send Bitcoin from anywhere to anywhere at any time.
3. Bitcoin transactions are very fast and low cost.
4. Bitcoin transactions are peer to peer.
5. Bitcoin transactions are anonymous.
6. You can keep your money anonymously.
7. Bitcoin has no inflation.
8. The value of bitcoin is going up. So it is a good investment as well.
Fiat currencies are controlled and regulated by governments and banks. Fiat currency transactions must be done through a third party which takes more time, high service charges and government taxes. Fiat transactions have limitations, unlike Bitcoin transactions. You cannot keep fiat currency or do a fiat transaction anonymously because you are revealing your details to the third party(Bank). Fiat currencies have inflation unlike Bitcoin so the value of your fiat money is decreasing day by day. But Bitcoin has no inflation and the value of a Bitcoin is increasing day by day.
I love this question! I'll add it, along with a variation of your answer. Kudos for adding such a relevant question to the thread!
Q: What is Bitcoin mining and who is a Bitcoin miner?
A: Bitcoin mining is the process of confirming a bitcoin transaction. When someone does a transaction there must be someone to confirm it. Miners is a person (a computer actually) who confirms a bitcoin transaction and write it in a public ledger.( This is like a book where all the transaction of bitcoin network is recorded). For doing this task miners charge a small fee and when confirming a transaction a small amount of new Bitcoin is created automatically and given to the miner. This is the way how new Bitcoins are generated.
All miners in the world are connected through the internet and that network is called the Bitcoin network. Their job is confirming the transactions.
Honestly, I rarely get asked this question. I would say that out of the thousands of people I have had fresh conversations about Bitcoin with, this subject was only brought up by the other person twice. Additionally, Bitcoin mining includes more than just confirming transactions. This is where it starts to get technical, so I never really take my friends down this road until they understand what Bitcoin is first.
Hang tight, the top post will be revised tomorrow when I have access to my computer. For now, enjoy your merits! I'm enjoying how this thread is playing out. Keep it up, all!