Topic: How safe is Bitcoin? ✅ - page 31. (Read 7291 times)
Bitcoin does carry some unique risks. The value of the cryptocurrency has been three times as volatile as the price of oil and 11 times more than the post-Brexit exchange rate between the dollar and the British pound, according to European Tech analysts from Credit Suisse's Global Markets Research Department. Bitcoin transfers are also irreversible, so those who inadvertently enter an extra digit when trying to pay for something are out of luck. Finally, users need a private key to access their bitcoins, and that key operates like a password that cannot be reset. If the private key is lost or stolen, so are the bitcoins that go with it.
Bitcoin is well known for its safety. The biggest dangers are mainly hacker attacks on third party services, through which one accesses his bitcoins. These are above all the various crypto exchanges on which the users have created accounts or the bitcoins stored locally in wallets.
Basically, either the exchange itself is directly attacked, so that data can be stolen there. The biggest known incident was the hacker attack on Mt.Gox about 4 years ago, when a huge hack of Bitcoins was looted. This was also the reason for the decrease of Bitcoins 2014.
Today, the exchanges have improved to prevent such occurrences, because it can come to hacks and the trade is severely restricted or even stopped completely. This often leads to strong price fluctuations, mainly caused by so-called panic sells.
An equally large attack surface offer individual mistakes that can easily be prevented. Individual mistakes are the responsibility of individual users and are often:
- insufficiently secured user accounts due to weak passwords
- Login on a phishing site
- send the private keys to a scammer
If a stranger has once gained access to your own accounts, he can quickly transfer the entire balance to another wallet and due to the anonymity, it is no longer clearly comprehensible. For such a kind of total loss helps therefore only a careful handling with your personal user data.
But as long as you follow to the usual security rules and pay attention to secure passwords, which you should also change from time to time and do not use the same password on many other pages, an accident normally cannot happen.
The high demand and high competition between exchanges has also contributed to the improvement of safety standards.
How make you sure to safe your Bitcoins?
Basically, either the exchange itself is directly attacked, so that data can be stolen there. The biggest known incident was the hacker attack on Mt.Gox about 4 years ago, when a huge hack of Bitcoins was looted. This was also the reason for the decrease of Bitcoins 2014.
Today, the exchanges have improved to prevent such occurrences, because it can come to hacks and the trade is severely restricted or even stopped completely. This often leads to strong price fluctuations, mainly caused by so-called panic sells.
An equally large attack surface offer individual mistakes that can easily be prevented. Individual mistakes are the responsibility of individual users and are often:
- insufficiently secured user accounts due to weak passwords
- Login on a phishing site
- send the private keys to a scammer
If a stranger has once gained access to your own accounts, he can quickly transfer the entire balance to another wallet and due to the anonymity, it is no longer clearly comprehensible. For such a kind of total loss helps therefore only a careful handling with your personal user data.
But as long as you follow to the usual security rules and pay attention to secure passwords, which you should also change from time to time and do not use the same password on many other pages, an accident normally cannot happen.
The high demand and high competition between exchanges has also contributed to the improvement of safety standards.
How make you sure to safe your Bitcoins?
The point that we need to take a note is the security of our wallet. Bitcoin is actually very safe, there will no one can crack our wallet.
The problem is the bad peoples will try to find other way, they cannot do them self. So they make us to do some mistake like go to phishing site,
scam us, or tell many lies to us.
I think bitcoin for me is safe, as long as we know how to keep it and lock your bitcoin as much as possible with security measures. Otherwise it's not safe and the security level always depends on the account owner.
I can say from my long experience here, (dont look on my rank, lol) that your money in Bitcoin are safe enough, but you can never be confident that you would have the same selling value, to what you have putted in it 
Bitcoin is one of crypto currency stared in the year 2009 with a strong net work systems.It is a new form of economy with useful and specific characteristics such a decentralized one with anonymity and its all transactions are recorded in an electronic ledger with the block chain technology.The incorporation of the block chain technology ensures the the entire systems secure and clear. The above positive features attracted bitcoin to the global investors and the business community world wide. Bitcoin can be operated world wide with out any third party interference.
The only method is to use a secure wallet something like hardware wallet. There is always a risk , that is true. But we can avoid it with more understanding about the security
the bitcoin security level depends on the owner, so the owner must be careful to keep their private key in a safe place so as not to be easily hacked by hackers, my suggestion that you keep it offline.
So long no madman will use his quantum computer to destroy bitcoin, then wewould be fairly safe
I use a virtual machine to work with wallets. I think this method guarantees the security of my data from hackers.
Bitcoin is mostly safe. The true question is that how is your wallet in safe?
My bitcoin is safe that no attack can penetrate
The bitcoin protocol is so secure that nobody broke the lock to steal other people's bitcoins. They can get hold of it through other methods but not by breaking off the protocol locks.
We had heard several stories of theft or hackers but the reality is that it happens due to the carelessness of the users . Bitcoin technology can be trusted if it is in the right person all the theft and hacking have happened due to carelessness and dishonesty of the companies .To my view Bitcoin is more secure and safe than other financial dealings since in Bitcoin there are two keys the public and private keys the public key is shared and the private key is not shared .
Yes, I know hacker threat to bitcoin, So we must really keep bitcoin safely. Don't using weak password, and not careless in using bitcoin account. Stay be careful, and not carelessly using that. and truly careful with scam website on behalf of bitcoin. 
Using bitcoin is safety but depends on the security of the person who handle the account but using bitcoin is safety it is looks like an virtual bank and also you can earn profit by using and depends on the demand or the value of bitcoin.
Bitcoins state of being safe is dependent on you. It is you who are handling the money you are putting in bitcoin that's why it is your money and you own the money. Thus, owning the private key in opening your account also, depends on you. If your wallet does not issue a private key then the password. You are the person to let your money be on your watch only.
well you are right on it cause even that we all know the essence of having this we can probably tell also that bitcoin are the most special thing that in some other you are not as the secure for you are the one who take the responsibility of taking care of this currency yet.
..Bitcoin is safe..the thing that get it risky is that you are letting your account unsafe..remember,,the number one liable to the lost of your coins is yourself..make sure that you really store all of your Bitcoins and altcoins in a safe storage..don't give your private key to anyone,,if possible,,don't trust anyone in securing your account because you do not know whether that person is scammer or not..
Bitcoins state of being safe is dependent on you. It is you who are handling the money you are putting in bitcoin that's why it is your money and you own the money. Thus, owning the private key in opening your account also, depends on you. If your wallet does not issue a private key then the password. You are the person to let your money be on your watch only.
One of the most popular cryptocurrencies is "The Bitcoins". Bitcoin is a digital currency which exists entirely on the digital highway. The major point which creates a robust separation between usual currencies such as Indian Rupee, American Dollar etc... and cryptocurrency such as Bitcoin is that, these Bitcoins involve neither a government nor any financial institution in it's flow. These currencies are completely digital and can be used over internet.
Safety in using Bitcoins can never be guaranteed as their values keep on fluctuating but buying them purposefully and then using them for your definite tasks can be helpful. They still can’t be compared to fiat money.
Safety in using Bitcoins can never be guaranteed as their values keep on fluctuating but buying them purposefully and then using them for your definite tasks can be helpful. They still can’t be compared to fiat money.
I think there is nothing wrong with Bitcoin because it is fail sale by design and the problem lies with us when managing or handling private keys for online wallets or keeping hardware wallet addresses safe from criminals or without loosing them so best way to safeguard Bitcoin is to deal with above matters carefully and it will be alright
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