Is Bitcoin as safe as its believers say?

Kelvinid

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Are you in a panic? what you hear is just news to influence the market price. This is FUD. If you are already in the crypto world what makes you not believe it? Or maybe you don't even understand how blockchain works? I often hear questions from people who don't understand crypto, even they say Bitcoin is a scam.

It can be a FUD or not but I'm still believing that Bitcoin is safe.
We can force people to trust Bitcoin, it was their choice not to do it even we show some proof to them. Their mindset is negative and we have nothing to do with them until such a time that they will change their mind. I tend not to argue with them coz that only causes misunderstanding.

But FUD could never win against us. We know crypto and these people talking negatively, they are the Fudders and they will continue doing it no matter what it takes.

22bits

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I don't understand why is everyone is panicking over this. From what I read, no information was given on how the authorities got access to the funds so are many possibilities, centralized services, weak passwords, etc.

Yeah I tend to agree, just too much unsaid on what or how the authorities retrieved the funds, but nothing points to or indicates bitcoin is not safe. Hopefully we will at some point know what retrieval method was used

emmaglory5

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Quote from: Smartvirus on June 08, 2021, 05:59:41 PM

If there is one thing your thread pointed out is about its believers. If you don't believe, you still won't until you've found a way to convince yourself otherwise. Of course bitcoin is enjoying the dividends that comes with being a pioneer cryptocurrency and not just a pioneer, it's a perfected coin and has a genus strategy about it. So, every crypto enthusiast has got yo recognise it. The only reason why some persons may not invest in BTC is because, they feel its too late with the price way up to thousands of dollars. So, many seek opportunities with the altcoins but I still think, bitcoin is the best and safest of all.

A few people might not be invested in BTC because they feel its too late since the price has reached thousands of dollars.

Gaaara

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Quote from: oemar bakrie on June 10, 2021, 12:54:49 AM

from the current phenomenon because bitcoin has matched real money we use for payments or transactions for purchases, therefore automatically security is more sophisticated, but it's not as safe as cash that we use everyday..

Some countries are still restricted of bitcoin, and only few can actually use it for transactions and most of these countries needed a third party application to do so such as online wallets. I mean right now the only way you might lose your coins is by either sending it to a wrong wallet address forgetting your private key, or losing your hardware wallet either way it feels the same way as cash where you can lose it. So I think cash doesn't necessarily offers more security than bitcoin but I see your point.

Bitcoin might need to tighten its security sooner or later since more people will get interested in finding a way to breach it.

Imran232

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First of all we have to know what why bitcoin is created? Obviously, for transaction security perpose plus transaction creator or reciever secuirity. And lots on anonymous perpose. If a thing is made for security perpose then why we Should think about is it safe or not? Now comes your your government statement. Just tell me one thing when government say anything posetive about bitcoin. They always try to stay away their people from bitcoin so that they can get more taxes of people’s income. Plus stock market tax. But in bitcoin they are unable to do it that's why they are spreading security type rumers. Its my opinion yours can be different.

bekti3

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safe? in here you must first clarify what is meant by "safe" in what form?
and of course when talking about btc safe it is far from safe because there are so many thieves and fraudsters who are after our wallets and assets so we have to be extra in key security. this is the first
for the second is safe to invest in btc? Of course, there is also a risk that one of them takes from fud and a decline because bitcoin is fluctuating so there is no safe word in this case.
but for price stability I think it's safe here. because the fundamentals are already visible and you don't have to worry about FUD or falling prices because this investment is based on a long term basis, not just buying at that price and selling at a higher price

SoeNan89

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Trust is hard to get unless those who have dived into deep experience. If you don't believe, you won't believe until you find a way to convince yourself otherwise. Of course bitcoin enjoys the dividends that come with being a cryptocurrency pioneer and not just a pioneer, it's a refined coin and has a genus of strategy about it.
Bitcoin is the best coin compared to other coins. Even many people are deceived by the appearance of bitcoin. And those who are poor suddenly get rich with bitcoin.

seoincorporation

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Quote from: Roy Asher on June 08, 2021, 04:52:12 AM

Does the U.S. Department of Justice's recovery of the Bitcoin ransom mean that Bitcoin and even blockchain security have fallen off the altar?

The vulnerability used to recover the bitcoins wasn't on the bitcoin blockchain, it was on the server where the node was running. So, it wasn't a Bitcoin Vuln, it was a server vuln. And we know how FBI has some zero-days to exploit any OS and any device. That isn't new. The problem here was the way that the scammers hold their coins, they should do some paper wallets and that would be a secure way for them to store those coins.

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Quote from: oemar bakrie on June 10, 2021, 12:54:49 AM

from the current phenomenon because bitcoin has matched real money we use for payments or transactions for purchases, therefore automatically security is more sophisticated, but it's not as safe as cash that we use everyday..

But not all payments or buying and selling transactions accept bitcoin, only a few countries actually accept bitcoin as payment. For security issues Bitcoin still has a very big risk, because if you forget the key to the wallet containing the bitcoin then no one will be able to open it again or if the private key is hacked no one will guarantee the full asset back
The safest is still Fiat or real money managed by banks. Bitcoin is still optional and can't really match real money.

emmaglory5

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Several developed countries, including the United States, Japan, the United Kingdom, and most others, have legalized bitcoin as of June 2021. Bitcoin is still illegal in some emerging markets. ... Currently, Indian banks cannot deal in bitcoins and there is no clear legal definition of the general status of cryptocurrencies.

mrjoy15

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We made our rule. we bitcoiners love it, and live on it. I’ve been holding strong since last June, this is nothing to be shook out on and I have believe that other genuine lovers won't give up. I'm buying now and later cause I do trust on Bitcoin and blockchain technology. Ignore the noise. Stay comfy. Hodl.

Semuel003

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no

MFahad

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Quote from: oemar bakrie on June 10, 2021, 12:54:49 AM

from the current phenomenon because bitcoin has matched real money we use for payments or transactions for purchases, therefore automatically security is more sophisticated, but it's not as safe as cash that we use everyday..

How can you say that bitcoin is not safe to be used as a cash ? Do you mean that its volatile and ts price changes frequently, its not safe to accept it as a payment or you think that it take more time in transaction to be completed ?

Luqman

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There is no 100% safe in the crypto. However, at least, Bitcoin is the safest crypto among them and one of them is from the way how BTC can really survive after a very dip market.
In this case, many FUD like what you mentioned is exactly a FUD that will make many more people to be more careful and also smart in order to check for the further investment in Bitcoin

blackened515

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Quote from: nightxglow on June 12, 2021, 08:10:20 AM

Well, nothing is one hundred percent or perfectly secured and safe. Even the tightest security system can be broken, thus bitcoin is also able to be hacked. The blockchain technology is sure great, and have a great security as well, but it's still able to be infiltrated. Even i think there are many cases with the wallet, although it might not be the blockchain fault but well everything in internet is vulnerable to hack.

A hacker can't gain access to a Bitcoin wallet without the private keys, to me, is impossible. A wallet getting hacked depends on how the holder secure it private keys. And also, I see the Blockchain to be very secured and won't get hacked easily.

sapnu

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I think the safety and security of bitcoin fully relies on the owner. There are a lot of ways on how you can secure your bitcoin like the best wallets and if you simply pick carelessly. There are a lot of people who suddenly blames crypto without considering the fact that it is their doing and carelessness that led them to that situation. Bitcoin will be safe if you make sure it is well-secured and well defended. There are a lot of scammers and frauds out there waiting for you to let down your guard and steal all of your belongings. So you should not ask anymore if it is safe as the users say, it relies on you.

TribalBob

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Quote from: Viscore on June 08, 2021, 04:58:34 PM

Quote from: bekti3 on June 08, 2021, 03:04:00 PM

The security of Bitcoin is relatively dependent on the holder of the private key, because the negligence of the user itself makes it insecure. This returns to the user, because then the ownership is already in the hands of the user without any intervention from any party.

about loss and so on, regardless of how the user saves it.
not saying that blockchain has failed and such. what needs to be tracked is the holder of the private key itself.

Bitcoin is safe if the user knows how to secure his private keys so that no one can have the chances to steal or hack it. Blockchain has nothing to do with it since its a great innovation itself.

The only time where bitcoin becomes unsafe is the user itself is not responsible to secure his private keys due to his carelessness and irresponsible user.

what you said is true, as long as we keep our bitcoin private key securely our wallet will be safe but
if we are not careful the hackers usually give phishing web and without us knowing.
there we usually lose control if we have entered their fake website

nightxglow

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Well, nothing is one hundred percent or perfectly secured and safe. Even the tightest security system can be broken, thus bitcoin is also able to be hacked. The blockchain technology is sure great, and have a great security as well, but it's still able to be infiltrated. Even i think there are many cases with the wallet, although it might not be the blockchain fault but well everything in internet is vulnerable to hack.

Kakmakr

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There are so many ways in which they could have seized those bitcoins. Let's say the hackers were dumb enough to transfer those coins to a hardware wallet and they raided their house and they got hold of the Seed.

They can also have transferred it to a paper wallet and the authorities might have found the Paper wallets (A lot of people store those wallets in a Safe ... or somewhere obvious.) Roll Eyes

I am also a conspiracy nut... so I do believe some of these "Mixer" services are "Honey pots" for the NSA ...so they might have used that to track them down. Wink

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