Topic: Is Bitcoin as safe as its believers say? - page 4. (Read 589 times)
Everyone just looking at btc from different angle and trying to find loopholes where there isn't, btc will be safe if you keep it safe or as long as you don't indulge in any illegal way of getting it, the government will always want to portray a different picture but it all depends on the user, btc provide privacy unlike fiat that requires kyc but still people don't get scared of using fiat, then why would you think btc is not safe.
What do you pertain by the word "safe" in your question? That word has so many meaning in bitcoin community. I suggest you clarify so the readers can answer directly on what you are trying to ask. But to answer it, generally speaking, yes, bitcoin is safe as long as you know what you are doing.
In terms of privacy, bitcoin provides anonymity that secures the identity of the person having a transaction. It doesn't require a KYC (unless you are using a platform that requires it) that stores your personal data and is prone to hacking that leads to identity theft and such. This is a plus because it provides a safety net to the users.
In terms of having it as a storage of funds, it is safe as long as you secured your device as well as the pin you used. They can't just open your wallet and steal because it is secured with unique cryptography.
In terms of having it as an investment vehicle, it is safe as long as you are knowledgeable enough about its nature. Bitcoin is volatile so you should manage your expectations. It is risky especially if you are just following the hype. So you should really know the basics and fundamentals before risking.
I hope I managed to answer your question. You can also research to verify and to gain more knowledge about it.
In terms of privacy, bitcoin provides anonymity that secures the identity of the person having a transaction. It doesn't require a KYC (unless you are using a platform that requires it) that stores your personal data and is prone to hacking that leads to identity theft and such. This is a plus because it provides a safety net to the users.
In terms of having it as a storage of funds, it is safe as long as you secured your device as well as the pin you used. They can't just open your wallet and steal because it is secured with unique cryptography.
In terms of having it as an investment vehicle, it is safe as long as you are knowledgeable enough about its nature. Bitcoin is volatile so you should manage your expectations. It is risky especially if you are just following the hype. So you should really know the basics and fundamentals before risking.
I hope I managed to answer your question. You can also research to verify and to gain more knowledge about it.
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?
No, but it can be a nice FUD indeed.
Probably DoJ have intercepted communications and found the private key(s) there.
And BTW, that "altar" is constituted of math, well written code and peer review. Just FYI.
Exactly, and this is what I assume happened in the last 24 hours. After the news has been released to the public, the price suddenly plummeted to $32k. And maybe some anti-bitcoin or people with narratives behind spread FUD.
And I don't think that blockchain has been broken, DoJ may have find ways on the group of hackers, hence they were able to extract the private keys.
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?
Does the U.S Department of Justice have a proof that the block chain technology is weak in terms of security? Lots of authorities want to spread FUD right now to create temporary dips, including DoJ. I won't be surprised if this summer they'll all get into Bitcoin strongly.
Even if these weren't lies, the person who lost the bitcoins could have simply not managed them properly.
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.
And if you think that the code is not that safe, don't you think that someone would've found that out by now?
And if you think that the code is not that safe, don't you think that someone would've found that out by now?
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?
No, but it can be a nice FUD indeed.
Probably DoJ have intercepted communications and found the private key(s) there.
And BTW, that "altar" is constituted of math, well written code and peer review. Just FYI.
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?
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