Is Bitcoin Safe?
The world’s most popular cryptocurrency Bitcoin always comes up with surprises because Bitcoin is volatile. There are many reasons for this. The most important reason is that BTC is gaining traction and this is because the world is becoming ever […]
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The world’s most popular cryptocurrency Bitcoin always comes up with surprises because Bitcoin is volatile. There are many reasons for this. The most important reason is that BTC is gaining traction and this is because the world is becoming ever more dependent on the internet. If you are a newbie in this world and thinking about the safety of Bitcoin then this post is for you.
Bitcoin and its safety
Nothing is safe in an online world. But the most important thing to remember is that Bitcoin is safe depending on what wallet are you using. If you are using a robust cryptocurrency exchange then half the battle is won. So it will depend on what wallets are you using.
What Is A Cold Wallet? And Why Is It Important?
Now, If you’re concerned about someone hacking your wallet, the cryptography for Bitcoin is believed by experts to be safe and secure. Considering that you prefer a strong password for your wallet, your Bitcoins will always remain safe from theft.
Just a few years ago, almost 120,000 bitcoins worth around $78m were stolen from one of the most popular cryptocurrency exchanges, which ended in almost a 20% reduction in the price of the Bitcoin at the time. You can consider this as an example of how secure cryptocurrency exchange is?
Now, to secure your Bitcoin you may need additional strong security. For instance, suppose you have 50 Bitcoins then just save these 50 Bitcoins in three different spots, for example
Hardware = 50 Bitcoin
Online wallet = 7 Bitcoin
Wallet exchange = 3 Bitcoin
so when there is one hack, there may be some left in safe for you.
Now coming back to the point, Bitcoin is secure if you understand how to protect your investments. Always remember that Bitcoin is a cryptocurrency with an anonymous identification that everyone can accomplish. So it is imperative to always make sure that you are following all the protocols and taking precautions while carrying out Bitcoin transactions.
One more thing is that Bitcoin utilizes a decentralized method that enables users to manage bitcoins. No one can interfere in anyone’s transactions and it gives its users an anonymous means. This anonymity enables users to transact securely and privately. Users can also use a fake identity in transacting so that no one can track them.
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Conclusion
When keeping a large amount of bitcoin you need a robust hardware wallet. The hardware wallet is difficult to hack but not 100% secure because you still need to take care of your private keys and not to tell anyone about it. The benefits of hardware wallet is that only user is responsible for the security of his/her wallet. Now, if you save your Bitcoin in a cryptocurrency exchange then always remember that exchanges can be hacked by hackers. So, never store a large amount of bitcoin
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