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Is It Safe To Use Bitcoin?

Is it safe to use bitcoin

Is it protected to make use of Bitcoin? Are you able to belief a decentralized pc community along with your cash?

Most individuals nonetheless deal with Bitcoin as a legendary pandora field which accommodates thieves, cash launderers, scammers, terrorists, different folks of the worst type.

Nonetheless, exterior the realm myths and fantasy, such statements are fully false and deceptive. 1000’s of programmers develop the Bitcoin community day by day, and principally without cost of their spare time, as it’s an open-source community-driven mission standing for private freedom and monetary inclusion. It shouldn’t be good but, however it will get higher day by day.

The reply to the query “is it protected to make use of Bitcoin” is sure, however it additionally is dependent upon how properly are you able to handle your safety.

Is it protected to make use of Bitcoin?

In its ten years of historical past, Bitcoin, when used and saved accurately, has confirmed itself to be a dependable monetary instrument with regards to storing worth, safe borderless peer-to-peer cash transfers, and accessibility.

The protocol itself is sturdy sufficient to withhold even essentially the most subtle assaults, and many of the unhealthy information surrounding Bitcoin hacks are as a result of third-party service suppliers like centralized exchanges, pockets builders, or personal key mismanagement.

After all, as with each different sort of cash, there are particular points Bitcoin customers must know in the event that they wish to defend their wealth. These embody Bitcoin value volatility, safe storage of cryptocurrency, use of insecure third-party companies, and cybersecurity threats like hacking.

On the similar time, we might additionally elevate a query whether or not it’s protected to make use of {dollars} and different conventional finance instruments, as many of the cash laundering and different nefarious actions are nonetheless performed utilizing conventional cash. The standard monetary methods have confirmed to be susceptible to financial bubbles and crises, and the government-backed cash tends to considerably devalue over time.

Is it safe to use bitcoin dollar


Therefore, it is safe to use Bitcoin, especially if you’re willing to take responsibility for protecting your funds on your shoulders. And since the technology is still in development, it requires time and effort to learn how to handle it.

So, how do you safely handle your Bitcoins?

It bitcoin safe to use

How to secure your Bitcoin?

Storing Bitcoins

These are the vital steps to ensure that you’re following the best Bitcoin security practices:

Rule number one is to take good care of your secret “private key” – the password for accessing and using your Bitcoins. (For more on choosing a wallet, follow this link ). If the private key is secure and no one else can get to it, then your Bitcoins are safe. But keep in mind that if you lose your private key, even you yourself won’t be able to access your funds.

Choose a reliable wallet that fits you, as it will act as a bank account to access your funds. They can be stored both online or offline.

secure storage of cryptocurrency bitcoin
Secure Bitcoin hardware wallets by Ledger and Trezor.

Exchanging and spending

When spending or exchanging your Bitcoins, it’s important to choose the most reliable and trustworthy services. If you fall victim to fraud using a traditional bank card, laws and regulations may help you recover any losses. For Bitcoin, such protection is yet to come. Also, remember that payments with Bitcoins are non-repudiable – once you pay, the money’s gone. If you make a mistake – say you pay USD 222.2 instead of USD 22.22 or send the Bitcoins to the wrong address – you can only rely on the goodwill of the receiver to get your money back.

Anonymity issues

You may have heard about the anonymity Bitcoin users enjoy. Well, it’s only partly true. While everyone can track any wallet and its content on the network, they can’t identify the owner of the wallet. Bitcoin wallets and transactions aren’t linked to personal data or identity. But there are alternate ways to find out the owners identity. For example, you may be required to reveal your identity when registering on a cryptocurrency exchange. That way all your transactions from the exchange may be traced back to your wallet. Still, if you need stronger privacy, the TOR browser, and other privacy solutions. There are many privacy-oriented Bitcoin wallets, too, as well as other cryptocurrencies with integrated privacy and anonymity features, such as Dash, Monero and Zcash.

how safe is bitcoin


Other Bitcoin risks are somewhat hard to control, but it’s still important to know them and follow the latest news since the technology is still in development.

One theoretical risk is a 51% attack on the Bitcoin blockchain. In theory, if a group of Bitcoin miners controlled 51% or more of all the hashing power running the Bitcoin blockchain, they could potentially undo several latest transactions.

In fact, there was a moment, in 2014, when the mining pool Ghash.io came close to obtaining 51% of the whole Bitcoin network. But then some members of the pool voluntary left, decreasing its share and influence. Still, Bitcoin experts believe a “51% attack” is unlikely as its cost would exceed the potential benefits of the attack, and it would do little to no harm for more than 99% of the blockchain users. Such attack can’t be used to steal Bitcoins or change older transactions. It affects only the most recent transactions, and the efficiency of the network could be disrupted for a moment, too. Essentially, any 51% attack would last for a short time before being quickly fixed by the Bitcoin community. The biggest damage would be done to the cryptocurrency’s image.

Hacking poses a bigger risk when it comes to cryptocurrency exchanges, most of which are not regulated and, as history has shown, are hacked quite regularly.

The threat of a hack of the Bitcoin network may become real once a quantum computer is built, as it would be much more powerful than today’s computers. But building it is expected to take years, and ways to withstand such attack is already in the works.


Another key issue to watch are regulations. More and more countries are likely to start introducing Bitcoin laws, which could affect how the cryptocurrency can be bought and spent, its legal and tax implications. Alongside the rules, new regulations may also grant Bitcoin users more rights, protection, and clarity.

In addition to the precautions, make sure to see these ten tips on Bitcoin security. If you follow the most common Bitcoin security rules, you are likely to use Bitcoin in the safest and most secure manner.

After all, Bitcoin itself constitutes the safest money protocol ever built. Nevertheless, there are third-party services and individuals don’t use adequate measures to secure themselves. Stay safe!


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