How safe is Bitcoin? ✅

[Goku01]

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?

[sugarchrisp]

It's about as safe as the user wants it to be.  If you have it in a hardware wallet and aren't blatantly stupid about sharing your private keys there's virtually no way anything can happen to it.  If you connect to shady websites, you should probably protect yourself from them or do not use that same computer for accessing your wallets.  Bitcoin is safe, but people are dumb and will usually find a way to screw it up.

[flyaccount]

When viewed from the technology, Bitcoin is a digital currency that is very safe and difficult to trace. But if seen as an investment, bitcoin security lies in its very large community in various countries. In addition, Bitcoin has been legalized in several countries. This means that bitcoin is safe to trade.

[Indrail Ausra]

The Bitcoin glory days are yet to come. The market is just facing a minor bump at this moment. The situation will change soon and we may see a huge increase in the price.

[jimmydvd]

to secure my Bitcoin, of course I will save it in my personal wallet and I make sure everyone can't access my wallet other than myself by not giving me my password or secret wallet code to others

[fgg57fg7]

Bitcion is safety because it's a digital currency. ...to avoid hacker don't tell about your password n code to anyone else. ...so that our or my butcion is safe

[Davidniam55]

if I think bitcoin is quite safe. as long as we don't do things that can make our assets disappear. like not providing additional security or installing applications from unclear sources ..

[bdsharminsoltana]

Bitcoin is a strong as a technology but when it comes to the user point of view, one can always manipulate his actions or take the benefit of his weaknesses in order to steal his money kept in cryptocurrencies. Thus, it is extremely important to take precautions in terms of security while dealing with crypto. In fact, Crypto is all about self-responsibility and when we get benefits from this decentralized network, there is a distribution of responsibilities too and hence safety is our responsibility and it has nothing to do with the Bitcoin as a technology.

[yousufatik]

We all know and aware that nothing is perfectly made to this world we are into. So like here in the crypo currency we are dealing with, our currencies will not be really into a hundred percent secure. But I can say that Bitcoin is safe to us as a digital currency I am using now. It is decentralized that the government is out of it to control. We, the owner of our wallet is the only one responsible to its private keys or to its password or pass codes. Since Bitcoin still in connection to be on online, we still need to be careful every time we are dealing with our digital currencies.

[Ahmad Arwanj]

we are keen to see the strange things that arise from the account security system, so that to avoid wild mouse rats that only feed on people's rice, at least we are a little smarter for mice not being able to enter an empty house .

[simplex]

If you’re wondering whether bitcoin is a safe investment, the short answer is no. That’s not necessarily a knock on bitcoin: All investments bring some risk of losing money.Still, investing in bitcoin carries some unique risks that potential buyers need to note. To break down these dangers, a team of NerdWallet financial reporters recently sat down for a Slack discussion on bitcoin, its risks and where digital currencies belong — if anywhere — in the typical investor’s portfolio.