Can you trust a decentralized computer network with your money?
Most people still treat Bitcoin as a mythical Pandora’s box containing thieves, money launderers, swindlers, terrorists and others of the worst kind.
However, outside of the myths and fantasies of the realm, such statements are completely false and misleading. Thousands of developers are developing the Bitcoin network every day, and most of the time in their spare time for free, because it’s a community-based free resource project for personal freedom and financial inclusion. It’s not perfect yet, but it’s getting better every day.
The answer to the question “Is it safe to use Bitcoin” is yes, but it also depends on how well you can manage your security.
In its ten years of history, Bitcoin has proven itself to be a reliable financial instrument when storing value, transferring money across borders to peers and accessing it when properly used and stored.
The protocol is strong enough to avoid even the most advanced attacks, and most of the bad news about bitcoin hacks comes from third-party service providers such as centralized exchanges, wallet developers, or private key mismanagement.
Of course, like any other type of currency, there are certain things that Bitcoin users need to know if they want to protect their wealth. These include Bitcoin price fluctuations, secure cryptographic storage, the use of insecure third-party services, and cyber security threats such as hacking.
At the same time, we can also question whether the use of the dollar and other traditional financial instruments is safe, as most money laundering and other obscene activities are still carried out using traditional money. Ordinary financial systems have been shown to be prone to bubbles and economic crises, and government-sponsored money tends to decline significantly over time.
Therefore, using Bitcoin is safe, especially if you want to take responsibility for protecting your budget on your shoulders. And because the technology is still evolving, it will take time and effort to learn how to manage it.
So, how can you safely manage your bitcoins?
Here are some basic steps you can take to begin the process of preparation for mediation.
Rule number one is careful care of your private “secret” key – password and access to your bitcoins. If the private key is secure and no one else can access it, then your bitcoins are safe. But keep in mind that if you lose your private key, you won’t even be able to access your own budget.
Choose a reputable wallet that fits you, as it acts as a bank account to access your funds. They can be saved online or offline.
Exchanging and spending
Choose the most important and reliable service when it comes to your bitcoin cost or exchange. If you fall victim to scams using a traditional bank card, rules and regulations may help you recover from any losses. For Bitcoin, such protection has not yet been created. Also, keep in mind that paying with Bitcoin is undeniable – after payment, the money disappears.
It is somewhat difficult to control other risks of bitcoin, but to recognize them and follow the latest news as the technology is still evolving.in fact in 2014 a moment happened when the ghash mine pool approached % 51 of the total bitcoin network.
but then some members of the pool left voluntarily and reduce its share and impact.
voluntarily and reduce its share and impact.how ever , bitcoin expersts believe that the %51 attack is unlikely , because the cost will out weigh thek potential benefuts of the attack.
and for more than %99 of block chain users it doesnt hurt much.such an attach cannot be used to steal bitcoins or chang e old trans actions.this will only affect recent transactions.
and network performance can be disrapted for a moment.
Hacking when exchanging cryptocurrencies carries a high risk that most of them are not set and are regularly hacked, as history has shown.
The threat of hacking the Bitcoin network may come true as soon as a quantum computer is built, because it will be much more powerful than today’s computers. But construction is expected to take years, and there are ways to resist such an attack now.