Bitcoin’s constant fluctuation in value and controversial media representation, due to its association with black market deals, presents Bitcoin as both a dangerous gamble and the future of cryptocurrency. So, just how safe and secure is Bitcoin?
Can Bitcoin be stolen?
Like all currencies, yes, Bitcoin can be stolen. As with online banking, cybercrime is unfortunately a very real threat, however, if you store your Bitcoin properly, you can make them much more secure than you can your credit card details. There are multiple ways to safely secure your Bitcoin, from printing out a ‘paper wallet’ and leaving no digital trace to a ‘hardware wallet’, which resembles a USB drive which is commonly seen as the most secure form of storing your Bitcoin.
Can Bitcoin be hacked?
Bitcoins sitting in an exchange, for a quicker trade time, are not technically in your possession and have been known in some cases to have been hacked. Keeping Bitcoin in an exchange is not a long-term solution for storing your Bitcoin long term. Most contemporary exchanges are secure but, to avoid hackers, store your Bitcoin securely and avoid using exchanges as a storage bank.
How secure will my investment be?
Having only been introduced in 2009, Bitcoin is still at a stage of relative infancy. This makes investments seem very exciting but also very uncertain. Bitcoin technology is being widely adopted across the globe with Bitcoin itself becoming an accepted household name with much more media attention than any other cryptocurrency. This all works in the favour of Bitcoin, as although its market and exchange rate is fluctuating, cryptocurrency only seems to be growing and given a few more years may be firmly integrated into society.
Ultimately, like all currencies Bitcoin can be hacked and stolen but if secured safely and properly, Bitcoin can be an exciting investment. However, as the value of Bitcoin is ever-changing, you have to be prepared to put the time into researching Bitcoin to truly secure your investment.
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