Cryptocurrencies: Are Bitcoins Secure?

Towards the end of 2017, the popularity and value of the cryptocurrency bitcoin rose to astonishing levels. At its highest, bitcoin was estimated to equal almost $18,000 per unit and was receiving around the clock media coverage from around the world. The hype became so great in the end that Coinbase CEO Brian Armstrong felt he needed to advise new investors to calm down and be smart with their finances. That’s coming from a man who has based his entire career on earning bitcoins!

Of course, with a lot of press comes a lot of questions, and for bitcoin supporters, no question is more loaded than the following: is bitcoin really secure? This was a particularly edgy question after allegations arose focusing on a supposed bitcoin business being hacked during peak bitcoin mania, leading to $60 million allegedly being stolen from digital wallets all over the web.

Following this incident, a number of trusted media sources began to scrutinise the security of bitcoin, and they all seemed to come to the same conclusion. As long as you know how the cryptocurrency works and you rely on experienced people, bitcoin can absolutely be trusted and may even be safer than traditional financial systems. This is due to the common themes in recent bitcoin thefts, which is carelessness and incompetence on the part of owners and companies alike.

First and foremost, all bitcoin users must invest in a secure wallet with authentication requirements and reliable software. If you would prefer an online wallet, Coinbase and are fantastic options, while those who would rather have physical hardware can rely on Ledger or Trezor to provide trusted USB wallets. There are of course plenty of other options out there, but these services seem to be the most popular among experienced bitcoin users.

Once you as a bitcoin owner have set up a secure, safe wallet, you must ensure you are trading your digital currency with trusted companies and individuals only. One of the simplest ways to find a secure site is by finding a trusted third-party site that catalogues bitcoin-based companies that they themselves have reviewed and trust. For example, online iGaming platform provides a catalogue of trusted sites, and you can use this list to find your safest bitcoin bet. Always take the time to research a potential trading partner before initiating any sort of exchange, and attempt to speak with an actual human being instead of leaving it all to the computers.

Ultimately, many continue to support the idea that bitcoin is far superior to long-standing financial services when it comes to security. As for financial security, that remains an entirely different matter as pundits continue to explore the many different ways in which bitcoin could either thrive or disappear over the next few years. Whether you regard this as a bitcoin boom or a bitcoin bubble, as long as you are smart with your digital fortune there should be nothing to worry about regarding security.