Bitcoin Forum

Is Bitcoin really this safe with all this hacking going on?

I really need to know before I throw a ton of money towards it.

Bitcoin as a concept and as a system is secure in that any sort of "hack" would require directly breaking strong cryptography (which has not been ever observed with the current algorithms used). However, if you blindly trust insecure implementations of software, and don't use common sense and vigilance, you are likely to be hacked through breaking of a weaker bad implementation.

You have very little to worry about if you hold and keep the bitcoins on your harddrive and on a backup drive.  Now when you choose to transfer your coins to an external source...that's when you're going to have to start worrying.

https://bitcoinarmory.com/
https://www.bitcointrezor.com/

If you have a ton of money, you have a bigger problem. I want to know how you move "a ton" of money.... an Uhaul truck?

You can answer your own question by researching. Dont expect anyone to give you advice on how or where to throw your "ton of " money.

What a joke.

This.  Over and over again!!

solution : cold storage
hack only work for ... trading. ;D

The most comforting part is that YOU have complete control over how much security you place around your money, be it stored in Bitcoins, stocks, gold, or cash under the proverbial mattress.

You have to answer some questions:

• Has your computer been ever hacked/ infected with virus/ trojan?
• If yes, have you been able to find source/ cause of hack/ infection and a way to prevent it occurring again in future?
  

If your computer was hacked/ infected and you don't know why/how this happened then you won't be able to protect your bitcoins and you shouldn't invest into them.

Generally speaking bitcoins are as safe as your computer is.

Shut up and read until you actually know the fck you're talking about

The first rule of security is : Always assume your system is compromised.
The solution is, what can a hacker get from your system? ..... thats right meaningless data.

Bitcoin isnt stored on any computers. Its on blockchain. What you have is private key to a wallet that control those bitcoins.

The beauty of hardware wallet or cold wallet solution like Armory is, you dont have to store your private key on an online computer/device. You can assume your online computer is compromised. What you do when you need to move your bitcoin is sign a tx offline and broadcast it on any computer (even infected computers)

Well, its just like real money, and you have to be careful about how to hide your own money.
Imagine, you entering with a bag of money in a new house, now you got to be extremely familiar with the house, to prevent a thief from stealing that money.

For any substantial amount, do NOT keep them on a hard drive or backup drive. Use cold storage, also see the links above (Armory etc).

Computers are not safe. Period.  Windows in particular but Android, iOS, Mac OS X, Linus, OpenBSD, none are invulnerable and not something to rely upon.

Online wallets, exchanges etc are not good ideas either for substantial amounts.

The problem with hacking is that people leave vulnerabilities around for hackers to exploit. passwords kept in email or left in simple place, computers connected to network all the time with trial applications installed all the time, people leaving their money in online wallet which they don't have private keys to it and the list goes on and on. Bitcoin is safe and It is close to impossible to hack.. Period.

Since the OP is claiming to be working with a "ton" of money it would actually probably be better if he were to keep the bitcoin on a computer that has never "touched" the internet, as in one that has a fresh operating system installed recently (after a wipe of the hard drive), has both wifi and Ethernet disabled and the only "foreign" item to ever come into contact with the computer is a USB drive that installs some piece of software used to generate private keys

Use a online wallet dont DL on your pc.

http://www.fbi.gov/stats-services/publications/bank-crime-statistics-2011/bank-crime-statistics-2011

Year: 2011
Bank robberies: 5,014
Total value stolen: $38,343,501.96

Are banks really safe with all these robberies going on?

I really need to know before I throw a ton of money in a bank.

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http://en.wikipedia.org/wiki/Securities_fraud


Is securities investment really safe with all this fraud going on?

I really need to know before I start investing for my retirement.

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http://www.fbi.gov/about-us/cjis/ucr/crime-in-the-u.s/2010/crime-in-the-u.s.-2010/property-crime/burglarymain


Is home ownership really safe with all these burglaries going on?

I really need to know before I get a home.

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In case you haven't figured it out yet, the world is a dangerous place, and criminals exist.  You need to take the proper precautions to reduce your risk.

If you "throw a ton of money towards" bitcoin and you store your bitcoins in an insecure way, you will lose them.

If you take the time to understand how to properly protect your investment, then you may find that the risk is reduced to a tolerable level.

Nope , a cold storage is better then any other option. I suggest you to use greenAddress , or electrum ... There are a lot of "how-to" here in the forum.

It's not Bitcoin being hacked. Its third party providers and individuals with poor security practices being hacked.

Bitcoin is secure.

OP is a good indication that the infrastructure is so young...and of why price got so far so fast, and may have to continue its journey back to earth. Businesses are fly-by-night, exchanges get hacked, wallets get hacked.....we need to cut down on this before hitting the mainstream.

Bitcoin protocol is safe. If you store it inappropriately, then it is not safe.

start learning before investing:

https://www.youtube.com/watch?v=O0oDDIy0P2s


for storing BTC use a hardware-wallet:

https://bitcointalk.org/index.php?topic=899253.0


Welcome.

Wait. Did you just ask how to safe your money from thief? Ask yourself back where you save your salary. In the bank right? You never heard about bank got rob or credit card fraud? How you gonna save your money from that?

Also, remember that coin/wallet loss is far more common and damaging than wallet theft. Keep a backup on something that won't easily get damaged such as a good flash drive, or even good paper in a secure bank safe deposit box.

Please ignore the people here who lack awareness of non-technical people.

Ignore the armory suggestion and the Trezor spam that is saturating this forum and Reddit.

bitaddress.org - free, simple, instant, and 100% secure. 

NOTHING ELECTRONIC that you have to 'Trust' in.

-B-

The Bitcoin technology/protocol is safe, the services built on top of it, or using it, for example "Online" wallet service providers and Bitcoin exchanges etc, are vulnerable to hacks.

Most of the stuff you hear, are not related to the Bitcoin protocol.

Most of the hacks occur, where large amount of coins are "collected" or stored for people, by a 3rd party.

Bitcoin service providers attract the same people, who hack sites collecting credit card information. It's a currency with value, and people are attracted to the value.  ;)   

While I do agree with you in principle on your point, it is flawed in that the assets that are stolen in these robberies are insured while bitcoin is not.

In this example when a bank is robbed, the bank does not even take a "hit" in their profits because their insurance covers the amount lost in the robbery. As we unfortunately saw in GOX this is not the case for bitcoin exchanges.

There is also evidence left behind when a bank is robbed that clearly proves that a third party was behind the robbery (unrelated to the owner(s) of the bank as a whole). This is not the case with bitcoin robberies.

If you give someone your money and they promise to take care of it for you, then the probability of loss is very high...this is true with conventional currency too though (though the loss is born by other people, not the depositor, in most cases).

Lesson 1: trust no one with your money.
Lesson 2: if you must break lesson 1, make sure you only bear a tiny fraction of the burden of loss (ie, be a citizen in a country where the people insure deposits via government program or otherwise).
Lesson 3: If you truly want to protect your bitcoins, it can be done but it requires work, knowledge, and skill...although less now than in years past. If you are throwing non-trivial sums into bitcoin, buy a Trezor and learn how to use it and how to back up a wallet seed securely.

Don't bother throwing a ton of money at it.

Use a small amount to get started and get familiar and comfortable with the security knowledge and procedures that you need to know then upscale your investment if you're happy about it. There's some good information on this thread already about cold storage, offline wallets, etc so get your head around that and choose a solution that is right for you.

Wondering if "Bitcoin is safe with all this hacking going on" is your mind's way of questioning what you need to keep your bitcoins safe - figure that out then you'll know the answer to your question.

 :)

If you have to ask...

I'd say no. There are too many wolves among the sheep here.

You really do not need to "throw" any money at bitcoin prior to learning about proper security techniques. All you really need to do is spend some time leaning about how to properly secure your bitcoin and what mistakes people have made in the past (so you do not make the same mistakes)

I think the huge price swings and instability in price added the complications of keeping your coins safe puts people off for sure.
Its so easy to make a mistake and all your coins are just 'Gone', I've nearly lost my many coins quite a few times and aged about 10 years in the process  ???

^That's probably the most accurate thing said on this thread :D

You just have to make sure that the security you put in place is sufficient.
Read up more on Bitcoin, before you decide to enter. You have a marvellous price point to enter.  :)