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?
All of you have mentioned is noteworthy and shall be taken care of by everyone. Not everyone adopt proper safety measures in the bitcoin community that is why people tend to loose their holdings. These safety measures should be adopted irrespective of howsoever secure your wallet is or howsoever negligible the amount of your holding. But the problem is with the hackers. WHat can be done in case your account is being hacked or anything of that sort?!? |
|
|
|
I do not think that bitcoin will be enough if the whole people around the world will going to buy bitcoins. There will be too much shortage on bitcoin supply and this will lead also to have an expensive market price for bitcoin. As we all know that there are billions of people around the world and bitcoin supply is only limited. So meaning to say in the near future there will be a shortage for bitcoin supply and thus will lead to create another dominant coin like having ether as one of the possibilities that it will be the next to bitcoin. As of this moment i am seeing this already closely to happen. What do you think?
Dude you need to clear your basics if this is what you think. You will find a number of threads relating to this topic only on the forum. Explore the forum and you'll get answers to your questions. Of course bitcoin can never be short to fulfill any of your demands. This is because of its features of divisibility and that is how only the entire mechanism of crypto market works. |
|
|
|
I have been monitoring so many post about HODL! HODL!! HODL!!! I am a victim of that but I have sat down and analyzed something. We should all know what will happen when we all decide to HODL. This will be one of the deadliest that will ever happen in cryptocurrencies. When we all decide to HODL I think the markets will go down and the green markets we want will never com. Also BTC will die when we all decide to HODL. I think we can at the same time SELL and BUY to keep our greatest cryptocurrency alive. I stand to be corrected and also we can add some to it as to what will happen.
It's the opposite of what you say. If everyone really did hold their BTC rather than sell and the demand stayed the same, then naturally the price would go up as supply would be lower. Simple economics. Yep that is correct. And if you consider other things being constant including demand, then as per the laws of economics the price of the bitcoin will rise instead of bitcoin dying as the OP says. While in practical situations, nothing of this sort is gonna happen and while you consider HODL as an option there are others who at the same price will continue to raise the demand for the crypto coins and buy more of it. Also HODL is not the option for all the people in the community at the same time. This is only a hypothetical situation that you've imagined and cannot become any real. |
|
|
|
|
Why is there a need to re brand a thing that has already got so much fame in its original name.
That would be a waste of time, money and energy everything.
Instead there are many other things and problems in the crypto market that needs to be corrected and taken care of.
So better concentrate on other key issues related to the crypto market instead of rebranding it!
|
|
|
|
Math > Emotion = Profit  Absolutely! In this crypto market there is no space for any kind of emotional attachment to anyone or anything. Ultimately what rules the market is LOGIC and in fact it rules every thing. There is nobody in the market who is left unaware of this fact. But still there ae many newbies who are easily manipulated by the FUD that is being created around the market and tend to loose faith on the crypto market. Bitcoin is the most significant and the hero of the crypto coin. So that makes nno sense to forget bitcoin and adopt some other alternatives. I do not think there is any coin in the market that can replace the bitcoin. |
|
|
|
|
I don't really use bitcoin for my daily transactions. the main reason is I use bitcoin more as an investment instead of using it as a currency. There are so many reasons for this. It is mainly because my country is not really accepting any transactions relating to the crypto currency. So it really becomes difficult to transact in the same. And also here it has no gained much popularity as a medium of exchange. That is the reason I hardly use bitcoin. but investing and trading in bitcoin is what I have been doing from a very long time.
|
|
|
|
Never had I expected of such good statistics of BTC ATMs worldwide. hope to see some in my country India soon. But before that I really hope we get to make India a bitcoin friendly nation soon  Right now the situation in the country is really bad, RBI has released a statement banning the trading and investing in crypto coins. Even the leading Indian wallet Zebpay has announced discontinuation of its some of the prominent services of the bitcoin. P.S.: BTC ATMs seem to be a dream for India right now. |
|
|
|
|
BitcoinTalk username: Preclus
YOLOdice user id: 173290
Forum rank: Full Member
Current post count: 163
|
|
|
|
|
This is a wonderful news in my opinion because, regulation first of all implies, acceptance by the countries watchful and accountable authorities. Then of course regulation would imply that there would be lesser scams that were being committed earlier by the new ICOs in lieu of conning innocent investors. Now the market knowledge would also be spread in a more better manner by dissmenting information to large number of masses. Lets just hope more and more exchanges in more countries take up this step towards regulations.
|
|
|
|
|
Came through this topic on the forum, and I felt it noteworthy to mention what I read lately about Germany's acceptance of the bitcoin. Germany's acceptance of the bitcoin has and will definitely open many new doors for the crypto market making some revolutionary changes in the market prices influencing some of the most influential crypto coins. Let us just hope more and more countries come forward and take an initiave in this regard.
|
|
|
|
|
Crypto currency and India are not on good terms with each other!1 This is what I feel. Whenever there is a highlight from India regarding bitcoin or the crypto currency market, you'll never be hearing a good to go news. In fact what you get to hear most of the times is that the central bank of the country banned dealings in crypto, or an Indian wallet to stop crypto encashment into fiat,...blah...blah!! What the government of the country is upto is out of my thinking, because it is unable to determine which side to choose. It has chosen the midway corridor and let the situation so much vague for its citizens as well.
|
|
|
|
|
Btctalk name: Preclus
Rank: Full Member
Current post count:160
GBYTE address: NQP2NPB5BVJV4B35TO3PSAY5T3Y47I4D
Wear appropriate signature: yes
Wear avatar: yes
|
|
|
|
If I'm not mistaken, in the US there are some courses that are offered which give some intro into cryptocurrencies; but it doesn't really make sense to me why you would want to pay big money to some college to teach you the basics of Bitcoin. Everything about Bitcoin is "google-able" and you will probably find out a whole lot more by asking questions to people on forums like these or Bitcoin's stack exchange forum. It just seems dumb to "make a job" out of this. To me this is/should be more of a hobby type of thing. But a college won't be just introducing Bitcoin as a subject just to inform the students about the basics of bitcoin. If it is introduced in educational institutions, they will try to make it a comprehensive subject covering almost all the aspects relating to bitcoin. This according to me would make it a systematic course and students will be able to reap the advantages out of it. Everything is Google- able, as you said, but a systematic course would make the learning an interactive process and students will be able to explore more by that...that's what I feel! |
|
|
|
|
Yes! i can agree to that quite a bit. Bitcoin is a roller coaster ride. but that is the fun part actually. Trading is really amusing just because of the price fluctuations of bitcoin. An active trader of the market knows how to reap the benefits of the price fluctuations and how to make gains. Well yes it is sometimes annoying to have so much instability in the market. But as we know the price fluctuation in the crypto market is triggered by rule of economics, i.e., is laws of demand and supply. Besides these laws of demand and supply, there are also some other indirect factors affecting the market forces.
|
|
|
|
it's the million dollar question , the problem is that we keep hearing the same question after bitcoin huge pumps and we never hear it when the price dump
theoretically it's always good to buy assuming that people will stay interested in bitcoin and will keep buying and using it
but no one can know if the price will keep going up now or will it have a correction for like 5 or 6 K , in the long run the price should go up but if people buy now there is a good chance IMO that they may wait for some time in order to profit ( this may not happen but still there is a chance )
True that!! Correction is certain to come in the price of Bitcoin at some stage or the other so investment in Bitcoin is always a good option without giving any second thoughts. |
|
|
|
Yes, bitcoin can reach $25k, $100K as well, also can fall to $1K, nothing is certain in crypto, because everyone makes predictions according to today's conditions. Tomorrow's conditions can make $1K prediction logical.
I totally agree with your statement. For Crypto market nobody can give any sort of certainty because the market is subject to many fluctuations. Such conditions make the very nature of the market quite uncertain. So you never know when the price upsurges or when it reaches the downstream level. |
|
|
|
You can try availing of a blockchain analysis service somewhere, in the hopes that you may be able to trace the scammer. There's not much you can do beyond that though, and it's very very unlikely you'll ever recover your funds.
Bitcoin gives you complete freedom on how to use your money, but that comes with the downside of being completely responsible for it. It sucks, but the only solution to scams is to not be a victim.
I quite a bit agree with your point what you said at last. Don't ever get victimized when you're being scammed. Instead act with all your cool n patience in such a situation. Availing Blockchain analysis services is a good option though but it rarely helps. So do not have much expectations from it |
|
|
|
|
Show Posts
