Cyptocurrency Security

[rapwindsoul]

Guys i am just wondering what are the risks of investing to Bitcoin and other cryptocurrency to possible intrusion to the system?. Is this system secured enough for investments? Newbie here...

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[jseverson]

What do you mean intrusion to the system? It has the same risk as any other investment, in that you could easily lose it all, so unless you know what you're doing, invest conservatively. Being a newbie, I would suggest you start out by only investing an amount you can afford to lose.

If you're talking about the technical aspects of Bitcoin security, some methods of storage are safer than the others. I would not recommend any online wallets, and try not to keep coins in online exchanges, unless you engage trading. You can use desktop wallets like Electrum (make sure you use the latest version) where you control the private key, or hardware wallets such as TREZOR which is actually the safest option.

Other than those considerations, it's just a matter of basic internet security. Make sure your OS is clean, don't visit shady sites, use a VPN for an additional layer of protection, etc. Most of the hacks you hear about are on exchanges and online wallets, so you should be safe if you avoid those.

[TimtheYoutuber]

If you are wondering about wallets you should check out my YouTube video : Cryptocurrency Wallets and keeping your coins safe!

[supermine]

Guys i am just wondering what are the risks of investing to Bitcoin and other cryptocurrency to possible intrusion to the system?.

The price of crypto currencies are not stable so you might lose your investment at anytime if your holding coin drops its value.And many people having problem with storing their coins because if you don't have your coins in secured wallet people will take away all your money in no time through phishing links.
But I can't understand that word "intrusion to the word".

Is this system secured enough for investments? Newbie here...

In terms of getting profits from your investment on crypto currency is NO.But crypto currencies are safe then normal fiat currency in terms of transaction over internet.

[zolfa]

yes, investing in bitcoin or other crypto has a big risk. you should be able to take the pace to get big profits and you also have to give security to your wallet, so as not to be hacked.
a small thing can even give you a loss in the form of loss of investment if you are careless when opening a wallet....

[player514]

Guys i am just wondering what are the risks of investing to Bitcoin and other cryptocurrency to possible intrusion to the system?. Is this system secured enough for investments? Newbie here...

For the most part, the only security issues that I've heard of come from exchanges or services that allow you to buy bitcoin, not the actual coin technology itself. This is pretty amazing considering when bitcoin was created. However, I believe it's pretty important to keep the dangers of using exchanges in mind as well, especially when certain exchanges like Bittrex ghosted people's accounts and such.

Other cryptocurrencies can be built on other technologies, which really could be problematic. I don't generally think anyone would make a coin unless they had the intention of scamming in mind, so if you're investing into a large coin, you should be fine.

[boboking]

Guys i am just wondering what are the risks of investing to Bitcoin and other cryptocurrency to possible intrusion to the system?. Is this system secured enough for investments? Newbie here...

It is better to google this question as there will be videos how Bitcoin/ Crypto works.

By the way do you mean Intrusion as hacking the system? If yes , then it is virtually impossible to hack the system since all users need to agree that the transaction is legit.


For your question if it secured enough for investment. - you need to define what is secured enough, are you looking for regulation?

all investment has risk involved but you know what they say high risk high reward.
 

[rapwindsoul]

Thanks everyone... i mean intrusion as hacking to the system... by the way what programming language does cryptocurrency has been created?

[SummonKing2]

Bitcoin really needs security because many scammers are trying to get everything you earn. and that they do not got the money they will not stop. CryptoCurrency Security Standard (CCSS) is a security standard that helps secure all information systems that make use of cryptocurrencies.

[Meysa_richa]

If I think investing in bitcoin is not too risky, maybe the only major risk is theft and price reduction if we are impatient and sell at a low price than the price when we buy, but all that can be overcome with patience to wait for rising prices rise.

[earl07]

Guys i am just wondering what are the risks of investing to Bitcoin and other cryptocurrency to possible intrusion to the system?. Is this system secured enough for investments? Newbie here...

I think its better to gather some knowlegde or learn about how it works before doing so.Yes there are possibilities that the system may be intrude by some highly skilled hacker,it depends on what kind of wallet you're using,it's preferable to choose those highly secured wallets.But if it's about the transactions your making,it's quite hard for them to track it down due to blockchains unique aspect.Expect some loses in investing not all the time you can gain from it,crypto currencies are volatile,and other thing beware of scammers.