The reason why Bitcoins is the safest system

[fiulpro]

Hey everyone I have heard newbies and other people asking about how safe is the Bitcoins and it's transactions well I think it will be beneficial to have a little discussion on this .

First of all if you own a bank account in a good bank then you should know that its very hard to hack one's bank account, it's almost impossible unless done due to personal flaws, like sharing your key or bank account details or something , you know the system behind Bitcoins and the system behind banking system is same .
Something by the name of cryptography whose Advance form is block chain . It's a complex code involving complex mathematics and the transactions are only completed through very complex and complicated steps impossible to penetrate.
For Bitcoins the same thing operates but with no intervening part or whatsoever , it's p2p direct transactions and this is even more secure and private.

The reason why you hear news like :- someone got their Bitcoins stolen or something is because they have personal flaws , they shared the private keys or the password with someone else..or they used a bad wallet.

It's on you how safe you make it .

[mocacinno]

First of all if you own a bank account in a good bank then you should know that its very hard to hack one's bank account, it's almost impossible unless done due to personal flaws, like sharing your key or bank account details or something ,

But still, when talking about traditional banking, i read people falling victim to phising attacks, fake microsoft employees, virusses, exploits, false invoices, money muling, vulnerable banking apps,... on a daily basis...

you know the system behind Bitcoins and the system behind banking system is same .

Could you elaborate? AFAIK, traditional banking depends on centralised relational databases and digitised tapes being exchanged between banks... This is not the same as a decentralised, immutable ledger.

Something by the name of cryptography whose Advance form is block chain . It's a complex code involving complex mathematics and the transactions are only completed through very complex and complicated steps impossible to penetrate.

The "advanced form" of cryptography is not "block chain". According to wikipedia:

Cryptography or cryptology is the practice and study of techniques for secure communication in the presence of third parties called adversaries.[2]

source: https://en.wikipedia.org/wiki/Cryptography

While the defenition of blockchain is:

A blockchain,originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography.

source: https://en.wikipedia.org/wiki/Blockchain

Blockchain technology uses many cryptographic concepts, but saying that the advanced form of cryptography is blockchain is not correct (imho). It's like saying the advanced form of of an engine is a car.

[fiulpro]

--snip--
First of all if you own a bank account in a good bank then you should know that its very hard to hack one's bank account, it's almost impossible unless done due to personal flaws, like sharing your key or bank account details or something ,

But still, when talking about traditional banking, i read people falling victim to phising attacks, fake microsoft employees, virusses, exploits, false invoices, money muling on a daily basis...

you know the system behind Bitcoins and the system behind banking system is same .

Could you elaborate? AFAIK, traditional banking depends on centralised relational databases and digitised tapes being exchanged between banks... This is not the same as a decentralised, immutable ledger.

Something by the name of cryptography whose Advance form is block chain . It's a complex code involving complex mathematics and the transactions are only completed through very complex and complicated steps impossible to penetrate.

The "advanced form" of cryptography is not "block chain". According to wikipedia:

Cryptography or cryptology is the practice and study of techniques for secure communication in the presence of third parties called adversaries.[2]

source: https://en.wikipedia.org/wiki/Cryptography

While the defenition of blockchain is:

A blockchain,originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography.

source: https://en.wikipedia.org/wiki/Blockchain

The idea behind cryptography and block chain is essentially similar , also banks since the beginning are using cryptographic techniques to secure the server try googling banks and cryptography.

Also you know it has been proposed in 2017 that banks could save millions if they start using blockchain , since cryptography is already in use this idea is more or so acceptable.

Blockchain is based on public key cryptography thus it's a part of it , well I would say more advanced for obvious reasons.

The internet banking was since the starting based on cryptography 😐 try finding a little about it.

[Sumathi03]

Bitcoin is digital and decentralized
Ease of online shopping
Great tool for investment
Duplication impossible

http://fireandsafetycoursesinchennai.in

[mocacinno]

The idea behind cryptography and block chain is essentially similar , also banks since the beginning are using cryptographic techniques to secure the server try googling banks and cryptography.

Also you know it has been proposed in 2017 that banks could save millions if they start using blockchain , since cryptography is already in use this idea is more or so acceptable.

Blockchain is based on public key cryptography thus it's a part of it , well I would say more advanced for obvious reasons.

The internet banking was since the starting based on cryptography 😐 try finding a little about it.

i'm not saying (and have never said) that banks are not using cryptography... They'd have to be stupid not to... I'm saying that banks are centralised institutions that rely on centralised relational databases. Blockchain technology is the opposite: it's not centralised, it's immutable, it's open. A bank can delete all your records with a single query, they own the data, they're in complete controll... This is completely different with crypto currency: nobody owns the data, it's a decentralised, trustless ledger whose records can not be edited (unless a 51% attack were to happen, but still, after a couple confirmations, your transactions are safe).

What you're saying about banks; that they could save millions by using blockchain technology might be true, but to this date, i have not seen banks in my country that publicly admit they're using blockchain technology in a production environment... So while it's true they could benefit from the technology, i wouldn't say that most banks are already using this technology...

I don't want to start a discussion about wether or not blockchain technology is more advanced than cryptography... I'm just saying that blockchain technology is using cryptographic techniques. This does not make blockchain technology a more advanced form of cryptography... The reason i don't want to start this discussion is that it's a discussion about semantics, and i don't find such discussions interesting

[fiulpro]

The idea behind cryptography and block chain is essentially similar , also banks since the beginning are using cryptographic techniques to secure the server try googling banks and cryptography.

Also you know it has been proposed in 2017 that banks could save millions if they start using blockchain , since cryptography is already in use this idea is more or so acceptable.

Blockchain is based on public key cryptography thus it's a part of it , well I would say more advanced for obvious reasons.

The internet banking was since the starting based on cryptography 😐 try finding a little about it.

i'm not saying (and have never said) that banks are not using cryptography... They'd have to be stupid not to... I'm saying that banks are centralised institutions that rely on centralised relational databases. Blockchain technology is the opposite: it's not centralised, it's immutable, it's open. A bank can delete all your records with a single query, they own the data, they're in complete controll... This is completely different with crypto currency: nobody owns the data, it's a decentralised, trustless ledger whose records can not be edited (unless a 51% attack were to happen, but still, after a couple confirmations, your transactions are safe).

What you're saying about banks; that they could save millions by using blockchain technology might be true, but to this date, i have not seen banks in my country that publicly admit they're using blockchain technology in a production environment... So while it's true they could benefit from the technology, i wouldn't say that most banks are already using this technology...

I don't want to start a discussion about wether or not blockchain technology is more advanced than cryptography... I'm just saying that blockchain technology is using cryptographic techniques. This does not make blockchain technology a more advanced form of cryptography... The reason i don't want to start this discussion is that it's a discussion about semantics, and i don't find such discussions interesting

😓 Neither do I
I just wanted to say that
Banks are based on cryptography and if people can trust them then the Bitcoins ( who are also based on cryptography ) can be trusted too.

[KorakPawon]

purses for digital currencies are now almost safe from hackers because they almost have 2FA security other than that network participants have their own private Key which is only known by the owner. This key is tasked like Pin to make transactions, and acts as a personal digital signature.

[speedy963]

The idea behind cryptography and block chain is essentially similar , also banks since the beginning are using cryptographic techniques to secure the server try googling banks and cryptography.

Also you know it has been proposed in 2017 that banks could save millions if they start using blockchain , since cryptography is already in use this idea is more or so acceptable.

Blockchain is based on public key cryptography thus it's a part of it , well I would say more advanced for obvious reasons.

The internet banking was since the starting based on cryptography 😐 try finding a little about it.

i'm not saying (and have never said) that banks are not using cryptography... They'd have to be stupid not to... I'm saying that banks are centralised institutions that rely on centralised relational databases. Blockchain technology is the opposite: it's not centralised, it's immutable, it's open. A bank can delete all your records with a single query, they own the data, they're in complete controll... This is completely different with crypto currency: nobody owns the data, it's a decentralised, trustless ledger whose records can not be edited (unless a 51% attack were to happen, but still, after a couple confirmations, your transactions are safe).

What you're saying about banks; that they could save millions by using blockchain technology might be true, but to this date, i have not seen banks in my country that publicly admit they're using blockchain technology in a production environment... So while it's true they could benefit from the technology, i wouldn't say that most banks are already using this technology...

I don't want to start a discussion about wether or not blockchain technology is more advanced than cryptography... I'm just saying that blockchain technology is using cryptographic techniques. This does not make blockchain technology a more advanced form of cryptography... The reason i don't want to start this discussion is that it's a discussion about semantics, and i don't find such discussions interesting

If they would admit that they are using the same technology as what the cryptocurrencoes are using, they are admitting their loss. Yes we share the same opinion out there, there is nothing interesting into sich discussions which no one could ever proved whether which is which, and in the end it will just result into nonsensical fight between two different parties.

[Hellobx]

Indeed, for now, bitcoin's network is secure.
There are still no major problems, but EOS has a big BUG today.

[hh4mmm]

Hey everyone I have heard newbies and other people asking about how safe is the Bitcoins and it's transactions well I think it will be beneficial to have a little discussion on this .

First of all if you own a bank account in a good bank then you should know that its very hard to hack one's bank account, it's almost impossible unless done due to personal flaws, like sharing your key or bank account details or something , you know the system behind Bitcoins and the system behind banking system is same .
Something by the name of cryptography whose Advance form is block chain . It's a complex code involving complex mathematics and the transactions are only completed through very complex and complicated steps impossible to penetrate.
For Bitcoins the same thing operates but with no intervening part or whatsoever , it's p2p direct transactions and this is even more secure and private.

The reason why you hear news like :- someone got their Bitcoins stolen or something is because they have personal flaws , they shared the private keys or the password with someone else..or they used a bad wallet.

It's on you how safe you make it .

This absolutely right because with you exposing your personal details you won't be hacked equal to bank details too. I so much like your writeup that correct.

[tokenomics]

Even with the negative stories that seem to flood the news at times, Bitcoin is actually more secure than most other financial systems. Taking the time to learn about how Bitcoin works and investing in a secure wallet is essential in keeping your Bitcoin safe.

[Red-Apple]

your way of going at it is wrong. you are basically saying just because bitcoin and banks are using the same cryptography it makes both of them safe. but you are wrong.
for example look at bitcoin gold, the most recent embarrassment of altcoins. it is using the same cryptography and even more it is a fork of bitcoin. but it is not at all safe. there was a successful 51% attack recently.
what makes bitcoin safe starts with the cryptography and then is followed by a battle hardened system that was tested and attacked (failed attacks) for 9 years. it is also safest because of all the hashing power that goes into generating a new block.

[iagyei259]

Bitcoin is safe unless you the owner as the same as banker become negligence in handling your Wallet or placing your coins in less reliable exchange.

[nicko122]

Bitcoin, like other popular cryptocurrencies, is by far the safest finances on the planet today. Just some people do not quite understand what cryptocurrencies are, so there are so many doubts about this.

[LUKEEEEE]

Banks and btc are both very secure. I would say btc is better because it has smaller attack surface compared to banks layers and layers of software. Both are very secure and bank can give you a refund.

Maybe better comparison is btc vs your CA for digital identity. In case of CA, public key is exposed for eveyone to see, meanwhile btc hashes your pubkey and is only exposed during spending tx and should be never used again:)

[fiulpro]

your way of going at it is wrong. you are basically saying just because bitcoin and banks are using the same cryptography it makes both of them safe. but you are wrong.
for example look at bitcoin gold, the most recent embarrassment of altcoins. it is using the same cryptography and even more it is a fork of bitcoin. but it is not at all safe. there was a successful 51% attack recently.
what makes bitcoin safe starts with the cryptography and then is followed by a battle hardened system that was tested and attacked (failed attacks) for 9 years. it is also safest because of all the hashing power that goes into generating a new block.

Hey

Well as fast as I know it was some issue with the double spend and blockchain could easily resolve this issue on its own but the hacker gained access to more than half of the hash power which indeed was something that was the companies fault is what I think .( Their algorithm is different maybe it was some fault in that )
Also cryptography which is related to banks is essentially safe we don't hear news regularly, yes faults are always there the algorithm of all the systems are essentially different.

I am just saying that people trust banks more or so and that is acceptable by the public and the basis of that is cryptography. ( Am just trying to be positive leaving the negative ones aside ) and the Bitcoins are working on the same principal ( offcourse it's a modified form ) thus it could be more or so trusted .

[Eraldo Coil]

There are good things and bad things when it comes to bitcoin transactions. The good side of this is obviously is because it is decentralized. You will stay anonymous during the transactions you make. But there is also a bad side. Unlike banks, the transactions are safer for me because the people who can hack and steal your money can get tracked and you can retrieve your funds. But in bitcoin transactions, tracking is a really difficult job that is why there is a really low chance that you can get your money back if you get hacked.

[Ayaancool]

Hey everyone I have heard newbies and other people asking about how safe is the Bitcoins and it's transactions well I think it will be beneficial to have a little discussion on this .

First of all if you own a bank account in a good bank then you should know that its very hard to hack one's bank account, it's almost impossible unless done due to personal flaws, like sharing your key or bank account details or something , you know the system behind Bitcoins and the system behind banking system is same .
Something by the name of cryptography whose Advance form is block chain . It's a complex code involving complex mathematics and the transactions are only completed through very complex and complicated steps impossible to penetrate.
For Bitcoins the same thing operates but with no intervening part or whatsoever , it's p2p direct transactions and this is even more secure and private.

The reason why you hear news like :- someone got their Bitcoins stolen or something is because they have personal flaws , they shared the private keys or the password with someone else..or they used a bad wallet.

It's on you how safe you make it .

Even the negative stories that seem to flood the news at times,bitcoin is actually more secure than most other financial systems. The developer of Bitcoin, built the network with certain measures to ensure its safety.

[brightology]

Bitcoin is a crypto currency, that is known as an asset, which it attract to many investors and trader together to buying and selling process to meet up our daily needs, and bitcoin has been serving all the nation together.

[ardibimbim]

Unlike conventional coinage-prone currencies, the cryptographic rules applied to bitcoin make their owners avoid the same risks.
Bitcoin payments are fully encrypted / cryptographic, so personal info is safe and unobservable to others. What other people can see is only the address used for the transfer only. You are also protected from identity theft cases that rampant in ordinary banking.