Is Bitcoin as safe as its believers say?

[Emmychris]

In terms of security we can say bitcoin and blockchain are really safe, because their security system are very strong and can't be hacked except the private keys are being shared or misplaced, but in terms of investment! We all know that the market price is volatile which means it's also risky, so to be on the safer side all you got to do is invest with caution and try as much as possible to grab much information and knowledge about crypto because it  will really help alot in the crypto space. So it could be said bitcoin is safe in terms of security.

[Xinarae*]

The security of the cryptocurrency bitcoin is very strong due to the security of cryptography. It is completely impossible to break the security of the bitcoin network due to the use of bitcoin mining in other words bitcoin itself is unlikely to be hacked but for some other reason the security of bitcoin's storage came to the fore the bitcoin user may forget his password because the private key is too large it is not possible to recover bitcoin in any way. And the only way is to write down the password or save it properly bitcoin investing is much safer if you do not share personal information with anyone.

[verita1]

When I read comments on Twitter from people who were doubting Bitcoin, I couldn't believe it. I quickly thought that I should look up the source to make sure what people were talking about. It was bad news towards Bitcoin one after another and I found the most sensible and accurate as this tweet from Adam Back.

#Bitcoin was NOT hacked
No bitcoin wallet was hacked, nor is even known to be possible. Ransom hackers used a rented cloud server. FBI got a subpoena and took control of it and recovered coins. That's it.

https://twitter.com/adam3us/status/1402179970277982210?s=19

[CryptoStar19]

Does the U.S. Department of Justice's recovery of the Bitcoin ransom mean that Bitcoin and even blockchain security have fallen off the altar?

This just FUD. The only thing that could potentially be compromising to bitcoin in terms of hacking it is the advent of quantum computing, but by the time quantum computers are a household item, surely the security measures in bitcoin and the like would have caught up to them.

[TOM Bb]

Yes it is. Compared with legal currency, Bitcoin does not have a centralized issuer, but is generated by the calculation of network nodes. Anyone can participate in the manufacture of Bitcoin, and it can be circulated all over the world, and it can be on any computer connected to the Internet. In trading, no matter where you are, anyone can mine, buy, sell, or collect bitcoin, and outsiders cannot identify the user's identity information during the transaction. On January 5, 2009, Bitcoin, which is not controlled by the central bank or any financial institution, was born. Bitcoin is a kind of digital currency, which is composed of a string of complex codes generated by a computer. New Bitcoins are manufactured through a preset program.

[Reatim]

Does the U.S. Department of Justice's recovery of the Bitcoin ransom mean that Bitcoin and even blockchain security have fallen off the altar?

the US DOJ does not disclose how they manage to recover the Ransom bitcoin meaning the possibilities of them having either conversation being tracked or they have insider can happen.

Bitcoin is still safe but the way you put this thread proves that you are not a Bitcoin believer and you only posts this to spread FUD.

[Distinctin]

Does the U.S. Department of Justice's recovery of the Bitcoin ransom mean that Bitcoin and even blockchain security have fallen off the altar?

the US DOJ does not disclose how they manage to recover the Ransom bitcoin meaning the possibilities of them having either conversation being tracked or they have insider can happen.

Bitcoin is still safe but the way you put this thread proves that you are not a Bitcoin believer and you only posts this to spread FUD.

We are free to express our opinion, any negative thoughts on bitcoin, I will not right away conclude that it's a FUD as I'm a believer that in order for the community to progress, we need to listen to everyone's opinion, whether bad or good about bitcoin and we have to educate them the right thing.

[Kakmakr]

There are so many ways in which they could have seized those bitcoins. Let's say the hackers were dumb enough to transfer those coins to a hardware wallet and they raided their house and they got hold of the Seed.

They can also have transferred it to a paper wallet and the authorities might have found the Paper wallets (A lot of people store those wallets in a Safe ... or somewhere obvious.) 

I am also a conspiracy nut... so I do believe some of these "Mixer" services are "Honey pots" for the NSA ...so they might have used that to track them down. 

[nightxglow]

Well, nothing is one hundred percent or perfectly secured and safe. Even the tightest security system can be broken, thus bitcoin is also able to be hacked. The blockchain technology is sure great, and have a great security as well, but it's still able to be infiltrated. Even i think there are many cases with the wallet, although it might not be the blockchain fault but well everything in internet is vulnerable to hack.

[TribalBob]

The security of Bitcoin is relatively dependent on the holder of the private key, because the negligence of the user itself makes it insecure. This returns to the user, because then the ownership is already in the hands of the user without any intervention from any party.
 
about loss and so on, regardless of how the user saves it.
not saying that blockchain has failed and such. what needs to be tracked is the holder of the private key itself.

Bitcoin is safe if the user knows how to secure his private keys so that no one can have the chances to steal or hack it. Blockchain has nothing to do with it since its a great innovation itself.

The only time where bitcoin becomes unsafe is the user itself is not responsible to secure his private keys due to his carelessness and irresponsible user.

what you said is true, as long as we keep our bitcoin private key securely our wallet will be safe but
if we are not careful the hackers usually give phishing web and without us knowing.
there we usually lose control if we have entered their fake website

[sapnu]

I think the safety and security of bitcoin fully relies on the owner. There are a lot of ways on how you can secure your bitcoin like the best wallets and if you simply pick carelessly. There are a lot of people who suddenly blames crypto without considering the fact that it is their doing and carelessness that led them to that situation. Bitcoin will be safe if you make sure it is well-secured and well defended. There are a lot of scammers and frauds out there waiting for you to let down your guard and steal all of your belongings. So you should not ask anymore if it is safe as the users say, it relies on you.

[blackened515]

Well, nothing is one hundred percent or perfectly secured and safe. Even the tightest security system can be broken, thus bitcoin is also able to be hacked. The blockchain technology is sure great, and have a great security as well, but it's still able to be infiltrated. Even i think there are many cases with the wallet, although it might not be the blockchain fault but well everything in internet is vulnerable to hack.

A hacker can't gain access to a Bitcoin wallet without the private keys, to me, is impossible. A wallet getting hacked depends on how the holder secure it private keys. And also, I see the Blockchain to be very secured and won't get hacked easily.

[Luqman]

There is no 100% safe in the crypto. However, at least, Bitcoin is the safest crypto among them and one of them is from the way how BTC can really survive after a very dip market.
In this case, many FUD like what you mentioned is exactly a FUD that will make many more people to be more careful and also smart in order to check for the further investment in Bitcoin

[MFahad]

from the current phenomenon because bitcoin has matched real money we use for payments or transactions for purchases, therefore automatically security is more sophisticated, but it's not as safe as cash that we use everyday..

How can you say that bitcoin is not safe to be used as a cash ? Do you mean that its volatile and ts price changes frequently, its not safe to accept it as a payment or you think that it take more time in transaction to be completed ?

[BayAreaCoins]

no

[Semuel003]

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[mrjoy15]

We made our rule. we bitcoiners love it, and live on it. I’ve been holding strong since last June, this is nothing to be shook out on and I have believe that other genuine lovers won't give up. I'm buying now and later cause I do trust on Bitcoin and blockchain technology. Ignore the noise. Stay comfy. Hodl.

[emmaglory5]

Several developed countries, including the United States, Japan, the United Kingdom, and most others, have legalized bitcoin as of June 2021. Bitcoin is still illegal in some emerging markets. ... Currently, Indian banks cannot deal in bitcoins and there is no clear legal definition of the general status of cryptocurrencies.

[taufik123]

from the current phenomenon because bitcoin has matched real money we use for payments or transactions for purchases, therefore automatically security is more sophisticated, but it's not as safe as cash that we use everyday..

But not all payments or buying and selling transactions accept bitcoin, only a few countries actually accept bitcoin as payment. For security issues Bitcoin still has a very big risk, because if you forget the key to the wallet containing the bitcoin then no one will be able to open it again or if the private key is hacked no one will guarantee the full asset back
The safest is still Fiat or real money managed by banks. Bitcoin is still optional and can't really match real money.

[seoincorporation]

Does the U.S. Department of Justice's recovery of the Bitcoin ransom mean that Bitcoin and even blockchain security have fallen off the altar?

The vulnerability used to recover the bitcoins wasn't on the bitcoin blockchain, it was on the server where the node was running. So, it wasn't a Bitcoin Vuln, it was a server vuln. And we know how FBI has some zero-days to exploit any OS and any device. That isn't new. The problem here was the way that the scammers hold their coins, they should do some paper wallets and that would be a secure way for them to store those coins.